Fireside with a VC

Author: Andrew Romans

Andrew Romans, General Partner of 7BC Venture Capital, 3x author, and university professor, talks to VCs, founders and other VC-startup ecosystem players about all things venture capital, startups, entrepreneurship, technology, CVC, and big corporate tech titans.
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Language: en

Genres: Business, Entrepreneurship

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E130: VC Secondaries — ROFRs, SPVs, Fees, and How Not to Get Blocked
Episode 130
Monday, 23 February, 2026

In this episode of Fireside with a VC, Andrew Romans explains how VC secondaries really work in large private companies — and how buyers and sellers can avoid common mistakes.We cover:· Secondaries vs. primaries· Stock transfer permissions and why deals get blocked· ROFRs and the ROFR price· Direct to cap table vs. layered SPV structures· How to calculate the all-in cost (with or without carry)· Fake brokers, daisy chains, and wasted time· Liquidity post-investmentThis episode draws on 20 years of experience, 70 SPVs, and five pooled VC funds.🎙️ More episodes: https://www.7bc.vc/podcast👉 Events: https://www.7bc.vc/events✅ Apply: https://lu.ma/user/usr-8Y0b18KjVLZhAPm📩 Contact Andrew: andrew@7bc.vcImportant: This content is for informational and relationship management purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Any offering will be made only to eligible investors, through private communications, pursuant to applicable offering documents, and only where permitted by law.