Tatiana Bakaeva

I don't do drugs. I am drugs.

[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

[Tatiana Bakaeva @Baksissa]

40 minutes in and still no car in sight…. I want my money back’ @Hertz #hertz

[Tatiana Bakaeva @Baksissa]

Spending my vacation waiting on line for a car rental… 30 mins and not even 1/3 through. How is this possible? @Hertz you need to step your customer service. NEVER AGAIN!!!!!! #hertz #carrental #worstexperience

[Tatiana Bakaeva @Baksissa]

@Delta understandable that delays happen. But why you tlwlling me that my flight is on time when I was supposed to be departing now and my flight in still 3rd one t down the list at the gate….????? #pissed

[Tatiana Bakaeva @Baksissa]

@americanair customer service. Made yo rules and complete disrespect for their customers #americanairlines #americanair

[Tatiana Bakaeva @Baksissa]

@JasonKapler Y tho

[Elon Musk @elonmusk]

#Bitcoin 💔

[Tatiana Bakaeva @Baksissa]

Damn, I feel old!!! Happy anniversary to me 🎊🎈🥂

[Tatiana Bakaeva @Baksissa]

@megmegk hoarder!

[Tatiana Bakaeva @Baksissa]

@rtrswapstop hi! does this mean that the store on W 15th st. is closed? i'm looking to drop off some clothes but i'm downtown

[Tatiana Bakaeva @Baksissa]

@rtrswapstop hi! does this mean that the store on W 15th st. is closed? i'm looking to drop off some clothes but i'm downtown

[Tatiana Bakaeva @Baksissa]

I checked in at LEAPiA Nails & Art Lounge on #Yelp https://t.co/7FAMwTkPcG

[Tatiana Bakaeva @Baksissa]

@AskTSA Thank you! I’ve already emailed them earlier today. I guess all I can do now is wait? Keeping my fingers crossed that I’ll be able to get it back.
Please let me know if there’s anything else I can do.

[Tatiana Bakaeva @Baksissa]

@AskTSA hi! Lost my work laptop at JFK security, terminal 4 yesterday. Terrible timing and very embarrassing situation.
I’ve sent an email. Is there anything else I can do to expedite? I saw some other options and some of them require PayPal payment. Should I use it? Thank you!

[Tatiana Bakaeva @Baksissa]

@TSA hi! Lost my work laptop at JFK security, terminal 4 yesterday. Terrible timing and very embarrassing situation.
I’ve sent an email. Is there anything else I can do to expedite? I saw some other options and some of them require PayPal payment. Should I use it? Thank you!

[Tatiana Bakaeva @Baksissa]

Just got @away. Next stop: 3 weeks in Europe in September. Where will we go until then?

[Tatiana Bakaeva @Baksissa]

How I wish I could get my hands on one of these!

[Windows @Windows]

Introducing the latest #Windows95 custom "softwear."😉 Wish you could rock the #WindowsUglySweater? 👀 your DMs, because we're giving a few lucky fans one of their very own.

[Tatiana Bakaeva @Baksissa]

Help make it happen for Sustainable Productivity https://t.co/ERWD1JOkoz #indiegogo via @indiegogo

[Tatiana Bakaeva @Baksissa]

@megmegk it was mind-blowing! just so-so amazing... a lot better than my Twitter skills

[Tatiana Bakaeva @Baksissa]

Currently reading Scaling Digital Business: Making “Everywhere, Everyone and Everything” a Reality https://t.co/jzYmvyYePj