EP21: Concentration, Capital, and Compliance — The Three Signals Rewiring Private Markets
Drew and Reese unpack three converging signals reshaping private markets: mega-round concentration ($90B to six companies in 2025), the US Commerce Department taking minority equity stakes in nine quantum computing companies, and the litigation finance transparency wave moving through Michigan, Oklahoma, Georgia, Arizona, and Louisiana. Historical parallels to the 2000-2001 telecom buildout and the 1970s DARPA model frame the new regime. Educational content only.
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.