Why Smart Money's Buying Secondaries, Not New Rounds | Alpha Uncovered x Jonathan Ting, NeuCo Academy

🎙 Guest: Jonathan Ting, Managing Partner, NeuCo Academy🎙 Host: Alvin Fan, CEO, OPIMVenture secondaries are stepping into the spotlight as traditional exits stall. IPO windows are shut. M&A is rare. Yet $1.6 trillion in dry powder remains undeployed—and valuations in private markets haven’t caught up with reality.In this episode, Jonathan Ting of Neuco Academy (ex-Industry Ventures) joins Alvin Fan to explain how the secondaries market is shifting:🔹 What a “Private IPO” really is🔹 Why LP interests are gaining attention🔹 And how delayed liquidity is reshaping exit expectationsIf you're tracking where private markets go next—this is essential viewing.📉 IPOs are delayed. 📈 Secondaries are redefining the game.📌 Chapters00:00 – Intro: Why venture secondaries matter now01:10 – Where are we in the private market cycle?04:30 – How low interest rates distorted venture capital07:00 – Mark-to-market tensions between GPs and LPs10:25 – Why most unicorns can’t IPO anytime soon12:55 – “Private IPOs”: Wall Street’s new liquidity workaround15:35 – Inside the secondaries market: who’s selling, who’s buying19:00 – Why LP stakes may offer better discounts than direct shares22:00 – Liquidity premiums and why small check sizes are mispriced25:20 – Newco’s strategy: ignore size, focus on asymmetric returns28:15 – The Xiaohongshu deal and why vintage matters31:30 – Will China tech ever list on NASDAQ again?34:00 – What makes a good secondaries investor37:00 – What kind of companies are IPO-ready today📅 Recorded on 27 May, 2025FOR INFORMATIONAL PURPOSES ONLYThis video shall not be published, circulated, reproduced distributed, or commercially exploited in any manner otherwise, in whole or in part, without the prior written consent of OPIM. Any trademarks, logos, and related intellectual property rights in this video are either owned by OPIM or other third parties. This video or any of its contents have not been reviewed by the SFC or any other regulatory body. All information is provided solely for informational purposes only and is neither to be taken as advice or recommendation for any specific investment product, strategy, plan, feature or other purpose in any jurisdiction nor intended as an offer or solicitation of an offer for purchase or sale of units of any funds, shares of securities or any financial instruments. This video or any of its contents do not constitute an endorsement, offer, or solicitation of an offer for the purchase or sale of any financial instruments or services by OPIM. All information including facts, opinions, projections, and estimates based on the judgement of the author is provided “as is” and may be subject to change without notice. OPIM has no obligation to ensure such updates are brought to your attention. The information in this video has been prepared from sources OPIM believes to be reliable and without consideration of the objectives, financial situations, or needs of any particular viewer. OPIM does not warrant the completeness, accuracy, or reliability of any material or information and does not assume responsibility for any error of facts or opinions or for damages arising out of any person’s reliance upon such material or information. You should make an independent assessment of any legal, regulatory, tax, credit, and accounting implications and consult with a professional advisor(s) as you consider necessary regarding any information provided in this video. Investment involves risks. Past performance, yields, and any predictions, projections, or forecasts on the economy, securities markets, or the economic trends of the markets are not reliable indicators of current or future results. Any figures, opinions or investment techniques and strategies referred to herein may be based on certain assumptions, evaluations, and current market conditions and are subject to change.

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