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The Teracorn Era Is Here
Value creation is staying private. Liquidity is learning to follow it as venture secondaries become a crucial on-ramp. For most of modern venture history, the script was straightforward: invest early, support the company, and wait for an IPO or acquisition to unlock returns. That script is now being rewritten as two powerful signals are converging.
graham chynoweth
1 day ago5 min read
The INVEST Act Could Mean Big Changes for Private Markets
Access Is Expanding — and That Raises the Bar for Discipline
There’s a quiet but important signal coming out of Washington.
The U.S. House has passed the INVEST Act of 2025 — a broad capital-formation package aimed at modernizing how capital flows into growing companies. It’s not law yet. The Senate still needs to act. But the direction of travel is clear: policymakers recognize that more value creation is happening in private markets — and they’re exploring ways to exp
Gray Chynoweth
3 days ago4 min read
Cerebras Refiles for IPO; A Real-World Test of Whether “Price Matters Least” in AI Infrastructure
This week The Information reported that Cerebras Systems, the Silicon Valley chip designer built around its wafer-scale computing architecture, has confidentially refiled for a U.S. IPO that could come as soon as April 2026.
Hans Stege
Feb 254 min read
The Tender-Offer Economy
For decades, the IPO defined liquidity — the moment value crystallized.
That model is outdated. Today, a growing share of enterprise value is created — and priced — in private markets through structured tenders and secondary transactions. Liquidity is no longer binary. It is engineered.
This shift is structural, not cyclical. And it is changing where — and when — investors access growth.
Gray Chynoweth
Feb 203 min read
What I’m Watching After A Busy IPO Week
The IPO market is technically open…but it’s already becoming choosy.
A week ago, Blackstone’s president declared that “2026 should be the year of the IPO.” Just days later, one of Blackstone’s own portfolio companies put that assumption to question.
On the surface, it was a busy week for new listings, with seven IPOs and six SPACs pricing. But it was also notable for what didn’t happen.
Hans Stege
Feb 105 min read
Private for Longer: What the New Tech Lifecycle Means for Individual Investors
A growing share of today’s most important technology companies are staying private far longer than prior generations, even as they reach massive scale. That shift is reshaping how value is created, how liquidity emerges, and when investors are able to participate.
Hans Stege
Feb 35 min read
Liquidity is back — just not through IPOs (yet)
After two years of a constrained exit environment, private-market liquidity is increasingly being delivered through secondaries and structured transactions, not traditional IPOs.
Hans Stege
Jan 233 min read
What Nvidia’s $20B Groq Deal Says About the Next AI Hardware Opportunities in Late-Stage Venture
Nvidia’s recent $20 billion acqui-hire of Groq is more than a single high-profile transaction — it’s a clear signal that consolidation in AI hardware is accelerating.
Hans Stege
Jan 123 min read
Webinar Replay: Providing Access to Late-Stage Ventures
In this Webinar Replay, Mike Collins, Chair of the Board and CEO Gray Chynoweth review PrePublic Equity Partners. PEP’s mission is to help investors access this emerging asset class - companies that have proven revenue and traction, but that aren’t yet public. We’re laser focused on leveraging AI to generate solid research and analyzing opportunities to manage risk and generate a diversified portfolio. Click the video to watch the full webinar.
Gray Chynoweth
Dec 29, 20251 min read
Who We Are in 90 Seconds
CEO and Co-Founder Gray Chynoweth gives you a brief introduction to PrePublic Equity Partners.
Gray Chynoweth
Dec 29, 20251 min read
‘Older, Bigger’ IPO’s and the Russell 2000 Performance
This research report explains how a structural shift in public markets has changed where small-cap growth occurs. Over the past 25 years, companies have stayed private far longer—moving from an average IPO age of roughly 4 years in 1999 to approximately 14 years today—which has diverted many high-quality growth companies away from the Russell 2000 and directly into large-cap indices or kept them private entirely. As a result, the Russell 2000 now contains a materially higher
Gray Chynoweth
Dec 26, 20251 min read
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