VCs underwrite other investors' interest, not companies, as capital glut distorts exits
arian_ghashghai · x · 2026-10-17
Quoting Brett Berson's remark that VCs now underwrite other investors' interest rather than companies themselves, arianghashghai argues oversized VC AUM is the root cause: cheap private capital delays IPOs, makes secondaries the dominant liquidity strategy (requiring manufactured consensus), and has fully untethered stock price from business value. Pulling money out of VC, he says, is how these problems start to fix themselves.
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