"World of DaaS" Industry Ventures Founder Hans Swildens - how secondaries became the dominant path for VC exits
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Jan 20, 2026 Hans Swildens, the Partner and Head of Industry Ventures, dives into the rapid evolution of the secondary market for venture capital, revealing how it now constitutes 70% of VC exits. He discusses the significant $900 million acquisition of Industry Ventures by Goldman Sachs and how they leverage data from over 700 fund LP positions. Expect insights on innovative fund structures, private credit growth, and why founders prefer to stay private. Hans also touches on intriguing personal beliefs and challenges common romantic advice.
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Secondaries Evolved Into A Major Liquidity Market
- The venture secondary market evolved from distressed fire-sales after 2000 into a large, sophisticated liquidity market.
- Today it handles diverse transactions and may exceed $120B in annual volume, serving GPs, LPs, and companies.
Founding Bet Was Distressed Portfolios
- Industry Ventures began buying distressed corporate venture portfolios after the dot-com crash, often at 10–40 cents on the dollar.
- Some purchased companies later became significant winners despite the overall market being distressed.
New Structures Mirror Buyout Liquidity
- Secondaries now include many structures: continuation funds, option-exercise loans, forward transactions and tender offers.
- The market is trending toward sponsor-to-sponsor and continuation liquidity similar to buyout markets.