The week in private markets: 5 stories that matter
By Jose Ruiz · · 2 min read
☕ Sunday, March 15, 2026
Good morning, Crowd.
Robinhood's venture fund tanked 16% on day one.
VCs deployed $189B in February (83% went to 3 companies).
800 unicorns lining up to IPO.
Here are the 5 stories that mattered.
Read time: 3 minutes
PRIVATE MARKETS
1. Robinhood Venture Fund: -16% Day One
What happened: RVI listed on NYSE. Priced $25. Closed $21.
Why it bombed:
Stale valuations (Revolut in fund at $45B, trading at $75B on secondaries).
Liquidity trap (buying illiquid assets with liquid wrapper).
Your takeaway: Retail access to private markets ≠ automatically good deal. Better to wait for actual IPOs or buy secondaries directly.
“The secondaries market is experiencing rapid growth, with transaction volumes expected to reach record highs, driven by a strong demand for liquidity amid slow traditional exit activity.”
— FounderscrowdsFUNDRAISING
2. $189B Deployed (But 83% to 3 Companies)
February 2026: Largest VC month in history.
The catch:
OpenAI: $110B
Anthropic: $30B
Waymo: $16B
Total: $156B out of $189B
Translation: Capital concentrating at top. Mega-rounds for AI leaders. Middle is squeezed.
Your takeaway: 2026 = year of extremes. Winners take all.
FUNDRAISING
3. Secondaries Hit All-Time High
2025: $160B
2026 projection: $200B+
LPs choosing "sell" over "roll": 80%+
Why: Companies staying private 11+ years. LPs need cash, not paper gains.
Your takeaway: Secondaries = PRIMARY exit now. Not backup plan. Only 2% of unicorn value trades secondaries today → going to 10%+ by 2028.
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FUNDRAISING
4. IPO Pipeline: 800 Unicorns Ready
2025 IPOs: $33.6B
2026 projection: $50B+ (up 50%)
Who's going public:
SpaceX (June, $1.5T), Anthropic ($350-500B), OpenAI ($830B-1T), Databricks, Revolut, Canva.
Reality check: 800 ready ≠ 800 going public. Probably 100-150 actually IPO.
Your takeaway: Window is OPEN. But quality matters.
FUNDRAISING
5. Prediction Markets Go Mainstream
Robinhood: 4B contracts traded (Jan alone)
Polymarket: $3B+ monthly
DraftKings: Launching prediction markets
Kalshi: Raising at $20B
Why it matters: Robinhood CEO says "fastest-growing business in company history." $100M+ revenue run rate.
Your takeaway: New asset class forming. Like sports betting 10 years ago (now $100B market).
The Big Picture
Old model: Raise → Grow 5-7 years → IPO
New model: Raise → Grow 10-15 years → Secondary exit OR IPO (maybe)
Three paths:
Mega-winners: OpenAI scale. $100B+ rounds. Stay private.
Quality exits: Strong economics. IPO at $1-10B.
Secondary liquidity: Can't/won't IPO. Exit via secondaries.
No middle anymore.
That is all for today.
Enjoy your Sunday and see you on Tuesday
Alberto.
P.S. Robinhood bombing proves: Private markets ≠ free money.
Fundamentals matter: valuation, liquidity, structure, timing.
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Disclaimer: Founderscrowds is a media company. We are not a broker-dealer, funding portal, investment adviser or financial planner, and we do not collect or hold investor funds. All content is for informational and educational purposes only and is not investment, legal or tax advice or an offer to buy or sell any security. Views on any company or deal are our writers' opinions. Some content is sponsored. Private market investments are speculative, illiquid and may result in the loss of your entire investment; many offerings are limited to accredited investors. Read full disclaimer
