PitchBook, NVCA, J.P. Morgan, Dentons, Deloitte – Venture Monitor, Q4 2024

Exit activity has been the blockade limiting VC for the past three years. While the number of completed exits has been on pace with pre-2021 figures at around 1,300, return-generating exits have been few. Large exits ($500M+) accounted for just 3.6% of exits but 78.9% of total exit value in 2024. The market's focus on smaller exits doesn't meet the return needs of investors. The outlook for 2025 is better, with potential regulatory changes and interest rate cuts likely to spur more activity. However, emerging managers remain vulnerable, and macroeconomic challenges persist.