Bradley Fishman

Work Hard, Stay Focused and Enjoy Life @mvpvc #secondarydirect

[Bradley Fishman @therealbeeerad]

@AltimeterCap @altcap @theallinpod Great discussion and panel. Highly relevant topics and slides provided by Brad and the @AltimeterCap team. I course you have the right guys in the room @altcap and @GavinSBaker and Kelly @theallinpod

[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

[Hermeus @hermeuscorp]

Hermeus has secured one of the largest contracts ever awarded by @DIU_x - a $159M contract expansion that brings the total ceiling to $219M.

We’ll be partnering directly with the @usairforce and @USNavy to generate critical flight data and push high-Mach capability out of the lab and onto the runway.

[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

[Decart @DecartAI]

A big week for Decart.
Our $300M Series B marks a major step in scaling Realtime AI and infra, and bringing frontier world models into production.

Thank you to everyone supporting us.

We’re just getting started.

@Nasdaq @NYSE

[Manhattan Venture Partners @MVPvc]

🚨 2 weeks until “Secondary is Primary” @Techweek_

Private markets are now the main stage for innovation. As private markets continue to mature, secondaries are increasingly moving from niche strategy to core market infrastructure.

Join Manhattan Venture Partners for a heavyweight panel, we’ll unpack:
→ Strategic liquidity & RSU/ISO pressure
→ The DPI mandate
→ Institutionalization of secondaries
→ Why “Secondary is Primary” is now market reality

2PM Doors • 2:15PM Panel • 3:30–6PM Networking + Cocktails

Curated & space is limited. Register → https://t.co/gyU2kizOZf

[Bradley Fishman @therealbeeerad]

@shaunmmaguire @InvestLikeBest @GavinSBaker Agree @GavinSBaker 🤯dropping knowledge

[Bradley Fishman @therealbeeerad]

@JoshuaKushner Amazing initiative and gift to humanity - kudos for the lifelong work from @demishassabis and great to see the long term support from @JoshuaKushner and @ThriveCapital

[Bradley Fishman @therealbeeerad]

@DanielSLoeb1 @NYCMayor Best comment yet

[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

[Bradley Fishman @therealbeeerad]

@Jeffreyw5000 @AcquiredFM Was reading 7 Powers again on the plane today!!! Timely and relevant

[Bradley Fishman @therealbeeerad]

@RampLabs This is fantastic and love when you guys @RampLabs do this work and share it. Kudos !

[Bradley Fishman @therealbeeerad]

@shaunmmaguire @jacksonhinkle @shaunmmaguire his post isn't worth your comment and your reach. He is a joke.

[Bradley Fishman @therealbeeerad]

@WhiteHouse This is epic 🇺🇸🗽🦅

[Bradley Fishman @therealbeeerad]

@IbrahimAjami @chamath @sundeep @JonathanRoss321 Well said! Long term thinking, focus and perseverance! Well deserved outcome for the @GroqInc team

[Bradley Fishman @therealbeeerad]

@elonmusk @nima_owji I’ll take one!

[Bradley Fishman @therealbeeerad]

@nima_owji I’d love one!!!

[Bradley Fishman @therealbeeerad]

@Jason @elonmusk @JeffBezos @blueorigin 🇺🇸

[Bradley Fishman @therealbeeerad]

@IbrahimAjami Things are moving fast!!!!!

[Bradley Fishman @therealbeeerad]

@TimSweeneyEpic Amazing progress! Very impressive