In the boom times, secondaries explode, not because sellers are desperate, but because buyers get competitive.Sim Desai · on what actually drives secondary volume
Rohit Yadav sits down with Sim Desai, Founder & CEO of Hiive, the fastest-growing platform for VC secondaries. With over $200M in monthly transaction volume and a user base that's transforming how liquidity works in private markets, Hiive is building the Nasdaq for venture-backed startups, before they ever go public.
We explore:
- The wild history of secondaries, from early Facebook trades to today's unicorn bottlenecks.
- Why founders restricting employee liquidity may be shooting themselves in the foot.
- The difference between GP-led, LP-led, and company secondaries (and why the last one is exploding).
- Bid-ask spreads, illiquidity discounts, and how tech is narrowing the gap.
- How transparency is the unlock for both premium valuations and happier employees.
- Hiive's "Hiive 50" index, and what it says about the future of private market pricing.
We also talk about:
- The role of brokers vs. tech platforms (and why they'll co-exist).
- Why VCs are converting into RIAs to play in this market.
- The rise of model disclosures, 1-page KPI reports that drive liquidity without revealing your "secret sauce".
- What the opening of the IPO window could mean for the next wave of venture liquidity.
This episode is a must-watch if you're a founder, operator, investor, or just curious about the invisible engine behind the modern venture ecosystem.
COMPANIES & PLATFORMS
Liquidity management platform for private companies and their shareholders.
Facebook, Twitter
Where actively traded private securities first took off, around 2013.
Used as the example of a private company whose shares could benefit from central price quoting.
PEOPLE
Sim Desai
Founder & CEO, Hiive. Was active in LP secondaries for many years, where he started in the secondary market.
Investments thought leader, Big Book of VC.
CONCEPTS & DATA
Hiive 50
The index of the 50 most active securities on Hiive, listed on their website; most of them trade at a narrow spread.
GP-led, LP-led and company secondaries
Fund interests versus the underlying portfolio companies, Hiive's focus is the latter.
RIA conversions
VC funds can invest up to 20% of their portfolio in secondaries; some large VCs have started converting into RIAs and becoming more active as a result.
2025 State of the Private Market
Hiive's report on marketplace dynamics shifting in favour of sellers.
Exploring Secondaries: Private Stock Insights →
The full written snapshot of this interview on the Rethink site.