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, entrepreneu