The Blurring Line Between Public and Private

Private markets are swelling, public markets are shrinking, and the line between the two has never been blurrier. In this episode, CJ sits down with Scott Voss, Managing Partner at HarbourVest, to make sense of what’s happening across venture, private equity, credit, and secondaries. Scott explains why companies like SpaceX and OpenAI are now valued alongside public giants, how the surge in take-privates is reshaping corporate strategy, and what happens when the quarterly earnings pressure disappears. They dive into the rise of GP-led deals, the evolving role of private credit as the “third voice in the room,” and why liquidity—not scarcity—will define this cycle. Scott also breaks down the growing appeal of evergreen and permanent capital structures, plus what AI mega-deals signal about the next phase of private investing.

—

LINKS:

Scott Voss on LinkedIn: https://www.linkedin.com/in/scott-voss-b91b94/

HarbourVest Partners: https://www.harbourvest.com

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics: https://www.mostlymetrics.com

RELATED EPISODES:

Secondaries, Continuation Vehicles, and Sidecar Funds: Private Equity with HarbourVest’s Scott Voss -

—

TIMESTAMPS:

(00:00:00) Preview and Intro

(00:02:49) Sponsor – Mercury | RightRev | Tipalti

(00:06:43) Opening Conversation

(00:07:23) The Blurring Line Between Public and Private

(00:09:36) The Rise of Mega Venture

(00:11:20) The First $10 Trillion Company

(00:12:28) The Shrinking Public Markets

(00:13:09) Take-Private Playbook

(00:14:04) Why Companies Go Private

(00:16:00) Sponsor – Aleph | Rillet | Fidelity Private Shares

(00:19:21) Efficiency and Exits

(00:23:15) Liquidity in Private Markets

(00:24:01) Secondaries and GP-Led Deals

(00:27:14) Yale and the Secondary Market

(00:29:09) Innovation and the Rise of GP-to-GP Trades

(00:30:16) Liquidity Cycles and Interest Rates

(00:33:18) The Third Voice in the Room – Private Credit

(00:34:44) Private Credit and GP-Led Deals

(00:36:02) Interest Rates and Deal Spreads

(00:37:15) The Major Players in Private Credit

(00:38:09) Regulation and Risk

(00:39:25) Private Credit vs. Traditional Lending

(00:40:33) Evergreen and Permanent Capital

(00:45:57) Expanding Access to Private Markets

(00:47:03) Understanding the Cap Table

(00:47:44) AI Deals and Consolidation

(00:50:00) The Evolution of AI and Blockchain

(00:53:20) Funding Innovation and Risk

(00:55:28) Lessons From Investing

(00:55:39) Nostalgia and Life Phases

(00:57:06) Nostalgia and the 1990s

(00:59:21) Learn, Earn, and Return

(01:00:45) Talking Nostalgia at Dinners

(01:01:27) Summer Surfing

(01:02:25) Wrap-Up and Closing

—

SPONSORS:

Fidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off.

Mercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.com

RightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.

Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more.

Aleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/run

Rillet is the AI-native ERP modern finance teams are switching to because it’s faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics

#RunTheNumbersPodcast #PrivateMarkets #VentureCapital #TakePrivate #FinanceLeadership

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com