Why the 10-Year Venture Capital Fund Model Is Broken
Benjamin Black explains why 10-year venture capital funds fail modern liquidity needs and how institutional LPs are shifting to private equity.
Ben Black on Why Venture Capital Is Broken, the Rise of Secondaries, and Taking VC Public
With David Weisburd, Benjamin Black · Sunday, August 23, 2026
Benjamin Black, founder of Akkadian Ventures and Powerlaw Corp. (Nasdaq: PWRL), joins David Weisburd to discuss the structural breakdown of traditional 10-year venture capital funds and the rise of secondary markets. Black explains why mega-cap tech companies staying private longer demands new liquidity solutions, detailing how he structured a publicly traded closed-end fund under the 1940 Act to give retail and institutional investors evergreen access to elite private technology assets.
Benjamin Black on 1940 Act Funds and Private Tech Liquidity
Benjamin Black explains how 1940 Act closed-end funds like Powerlaw Corp. (PWRL) bring retail capital into private tech secondary markets.
Permanent Capital Beats the Venture Fundraising Treadmill
Benjamin Black explains why 1940 Act closed-end funds like Powerlaw Corp. beat traditional 10-year venture structures with evergreen balance sheets.
Why Public Venture Funds Trade Carried Interest for NAV Fees
Benjamin Black explains the regulatory friction, 18-month lead times, and compensation tradeoffs of 1940 Act public venture funds.
Why Benjamin Black Took Venture Capital Public on Nasdaq
Benjamin Black explains how Powerlaw Corp uses 1940 Act closed-end funds to replace 10-year private tech lockups with public liquidity.
Why Venture Secondaries Lost Their Discount Edge
Benjamin Black explains why retail platforms broke late-stage secondary discounts and where information asymmetry still creates mispriced deals.