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Capital Allocators – Inside the Institutional Investment Industry

Dave Thornton – Unlocking Venture Access Through Stock Options at Vested (EP.469)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8806 Ratings

🗓️ 6 November 2025

⏱️ 49 minutes

🧾️ Download transcript

Summary

Dave Thornton is the Co-Founder and CEO of Vested, a venture secondaries platform that provides liquidity to the long tail of startup employees whose stock options often go abandoned or ignored and seeks to deliver diversified, attractively priced exposure to the top 20% of venture-backed startups.


Our conversation covers Dave's background bridging entrepreneurship and finance, the dynamics of employee stock options, and the development of Vested's investment strategy. We discuss sourcing deals, predicting success of start-ups with a quantitative model, constructing portfolios, and avoiding risks. We close by touching on the future of liquidity and indexing in venture capital.


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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Transcript

Click on a timestamp to play from that location

0:00.0

if somebody with my background at this point in the game is screwing up startup equity,

0:04.9

I'm sure your average startup employee is also probably screwing up their startup equity.

0:15.7

I'm Ted Sides, and this is Capital Allocators.

0:21.7

My guest on today's show is Dave Thornton, the co-founder and CEO of Vested, a venture

0:28.5

secondaries platform that provides liquidity to the long tail of startup employees whose stock

0:33.8

options often go abandoned or ignored and seeks to deliver diversified, attractively priced exposure

0:40.2

to the top 20% of venture-backed startups.

0:44.1

Our conversation covers Dave's background,

0:46.2

bridging entrepreneurship and finance,

0:48.0

the dynamics of employee stock options,

0:50.3

and the development of vested investment strategy.

0:53.4

We discussed sourcing deals, predicting successive startups with a quantitative model,

0:58.4

constructing portfolios, and avoiding risks.

1:01.5

We close by touching on the future of liquidity and indexing in venture capital.

1:07.6

I hope you enjoy the show, and if you do, this week, why not reach out to your parents?

1:12.9

If they're anything like my folks, they probably aren't that technologically inclined

1:16.8

and might need to learn how to use the podcast app on their phone.

1:20.9

Reach out to them, send your love, and show them how to use the app, and then tell them

1:25.3

you might want to listen to capital allocators.

1:28.0

Thanks so much for spreading the word.

1:30.3

Please enjoy my conversation with Dave Thornt.

1:34.7

Dave, thanks for joining me.

...

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