<p>Who doesn’t love a hustle story? Especially in venture capital.</p><p>This one starts in 2009, with Jared Carmel helping a Facebook employee cash out their stock options. Fast forward: he’s now running Manhattan Venture Partners, a $1.5B secondaries powerhouse — ranked top 5 in the U.S.</p><p>And here’s the punchline:<br>Venture’s old playbook — fund startups, wait for the IPO, call it liquidity — is broken.<br>The real shift? <strong>Secondaries.</strong></p><p>👉 Companies stay private for 20 years.<br>👉 Employees can’t wait that long to pay their bills.<br>👉 Wall Street is piling in, discounts collapsing from 55% to 13%.</p><p>This is the <strong>biggest structural shift in venture capital history</strong>.</p><p>As Jared says:<br><em>“You can’t have innovation without rewarding the people building it. If public markets won’t do that job anymore—secondaries will.”</em></p><p>🔥 Watch the full episode to see why secondaries aren’t just the future of liquidity… they’re the new foundation of venture capital.</p>