Kroll：2025年在市场下跌的情况下评估清算优先权的价值报告（英文版）

The bull market run for VC investments over the 2010 to 2021 period saw the rise of the unicorns, expanded growth and significant capital allocated to the venture sector. Coming out of COVID, this environment has shifted dramatically. Over the past decade, liquidation preferences (LPs) and related rights were certainly still considered, but their importance quickly faded as growth and value increased dramatically. At this point, it may be worth revisiting the preference terms and their impact