Claim◆Audio · 0:47 — 2:25
Secondary markets are now competing with IPOs and acquisitions as the principal way that investors exit these companies.
Brad Gerstner presents data showing secondary market transactions have reached record volume, exceeding the 2021 peak, and now represent 31% of all primary venture activity as of 2025, positioning secondaries alongside IPOs and M&A as a primary exit route. ✦ AI generated
Brad Gerstner · All-In Podcast · 2026-06-07 · original ↗
plays this moment only · 0:47 — 2:25
Secondaries are now competing with IPOs and acquisitions as the principal way that these guys are exiting. So I thought that was a decent setup to start the conversation this morning, just to level set how important secondaries have become.
verbatim transcript · starts at 0:47
- ·Secondary market transactions hit a record volume in 2025
- ·Volume surpassed the 2021 peak
- ·Secondaries now compete with IPOs and acquisitions
- ·31% of primary venture activity came from secondaries in 2025
- ·Matches 2021 peak levels or exceeds them
- ·Level-setting: secondaries have become critical
Around this claim
Context · 2
Extreme concentration in ten mega-cap stocks (nearly 50% of the S&P) and a similar looming concentration among five banks and five tech companies in fixed income means private markets are now the only real source of diversification for investors.Marc Rowan · a16z Podcast · conf 60%With roughly 10 stocks making up nearly half the S&P 500 and the fixed income market heading toward similar concentration in a handful of banks and tech companies, private markets are now the only real place investors can get true diversification.Marc Rowan · a16z Podcast · conf 60%