Del Buono: Most Secondary Volume Flows Through Questionable SPVs
Michel Del Buono · Inside Marc Andreessen & Ben Horowitz’s Multi-Family Office · Sourcery with Molly O'Shea · Mar 27, 2026 · at 44:25
Michel Del Buono, CIO of a16z Perennial, warns about indirect secondary vehicle structures and multi-layered employee SPVs used to trade shares in private tech companies.
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“The vast majority of the volume goes through these sort of questionable SPDs”
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