# Episode #60: The 2025 Venture Review feat. Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta)

Page: https://stenobird.com/podcast/the-learning-corner-by-precursor-7030204/episode-60-the-2025-venture-review-feat-hunter-walk-homebrew-screendoor-and-peter-walker-carta
Text version: https://stenobird.com/podcast/the-learning-corner-by-precursor-7030204/episode-60-the-2025-venture-review-feat-hunter-walk-homebrew-screendoor-and-peter-walker-carta.md
Podcast: [The Learning Corner by Precursor](https://stenobird.com/podcast/the-learning-corner-by-precursor-7030204)
Published: 2025-12-18T20:00:00+00:00
Episode link: https://the-learning-corner-by-precursor.onpodcastai.com/episodes/GfG1n57gHcn
Audio file: https://dts.podtrac.com/redirect.mp3/media.podcastai.com/episodes/GfG1n57gHcn.mp3?u=1766088901
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Duration seconds: 1967

## Resource

This end‑of‑year episode of The Learning Corner by Precursor brings together our first podcast guests, Hunter Walk (Homebrew, Screendoor) and Peter Walker (Carta) for a wide‑ranging conversation on how venture capital has evolved in 2025. We unpack ballooning early‑stage valuations, the distortion created by media attention, and how few companies actually sit at the top of the market. We also discuss today’s exit landscape, growing pressure for liquidity, the rise of secondaries, and what recent IPOs and M&A activity mean for funds of different sizes. We close by examining what early‑stage venture really looks like today, from changing GP‑LP dynamics to faster paths to scale and the push to build more with smaller teams.

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## Transcript

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