Venture capital has long been known as a high-risk, high-reward game, but what happens when employees at fast-growing startups want to unlock some of the value of their equity? In this episode of the Ignite Podcast, host Brian Bell sits down with Adrien Gautier, General Partner at Bridgespan VC and Managing Partner at Sero Partners, to discuss the evolution of late-stage investing, the rise of secondary markets, and how startup employees can maximize their stock options.
Adrien shares his journey from finance in Zurich to the venture world in New York, his work helping startups raise capital and scale, and how Bridgespan VC is solving the liquidity problem for startup employees through stock option financing. If you’re interested in venture capital, startup investing, or how to evaluate your equity package, this is an episode packed with insights.
Adrien Gautier’s Journey: From Banking to Venture Capital
Adrien’s path to venture capital was anything but traditional. Born and raised in Zurich, Switzerland—better known for banking than startups—he followed a typical finance track, earning his master’s degree at the University of Zurich before working as an analyst at a bank. However, he soon realized he wanted more than just following markets and numbers—he wanted to help companies grow.
In 2008, in the midst of the global financial crisis, Adrien moved to New York City, a bold move that would change the trajectory of his career. He initially worked with startups on financial modeling and fundraising, eventually co-founding Sero Partners, a firm focused on helping early-stage startups with strategy, financial modeling, and C-level advisory.
Over time, Sero Partners evolved from being just a fundraising consultant to a long-term strategic partner, helping startups not just secure capital but also scale effectively. Adrien and his team provide fractional CFO and C-suite support, guiding founders through crucial growth stages and ensuring they have the right financial foundation to attract investors.
Bridgespan VC: Solving the Startup Liquidity Problem
As Adrien worked with startups over the years, he noticed a major challenge—employees at venture-backed companies often held valuable stock options but lacked the cash to exercise them. This led to the founding of Bridgespan VC, a fund designed to invest in late-stage companies through secondary markets.
Bridgespan VC partners with EquityBee, a stock option financing platform, to help startup employees unlock the value of their shares. Employees at high-growth startups often receive stock options as part of their compensation, but when they leave the company, they only have 90 days to exercise them—a financial burden that can cost hundreds of thousands of dollars.
Here’s how the Bridgespan VC model works:
They fund employees’ stock option exercises – Employees don’t have to pay upfront cash to buy their shares.
They take on the risk – If the startup fails, employees aren’t on the hook for losses.
They share in the upside – When the company has a successful exit (IPO or acquisition), Bridgespan and the employee split the profits.
This approach benefits both employees and investors. Employees retain ownership in companies they helped build without financial stress, and Bridgespan VC gains access to late-stage startups that are typically hard to invest in.
Is Late-Stage Venture Capital Making a Comeback?
Adrien and Brian discuss how the late-stage venture market has been frozen for years, with many startups overvalued in the 2021 investment boom. However, things are changing:
Liquidity is returning – IPOs are picking up, and investors are regaining confidence in late-stage startups.
Interest rates are dropping – Lower rates make riskier assets (like venture-backed startups) more attractive again.
More exits are on the horizon – Venture capitalists need distributions to LPs (DPI) to prove their returns, which means companies need to go public or get acquired.
Adrien highlights that 2025 is shaping up to be a strong year for late-stage investing, with better valuations, disciplined capital deployment, and more thoughtful underwriting of deals compared to the excesses of 2021.
How Startup Employees Should Evaluate Their Equity Offers
For startup employees wondering how to evaluate their stock options, Adrien shares valuable insights:
Look at the difference between the 409A valuation and the last funding round valuation – A higher 409A price means your shares are more valuable, while a big gap might signal overvaluation.
Consider the company’s burn rate and fundraising history – If a company needs a lot of capital to survive, your shares may get diluted heavily over time.
Check the option exercise period – Standard startup stock options must be exercised within 90 days of leaving, but some companies now offer longer exercise windows.
Understand your risk tolerance – If exercising your options means taking on significant personal debt, consider financing options like Bridgespan VC.
Adrien also warns against companies that are too good at fundraising but lack a solid business model—a problem that became apparent in the WeWork and Convoy collapses.
Is AI the Next Bubble or a Lasting Opportunity?
The conversation shifts to AI investing, a space that is currently drawing 30% of venture capital dollars. Adrien and Brian express skepticism about some AI valuations but agree that AI infrastructure is a strong investment.
They compare today’s AI boom to previous tech waves like mobile-first apps and blockchain, noting that the biggest winners typically emerge years before a sector becomes mainstream. Adrien advises investors to focus on companies with true competitive moats, particularly in infrastructure and data.
Final Takeaways: Passion, Risk, and the Future of VC
In the rapid-fire segment, Adrien reflects on what he looks for in founders and companies:
Passion and drive matter more than anything – Founders who are deeply invested in solving a problem are far more likely to succeed.
Late-stage investing is about timing – Companies that weathered the 2022-2023 downturn are now poised for massive growth.
Liquidity is key for both investors and employees – The venture market works best when capital circulates efficiently, and secondary markets are now playing a major role in that process.
For those interested in working with Adrien, he can be reached at:
Sero Partners (sero.partners) – Early-stage strategic support for startups.
Bridgespan VC (bridgespan.vc) – Late-stage investment opportunities and startup liquidity solutions.
Conclusion: A Must-Know Episode for Founders and Investors
This conversation is a must-listen for startup founders, investors, and employees looking to better understand the secondary market, startup equity, and where venture capital is headed in 2025. Whether you’re trying to unlock liquidity, evaluate your stock options, or invest in late-stage startups, Adrien Gautier provides actionable insights that are shaping the future of VC.
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Chapters:
Introduction and Guest Overview (00:01 – 00:32)
Adrien’s Journey from Finance to VC (00:32 – 01:21)
From Banking to Helping Startups Scale (01:21 – 02:50)
The Role of Sero Partners in Supporting Founders (02:50 – 03:45)
When Does Sero Engage With Startups? (03:45 – 04:41)
Fundraising Challenges in the Last 3 Years (04:41 – 05:55)
The Late-Stage VC Market is Thawing (05:55 – 06:19)
The Bridgespan VC Thesis & Stock Option Liquidity (06:19 – 07:26)
How Startup Employees Can Access Liquidity (07:26 – 09:49)
Underwriting Startup Options: How It Works (09:49 – 11:16)
How to Evaluate a Startup’s Cap Table & Liquidity Risk (11:16 – 14:36)
The Role of 409A Valuations vs. Last Round Pricing (14:36 – 17:22)
The Risk & Reward of Exercising Startup Equity (17:22 – 18:50)
AI Investment: Hype vs. Reality (18:50 – 19:11)
What Makes a Late-Stage Company IPO-Ready? (19:11 – 21:04)
When Employees Should Sell Their Startup Shares (21:04 – 23:01)
Red Flags in Startup Stock Option Agreements (23:01 – 25:26)
The Secondary Market is Institutionalizing (25:26 – 27:38)
Why Late-Stage VC is a Strong Bet in 2025 (27:38 – 29:59)
Rapid Fire: Career Advice & Startup Investing Wisdom (29:59 – 32:32)
The Rise of AI in VC & Market Trends (32:32 – 34:26)
What’s a Fair Price for Late-Stage AI Companies? (34:26 – 36:41)
Must-Read Books for Founders & Investors (36:41 – 40:03)
Where to Find Adrien & Bridgespan VC (40:03)
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