Public markets are effectively closed below $1 billion ARR, while CROs are negotiating unprecedented liquidity provisions including annual 20% tender-offer rights.

CROs are now negotiating the right to sell up to 20% of their shares annually via tender offers, a practice unheard of five years ago.

“You'll actually see CRO's negotiate into their comp plans that they have the ability to sell annually up to 20% of their shares in a tender offer. I never heard of that 5 years ago.”

There are approximately 30,000 portfolio companies of mid-market private equity firms that cannot be sold and cannot go public, representing around $20 trillion in value.

“There's about 30,000 portfolio companies of mid-market private equity firms that can't be sold, Mhm. can't go public, there's no you know, 20 trillion or something worth.”