Venture secondaries have moved from a niche liquidity tool to a central part of private market structure. As companies stay private longer and traditional exit pathways prove less reliable than they once were, secondaries have become the mechanism that keeps capital, ownership, and incentives moving through the system.

The centre of gravity in payments is steadily moving. Consumers start transactions in apps and chats, not at branch counters or card terminals. Wallets are becoming the de facto financial hub, increasingly fronted by software rather than people. Underneath, stablecoins on programmable rails are being pulled into the core of networks like Visa and Mastercard. The open question is not whether this shift happens, but whose infrastructure, controls, and economics it will run on.

The next software boom is not about everyone vibe‑coding their personal ERP. It’s about a new generation of software businesses and internal platforms that streamline and industrialize this AI‑first world, so that individuals and teams don’t have to build everything themselves. The real opportunity now is to pair that with the discipline of good engineering and product design, so that we can safely transform how business services are delivered. One “customer of one” at a time.

Banks and payment providers are rolling out blockchain‑based rails for cross‑border payments, intraday liquidity, and on‑chain collateral, using regulated stablecoins and tokenized bank liabilities as programmable money. The number of institutions issuing or using tokenized assets is expected to climb sharply in the coming years as they chase faster settlement, lower costs, and 24/7 availability.

The blended portfolio approach – mixing direct investments with independent sponsors, traditional funds, and co-investments – provides broader origination coverage, increased informational advantage, better diversification, and crucially, flexibility in fee and liquidity management. For most family offices, this framework represents not a compromise but an optimization, leveraging the unique advantages of patient family capital while acknowledging the realities of competing in institutional private markets.