Cents of Security by Interactive Brokers The IPO market isn’t dead — it’s just getting smarter.
Jan 22, 2026
Jeffrey Fidelman, CEO of Fidelman & Co., a specialist in IPOs and private markets, breaks down selective capital deployment in 2026. He covers Series A validation vs. seed, shifting pre-seed dynamics, micro‑liquidity signals, why niche managers attract LPs, and which AI plays still secure funding.
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Bigger Funds, Longer Holds Create A Liquidity Crunch
- Funds are larger and hold investments longer, creating a liquidity crunch for individual investors in private placements.
- Investors now prioritize shorter tenor and liquidity over chasing outsized, long-duration returns.
Use Secondary Funds To Shorten Investment Tenor
- Consider investing in secondary funds or continuation vehicles if you want shorter tenor and clearer exit timing.
- Choose vehicles where holdings are nearer to a liquidity event to reduce time-to-cash risk.
Stage Names Shifted Up The Stack
- The definitions of seed and Series A have shifted upward, with seed often requiring meaningful recurring revenue today.
- Series A backers now expect a repeatable engine and demonstrable return on invested capital.