The Future of Venture Capital: Unlocking Liquidity and Growth (Acquinox Capital)

Summary

• The timeline for venture-backed companies to execute an IPO expanded to an average of 12 years in 2025, with median revenues at listing rising to over $170 million.p.13
• US venture funds recorded an unprecedented net capital deficit since 2022, drawing $196.9 billion more from investors than they returned in cash distributions.p.16
• Approximately $3.2 trillion in aggregate unrealized net asset value remains in VC funds globally, including $1.7 trillion locked in funds launched in 2019 or earlier.p.17
• US VC secondary transaction volume reached $106 billion in 2025, approaching the total value of $119 billion generated by VC-backed IPOs in the same period.p.18
• In 2025, artificial intelligence accounted for over half of global venture deal value, with nearly 60% of total VC funding directed to rounds of $100 million or more.p.35

Key insights

1. 1. Venture capital assets under management expanded sixfold from $507 billion in 2008 to $3.36 trillion in 2025.p.10
2. 2. High-growth scale-ups are staying private for longer, with 59% of existing private unicorns globally founded more than 10 years ago.p.15
3. 3. Fund distributions have fallen dramatically, leaving 74.8% of 2021 vintage VC funds with DPI ratios below 25% at their four-year mark.p.16
4. 4. Direct venture secondaries in the United States grew 83% from Q4 2024 to Q4 2025 as investors sought liquidity outside public markets.p.18
5. 7. European pension assets exhibit severe under-allocation to venture and growth equity, representing just 0.12% of total assets compared to 1–3% in North American funds.p.30
6. 8. Mega-rounds in AI dominated global capital allocation in 2025, with five top AI firms capturing $84 billion or 20% of all venture capital deployed.p.35