Are VC Secondaries the New IPOs?

The US #VC direct secondaries market is worth $60B as of Q1 2025, up from $50B in 2024. With a slowdown in large-scale #M&A and #IPOs, investors are rethinking venture liquidity—but what does the opportunity in secondaries look like? In this video, Senior Research Analyst Emily Zheng explores: 🔹 Despite its increase in value, today’s direct secondaries market represents less than 2% of total unicorn value and only a third of primary VC exit value. 🔹 Most secondary transactions are concentrated across the highest-value unicorns, and transfer restrictions and co-sale obligations make it even harder for secondary transactions to close. 🔹 Secondary dry powder has hit an all-time high of nearly $10B, as new venture investors funnel capital into the strategy. Download PitchBook’s Q2 2025 Analyst Note: US VC Secondary Market Watch for more on this topic, including how large tender offers are becoming more common as unicorns stay private for longer: https://pitchb.co/i8a5l5