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Ben Black, co-founder and managing director of Akkadian Ventures, shares insights into the venture capital secondary market. He highlights the distinct approach Akkadian Ventures takes, focusing on businesses with proven customer economics and strong technology moats. Ben elaborates on their strategy of gradually increasing positions and leveraging discounts from secondary investments. He also discusses the evolution and growing importance of secondary markets as startups stay private longer and new liquidity models develop. Ben also talks about Raise Global, a platform he founded to support emerging venture managers.

In this episode, you’ll learn:

[1:39] Silicon Valley thrives on meritocracy, where anyone with ambition, talent, and hard work can quickly connect and succeed regardless of their background.

[4:41] To succeed, emerging managers must proactively create their own opportunities, rather than waiting for them to be given.

[6:46] What is the venture capital secondary market? How is it developing, and what impact does it have on the broader VC ecosystem? What does the future hold for secondary investments?

[12:27] Key strategies for investing in the secondaries market

[22:00] The evolution and impact of Raise since its inception.

The non-profit organizations that Ben is passionate about: Mind The Gap

About Ben Black

Ben Black is a co-founder and managing director at Akkadian Ventures. He has extensive venture capital experience, having previously worked as an investor at Maveron, Rosewood Capital, New Cycle Capital. As an entrepreneur, Black served as vice president of corporate development at Harris Interactive, driving its transformation into a leading internet-based market research firm and leading to a successful IPO. He also co-founded Raise Global to facilitate connections between emerging fund managers and capital partners, enhancing investment opportunities in the venture space.

About Akkadian Ventures

Akkadian Ventures is a Silicon Valley-based direct secondary investment firm that offers liquidity to early employees and investors of venture-backed businesses. For more than a decade, Akkadian has pioneered secondary and opportunistic investments in growth-stage technology companies.

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