Earlyasset Research
For investors, allocators, and finance professionals navigating the structures, events, and macro dynamics shaping the private market.
Looking for shareholder education on private equity and secondary transactions? See Shareholder IQ.
Topics we cover
Market Structure
SPVs, layered SPVs, fund structures, fee mechanics, and the structural choices that determine who actually controls a private share position.
Macro & Markets
How interest rates, IPO window cycles, regulatory shifts, and companies staying private longer reshape the venture secondary market.
Field Notes
Questions we get from shareholders, allocators, and operators — and the misconceptions we see most often in the field.
Industry
Reads on new platforms, fund launches, large secondary events, and notable transactions — and what they signal about where the market is going.
Latest
Macro & Markets · 8 min read
Employees at OpenAI and Anthropic have turned roughly $14 billion of private equity into cash without a single IPO. Why that's a market-wide structural signal — not an AI story — and what the scale of pre-IPO liquidity means for the sell-or-hold decision.
By Earlyasset Research · June 2026
Macro & Markets · 9 min read
IPOs and exits are picking up after a multi-year freeze — but the public market keeps shrinking, and a reopening reaches the top tier of private companies long before it reaches everyone else. What actually changes for a shareholder weighing a sale now versus holding.
By Earlyasset Research · June 2026
Market Structure · 12 min read
Direct secondary volume hit ~$91B in 2025 — but 86% of trading concentrated in just 20 names. Why the market isn't as broad as the headlines suggest, why allocators can't find a bucket for it yet, and what it will take to become a real asset class.
By Earlyasset Research · April 2026
Macro & Markets · 17 min read
Inflation is re-accelerating, the rate-cut narrative has collapsed, and the IPO window is largely closed below mid-cap. Meanwhile SpaceX, Anthropic, Databricks, and Revolut are being repriced upward every few months at multiples reminiscent of 2021 SaaS peaks. The market has split in two — and treating it as one will get you the wrong answer.
By Earlyasset Research · April 2026
Market Structure · 10 min read
An SPV — or layered SPV — is how many investors first touch the venture secondary asset class. The pitch emphasizes access. The structure deserves more weight than it usually gets.
By Earlyasset Research · April 2026
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