In this episode, David Cruz e Silva sits down with Joe Schorge, founder of Isomer Capital, one of Europe’s most thoughtful and active LPs—backing funds, co-investing with top GPs, and increasingly leaning into secondaries.
From deep dives into the maturing European tech ecosystem to the reality of what “liquidity” means today, Joe shares what it takes to build long-term portfolios and navigate cycles with wisdom (and a little humor).
Who should listen:
LPs thinking through secondary exposure and portfolio liquidity;
GPs raising new funds with legacy tailwinds (or baggage);
Founders and angels curious about how liquidity really works behind the scenes.
Here’s what’s covered:
00:20 Meet Joe Schorge & Isomer Capital’s model
00:31 Why SuperVenture is ground zero for LP/GP dealflow
01:30 A new era of secondaries: From passive to proactive
02:55 "It's not a return until you can buy a beer with it." 🍻
03:30 DPI, exits & reflections from the stage with Björn Tremmerie
05:00 What macro uncertainty (and Trump tariffs) are doing to exit timelines
06:00 Under the hood: Growth is happening — but the windows haven’t reopened yet
07:30 Who’s actually buying today? Founders, growth funds, and LP-focused secondaries
09:28 Joe’s key learnings: time, uncertainty & the illusion of predictive power
12:23 Advice to aspiring LPs & emerging allocators
15:00 Diversification in venture is not optional — it’s existential
Watch it here or add it to your episodes on Apple or Spotify. Chapters for easy navigation are available on the Spotify/Apple episode.
Key takeaways
1. Secondaries are no longer an oddity
Joe explains how liquidity in venture has shifted:
Once a niche “special situation,” secondaries are now a core part of the market;
Everyone from LPs to founders is exploring options: “You can’t buy a coffee with gain on paper”;
ICER Capital recently launched a dedicated secondaries fund, focusing especially on LP-side transactions.
“What we hear again and again is: this isn’t someone leaving venture. It’s someone taking profits and recommitting. It’s a maturity marker.”
2. Venture still hasn’t had its liquidity moment
Joe and Björn Tremmerie reflect on a year where everyone was hoping the exit window would open. It hasn’t—yet. But:
Q4 2024 showed signs of life;
The fundamentals are stronger than ever;
Most exits are being delayed, not destroyed.
“When you look at the underlying companies—real revenues, global customers—the foundation is there. It’s a question of timing.”
3. Don’t expect predictive power—build portfolios instead
One of Joe’s most candid observations:
Early-stage investing is filled with unpredictability;
Your top winner might look dumb early. Your most hyped bet might flop;
That’s why diversification isn’t a nice-to-have—it’s critical.
“I’ve heard this for 25 years, and I’ve lived it: the one you thought was going to be amazing dies. The dumb idea becomes the unicorn.”
4. Macro matters—but tech doesn’t slow down
Despite elections, tariffs, and uncertainty:
Europe is at an all-time high in venture-backed company volume;
Growth is happening, even if exits are paused;
LP liquidity (especially via secondaries) is key to keeping the flywheel spinning.
“You need secondaries to have a mature capital market. Without it, DPI becomes a bottleneck.”
Joe’s lessons from the LP seat
Time is the most underrated variable in venture;
Early-stage investing is experimental by nature;
You can’t shortcut cycles, but you can prepare for them;
Your calendar (and how many Zooms you avoid) = efficiency;
Great portfolios are built with humility, not conviction alone.
