Ben Black - VC

VC, pioneering secondaries since 2010, founder of Akkadian Ventures and Raise Global. Baseball fan and foodie.

[Ben Black - VC @benjamindblack]

Venture Capital is Dead: A Thread

1/11: Most people in this industry won't say it out loud yet, but the thing we all thought we were doing is over. Not in a "temporary reset" way. Dead. 🧵

[Powerlaw Corp. (Nasdaq: PWRL) @PWRL_]

📢 May NAV Update

In line with our monthly Net Asset Value (NAV) reporting, our NAV per share is now $15.31, reflecting a +9.6% increase from our prior NAV of $13.97 (as of 5/13/26), with $662M in assets under management.

The NAV reported herein is unaudited and was calculated in accordance with Powerlaw Corp.'s valuation policies as of the close of business on May 31, 2026. Because a substantial portion of the fund's portfolio consists of private investments that do not have readily available market quotations, valuations are based on fair value methodologies approved by the fund's board of directors and involve significant judgment.

Comprehensive portfolio information, including portfolio holdings, asset allocation, and additional financial disclosures, will continue to be provided on a quarterly basis in accordance with Powerlaw Corp.’s regular reporting schedule.

Investors should consider Powerlaw's investment objectives, risks, charges, and expenses carefully before investing. Powerlaw’s prospectus, filed with the SEC, contains this information and should be read carefully. A copy is at https://t.co/zoCTj7kWGx. The foregoing does not constitute an offer to sell nor a solicitation of an offer to buy shares of Powerlaw, which offering may only be made by means of such prospectus. There's no guarantee an active trading market will be maintained. Shares may trade at a premium or a discount to net asset value. Investing involves risk, including possible loss of principal. There is no assurance the Fund will achieve its objective. Forward-looking statements in this session are not guarantees.

[Ben Black - VC @benjamindblack]

@josser0 @timrotolo The lock-up was designed to avoid unreasonable price spikes.

[Powerlaw Corp. (Nasdaq: PWRL) @PWRL_]

Powerlaw Corp. (Nasdaq: PWRL) CEO: We’re bringing access to private companies to everyone. Read the full story linked below:
https://t.co/5qEMyEmOw4

[Ben Black - VC @benjamindblack]

And so a new chapter begins. @PWRL_

[Nasdaq Exchange @NasdaqExchange]

Welcome to Nasdaq, @pwrl_. #NasdaqListed $PWRL

[Ben Black - VC @benjamindblack]

@NBCSGiants Did anyone notice the left fielder throw the ball into the ground?

[Ben Black - VC @benjamindblack]

@bryarea Should I stop watching until then?

[Ben Black - VC @benjamindblack]

@tferriss For our fund of funds, many of our partners are in walking distance or at least a quick Uber. It means, lunches, after get meetups and many have become really good friends. Irreplaceable!

[Ben Black - VC @benjamindblack]

@GiantHotTakes Someone please explain to me a how Arraez is out of the lineup!! I need to know. He has been our best player (w Schmidt).

[Ben Black - VC @benjamindblack]

Check out the latest article in my newsletter: How to Run (an actually good) Secondary Process https://t.co/RnK65Y61El via @LinkedIn

[Ben Black - VC @benjamindblack]

@willchen500 As an investor for many years, never has the future looked more cloudy and exciting at the same time.

[Ben Black - VC @benjamindblack]

@Jeffreyw5000 Many VC funds a really placement agents with a blind pool that acts as top of funnel. Classic razor/razor blade strategy.

[Ben Black - VC @benjamindblack]

@tonysphere @trueventures @getcasa I have seen a lot of startups try to crack this value prop over the years. Maybe now it the time!

[Ben Black - VC @benjamindblack]

9/
If a good company isn't getting bites - it may be you!
A broker may be the answer, which is a whole different conversation. DM if you want recs.. I have worked with many.

[Ben Black - VC @benjamindblack]

I did my first secondary in 2010 in a company called Convio. Sixteen years and over 700 secondaries later, I’m still doing them.
The market has grown up. The seller playbook has not kept pace.
Here are 6 mistakes that quietly kill secondary deals:

[Ben Black - VC @benjamindblack]

Bonus: fake urgency kills deals.
“We need bids in three days” is not a process.
Good buyers need time to understand the company, security, docs, ROFR risk, seller profile, transfer mechanics, and price.
Rushed processes produce bad bids, no bids, or both.