Liquidity is no longer simply an exit question. It has become a core part of fund strategy.
Companies are staying private for longer. Distributions have slowed. Many managers are holding valuable portfolios, but without returning meaningful capital to LPs.
That tension affects more than DPI. It can shape portfolio decisions, LP confidence, fund extensions and the ability to raise the next vehicle.
Our recorded masterclass, Unlocking investor liquidity: Fund-level secondary strategies for venture capital, now available in EUVC Academy, is a practical resource for fund managers evaluating liquidity options and their trade-offs.
Led by Kristaps Ronis, Partner at Ion Pacific, the session examines why the venture liquidity flywheel has slowed and how managers can create liquidity without treating a premature company exit as the only option.
The six-strategy liquidity toolkit
The session provides a practical framework for understanding six fund-level liquidity strategies:
Asset sales and fund wind-downs
Continuation vehicles
Strip sales
Fund life extensions and LPA amendments
LP tender offers
Fund recapitalisations
These structures do not solve the same problem.
Some create liquidity for the fund. Some create liquidity for individual LPs. Others extend the time available to realise value. Each option also changes ownership, incentives, governance and exposure to future upside in a different way.
Kristaps explores these distinctions without presenting any one structure as the default answer. The focus is on understanding the options, the trade-offs behind them and the conditions that make a liquidity process credible.
What you will learn
Why longer holding periods have disrupted the traditional venture liquidity cycle
How delayed distributions affect fund management, LP expectations and future fundraising
How the six strategies differ in the liquidity they create and the parties they serve
How ownership, economics and future upside shift across different structures
Why timing, pricing, governance and LP alignment matter alongside transaction mechanics
What separates a prepared liquidity process from a reactive one
Generating liquidity is only one part of the decision. Managers also need to consider what they are giving up, who remains invested and how the transaction affects the fund after it closes.
The session therefore goes beyond a simple overview of secondary structures. It gives fund managers a practical lens for evaluating liquidity as part of broader portfolio construction, LP management and fundraising strategy.
Who this is for
GPs managing mature or ageing venture funds
Fund managers facing pressure to generate DPI
CFOs, COOs and finance leaders at venture firms
LPs evaluating fund-level liquidity options
Investment professionals working across secondaries, fund strategy and portfolio management
Kristaps also shares practical lessons on preparation and execution, including why strong processes begin before liquidity becomes urgent, and how weak communication, unrealistic pricing or governance surprises can reduce flexibility and negotiating leverage.
Read more here and access the full recording and session deck in EUVC Academy.
