The $200 Billion Secondary Market | Chris Lawrence | Ep 63

In this episode of Funds That Won, Rylan Olson sits down with Chris Lawrence, founder of Labyrinth Capital, to break down the rapidly growing secondary market in private equity.

With over $13 trillion now sitting in private markets, liquidity has become one of the most important topics for both GPs and LPs. Chris explains how the secondary market evolved, the difference between LP-led and GP-led transactions, and how emerging fund managers can use secondaries to create liquidity for their investors.

The conversation also dives into the realities of launching and scaling an investment firm, the importance of relationship capital, and why emerging managers should stay disciplined in their niche instead of chasing scale.

If you’re building a fund or investing in private markets, this episode gives a practical look at how the $200B+ secondary market is reshaping liquidity and opportunity across the industry.