Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors · Ryan Miller

Venture Capital is Broken: The Evergreen Solution No One's Talking About

·48 min·3 clips

The US right now is in uncharted fiscal territory.

Ryan Miller opens the show as a place for people trying to raise money, launch businesses, or move their lives to the next level. He keeps the focus on capital, not theory. Michelle joins and quickly turns the conversation toward why venture can feel misaligned. The main complaint is straightforward. VC can get too fixated on exits. That can distort how funds think about risk and timing. The episode responds with a different structure. Late-stage, revenue-generating companies can sit inside the portfolio. Those companies may only need capital to commercialize faster, lower cost of goods, and move closer to profitability. That gives the fund some relief on liquidity pressure. It also leaves room to keep backing earlier-stage companies. Ryan keeps pressing on how to explain that mix to LPs. Michelle treats transparency as the first conversation, not the cleanup. The idea is to describe the portfolio before anyone writes the check. She also argues that regular communication matters after that. A fund should not behave like a black box. LPs should not learn about a private company from public headlines before their manager tells them. The episode also touches on the responsibility that comes with managing other people's capital. By the end, the argument is that late-stage exposure, clearer reporting, and better use of tech and AI can make the relationship sturdier.

As heard by us

A practical fund conversation about balancing liquidity, durability, and LP trust through clear communication.

The episode stays close to a familiar venture tradeoff: how to balance exits, durability, and liquidity without letting the fund turn opaque. Its strongest point is the case for commercializing-stage companies that already have revenue and can use fresh capital to move faster,…

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Why you'd press play

If VC feels brittle, this gives you a cleaner way to think about late-stage exposure, liquidity, and durability.

Read the full recommendation in PlayNext →

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