PitchBook：2025年二季度美国风险投资二级市场观察报告（英文版）

The annual transaction volume of the US VC direct secondary market is estimated to be $61.1 billion as of Q2 2025. Although notable, this market size is modest relative to VC’s liquidity needs, making up only 1.9% of total unicorn value and 31.8% of TTM primary VC exit value. • Primary rounds are leading indicators of secondaries success. Startups that have raised within the past 18 months tend to see significantly higher trading volumes and achieve prices closer to their most recent primary