In this masterclass on venture capital secondaries, Rando Rannus, GP at Siena Secondary Fund, outlines why the traditional 10-year VC model no longer reflects market reality. As companies stay private longer and IPO timelines stretch to 15–20 years, liquidity solutions must evolve.
Siena focuses on secondary investments in high-growth scale-ups across Central and Eastern Europe and the Nordics, targeting category leaders such as Bolt, Oura, Booksy,
and Preply. The strategy centers on providing partial liquidity to early investors, founders, and employees—often enabling them to reinvest into the ecosystem and strengthen Europe’s innovation flywheel.
Rando challenges common misconceptions about VC secondaries, particularly the overemphasis on “average discounts.” Instead, he argues that disciplined underwriting, access to data, cap table analysis, and understanding liquidation preferences are far more critical.
The conversation also explores:
Why secondary markets are structurally expanding
The downside risk asymmetry compared to early-stage VC
Europe’s liquidity inefficiencies vs. the U.S.
Estonia’s startup ecosystem and the “Skype moment”
The role of pension funds and institutional capital in strengthening venture markets
Governance considerations for startups preparing for future liquidity events
Ultimately, this episode positions VC secondaries not as opportunistic arbitrage—but as an essential liquidity infrastructure for a maturing private market.
Ahead of her appearance at 0100 DACH in February, Daisy Cai, General Partner at B Capital, reflects on deep tech beyond the label—and where frontier innovation becomes enduring value.
AI is no longer a fringe technology—it is rapidly reshaping entire industries, from climate and energy to industrial operations and enterprise software. Yet as competition intensifies and barriers to entry fall, the question facing venture investors is no longer whether to invest in AI, but how to identify companies capable of generating durable, long-term value. In this interview, Jeremy Brown, Principal & Head of Climate at Anthemis, shares his perspective on evaluating AI businesses beyond the hype, drawing on his experience at the intersection of AI, climate, and complex industrial markets, and setting the stage for a broader discussion with fellow investors on where real opportunity—and real risk—now lies in AI venture capita
he third edition of 0100 International — organized by Zero One Hundred Conferences in partnership with the Milan City Council’s Department of Economic Development and Milano&Partners — brought together the global private markets community for a high-signal, execution-focused gathering held from October 27–29.
