Coffee with a Founder Podcast: Mike Hurst, Turbine

10- Nov-2026

In today’s episode of Coffee With a Founder, our host Beck Bamberger sits down with Mike Hurst, founder of Turbine, to explore a question. How can venture investors access cash without selling their fund stakes early?

When companies stay private longer, investors can spend years waiting for a payout. Turbine gives them a way to borrow against their stakes in venture funds while staying invested.

We get into why banks hesitate to make these loans, what lenders need to see before they’ll say yes, and why Mike felt the timing was right to build Turbine. Mike also shares what he learned from his earlier startups and how he makes time for family while still having fun building a company.

Grab your coffee (or your water) and let’s get into it.

show notes:

00:00 The problem with locked funds

04:03 Addressing LP Liquidity Issues

08:05 Standardizing asset valuation for banks

10:26 The AI wave and VC strategy

14:53 Lessons from a second startup

17:12 Challenges in Fintech Market Expansion

20:36 Bringing back the old team

Read More About The Episode:

00:00 — Why capital gets locked up in private funds

Mike Hurst, founder of Turbine, says more than $14 trillion is tied up in private funds, much of it from limited partners (LPs). He explains how companies staying private longer can delay payouts and leave investors waiting to put that money into new investments.

04:03 — Giving limited partners access to cash

Mike explains why fund managers are reluctant to sell investments early and how borrowing against a fund stake can give investors access to cash while they stay invested. He compares the idea to a home equity line of credit and shares why timing mattered for Turbine.

08:05 — Making private fund assets easier for banks to value

Mike explains why banks hesitate to lend against private fund stakes. The assets can be hard to value and difficult to sell if a borrower defaults. He describes how Turbine standardizes fund data so banks and other lenders can evaluate these loans.

10:26 — The AI wave and venture capital strategy

The conversation turns to AI and how venture investors are navigating new opportunities while waiting for older investments to pay out. Mike discusses why liquidity matters in a slow IPO market and how Turbine is working with funds and investors.

14:53 — What gets easier the second time around

Mike reflects on how building Exactuals prepared him to build Turbine. He explains how experience helps him see problems coming, make decisions faster, and raise money with a track record and a network of peers.

17:12 — Building for a bigger fintech market

Mike compares solving a focused industry problem at Exactuals with Turbine’s ambition to serve a much larger market. He talks about turning that ambition into work the team can tackle day by day and keeping perspective through setbacks.

20:36 — Bringing the old team back together

Mike shares what it’s like to work with former colleagues again and how that familiarity shapes the culture at Turbine. He talks about making room for family, even when that means leaving for a midafternoon soccer game, and the value of working with investors and advisors he trusts.