Secondaries Market Now Dominates Venture Capital Exits, Reshaping Industry Structure

In 2024, secondary sales captured 71% of venture exit dollars, marking a structural shift from traditional IPO and M&A paths. With IPO requirements growing from $80M ARR in 2008 to $250M today, secondaries are becoming a permanent fixture in venture capital, mirroring private equity's 28-year average of 28% secondaries-based liquidity.