What if the real edge in venture isn’t picking the hottest companies, but structuring your portfolio, pacing capital, and building relationships in a way most investors never do? In this episode, I sit down with Jamie Melzer, Founder and Managing Partner of Altra Venture Partners, to break down how she built a firm focused on late-stage venture and secondaries at the height of market dislocation. We discuss why rising interest rates in 2022 created a rare entry point, how buying private tech companies at 40 to 80 percent discounts reshaped the opportunity set, and why transaction risk often matters more than company risk in secondary markets. Jamie explains her concentrated, power-law-driven portfolio strategy, how she sources deals in an opaque and relationship-driven ecosystem, and why access, not awareness, is the true barrier in private markets.

Highlights:

• Why 2022 to 2023 created a once-in-a-generation opportunity in venture secondaries
• How liquidity constraints, not fundamentals, drove massive valuation resets
• The difference between single-asset secondaries and portfolio acquisitions
• Why transaction risk, not company risk, is often the biggest constraint
• How Altra builds concentrated exposure to top private tech companies
• Creative deal structures like equity swaps and co-investment partnerships
• The reality of information asymmetry in private secondary markets
• Why late-stage private companies now resemble public market equivalents

Guest Bio:

Jamie Melzer is the Founder and Managing Partner of Altra Venture Partners, with over 20 years of experience across credit, public equities, and venture capital. Drawing on her background investing through multiple market cycles, she applies a public markets lens to late-stage and secondary investments in pre-IPO technology companies.

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Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

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Stay Connected with Jamie Melzer:

LinkedIn:https://www.linkedin.com/in/jamiemelzer/

Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) How a Venture Fund Was Built Out of Market Panic (2:22) The Baby-and-Bathwater Trade That Created a Firm (3:37) Why It Was Hardest to Raise Capital at the Best Possible Time (5:22) Why Most Secondary Investors Still Won’t Underwrite a Single Company (6:26) The Unusual Strategy Behind Building Concentrated Positions in Private Giants (9:00) The Hidden Problem With Secondaries That Most Buyers Miss (11:16) Why the New Buyers in Venture Don’t Look Like Traditional VCs (12:53) The Public Market Exposure Investors Quietly Lost (15:58) Why Late-Stage Venture Has a Completely Different DPI Profile (27:07) The Trend That Could Reshape Venture Liquidity Forever