Welcome to the Term Sheet podcast! In this series, Allie Garfinkle adapts her Term Sheet newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and start-ups. Every week, the show features conversations with industry leaders, insights, and a roundup of the biggest funding news.
Podcast Overview
Welcome to the Term Sheet podcast! In this series, Allie Garfinkle adapts her Term Sheet newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and start-ups. Every week, the show features conversations with industry leaders, insights, and a roundup of the biggest funding news.
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Publishing Since
7/31/2025
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Recent Episodes
July 29, 2026
The $11.5B Startup 100 Investors Turned Down | Term Sheet
Live shopping in China is a massive, multi-billion-dollar market, but for years, American platforms have struggled to crack the format. But in 2019, Grant LaFontaine and Logan Head started a live shopping marketplace for Funko Pops that not many investors believed in. Fast forward to today, Whatnot has transformed into a $11.5B valuation company, hitting 1 billion orders this year, overseeing transactions for everything from Pokémon cards to live seafood. It is now among the nation’s biggest shippers. Fortune’s Allie Garfinkle sits down with CEO Grant LaFontaine to talk about this unforeseen growth and the next steps for the company. Learn more about your ad choices. Visit megaphone.fm/adchoices
June 25, 2026
How This Multi-Millionaire Investor Spots Billion-Dollar Ideas | Term Sheet
Over 3,000 venture capital firms are operating in the U.S. today. Lux Capital's co-founder Josh Wolfe thinks more than half of them won't survive the decade. He has spent 25 years making calls nobody else would make, backing Anduril before defense tech was a category and surgical robotics before it had a market. Now, fresh off a $1.5 billion fundraise, he's warning that the AI boom is headed for a crash that will wipe out trillions in market cap and take most of the venture industry with it. Fortune's Allie Garfinkle sits down with Wolfe to find out who survives the shakeout, where the defense tech bubble breaks, and the predictions he's making for 2027. 0:00 The VC Extinction Has Already Started0:50 Hot IPO Summer: SpaceX's $2 Trillion Debut2:05 The VC Who Bets Against Everyone2:26 Josh Wolfe: Half of VC Firms Are Going Extinct5:24 Why Lux Plays the Middle6:14 Turning Science Fiction Into Billions6:43 Star Wars Inspired a Billion-Dollar Exit8:41 Real-Life X-Men Is Already Here9:41 How He Spots Fake Science in Seconds11:19 Is Venture Capital Eating Itself?13:59 The AI Crash: Trillions Wiped Out16:55 Why a Fruit Fly Could Beat the Big AI Labs17:21 Soon Everything You Say Is Recorded?19:57 The Defense Bet Nobody Would Make22:51 Kill Chains and Moral Precision27:45 Wolfe's 2027 Prediction: A 15% Nasdaq Drop30:41 Why He's Still Betting on the Future Learn more about your ad choices. Visit megaphone.fm/adchoices
June 11, 2026
The Investor Who Bet on SpaceX, OpenAI and Anthropic Before You Could | Term Sheet
A hidden market for shares of the world's hottest private companies has quietly grown to an estimated $112 billion, and most of it happens off the books. As SpaceX, OpenAI, and Anthropic edge toward going public, the investors who poured billions into pre-IPO shares may not actually know what they own. Larry Aschebrook founded G Squared in 2011, when trading secondaries made you a "bottom feeder" who got cease-and-desist letters. Today the firm manages north of $8 billion and holds stakes in SpaceX, OpenAI, and Anthropic. Fortune's Allie Garfinkle sits down with Larry to talk about the shadow market behind the biggest names in tech, why layered SPVs could leave investors with nothing, and the reckoning he sees coming when these companies finally go public. 0:00 The $4 Trillion Problem Nobody's Talking About 0:56 Hot IPO Summer Is Here 1:58 They Wouldn't Return His Calls 3:15 His First Trade? Twitter Stock 6:06 What Secondaries Actually Are 7:26 The SPV Trap: Fees Stacked on Fees 14:27 The Doctors and Dentists Problem 18:55 Back When This Was Taboo 21:35 What Facebook's Lockup Should Teach You 23:56 "SpaceX Could Force a Reckoning" Learn more about your ad choices. Visit megaphone.fm/adchoices
26 total episodes available
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Yes, this podcast regularly features guests.
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