Jared Carmel

🇺🇸🤩🇺🇸 Founder @mvpvc 🦄Tomorrow’s IPOs Today 🦾Secondary-as-a-Service 🦸🏻ED @ The MVP Foundation 👱🏼‍♀️👦🏻👧🏼Co-creator Sophia, Dean, & June

[Jared Carmel @MVPVCJared]

I started a charity this year called ‘The MVP Foundation’
Worked w/@sunydownstate to give the childrens ward exactly what each kid asked for, no questions asked. It didn’t come from a nameless benefactor, we had their parents put it under the tree from Santa himself.
One love.

[Jared Carmel @MVPVCJared]

@RebeccaBellan @PLAUDAI I want one. (I think, maybe)

[David Weisburd 🚀 @DWeisburd]

The CFOs of OpenAI and Anthropic are going on X saying they will not honor unauthorized secondary transactions. On top of that, some of those shares have been double, triple, quadruple sold. A reckoning is coming.

"I actually think some people will go to jail."

That's not a hot take – that's rehypothecation. And the retail investors left holding those bags are going to find out the hard way. The CFO of OpenAI or Anthropic is not going to spend political capital managing the fallout from a grandmother who lost her life savings.

Jared Carmel of Manhattan Venture Partners saw the same thing:

"$25,000 checks are going to sue you a lot quicker than your million dollar check when it doesn't hurt as much for them."

92% of secondary transactions today are already institutional. The 8% that's retail is where all the published data comes from – and where all the fraud is concentrated. When the reckoning hits, institutional capital will be there to buy. It always is.

[The All-In Podcast @theallinpod]

Poker with Your Besties 🍷💃🔥

Thanks to Manhattan Venture Partners (@MVPvc) for making this possible!

Apply now to lock in your early bird pricing for 2027:
https://t.co/1T7R9zRbkN

[Ed Ludlow @EdLudlow]

Anthropic closes the series H.

The list of investors is long and its a who’s who across VC, private growth equity, mutual funds and sovereigns.

Revenue runrate accelerated to $47B

The only thing that I didnt say below is for all the IPO talk, the private markets are STILL very happy to service right now.

Repeat after me folks: companies are staying private for longer and their capital needs are being met.

[David Weisburd 🚀 @DWeisburd]

In 2019 I was picking a crypto fund. I expected myself to go with the best returns. Instead I found myself choosing the partner I trusted most.

I thought I was more value-maximizing than that. I wasn't.

Jared Carmel built Manhattan Venture Partners to nearly $3 billion. I asked him what surprised him most. His answer:

"The most surprising part of going from sort of zero to, think it's 2.8 billion is the trust."

He flew to Spain to meet an LP for his first fund. The LP looked him in the eyes and said, I'll give you a million dollars, kid. That same investor introduced him to his entire network. 10 years later, sovereigns are asking to work with them.

"It took us 12 years to build a reputation and it would just take us five, five minutes to ruin it."

The receipts you build by doing right by people – new entrants cannot replicate them. In capital markets, trust is the only asset that actually compounds.

[Jared Carmel @MVPVCJared]

Thank you for having me on. One of the sharpest conversations I’ve had on where private markets are actually going.

The quote I keep coming back to from our recording: “IRR does not pay the bills. DPI does.” That is the LP conversation right now.

92% of secondary volume is institutional, 8% is retail… and the published data is coming from the wrong 8%. The mispricing is the opportunity. The maturity gap is the thesis.

Grateful for the platform and the audience. Looking forward to the next one in person. ;)

[David Weisburd 🚀 @DWeisburd]

$3 trillion is now locked inside venture funds that are more than 10 years old.

At the same time, DPI hit just 9% in both 2024 and 2025 (Source: Allocator Training Institute) — the lowest levels private markets have seen in decades.

And even if SpaceX, OpenAI, and Anthropic eventually go public, it likely won’t solve the underlying problem.

The traditional venture model was built around a very different world:
raise a fund, deploy capital, exit within ~10 years, return cash to LPs, repeat.

But the best private companies no longer need the public markets.

They can raise billions privately.
Stay private for 15–20+ years.
Provide liquidity through secondaries instead of IPOs.
And continue compounding outside the public markets entirely.

That changes everything:
- LP liquidity
- DPI expectations
- fund construction
- continuation vehicles
- secondaries
- venture fund duration
- employee liquidity
- portfolio concentration
- even the definition of what an “exit” actually is.

The most interesting part of my conversation with Jared Carmel wasn’t just the scale of the problem.

It was the realization that this may not be a temporary cycle.

It may be the new structure of private markets.

We went deep on:
- why companies are staying private longer
- the rise of secondary markets
- why continuation vehicles are exploding
- the hidden RSU problem inside unicorns
- why venture increasingly behaves like an “access class”

and why the future of liquidity may look completely different than the last 20 years.

Really enjoyed this conversation with Jared Carmel of Manhattan Venture Partners.

We’d like to thank @AlphaSenseInc for sponsoring this episode!

#VentureCapital #Secondaries #PrivateMarkets #DPI #ContinuationVehicles #InstitutionalInvesting

Continue the episode using the links in the comment below 👇
https://t.co/xT5CqHlg2X

[Jared Carmel @MVPVCJared]

@nicolausradford @personaaiinc Great work!

[Manhattan Venture Partners @MVPvc]

Secondary is Primary™ · NYC ·
June 4 · #NYTechWeek

Now confirmed:
- Kyle Stanford (PitchBook)
- Tom Callahan (Nasdaq Private Market)
- Kelly Rodriques (Forge)
- Jared Carmel (MVP)

Operators. Platforms. Data.

