The Spotlight by Founders Capital - Edition 4

What We’re Reading

Tariffs shake up VC secondaries as supply outpaces demand - Pitchbook

As market uncertainty grows, this article breaks down how pressure is building across venture secondaries. Sellers now outnumber buyers more than two-to-one on Hiive, with discounts widening across much of the market - though top startups like SpaceX and Stripe continue to hold firm.

Under Donald Trump, the SEC should open up private markets to retail investors - Financial Times

Eric Pan argues that a Trump-led SEC should modernise its rules to give retail investors greater access to private markets. With private companies staying private longer and fewer public listings available, everyday investors risk missing out on the returns institutional capital has long enjoyed. Eric suggests regulated funds as the safest route forward, offering broader access while maintaining investor protections.

Barings boss Mike Freno on the art of the private markets deal - FN London

Mike Freno, CEO of Barings, explains how the $406bn asset manager is expanding carefully across private markets. From European infrastructure to new ambitions in Abu Dhabi, he shares why the real art of dealmaking lies in cultural fit, talent retention, and strategic patience.

Must-Listen Podcasts

How Accel Captures Companies Outside Traditional VC Reach - Turpentine VC

Erik Torenberg talks with Accel partner Andrew Braccia about how the firm evolved beyond its Silicon Valley roots to build a global, multi-stage strategy. They dive into Accel’s playbook for backing bootstrapped growth companies like Atlassian and Squarespace.

The Great Tariff Debate with David Sachs, Larry Summers and Ezra Klein - All In Podcast

A great debate on U.S. trade strategy featuring former Treasury Secretary Larry Summers and columnist Ezra Klein. They unpack the DOGE initiative, recent IRS workforce reductions, and the broader institutional shifts reshaping America’s economic posture.

Founders Capital Perspective

If you’re enjoying this newsletter and want to stay on the pulse, make sure to read our weekly private market trends newsletter - The Dealflow by Founders Capital. Last week we discussed the recent market downturn, and, as always, shared our insights and perspective.

Research & Resources

Q1 2025 Global VC First Look - Pitchbook

The global venture capital market is increasingly divided between AI and everything else.

PitchBook’s data shows that AI accounted for 57.9% of total global VC deal value last quarter - a dominance driven largely by OpenAI’s record-breaking $40 billion raise on the final day of Q1.

This was the largest funding round ever for a private tech company, and one of eight $1 billion+ deals this quarter, with seven of those focused on AI.

In contrast, non-AI sectors continued to struggle. The deal count for non-AI companies dropped to its lowest level in a decade, and their combined deal value was nearly matched by just the seven largest AI investments.

On the exit side, liquidity remains tight. CoreWeave’s IPO made headlines, accounting for roughly 26% of total global exit value, but overall, IPOs have been sparse and market volatility is clouding the pipeline for future listings.

Last week we asked you: How close do you think we are to truly understanding how AI models "think"?

The most popular response was: “(A) We’re just getting started”

Beyond the Boardroom

My philosophy for a happy life – Sam Bern (TEDx Talk)

If you haven’t watched this now-iconic TEDx Talk, it's worth every second. At just 17 years old, Sam Berns - who lived with the rare genetic condition progeria - outlined three core principles for a happy life: focus on what you can do, surround yourself with people who lift you up, and never let your limitations define you.

Lies Entrepreneurs Tell Themselves - Steve Blank

Steve Blank discusses the hidden emotional costs of startup life. He unpacks the rationalisations founders often use like “I’m doing this for my family”, or “I’ll make it up later” - that can quietly erode personal relationships. It’s a thoughtful reminder to examine the stories we tell ourselves and prioritise what truly matters.

Like what you see? Think we missed anything? Let us know and we will check it out ahead of the next edition.