Jan 15, 2026
2025 Secondary Market Update
2025 VC Secondary Market Update:
Caplight captured $3.5B in secondary trades—the strongest market since 2021.
Private tech outperformed public markets 7x, driven by a concentrated set of breakout winners.
Public investors missed the real AI rally; private AI companies were up 5x vs public peers.
Have AI valuations peaked? Sell interest doubled in Q4 as shareholders rushed to market.
Can market newcomers fill the gap? 70 names traded for the first time in 2025, but legacy giants led volume.