Brandon Sedloff sits down with Mike Boggs of Revelation Partners and Justin Burden of Industry Ventures at the Venture Secondaries Summit to explore how venture secondaries have evolved from a tool for distressed sellers into an institutional liquidity engine for private markets. The conversation, featured on The Distribution, examines the specialist approach required to succeed in this opaque, relationship-driven market where transactions happen by appointment rather than on open exchanges.

They discuss:

• Why venture secondaries function as a third liquidity option beyond IPOs and M&A, particularly in healthcare where billion-dollar outcomes are considered large
• How secondary buyers navigate competition from insider investors by serving as arm's-length pricing partners for founder share sales
• The structural liquidity problem created by over $800 billion in unrealized healthcare value and trillions locked in tech, with secondary funds positioned to address this overhang
• Why specialization in specific sectors or deal types is becoming essential as commoditization pressures generalist secondary funds
• How the flight to quality means focusing capital on late-stage, proven companies rather than indexing across venture portfolios

This episode offers private markets investors and operators a practical view of how venture secondaries create value in an environment where companies stay private longer and traditional exit paths remain constrained.