PitchBook年第三季度美国风险投资二级市场观察

Q3 2025 US VC SecondaryMarket Watch PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets ResearchKyle Stanford, CAIADirector of Research,US Venture A deep dive into venture secondaries PitchBook is a Morningstar company providing the most comprehensive, most Institutional Research Group Key takeaways •The US VC secondary market across direct and GP-led stakes reached anestimated $94.9 billion as of Q3 2025, underscoring its emergence as a criticalsource of liquidity amid a still-muted exit environment. Yet the market remains Data Caleb WilkinsData Analyst pbinstitutionalresearch@pitchbook.com •In Q3, direct secondaries of company stakes totaled an estimated $80.3 billionin annual transaction value, up 31.4% from Q2. This sharp acceleration is fueled PublishingDesigned byJosie Doan Published on November 14, 2025 •Our market size estimate for GP-led venture secondaries (specificallycontinuation funds and strip sales) is $14.6 billion. GP-led secondaries make up Contents Key takeawaysMarket overviewDealmaking trendsFundraisingDirect secondaries market sizeGP-led secondaries market sizeAppendix: Methodology for directsecondaries market sizing •Wall Street is moving aggressively into venture secondaries. Back-to-backacquisitions from Goldman Sachs, Morgan Stanley, and Charles Schwab signal •Liquidity remains sharply bifurcated. Investors continue to crowd into a narrowset of late-stage startups, often those with recent primary rounds or those inpolicy-aligned sectors that command lower discounts. The rest of the market •Supply outweighs demand. Elite startups continue to restrict transactions andcontrol pricing through tender offers, keeping access limited. With companies •SPVs have become the market’s fastest-growing access channel. Relative to2023 figures, the number of secondary SPVs is up 682% and capital raised is up1,340% YTD as investors use these vehicles to gain exposure to high-demand Market overview Figma led a series of splashy IPOs and billion-dollar acquisitions in Q3, renewingoptimism that liquidity is finally returning to the venture ecosystem. YTD deal andexit values have already surpassed annual totals from 2022 to 2024. Yet beneath the Venture secondaries have partially patched up the liquidity void, but their futureexpansion is intertwined with the return of IPOs. Public listings are not going extinctanytime soon because they are one of the few mechanisms for full-scale liquidity, A healthy IPO pipeline would broaden the investable universe for secondaries,as the primary hurdle for the secondary market is information asymmetry.Currently, only a small subset of seasoned secondary investors with board access,founder relationships, or negotiated information rights can confidently transact in Despite the overwhelming buyer interest in a handful of private companies, thesecondary market has a fundamental mismatch between supply and demand. The cap tables, preferring to manage employee and investor liquidity on their own terms.While this helps founders preserve governance and pricing power, it limits broader This restricted access underscores the importance of Goldman Sachs’ acquisitionof Industry Ventures, one of the most established investors in venture secondaries,in October. It marked the first time a Wall Street bank acquired a leading venturesecondaries specialist, signaling that major financial institutions are no longercontent to wait on the sidelines for a liquidity event. With over $3.7 trillion lockedup in unicorns, the bulk of value creation now occurs before companies go public.By acquiring Industry Ventures, a firm with $7 billion in AUM and 25 years of For investors without Industry Ventures’ level of access, special purpose vehicles(SPVs) have become the work-around of choice, reshaping much of the venturesecondary market. Once a niche instrument, SPVs are now a cornerstone ofsecondary investing, enabling emerging managers and smaller investors toparticipate in high-demand deals without full-scale funds. Comparing activity on This SPV boom has driven a wave of strategic realignment among secondaryplatforms. Just two weeks after Goldman Sachs’ announcement, Morgan Stanleyacquired EquityZen, a platform that pools smaller investors largely into SPVs foraccess to venture secondaries. The move complements Morgan Stanley’s wealthmanagement strategy, helping to democratize exposure to private markets whileexpanding its product set for accredited clients. A week later, Charles Schwab These Wall Street banks are pursuing parallel but distinct strategies. All threeacquirers are betting that venture secondaries will become a lasting bridge betweenprivate and public markets. Goldman Sachs is buying institutional intelligence, EquityZen and Forge Global provide valuable access to the secondary market butdo not solve the information-asymmetry hurdle that led to the market’s top-heavyc