The Information's TITV OpenAI’s Music Race, Inside the Growing Secondary Market, AI for Mental Healthcare | Oct 27, 2025
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Oct 27, 2025 Hans Swildens, CEO of Industry Ventures, dives into the booming secondary venture market and explains the rise of continuation funds. Phin Barnes, co-founder of The General Partnership, explores the Alpha vs Beta VC debate, highlighting concentrated versus broad investment strategies. April Koh, from Spring Health, shares insights on using AI to enhance mental healthcare, discussing their safety benchmark for chatbots and the importance of industry standards. Together, they unpack the evolving landscape of venture capital and the role of AI in mental health.
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Secondaries Are Now Structural
- Secondary venture markets are now a structural part of liquidity for VCs and institutional investors.
- Industry Ventures sees growing, permanent demand for alternatives to IPOs and traditional exits.
AI Funding Fuels Secondary Volume
- AI-driven funding has concentrated demand into a few companies and expanded secondary activity.
- Larger rounds, SPVs, and rising valuations are pushing early investors to seek DPI via secondaries.
Continuation Funds Expand TAM
- Continuation funds—portfolios recapitalized to hold winners longer—are migrating from buyout to venture.
- These deals are larger and will materially expand the total secondary market TAM.