The Spotlight by Founders Capital - Edition 9

What We’re Reading

SPACs are hot again, and even Goldman wants a piece of the action - Financial Times

After years on ice, SPACs are back - and this time, even Goldman’s in. This FT piece tracks Wall Street’s re-entry into the blank-check market, with $11B raised so far in 2025 (vs. just $2B at this point last year). Goldman, which swore off SPACs post-crash, is now selectively backing new deals - driven by looser political oversight, tighter sponsor vetting, and the lure of juicy fees.

Private Equity Has Peaked, and It’s About Time - Bloomberg Opinion, Allison Schrager

Schrager pulls no punches in this sharp takedown of private equity’s bloated present. With $5T+ in AUM and returns falling fast, she argues the industry's size is now its weakness - squeezing out inefficiencies, crowding deals, and stretching the “alpha” narrative thin. A reset, she says, is overdue.

Wealth managers gear up to put UK savings into private assets - Financial Times

UK wealth managers are finally waking up to the private markets boom. While Europe already has 150+ long-term asset funds (LTAFs), the UK has just 23 - and firms like RBC and Quilter are scrambling to catch up. With public markets shrinking, they’re betting wealthy clients will trade liquidity for access to private equity, credit, and infrastructure.

Must-Listen Podcasts

Sam Altman: The Future of OpenAI, ChatGPT's Origins, and Building AI Hardware - Y Combinator Startup Podcast

A 43-minute fireside chat with Sam Altman at YC’s AI Startup School, this episode dives into the origins of ChatGPT, the challenges of scaling OpenAI, and why “doing something that matters” beats fame or fortune. Altman reflects on productivity limits, the responsibility of breakthrough tech, and the non-negotiable role of team chemistry in doing it right.

Scale’s $14.8B Acquisition - 20VC

Harry Stebbings calls Scale AI a “dead man walking” after its $14.8B exit - and the comment sets the tone for a sharp discussion on founder dependency, culture decay, and what happens when visionaries leave too soon. With Jason Lemkin and Rory O'Driscoll weighing in, it’s a breakdown of the cracks that can form behind headline valuations.

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 explored the possibility of a ‘solo-founder unicorn’ and, as always, shared our insights and perspective.

Research & Resources

US Venture Capital Outlook: Midyear Update  - PitchBook

Early 2025 opened with a wave of optimism: liquidity was returning, IPOs were staging a quiet comeback, and VC portfolios finally looked poised to move. Then came tariffs. Trade tensions quickly spooked public markets, stalling IPO momentum and cooling the exit environment. Still, momentum hasn't disappeared. Six VC-backed US companies still crossed the billion-dollar mark via public listings, while M&A surged, led by AI-first startups now driving a record 36% of all acquisitions.

Yet the fundraising landscape tells a different story. Aside from Founders Fund’s new $4.6B growth vehicle, less than $20B has been raised by new VC funds this year.

Looking ahead, all eyes are on secondaries and targeted exits to sustain confidence. With public markets still uncertain, these alternative pathways are becoming central to the liquidity playbook. The next six months will be a test of which firms are ready to act decisively and unlock real outcomes in a more selective market.

Last week we asked you: Can LRMs actually reason?

The most popular response was: “(A) Not really – they’re just guessing with style”

Beyond the Boardroom

The Boardroom Within: Why Great Leaders Don’t Go It Alone  – Kathryn Lancelotta

Kathryn Lancelotta makes the case for building your own “personal board of directors” - people who challenge you, ground you, and keep your thinking sharp. Great leadership, she argues, isn’t solo, it’s built on trusted relationships that cut through the noise.

4 Mistakes Leaders Make About Psychological Safety – HBR, Amy C. Edmondson

HBR’s executive masterclass with Amy Edmondson breaks down the traps leaders fall into when chasing psychological safety - like mistaking silence for harmony or failing to invite dissent. It’s a sharp, practical guide to building teams that perform because people feel safe to speak up, not pressured to stay quiet.

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