Renana Ashkenazi Discusses the Rise of the Secondary Market on the Capital Summit

A New Trend in Venture and Private Markets

Renana Ashkenazi joined Maor Shalom Swisa’s Transparent Studio during the Capital Summit 2025, to discuss one of today’s most dynamic topics in the venture landscape: the rise of the secondary market.

Together with Inbar Steiner, Partner and Manager at Value Global, Ashkenazi explored how secondary transactions are becoming a powerful alternative in an era where IPOs and acquisitions are increasingly delayed.

Why Secondary is on the Rise

The conversation highlighted the growing importance of secondary deals in providing liquidity and new opportunities:

• Access to late-stage companies at discounted valuations: secondary allows investors to buy into growth companies without waiting for a public exit.
• A $500B+ global market driven by the liquidity needs of pension funds, insurance firms, and institutional investors.
• Expansion across asset classes: what began in private equity is now spreading to debt, infrastructure, and real estate.
• Early-stage secondary: a growing trend as investors explore liquidity even at earlier phases of the startup lifecycle.

Secondary as a Strategic Alternative

“Secondary transactions are becoming an attractive option in today’s volatile environment,” said Ashkenazi during the discussion. “They provide investors with access to high-quality companies, while also offering much-needed liquidity to stakeholders who cannot wait for traditional exit paths.”

By offering both buyers and sellers flexible solutions, secondary deals are reshaping the venture capital and private equity ecosystem, creating opportunities for investors and portfolio companies alike.

Watch the Full Interview

The full video interview is available via Calcalist Transparent Studio:
👉 Watch here.