The Growing Role of Secondary Markets in Private Company Liquidity

Beezer Clarkson, managing director at Sapphire Partners, joins the show to unpack the state of venture funding from the unique perspective of an LP. We dive into why 2025 has been one of the toughest fundraising environments for venture firms in over a decade, what’s driving LP caution, and how structural shifts, like longer fund durations and fewer exits, are reshaping the market.

Beezer explains why many emerging managers are struggling to close new funds, how secondary markets are evolving as a partial solution, and why “knowing your math” matters more than ever when fundraising. We also get into why LPs still believe in venture’s long-term importance despite growing selectivity in where they place their bets.

We also covered Apple’s new Liquid Glass interface, Lovable’s funding talks, IonQ’s $1B quantum deal, and Waymo suspending service in LA