# The $150B Secondary Market and the Future of Venture Liquidity | Mike Jung

Page: https://stenobird.com/podcast/run-the-numbers-6739797/the-150b-secondary-market-and-the-future-of-venture-liquidity-mike-jung
Text version: https://stenobird.com/podcast/run-the-numbers-6739797/the-150b-secondary-market-and-the-future-of-venture-liquidity-mike-jung.md
Podcast: [Run the Numbers](https://stenobird.com/podcast/run-the-numbers-6739797)
Published: 2026-02-26T10:02:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/cjgustafson222/episodes/The-150B-Secondary-Market-and-the-Future-of-Venture-Liquidity--Mike-Jung-e3fk7k1
Audio file: https://anchor.fm/s/10e7a9a40/podcast/play/116055105/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-1-25%2F418839176-44100-2-4ed003ef22e9e.mp3
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JSON: https://stenobird.com/v1/public/podcasts/run-the-numbers-6739797/episodes/the-150b-secondary-market-and-the-future-of-venture-liquidity-mike-jung
Duration seconds: 3463

## Resource

CJ sits down with Mike Jung, Co-Founder and Managing Partner of Founders Circle Capital. They unpack the rise of structured liquidity, how secondaries went mainstream, and what CFOs should know before running a tender. Mike shares lessons from the dot-com era, AI’s “super cycle,” and what separates durable growth companies from hype. — SPONSORS: RightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.com Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cj Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/run Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trus…

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## Transcript

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