Secondaries now drive 71% of VC exits as firms adapt to longer hold periods and seek strategic liquidity options.

The private equity industry faces a paradox where experienced professionals with decades of track records are labeled "emerging managers" simply because they're launching first-time funds.

The venture capital ecosystem is grappling with fundamental questions about optimal fund sizing as emerging managers weigh the benefits of scaling operations against maintaining focused specialization strategies. The entire Screendoor team—Lisa Cawley, Layne Johnson, and Jamie Rhode—joined the Superclusters podcast to address critical questions from three emerging GPs about LP motivations, venture transparency, and scaling decisions.