First Cheque with Cheryl Mack & Maxine Minter
Presented by Deel & Pear Tree What are VC Fund Secondaries?
Max Kausman is the founder and solo GP of Advance VC, Australia's first dedicated fund-of-funds with a focus on secondaries.
Advance VC buys existing positions in Australian and New Zealand VC funds—acquiring stakes from investors seeking liquidity and giving new LPs diversified access to mature, validated portfolios across multiple vintages dating back to 2012.
In this conversation, learn why secondaries won't "save" all of venture (only the top performers), how discounts actually work (spoiler: the average is 30-35% but it's wildly bespoke) and why vintage diversification matters as much as portfolio diversification.
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First Cheque is produced with Day One — the podcast network for founders, investors and operators. Want a show like this for your fund or company?
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