with Kristaps Ronis, Partner at Ion Pacific
EUVC Academy · 57h 30m · Fund Operations, Fund Strategy
Liquidity has become one of the defining challenges in venture, as funds hold assets for longer while LPs still expect capital to be returned. For GPs, the question is no longer simply when to sell, but how to create liquidity without undermining long-term value.
This session examines the main fund-level liquidity structures available to managers, the trade-offs behind them and the conditions that make each one credible. It also explores how to approach timing, pricing, LP alignment and execution as pressure to generate DPI rises.
Key learning points
Why liquidity has become a defining challenge
Why longer holding periods are reshaping venture fund dynamics
How delayed distributions affect portfolio management, LP expectations and future fundraising
Why strong unrealised value does not always translate into strong fund performance
Understanding the liquidity toolkit
The range of fund-level liquidity strategies available beyond company exits
The trade-offs each structure creates for GPs, LPs and portfolio companies
Why different situations call for different liquidity approaches
Evaluating liquidity decisions
How ownership, incentives and future upside shift across different transaction structures
Why pricing is only one part of a successful liquidity process
The importance of aligning liquidity decisions with long-term fund strategy
Executing successful transactions
What distinguishes well-prepared liquidity processes from reactive ones
Why governance, transparency and LP alignment shape transaction outcomes
Common pitfalls that weaken negotiating position and reduce flexibility
Related masterclass
Looking to explore company-level secondary transactions? Our session on The secondaries market with Alberto Chalon, Founding Partner at Giano Capital, examines how direct secondaries are sourced, priced and executed in Europe.
