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Liquid Courage Video-Podcast
Primary-source thought leadership on the global private capital secondaries markets
Guest Speaker

John Robertshaw

Managing Director and Vice Chairman, Private Capital Advisory Group, Piper Sandler

John Robertshaw is a Managing Director and Vice Chairman of the Private Capital Advisory Group at Piper Sandler, with decades of experience in private capital markets including years running Credit Suisse's private equity fundraising operation—one of the world's largest. He was present at the earliest days of the secondary market, having worked alongside the founding teams at Coller Capital and Strategic Partners before they became multi-billion-dollar institutions. Robertshaw sees the rigid structure of private equity fund vehicles as a fundamental flaw that secondaries and continuation vehicles are steadily correcting.

Topics covered on Liquid Courage:
  • Early history of the private capital secondary market and its formation
  • Continuation vehicles evolving from zombie fund stigma to mainstream exit tool
  • Structural limitations of traditional blind-pool private equity fund design
  • Growth of retail and private wealth channels in alternative investment access
  • Origins of GP-led transactions from hedge fund side-pocket dispositions
  • Tokenization and blockchain as future enablers of private market liquidity
  • How GP consent dynamics have shifted from resistance to welcoming secondaries
  • Secular growth trajectory of alternatives and secondary market volume implications

Liquid Courage Episodes

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Welcome to Liquid Courage!

About Liquid Courage

Liquid Courage is a video-podcast presenting thought leadership and research on the global private capital secondaries markets. On a regular basis, Liquid Courage convenes expert conversations about the investment opportunities and macro themes driving the secondaries market, including GP-led transactions, continuation vehicles, LP portfolio management, and the evolving role of secondaries across private equity and private credit.

Liquid Courage is hosted by financial journalist David Snow, a long-time chronicler of the alternative investment market.