Liquidity and Libations: Closed-Door Insights on the U.S. IPO Market, DPI Recycling & Pre-IPO Access
Hong Kong sits at the center of a structural shift in private markets: as the U.S. IPO market reopens and DPI begins flowing back into the system, that capital doesn't sit still — it recycles into earlier-stage technology investments, resets valuations, and reshapes how allocators think about both liquidity and access.
Hill.com, a San Francisco-based investment platform built at the center of the pre-IPO secondaries and co-investment market, and Angelflow, the leading early-stage syndication platform for Asia-Pacific startups, are joining forces for an evening that brings both vantage points into the same room.
Liquidity & Libations is an exclusive, closed-door evening bringing a direct Silicon Valley vantage point into dialogue with Hong Kong and Asia's capital allocators on where the U.S. IPO market is headed, and what that means for how capital moves through private markets over the next year.
Featuring a fireside chat between Andrew Benson, Founder & CEO of Hill.com, and Adam Winnick, Founding Partner at Finality Capital, on capital formation, digital assets, and the institutional adoption of blockchain infrastructure.
To be completely transparent about the format: this event is strictly capped at capital allocators and ecosystem stakeholders. There will be no startup founders pitching, and no sales presentations. Instead, we've curated an intimate room of GPs, LPs, family office principals, and institutional partners for an evening of wine, exceptional company, and high-level networking held entirely under Chatham House Rules.
What you can expect to learn & discuss:
The U.S. IPO market over the next 12 months: A ground-level read on where the IPO window is headed, and what reopening (or staying shut) means for tech valuations broadly.
DPI recycling and its ripple effects: As capital returns from exits like SpaceX's, where it's flowing back into earlier-stage technology and what that means for pricing and competition around the companies expected to define the next cycle, from foundation model leaders like OpenAI and Anthropic to the startups building on top of them.
Managing liquidity through private secondaries: How LPs are using secondary transactions and continuation vehicles to manage portfolio liquidity in a market where distributions remain uneven.
Co-investment access ahead of hot IPOs: How allocators are positioning for direct exposure to category-leading private companies before they go public and what's changing about who gets that access.
Institutional adoption of digital assets: A fireside conversation on where blockchain infrastructure, cryptographic data portability, and digital asset markets intersect with the broader story of private capital formation.
Expect an evening of actionable insights and a direct exchange of perspective between two of the world's most active capital markets in the room that's shaping where it happens next.
About the speakers
Andrew Benson is the Founder & CEO of Hill.com. Before founding Hill, he co-founded and served as COO of River.com, a Bitcoin financial institution he built from the ground up into a $2 billion AUM platform serving high-net-worth individuals, institutions, and even sovereign nation-states — making him one of the earliest builders of institutional-grade infrastructure for digital assets in the U.S.
Adam Winnick is a founding partner at Finality Capital, a multi-strategy investment firm spanning venture funds focused on blockchain-enabled businesses and liquid strategies in digital assets. He has invested in deep technology since 1999, co-founding ITU Ventures, one of the first seed-stage investment firms, after starting his career on Wall Street at CIBC. Adam also founded The Medici Network, the organization behind Medici LA, a digital asset forum he has run since 2018 that convenes allocators, investors, founders, and policymakers on institutional digital asset adoption. He holds a B.A. in economics from Tufts University and an MBA from Stanford's Graduate School of Business.
Hill Technologies Inc. is the parent company of Hill Securities LLC, a U.S.-based broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. This event is for informational and networking purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, in the United States or any other jurisdiction. Nothing discussed at this event should be construed as investment, legal, or tax advice.