PitchBook：2025年美国风险投资二级市场规模报告（英文版）

This note aims to size the direct secondaries market, which is inherently opaque due to the lack of reporting. Only some tender offers are publicly announced, secondaries are often completed directly between investors, and several platforms facilitate brokered transactions. • Secondaries have become increasingly dominant in the venture narrative due to their potential to simultaneously provide liquidity to long-time investors while startups remain private for longer. However, secondaries make