Nobody Will Buy Your Shares

The “Praying for Exits” meme accurately reflects VC passivity. But generating DPI will soon require investors to actively manufacture it by embracing an old – not new – model of what liquidity means.

That the SpaceX IPO and upcoming OpenAI/Anthropic listings will generate record liquidity has obscured an uncomfortable reality: even many of the most talented VCs in the industry today may never deliver a dollar of real DPI to their LPs. People joke about “praying for exits.” Underlying the meme, however, are real anxieties running rampant: investors are sitting on big markups but have no path to turning those markups into actual dollar returns. Most of the once-hot companies – even those that are perfectly healthy businesses – have few liquidity prospects: tepid interest from strategics,…

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