PitchBook：2025年分析师注：美国风险投资公司GP主导的二级人才市场规模报告（英文版）

The prolonged exit drought has transformed secondaries from a last resort to a proactive portfolio management strategy. This analysis expands our coverage of the US VC secondary market to GP-led secondaries, specifically continuation vehicles and strip sales. These vehicles aim to provide the best of both worlds: Investors get early access to liquidity, while GPs clean up old funds and gain additional time to maximize returns on top startups.