A Third, A Third, A Surprising Third

For the first time in venture history, exit liquidity is split roughly equally among three channels: IPOs, M&A, and secondary sales, with secondaries growing from 3% of exit value in 2015 to 31% today. The shift accelerated after public markets closed in 2022, and major financial institutions (Goldman Sachs, Morgan Stanley, Charles Schwab) have recognized this structural change by acquiring secondary market platforms. With 830 unicorns holding $3.9T in aggregate valuation that cannot all exit via IPO (which at 2025's pace would take 17 years), secondaries now function as critical infrastructure enabling liquidity and capital returns to LPs.