1、1PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysis2025 US Venture Capital OutlookOur analysts outlook on the venture market in 2025PitchBook is a Morningstar company providin
2、g the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.PublishingDesigned by Julia MidkiffPublished on December 16,p.2The demand-supply imbalance for late-and venture-growth-stage companies will remain above 2016-2020 trend averages.p.4Va
3、luation growth for the market will rebound.p.7An acute need for liquidity generation will spur an increase in acquisitions.p.9Unicorn IPOs will propel growth in venture exit value.p.12The secondary market will expand due to increasing demand.p.14Distribution yields will increase for the first time s
4、ince 2021.p.16VC fundraising activity will surpass 2024 levels.2025 outlooksKyle Stanford,CAIA Lead Analyst,Venture Capital Emily Zheng Senior Analyst,Venture Capital Kaidi Gao Analyst,Venture Capital Susan Hu Associate Quantitative Research Analyst Collin Anderson Data Analyst 22025 US Venture Capi
5、tal OutlookIntroductionOur outlook for US venture in 2025 is relatively stronger than what the market has produced in the past few years.Exits are projected to increase,and a moderate uptick in the number of large tech companies hitting public markets should be a major boost to exit value.That will
6、then increase distributions and provide LPs with the liquidity they need to reinvest into the strategy or balance their overall portfolio.We have long said that dry powder would continue to stabilize dealmaking,and it largely did at seed and early-stage deals.Not all those deals were a win for every
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