Summation (formerly World of DaaS) Industry Ventures Founder Hans Swildens - how secondaries became the dominant path for VC exits
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Jan 20, 2026 Hans Swildens, the Partner and Head of Industry Ventures, dives into the rapid evolution of the secondary market for venture capital, revealing how it now constitutes 70% of VC exits. He discusses the significant $900 million acquisition of Industry Ventures by Goldman Sachs and how they leverage data from over 700 fund LP positions. Expect insights on innovative fund structures, private credit growth, and why founders prefer to stay private. Hans also touches on intriguing personal beliefs and challenges common romantic advice.
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Give LPs A Clear Choose-To-Sell Option
- Offer LPs options in continuation or GP-led deals so they can choose to sell or remain invested.
- Ensure the choice is voluntary and transparently presented to maintain LP trust and ILPA alignment.
Valuation Practices Have Matured
- Valuation and mark practices for private securities have matured via third-party methods and FAS 157-style frameworks.
- Fund and security-level valuation sophistication reduces opacity and supports more frequent liquidity transactions.
Funds Will Move Toward Perpetual And Hybrid Models
- Fund structures will shift toward longer-duration, perpetual or registered vehicles with periodic liquidity windows.
- Combining equity and private credit sleeves can provide yield to support redemptions and liquidity.