EP 117: The VC System Is Broken: Global IPOs Are The Alternative with Jeff Stewart

<p>In this episode of $100M Exits, Jeff Stewart breaks down why the venture capital and IPO system has fundamentally shifted—and what founders are getting wrong about scale, liquidity, and global capital markets.</p><p><br></p><p>Jeff shares his experience raising and transacting over $100M across his own companies, investing over $100M through his fund, and leading more than $500M in total deal flow. The conversation dives deep into why the U.S. public markets have evolved into a “mega-cap only” game, why secondary markets create hidden risks, and why global listings are becoming a strategic advantage—not an alternative.</p><p><br></p><p>The discussion also unpacks how founders should think about IPOs not as exits, but as long-term capital infrastructure. Jeff explains how public markets unlock talent, revenue, acquisition flexibility, and investor access in ways private markets increasingly cannot match.</p><p><br></p><p>Key insights include:</p><ul><li><p>Why the VC model incentivizes longer private cycles—but not always founder outcomes</p></li><li><p>The rise (and risks) of secondary markets and SPV structures</p></li><li><p>Why transparency and liquidity drive better capital allocation</p></li><li><p>How global investors are reshaping IPO strategy</p></li><li><p>Why “unit economics clarity” is the real IPO readiness test</p></li><li><p>The difference between a “funding event” and a “capital system.”</p></li></ul><p>This is a sharp, sometimes contrarian look at where capital markets are heading—and how founders can position themselves to win in a global IPO landscape.</p><p>-------------------------------------</p><p><strong>Raising capital?</strong></p><p><br></p><p>Get a list of vetted VCs for FREE here:<a href="https://web.thunder.vc/list-of-investors-vcs-for-founders"> </a><a href="https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&utm_medium=EP+116&utm_campaign=%24100M+Exits"><u>https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&amp;utm_medium=EP+117&amp;utm_campaign=%24100M+Exits </u></a> </p><p><br></p><p>Get the latest fundraising insights, news, and tips:</p><p><a href="https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=EP+115&utm_campaign=%24100M+Exits"><u>https://blog.thunder.vc/funding-101?utm_source=YouTube&amp;utm_medium=EP+117&amp;utm_campaign=%24100M+Exits  </u></a></p><p><br></p><p><strong>ABOUT JEFFREY STEWART</strong></p><p>Jeffrey Stewart is an inventor, entrepreneur, investor, and author focused on technology-enabled businesses and global capital markets. He is the author of <em>Global IPO – The Great Rewiring of Capital Markets</em> and works with GPO Fund, where he backs growth-stage tech founders building globally scalable companies.</p><p><br></p><p>Through the GPO Fund, Jeffrey invests in companies across emerging markets, B2B SaaS, clean-tech, education, blockchain, big data, and financial services, with a focus on improving how venture capital and global capital markets operate.</p><p><br></p><p><strong>You can reach out to Jeff through:</strong></p><p>LinkedIn:<a href="https://www.linkedin.com/in/stewartjeffrey/"><u>https://www.linkedin.com/in/stewartjeffrey </u></a></p><p>Website: <a href="https://www.linkedin.com/safety/go/?url=http%3A%2F%2Fwww%2Eyoutube%2Ecom%2Fwatch%3Fv%3DkTG3OcF1FY4&urlhash=8M-r&mt=dBo3qrnjTB8NEovc63teLjvs6sRAT5QFD07qZYv8EEcPFX11U9pzvqvARF6N2cViEvw3poDQeaL3L9Jc2WnpNHHTflY&isSdui=true"><u>https://www.youtube.com </u></a></p><p><br></p><p><br></p><p><strong>ABOUT JASON KIRBY</strong></p><p>Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders reach their ideal target outcomes through capital strategy and M&amp;A. </p><p><br></p><p>He is a serial entrepreneur with four exits and decades of experience in fundraising, M&amp;A, and business building. In his career, he has coached hundreds of entrepreneurs on fundraising, investing, capital strategy, M&amp;A, and business devel