Public market investors are missing out on some of the growth of private companies: ACME's Hany Nada
December 22, 2025 • 4m 55s
Andrew Ross Sorkin (Anchor)
00:00.070
the
IPO
window
opened
once
again
which
could
offer
relief
for
some
limited
partners
who
have
been
strapped
for
quite
some
time
for
liquidity
over
the
past
decade
as
more
companies
stay
private
for
longer
joining
us
right
now
is
honey
nada
co
founder
of
acme
capital
he
has
backed
Andrew Ross Sorkin (Anchor)
00:13.870
the
likes
of
alibaba
draftking
sofi
and
so
many
other
companies
through
multiple
venture
capital
cycles
but
this
has
been
a
particularly
unique
one
in
terms
of
just
the
length
with
which
these
companies
have
remained
private
what's
your
expectation
going
into
twenty
twenty
six
Andrew Ross Sorkin (Anchor)
00:29.070
in
terms
of
how
much
money
ultimately
gets
delivered
back
to
the
limited
partner
community
Hany Nada (Co-Founder)
00:34.710
good
morning
andrew
thank
you
look
i
hope
it's
going
to
be
a
lot
because
for
the
last
ten
years
we
haven't
done
as
an
industry
we
haven't
done
a
very
good
job
of
giving
our
LP
's
back
capital
it's
been
really
easy
to
stay
a
private
company
for
the
last
ten
fifteen
years
given
Hany Nada (Co-Founder)
00:49.470
how
much
money
has
come
into
the
asset
class
so
we've
had
a
lot
of
LP
dollars
coming
into
the
asset
class
creating
these
mega
funds
who
are
able
to
invest
millions
of
dollars
tens
of
millions
dollars
and
oftentimes
hundreds
of
millions
of
dollars
into
these
small
private
Hany Nada (Co-Founder)
01:03.790
companies
so
when
you're
a
small
private
company
getting
a
better
valuation
in
the
private
market
and
you
don't
have
to
do
the
regulatory
scrutiny
of
being
public
why
go
public
and
so
that
that's
been
the
biggest
issue
i
think
for
the
for
the
IPO
market
especially
from
the
tech
Hany Nada (Co-Founder)
01:17.350
scene
Andrew Ross Sorkin (Anchor)
01:18.710
when
you
look
at
longer
term
do
you
think
we're
going
to
go
back
and
look
at
these
vintages
of
companies
that
that
stayed
private
this
long
and
say
that
was
the
right
move
that
was
the
wrong
move
that
was
a
mistake
do
we
want
to
change
the
incentive
structure
so
that
these
Andrew Ross Sorkin (Anchor)
01:32.790
companies
do
go
public
earlier
is
that
better
for
the
public
markets
is
it
better
for
you
Hany Nada (Co-Founder)
01:39.710
look
i
think
the
longer
the
company
stays
private
probably
the
better
the
quality
of
the
company
when
it
ends
up
going
public
however
you
do
miss
out
on
a
lot
of
the
growth
these
companies
see
most
of
the
growth
happens
in
these
companies
i
would
say
between
year
five
and
year
Hany Nada (Co-Founder)
01:55.030
ten
of
their
life
cycle
and
when
they're
spending
those
years
in
the
private
market
the
public
market
investors
are
not
getting
the
benefit
of
that
growth
and
so
when
they're
coming
to
public
but
coming
public
they're
probably
a
little
bit
slower
growth
company
than
they
were
Hany Nada (Co-Founder)
02:09.350
three
or
four
or
five
years
ago
so
that's
one
aspect
that
i
think
the
public
market
shareholders
are
missing
out
on
which
is
frankly
why
you're
seeing
a
lot
of
these
forty
act
companies
or
forty
act
funds
come
in
and
saying
hey
we're
going
to
get
you
into
these
best
private
Hany Nada (Co-Founder)
02:22.390
companies
before
they
go
public
whether
it's
space
X
or
stripe
or
have
you
in
the
secondary
market
so
i
i
do
think
you're
some
of
the
public
market
investors
are
missing
out
on
some
of
the
growth
of
these
private
companies
before
they
go
public
given
how
long
they're
staying
Hany Nada (Co-Founder)
02:36.790
private
OK
Andrew Ross Sorkin (Anchor)
02:37.390
so
now
let
me
make
you
i'm
going
to
thank
you
the
SEC
chair
i'll
make
you
the
president
of
the
united
states
if
you
want
for
for
a
moment
here
what
would
you
do
to
quote
unquote
make
IPO
's
or
make
being
public
great
again
if
you
will
that
that
is
a
mission
of
this
SEC
and
this
Andrew Ross Sorkin (Anchor)
02:53.310
president
and
and
i
wonder
what
you
think
you
could
do
that
both
creates
enough
disclosure
and
and
enough
transparency
for
the
investor
class
in
the
public
markets
but
also
makes
it
attractive
both
for
the
managements
of
these
businesses
and
for
folks
in
your
business
Hany Nada (Co-Founder)
03:11.790
so
absolutely
reduce
the
regulatory
burden
on
small
private
companies
our
small
companies
public
companies
you
know
when
i
started
in
the
business
i
an
IPO
would
be
a
company
that
was
doing
thirty
to
fifty
million
dollars
of
revenue
growing
doubling
year
over
year
getting
a
Hany Nada (Co-Founder)
03:27.710
great
valuation
and
getting
a
lot
of
public
market
support
that's
no
longer
the
case
you've
got
to
be
five
hundred
billion
dollars
in
revenue
in
order
to
get
public
now
and
because
of
the
regulatory
burden
and
the
expense
associated
with
being
a
public
the
company
and
so
i
i
Hany Nada (Co-Founder)
03:42.550
look
frank
dodd
was
probably
one
of
the
worst
things
that
happened
for
the
IPO
markets
for
these
small
private
companies
and
so
there's
lots
of
lots
of
regulations
that
i
would
probably
get
rid
of
but
how
Andrew Ross Sorkin (Anchor)
03:52.350
much
of
is
it
is
it
cost
like
actual
economic
cost
versus
mind
share
costs
meaning
the
idea
a
lot
of
CEO
's
don't
want
to
have
to
do
quarterly
phone
calls
they
don't
want
to
have
to
take
a
week
out
of
their
and
this
is
why
the
president
's
talked
about
you
know
making
earnings
Andrew Ross Sorkin (Anchor)
04:08.550
calls
and
and
earnings
announcements
only
twice
a
year
now
by
the
way
on
the
flip
side
even
people
like
ken
griffin
say
that's
a
bad
idea
you
want
the
transparency
so
here
you
have
sort
of
a
mismatch
of
of
interest
that
are
not
aligned
oddly
enough
Hany Nada (Co-Founder)
04:22.590
look
i
think
we
can't
get
over
the
fact
that
the
public
market
tends
to
be
very
short
term
oriented
while
private
and
market
and
private
investors
tend
to
have
a
very
long
frame
somehow
you
get
across
that
gap
i
do
think
it's
both
a
mind
share
and
a
capital
share
problem
that
Hany Nada (Co-Founder)
04:37.750
you
just
outlined
andrew
i
don't
know
how
i
don't
know
what
the
best
way
to
solve
that
frankly
but
i
do
think
you
have
to
enable
small
companies
to
go
public
without
the
scrutiny
that
happens
today
and
the
headache
of
trying
to
you
know
maintain
right
you
know
all
the
regulatory
Hany Nada (Co-Founder)
04:54.470
rules
for
it
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