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5 Common Mistakes When Investing in Secondaries - and Ways to Avoid Them
Secondary venture investing is harder than it looks. The asset class concentrates liquidity around a handful of genuinely great companies, which creates the illusion that picking winning secondaries is mostly about picking winning companies. It isn't. In practice, there are five distinct ways a secondary investment can go wrong. Each hurdle requires its own discipline to prevent. At PrePublic Equity Partners, our investment process is built around avoiding all five.
Gray Chynoweth
May 510 min read
SpaceX’s IPO Would Be Different for One Big Reason: It Would Arrive Already Massive
In December 2024, Bloomberg reported a secondary share sale that valued the company at about $350 billion. Separately, Reuters reported in late 2025 that SpaceX was exploring an IPO that could raise more than $25 billion and value the company at over $1 trillion. Even taking the more conservative $350 billion figure, SpaceX would arrive at the public markets as one of the largest companies ever to list.bThat is what makes a potential SpaceX IPO so different.
Hans Stege
May 46 min read
Six Things We've Learned from Cerebras' New S-1
When we last wrote about Cerebras, the company had confidentially refiled for IPO and the debate was theoretical: would public markets reward a capital-intensive AI infrastructure company on strategic positioning alone, as longtime backer Coatue argued, or would “price matter” once a real-time pricing engine got involved?
Hans Stege
Apr 2211 min read
Deepgram and the Rise of Voice AI Infrastructure
For years, speech technology largely lived at the edge of the enterprise stack: call transcription, dictation, basic IVR, and narrow automation. That is changing. The latest data suggests enterprises are no longer treating voice as a feature. They are beginning to treat it as a core interface — and, increasingly, as a strategic layer of software.
Hans Stege
Apr 156 min read
Revolut: A New Kind of Bank, at an Intriguing Inflection Point
"We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth. A decade into this journey, we have only just begun to show what is possible." — Nik Storonsky, CEO, Revolut 2025 Annual Report.That is not the language of a company running out of runway. It is the language of a business that has found its footing and is now staring at two of its largest markets still largely ahead of it.
Hans Stege
Mar 296 min read
The Tender Offer Is Becoming a Standard Employee Benefit
Two pieces of news this week that, taken together, say something bigger about where private markets are heading.
Hans Stege
Mar 204 min read
SpaceX: Dominant Infrastructure, Recurring Revenue, and the xAI Question
Few private companies attract the level of sustained institutional attention that SpaceX does — and for good reason. Across the dimensions that matter most to sophisticated investors evaluating late-stage private opportunities — market position, financial profile, and path to liquidity — SpaceX presents a compelling case. It also carries at least one meaningful new variable worth watching carefully.
Hans Stege
Mar 194 min read
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
Mar 55 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
Mar 35 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 255 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 106 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 36 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 234 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. RESEARCH DISCLOSURE This arti
Gray Chynoweth
Dec 29, 20252 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, 20252 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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