 E237: The $150 Trillion Revolution in Private Markets

Nov 7, 2025

Kendrick Nguyen, Co-founder and CEO of Republic, discusses how his platform is revolutionizing private investing by enabling over 3 million people access to markets traditionally reserved for the wealthy. He explains the impact of tokenization, the importance of bridging the gap between retail and institutional investors, and reflects on the untapped $150 trillion opportunity in retail capital. Kendrick highlights how fractional ownership and 'return on experience' can change investing for the masses, making participation more significant than speculation.

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INSIGHT

Tokenization As Market Infrastructure

Tokenization is an infrastructure that makes capital markets faster, cheaper, and cross-border.
It automates processes and enables broader participation in investing and trading.

INSIGHT

Retail Exclusion Is A Big Untapped Problem

Retail participation in private equity is shockingly low due to technical and legal barriers.
Lowering those barriers will unlock a transformational phase for capital markets.

ADVICE

Pair Hype With Stable Yield For Adoption

Use familiar brands and names to drive initial retail adoption of tokenized products.
Pair hype assets with steady-yield, low-volatility products for mass adoption.

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How do you democratize access to private markets and what happens when everyone can invest like a VC? In this episode, I sit down with Kendrick Nguyen, Co-Founder and CEO of Republic, the global platform that’s opened up private investing to over 3 million people across 150 countries, facilitating more than $2.6+ billion in transactions. We unpack how tokenization, fractionalization, and regulatory innovation are reshaping private markets. Kendrick explains how Republic is bridging the gap between institutions and retail investors, what tokenized SpaceX and OpenAI shares mean for the future of liquidity, and why the next evolution of finance is about participation—not speculation.

Highlights:

How tokenization creates a faster, cheaper, cross-border infrastructure for capital markets
Why retail participation in private markets remains shockingly low—and how Republic is changing that
How Robinhood’s tokenized SpaceX and OpenAI campaign boosted stock performance and retail awareness
The $150 trillion opportunity in retail capital waiting to enter private markets
Inside Republic’s partnership with Hamilton Lane to open institutional funds to everyday investors
Why tokenization could make private equity more profitable than public equities
How Republic balances legal engineering, regulation, and innovation to stay ahead in fintech
The social side of investing: why “return on experience” can be as powerful as ROI
How fractional ownership can restore optimism and access to the American Dream
Why fintech founders must partner—not fight—with regulators to scale safely

Guest Bio:

Kendrick Nguyen is the Co-Founder & CEO of Republic, a global platform for investing in private markets. Before launching Republic in 2016, he served as General Counsel at AngelList, leading regulatory affairs and international expansion. He has also co-founded CoinList and held prior roles at The Permal Group and Kanbar Enterprises, and has been a Fellow at Stanford Law School and the Rock Center for Corporate Governance.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Stay Connected:

X / Twitter: David Weisburd: @dweisburd

LinkedIn: David Weisburd: https://www.linkedin.com/in/dweisburd/ Kendrick Nguyen: https://www.linkedin.com/in/kendrick-nguyen-7145bb5/

Links Republic: https://republic.com/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00) Introduction (1:45) Retail participation and barriers in private equity (2:51) Access and liquidity issues in private markets (4:25) Social good and gateway products for tokenization (7:25) Robinhood's token giveaway and market impact (11:08) Mirror tokens, regulatory aspects, and partnerships (15:28) Growth in private equity and market disruption comparisons (20:18) Republic's evolution and influencer engagement (26:07) Learning to invest through small investments (31:26) Changing American dream and investment excitement (34:09) Social component and future of crowdfunding (40:52) Legal expertise and regulatory collaboration in fintech (45:44) Launching tokens and long-term investment benefits (50:51) Personal success stories and overcoming obstacles (57:24) Timeless advice and closing remarks (59:39) Closing remarks