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EQT is reshuffling its first venture fund portfolio. The move? Consolidating positions into a new vehicle. Why the shuffle now? The secondary market for startup stakes is booming. More exits, more liquidity, more opportunities to reposition. It's a smart play—LPs want flexibility, exits want acceleration. Secondary markets have become a real game-changer for venture portfolios. Instead of holding for 7-10 years, funds can now optimize their holdings on shorter timelines. This trend reflects broader shifts in how capital flows through the startup ecosystem.