In this episode sponsored by Obsidian CIO, host Joe Halpern (Managing Partner and CIO of Obsidian CIO) is joined by Dave Thornton, Co-Founder and CEO of Vested, to explore one of the most overlooked challenges in private markets: helping startup employees access the value they’ve created through equity ownership while providing new investment opportunities for private market investors.
The conversation examines why liquidity remains a major issue for startup employees, how private capital markets have evolved, and what investors should understand about venture investing, company selection, and emerging private market structures.
- Understand the Startup Liquidity Challenge — Learn why many startup employees are forced to forfeit valuable equity when changing jobs and how liquidity solutions can help preserve that wealth.
- Explore How Venture Capital Works — Gain a clearer understanding of the venture funding lifecycle, from pre-seed through growth equity, and how different funding stages shape investment opportunities.
- Think Beyond Individual Winners — Discover why diversification remains critical in private markets, where even experienced investors face significant uncertainty when identifying future winners.
- Evaluate Private Market Risk — Understand the realities of startup failure rates, company selection, and why disciplined portfolio construction is essential for long-term success.
- Recognize Emerging Liquidity Trends — Explore how secondary markets, employee liquidity programs, and innovative funding solutions are making private markets more accessible for both employees and investors.
- Separate Narrative from Process — Learn why successful private market investing depends less on chasing popular companies and more on maintaining a disciplined investment framework.
Listen to the full Investment Wars podcast on Spotify
IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing. The podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
