EUVC E647 | Kristaps Ronis, ION Pacific: The Rise of Structured Secondaries in Venture
Welcome back to the EUVC Podcast — where we go deep with the people shaping European venture.
Today, David sits down with Kristaps Ronis, Partner at ION Pacific, a global secondaries investor (HQ in LA, presence in Europe & Asia) focused on Series B+ tech and a specialty that’s getting hotter by the month: structured secondaries.
Kristaps runs ION Pacific’s European practice and has been with the firm since inception (2015). In this episode, he unpacks why DPI is king, why traditional “sell-the-shares” secondaries often fall short, and how structured deals can deliver liquidity without selling or signaling — all while preserving control and upside for GPs.
Whether you’re a GP under LP pressure, an LP looking for distributions, or a founder trying to understand what’s happening around your cap table, this one’s for you.
Here’s what’s covered:
00:55 – Who is ION Pacific? Global secondaries focused on B/C/D with a European practice led by Kristaps.
02:36 – What they do: Liquidity for venture via structured & traditional secondaries.
04:01 – Kristaps’ path: Latvia → Peking University → Hong Kong banking → co-founding ION Pacific.
06:05 – What are structured secondaries (in one line).
07:35 – Three big learnings in venture: lack of financial innovation, complex cap tables = silent killer, DPI is king.
10:48 – Early vs. later stage instruments — why complexity hits hard post-Series B.
17:16 – Why secondaries now (esp. in Europe): DPI pressure, awareness, more dedicated players.
21:09 – Continuation vehicles in Europe: “2025 is the year of the EU CV.”
23:31 – Where structured deals fit: liquidity without selling, pricing gaps, zero market signaling.
26:20 – “What’s the catch?” Educating LPs on partial upfront + future upside.
28:05 – Advice for GPs & LPs: how to open the liquidity conversation.
29:53 – Solving the bid–ask spread: structure beats headline discounts.
31:27 – Co-investing: where others join (and where they don’t).
32:26 – The market gap: too big for small PE secondaries, too small for mega funds — ION’s sweet spot.
35:55 – Timing: don’t start in year 11 of a 10+2 fund; think 6–9 months ahead.
36:58 – Seller mistakes: timing, portfolio prep, governance blockers, LP comms.
40:23 – Good news for emerging managers: relationships can reopen info rights.
43:37 – Kristaps’ bookshelf: The One Thing, Getting to Neutral, Buy Back Your Time.
45:23 – How to reach Kristaps: LinkedIn + email; open to being a sounding board.