Partner to high performing investment mgmt entrepreneurs. Multi Strat. Public & Private markets. Disruptive Innovation. Emerging Managers. Opinions are my own.
New York, NY
Joined July 2009
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Douglas Beyer retweeted
There is roughly $3.5 trillion of unrealized value sitting on private equity GPs' balance sheets right now. Douglas Beyer says the market built to unlock it is still close to zero.
@beyer71 is Managing Partner and founder of Roaring Brook Holdings, which seeds and anchors emerging private markets managers. He spends his days underwriting the exact mismatch that is now squeezing the entire industry: LPs need liquidity back, GPs are sitting on assets they are not ready to sell, and the fund structures binding them together were not built for a world where holding periods keep stretching.
Here is how he laid out the math on my podcast:
"There's roughly three to three and a half trillion dollars of unrealized fair market value on GP's balance sheets. There's a mismatch of cash flows. LPs need liquidity back. In 2025, total deal volume in the secondary market was roughly two hundred billion dollars. If you compare that to the overall size of alts, which is anywhere from thirteen trillion to twenty trillion, it's near zero."
Two hundred billion dollars sounds like a real market until you set it against the size of the problem it is supposed to solve. The secondary market has been treated for years as a niche, almost embarrassing corner of private equity, something GPs used when a deal went sideways. Beyer's numbers say the opposite: it is the release valve for a multi trillion dollar liquidity mismatch, and it has barely been built.
The firms that figure out how to buy into that mismatch at a fair price, with real structure and downside protection, are underwriting one of the largest and least contested gaps left in private markets.
This episode is presented by @juniper_square, with additional support from @AlphaSenseInc.
Full episode below 👇
youtu.be/s0rsU5CTXYc
Douglas Beyer retweeted
Doug Beyer on the mistake emerging managers make right after closing fund one: immediately acting like fund two is already underway.
"You don't want to start fundraising the day after. It doesn't look good for prospective LPs. It doesn't look good for current LPs."
Douglas Beyer retweeted
See links for full episode:
🎧 Apple Podcasts: tinyurl.com/2p9s28pe
🟢 Spotify: tinyurl.com/4nuffn97
Thank you for having me on @DWeisburd
Fun conversation on the evolving landscape of private markets and GP Stakes / GP Solutions.
Building a new firm or scaling an existing is hard work!
There is roughly $3.5 trillion of unrealized value sitting on private equity GPs' balance sheets right now. Douglas Beyer says the market built to unlock it is still close to zero.
@beyer71 is Managing Partner and founder of Roaring Brook Holdings, which seeds and anchors emerging private markets managers. He spends his days underwriting the exact mismatch that is now squeezing the entire industry: LPs need liquidity back, GPs are sitting on assets they are not ready to sell, and the fund structures binding them together were not built for a world where holding periods keep stretching.
Here is how he laid out the math on my podcast:
"There's roughly three to three and a half trillion dollars of unrealized fair market value on GP's balance sheets. There's a mismatch of cash flows. LPs need liquidity back. In 2025, total deal volume in the secondary market was roughly two hundred billion dollars. If you compare that to the overall size of alts, which is anywhere from thirteen trillion to twenty trillion, it's near zero."
Two hundred billion dollars sounds like a real market until you set it against the size of the problem it is supposed to solve. The secondary market has been treated for years as a niche, almost embarrassing corner of private equity, something GPs used when a deal went sideways. Beyer's numbers say the opposite: it is the release valve for a multi trillion dollar liquidity mismatch, and it has barely been built.
The firms that figure out how to buy into that mismatch at a fair price, with real structure and downside protection, are underwriting one of the largest and least contested gaps left in private markets.
This episode is presented by @juniper_square, with additional support from @AlphaSenseInc.
Full episode below 👇
youtu.be/s0rsU5CTXYc
@usopen entrance for kids day is super disorganized. You have one lane for strollers. Last year was much more organized. #USOpen2025
Just a couple of @avonoldfarms alums hanging out in the offseason @GeorgeSpringer thanks @astros for the tour @BlueJays
Douglas Beyer retweeted
We're hiring two scout fund managers! @varungupta started less than three years ago with a $20 million scout fund and zero investing experience. Now he's writing $25m checks. We'd love to meet you. Please get a warm intro from someone in our network. Onwards!
Lot of similarities between an aspiring singer/songwriter and an entrepreneur trying to build a new company. Thank you Ben Johnson and @NWischoff respect the hustle!
It’s hard to quantify the contagion and full extent of the @SVB_Financial collapse, but we need to work together to find short term and long term solutions. Companies and funds that held cash and other securities at #svb had a fiduciary obligation to protect assets and withdraw
@davidreub you should have Joe Dowling on your @Bloomberg show. Fund segment with Paula Volent from @RockefellerUniv
What should seniors and compromised persons do for food and essentials if they cannot go out? @WholeFoods @ShopRiteStores @NYGovCuomo @NYCMayor @cvspharmacy @Instacart #COVID19 @westchestergov @westchestergov @WPHospital
We need to stay #insidestrong in order to beat #COVID19 #COVID and protect our loved ones! @NYCMayor @ScottGottliebMD @NYGovCuomo
@ScottGottliebMD @NYGovCuomo @NYCMayor are we testing Drs, nurses and techs that are currently working with or have worked with patients who are under suspicion or are confirmed for having #COVID19 ? If not, why not? Won’t the above cause more spread inside of hospitals?
@Northwell_Life @MountSinaiNYC @EinsteinMed @WPHospital are you testing all medical staff within hospitals that have come in contact with patients with suspicion of or confirmation of #coronavirus #COVIDー19 #COVID19 to be safe for limiting potential spread inside hospitals?
Douglas Beyer retweeted
Legendary Football Coach Kevin Driscoll was recently elected to the New England Prep School Football Hall of Fame. Very fitting honor for an extraordinary winning coach, but more importantly, a mentor who has put 100s of kids at next level.
What a gem of an interview @bgurley @benchmark what do you think of @Snap now?
m.youtube.com/watch?v=-9y5pE…
$TJX is best in class and has a lot of room to run @grassosteve @GuyAdami @tjmaxx what do you think!???