E369: Midas List VC: Why Smart VCs Are Buying Secondaries
What if the best opportunities in venture today aren’t in new deals—but in existing companies right before an inflection point? In this episode, I sit down with Ryan Moore, Founder of Revenant VC and longtime venture investor, to discuss why he made the shift from primary venture investing to secondaries after more than two decades in the industry. Ryan explains how longer liquidity timelines are reshaping venture capital, why secondary investing is less about discounts and more about information asymmetry, and how founder relationships and insider alignment create the best opportunities. We also explore organizational metabolism, LP evolution, and why small, focused funds may outperform in a world dominated by mega-platforms.
Highlights:
- Why secondaries are becoming one of the most attractive areas in venture
- The hidden value of buying before an inflection point
- Why insiders—not secondary firms—are the real competition
- How organizational metabolism predicts startup success
- Why founder relationships compound over decades
- The problem with groupthink in venture capital
- Why small funds often outperform oversized platforms
- How co-invest structures are reshaping the LP-GP relationship
Guest Bio:
Ryan Moore is the Founder of Revenant VC, a venture firm focused on secondary investments in high-growth private technology companies. Prior to founding Revenant, he spent more than two decades as a leading venture capitalist and co-founded Accomplice VC, where he was an early investor in companies including DraftKings, AngelList, PillPack, and Skillz. Ryan has built a reputation for identifying exceptional founders early and brings deep expertise across venture investing, liquidity markets, and company building.
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Sponsor:
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LinkedIn:https://www.linkedin.com/in/ryan-moore-7193372/
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Disclaimer:
This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.
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Transcript
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