What is Semper's perspective on secondary trading as an asset class, and how does the platform address criticism about the viability of these markets?

Volumes are picking up but investors are still quite unaware of how the asset class works. The only sophisticated people in the tech industry are the VCs, and they typically mostly do primary and target large ownerships. They're going to own the stock for many years, so that doesn't favor volumes, but other types of investors are certainly getting interested. 

The hedge funds do primary, a lot of the specialized secondary funds, and some family offices. Soon, they will start having more tactical strategies where they might not hold the position for so long. We think there will be a whole bunch of different investors coming into the space. If there is more demand, there's going to be more supply, and today, people will wait to exit given no one offers any liquidity and the way their funds are structured.