Private markets are more popular than ever, but for many investors, the "exit" sign is becoming harder to find. As public markets remain tight and private equity hold periods stretch from five years to seven or more, a pressing question emerges: How do you actually get your cash back?

In this episode, we sit down with Tim Ivers, Managing Director of Warana Capital, a specialist who has spent fifteen years operating in the complex, often-overlooked "subscale" secondary market. Tim shares his journey from an aspiring surgeon in Toowoomba Australia to a niche investor in Los Angeles, specializing in buying the assets that large institutional funds are too big to bother with.

We dive deep into the mechanics of illiquid secondaries and the rising importance of NAV lending—a strategy providing lifelines to funds that are "asset rich but cash poor." Whether you are an individual investor concerned about capital calls or a professional looking for a different perspective on risk and valuation, Tim’s "buy it at a discount" philosophy offers a grounded alternative to the traditional private equity J-curve.

• The Valuation Gap: Why "100 cents on the dollar" on your statement might not reflect what an asset could actually sell for today.

• The Small-Ticket Advantage: How operating with "small checks" (under $3 million) eliminates competition from the $40 billion mega-funds.

• NAV Lending 101: How lending against a fund's net asset value at low LTVs (20-30%) can generate 15%+ returns with high security.

• Managing the "Liquidity Mismatch": Why investors are getting stuck with capital calls they can't fund, and how to protect your portfolio.

• The AIQ Structure: A look at how listed entities can provide a more efficient, tax-advantaged way to access private market strategies.