Venture Capital in 2026

The exit environment for venture capital has improved in 2025 but GPs remain under pressure to increase pace of distributions

• Venture capital exit value has reached its highest level since 2021. Trade sales have surpassed 2024’s aggregate value by more than $45bn, while exits via GP sales have declined

• AI has been a key theme, with over half of aggregate deal value as of Q3 2025 falling within this vertical

• Liquidity remains a central focus; just under half of VC managers report that they are increasingly turning to secondary transactions and continuation funds as alternative routes to liquidity amid longer company hold periods

• Investor interest in late-stage VC strategies has risen notably in 2025, while enthusiasm for early-stage strategies has slipped