Hans Swildens of Industry Ventures on the ways VCs are ‘manufacturing’ liquidity in 2025

Tech Crunch - Apr 15th, 2025
Open on Tech Crunch

In the latest episode of StrictlyVC Download, TechCrunch’s editor in chief, Connie Loizos, and StrictlyVC’s Alex Gove discuss the evolving secondary market landscape with Hans Swildens, founder and CEO of Industry Ventures. Swildens, whose firm holds stakes in over 700 venture funds, shares insights into how secondary markets, including LP-led and GP-led secondaries and continuation funds, are serving as crucial lifelines for aging venture portfolios. He also highlights the current liquidity crunch affecting the industry and examines the impact of tech buyouts, which are prompting firms to staff up to manage and facilitate exits.

The discussion sheds light on the broader implications of the liquidity issues plaguing the venture capital industry. As traditional exit opportunities become more challenging, secondary markets are increasingly seen as viable alternatives for fostering liquidity. Swildens’ insights offer a rare glimpse into the strategic maneuvers VCs are considering to navigate these turbulent times, emphasizing the significant role that secondary markets could play in sustaining venture capital activity moving forward.

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RATING

7.6
Fair Story
Consider it well-founded

The story provides an insightful overview of current challenges in the venture capital industry, particularly regarding liquidity issues and the role of secondary markets. It effectively leverages the expertise of Hans Swildens, offering valuable perspectives from a credible source. The article is well-structured and clearly written, ensuring readability and engagement, particularly for those interested in finance and investment.

However, the story could benefit from additional perspectives and data to enhance balance and source quality. While it accurately presents the main claims, further verification of specific details, such as the severity of the liquidity crunch and staffing trends, would strengthen its factual basis. Transparency regarding the methodology behind the claims and potential conflicts of interest would also improve the article's credibility.

Overall, the story succeeds in addressing a timely and relevant topic, providing insights that are particularly valuable to professionals in the venture capital field. Its impact on broader public interest and policy is limited, but it offers a solid foundation for further discussion and exploration within the industry.

RATING DETAILS

8
Accuracy

The story accurately presents Hans Swildens as the founder and CEO of Industry Ventures, a firm recognized for its role in the venture secondary market. The claim that Industry Ventures holds stakes in over 700 venture funds is consistent with available data, underscoring the firm's extensive influence in the sector. The discussion of the liquidity crunch in the venture capital industry and the role of secondary markets is also factual, aligning with broader industry analyses. However, specific details about the severity of the liquidity crunch and the impact of tech buyouts would benefit from additional data or expert opinions to enhance verifiability. The mention of firms increasing staffing to manage exits is a plausible trend, though it requires further corroboration from industry reports or case studies.

7
Balance

The article primarily presents the perspective of Hans Swildens, offering insights into the venture capital industry's liquidity challenges and the role of secondary markets. While this provides valuable expert analysis, the story could benefit from additional viewpoints, such as those from other industry leaders or analysts, to present a more balanced view. The focus on Swildens' insights may inadvertently bias the narrative towards Industry Ventures' perspective, potentially omitting counterarguments or alternative strategies employed by other firms in the industry.

9
Clarity

The article is well-structured and clearly written, making it easy for readers to follow the main points. The language is straightforward, and the tone is neutral, effectively conveying the information without unnecessary jargon. The logical flow of the narrative helps readers understand the context and significance of the discussed topics, such as the liquidity crunch and the role of secondary markets.

8
Source quality

The story relies on Hans Swildens, a credible and authoritative source in the venture capital field, given his role and experience. Industry Ventures' reputation and Swildens' expertise lend credibility to the claims made. However, the story would be strengthened by incorporating data or statements from additional sources, such as industry reports or academic studies, to provide a more comprehensive view of the issues discussed.

6
Transparency

The story provides clear information about the podcast episode and the participants involved, ensuring transparency about the source of the insights. However, it lacks detailed explanations of the methodology behind Swildens' claims or any potential conflicts of interest that might influence the narrative. Greater transparency regarding the basis of the liquidity crunch and the role of secondary markets would enhance the story's credibility.

Sources

  1. https://techcrunch.com/podcast/hans-swildens-of-industry-ventures-on-the-ways-vcs-are-manufacturing-liquidity-in-2025/
  2. https://www.industryventures.com/industry-ventures-launches-preferred-venture-liquidity-program-to-enable-more-venture-capital-exits/
  3. https://www.venturecapitaljournal.com/industry-wants-to-facilitate-liquidity-amid-exit-drought/
  4. https://www.industryventures.com/25-year-anniversary/
  5. https://www.transacted.io/industry-ventures-hans-swildens-on-the-state-of-the-secondary-market