The secondary market, live.

Join the list:
https://t.co/gyU2kizOZf

[Jared Carmel @MVPVCJared]

@JTLonsdale 🇺🇸🤩🇺🇸

[Capital Factory ⚙️ @CapitalFactory]

The IPO isn’t late.
It’s just not the plan.

On March 14 at Capital Factory House, @MVPvc and @NPM are hosting “Secondary is Primary” 💰 a straight-talk session on how liquidity actually works as companies stay private longer, and why secondary markets are quickly becoming the go-to path for founders, employees, and investors.

Featuring leaders from @MVPvc, @Citi, @CBinsights and @NPM to break down what’s changing (and what to do about it).

If you’re a founder thinking about equity + retention, an operator/employee trying to understand ownership outcomes, or an investor managing fund timelines, this is for you.

One hour. Three perspectives.
A clear look at private-market liquidity in 2026 and beyond.
Don’t miss out 🎟️ https://t.co/niyzKbZzno

[Jared Carmel @MVPVCJared]

@ttunguz @ttunguz Secondary is Primary! if you are in Austin during SXSW week come visit us at the @CapitalFactory on Saturday evening. Great panel preaching this gospel w/@NPM @Citi and @MVPvc https://t.co/dzMAooW4kh

[Tomasz Tunguz @ttunguz]

For the first time in venture history, three distinct channels share the liquidity burden roughly equally.

A decade ago, secondaries barely registered. They accounted for roughly 3% of exit value in 2015. Today they claim 31% : nearly $95b in the trailing twelve months.

The shift accelerated after 2021’s IPO bonanza. When public markets closed their doors in 2022, investors found alternative routes. Secondaries absorbed demand that would have flowed to traditional exits. When Goldman Sachs acquired Industry Ventures, the transaction signaled secondaries have arrived. Morgan Stanley followed with EquityZen, then Charles Schwab announced its acquisition of Forge Global. Wall Street recognized the structural change before most of venture did.

This matters for founders & investors. When IPOs dominated exits, fund models assumed a small number of public offerings would generate the bulk of returns.

Now liquidity arrives through multiple doors. A founder might sell secondary shares to patient capital while the company remains private. A GP might move positions through continuation vehicles. An LP might trade fund stakes on an increasingly liquid secondary market.

The 830 unicorns holding $3.9t in aggregate post-money valuation cannot all exit through IPOs. The math doesn’t work. At 2025’s pace of 48 VC-backed IPOs, clearing the unicorn backlog would take seventeen years. Secondaries provide a release valve that traditional exits cannot.

Companies like OpenAI have embraced this reality, running employee tender offers while voiding unauthorized secondary transfers. The largest private companies now manage their own liquidity programs rather than waiting for public markets.

Today, secondary liquidity concentrates in the top 20 names. SpaceX, Stripe, OpenAI. For the founder of company #50, the secondary market remains largely theoretical. For secondaries to succeed as a broad asset class, buyers must underwrite positions in companies without household recognition. As the market grows, this coverage gap becomes opportunity.

For LPs starved of distributions since 2022, the expansion of secondary channels offers hope. The $169b in cumulative negative net cash flows needs somewhere to go. More exit paths mean more opportunities to return capital.

When a Series B employee asks about liquidity today, the answer isn’t “wait for the IPO.” It’s “we’re planning a tender offer next year.”

A decade ago, secondaries were a footnote. Now they’re infrastructure. Liquidity flows where it can, not where tradition suggests it should.

https://t.co/vzmd8Nv1Vb

[Jared Carmel @MVPVCJared]

@balajis Wild.

[Jared Carmel @MVPVCJared]

This is the right idea at the right time. Traditional IPOs are a rigged game. The bulge brackets allocate shares to their best institutional clients. Fidelity and BlackRock get in at the offering price. Retail investors get to buy after the potential first day pop.

The SPARC structure flips that completely. Tesla shareholders get the same price as Pershing Square. No roadshow theater. No underwriter fees bleeding out 7% of proceeds. No founder warrants diluting everyone.

We’ve spent a decade building secondary market infrastructure because the traditional path to liquidity is broken. This proposal is just another proof point. The future of capital formation looks nothing like the past.

Elon should take the call.

[Jared Carmel @MVPVCJared]

@hardaway_cam @BillAckman The issue is that the capital that is needed/wanted doesn’t get raised through a direct listing.

[Jared Carmel @MVPVCJared]

@yishan This

[Jared Carmel @MVPVCJared]

@cwrichardson @cyantist Def >10, but, but, usually when they are facing option expiry post departure.

[Jared Carmel @MVPVCJared]

The private market dynamics have fundamentally shifted. IPOs used to happen at 3 years in ‘00, 13 in ‘21, now we’re seeing 19+ year companies finally going public. With the best companies staying private longer through massive tender offers, employee liquidity isn’t optional anymore - it’s essential infrastructure.

When your timeline to liquidity extends from 3 years to potentially 20+, partial secondary transactions become critical for talent retention.

We’re not talking about get-rich-quick schemes, we’re talking about basic financial planning and diversification for people who’ve built real value.

The companies that figure out smart employee liquidity programs will win the talent war. The ones that don’t will watch their best people leave for the next rocket ship.

[Jared Carmel @MVPVCJared]

@JonErlichman What do I do with all
Of my CDs?