Precursor VenturesA classic pre-seed and seed stage venture capital firm

Are venture secondaries the unsung hero of startup liquidity?

8 Dec 2025 · 1 min

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Precursor Ventures argues that venture secondaries are becoming a more important source of liquidity for venture investors, especially as many top companies may choose not to go public. The speaker notes that a more robust secondaries ecosystem benefits investors by enabling share transfers to buyers willing to hold private stakes, and observes that perceptions of market size (TAM) can change rapidly — what seemed too small five years ago can become meaningful today.

Chapters

I think a lot of people I talk to recognize that secondaries are going to be a more important part of how we all get liquidity in venture. And it might be because simply because some of the best companies choose not to go public, maybe even ever. And so, like, the only way you'll get out of those names is to sell those shares to somebody else who wants to hold them. And so a more robust secondaries ecosystem is good for all of us. It really is. And I think it's funny, if you'd said five years ago, hey, do you think there'll be three secondaries platforms in venture that trade for meaningful sums of money? People are like, no, venture secondaries is too small a business. So it's just a good reminder that today's TAM is not tomorrow's tam. Because the world can change, and people's perception of the market size can really change as the world changes.