Скачать или смотреть Ep. 117: Scott Neuberger, Karmel Capital | Data-Driven Secondaries in Software and AI

Scott Neuberger, Co-Founder and Managing Partner at Karmel Capital, shares how later-stage secondaries can provide access to high-quality technology companies. Learn how to assess capital efficiency, management quality and growth durability using data and market signals, and get a repeatable lens for evaluating technology businesses.

The conversation also sharpens how to think about AI investing over a realistic time horizon. Hear how to identify where value is likely to accrue over the next few years, why infrastructure matters in periods of rapid change and what concrete indicators suggest a credible path to liquidity in uncertain exit markets.   


⏱️ Time Stamps
0:00 Intro
02:33 Meet Scott Neuberger and Karmel Capital
04:00 From operator to secondary investor
05:00 What secondary investing actually means
06:50 Direct secondary transactions explained
08:40 How secondary deal flow really works
11:00 Why shareholders sell partial positions
13:00 How Carmel underwrites without internal access
14:30 Using proprietary data to track 500 companies
16:00 Buy and hold approach through IPO
17:45 Targeting companies 2 to 3 years from exit
19:30 Why top 15 VC firms drive most venture alpha
22:00 Capital efficiency as a core metric
23:30 Evaluating management teams and investor momentum
25:00 Why high profile companies are not always the best buys
26:00 How Carmel evaluates AI risk and opportunity
27:00 AI as the “Big Bang” moment
29:00 Why AI infrastructure is the near-term opportunity
31:00 Closing thoughts and how to connect

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