Matthew Ahern

Matthew Ahern is the Managing Principal of Knightsbridge Advisors, a secondary investment specialist focused on venture capital. He argues that with roughly $8 trillion in unrealized venture capital value globally, secondary transactions have become the second-most popular source of liquidity in the VC ecosystem. Ahern brings expertise in evaluating manager credibility, the dynamics of companies staying private longer, and the role of AI adoption in determining which venture funds will generate lasting value.

• Scale of the venture capital liquidity problem and $8 trillion in unrealized value
• Secondary market becoming the second-most popular VC liquidity channel
• Valuation credibility differences between established and emerging VC managers
• Impact of AI adoption on existing software company valuations in VC portfolios
• Fund-level versus direct company secondaries in the venture capital market
• Multi-asset continuation vehicles as an emerging tool for venture GPs
• Winner-takes-all return dynamics and the importance of manager selection
• Technological obsolescence risk in tail-end venture fund portfolios

Liquid Courage Episodes

• Venture Capital Has an $8 Trillion Liquidity Problem2025-12-17