Jul 1, 2025
Q2 2025 Secondary Market Update
The first half of 2025 ended on a high note, with a reopened IPO market, extensive deal activity (primaries, M&A, acquihires), and private and public valuations at all-time highs.
Attached is our Q2 2025 Secondary Market Update. Highlights include:
The Caplight Top 20 Index is now up 122% since 2024 and 31% YTD, outpacing the Nasdaq-100 on both timeframes.
5% of Unicorns accounted for 94% of buy interest in 1H '25.
AI companies dominate headlines, but account for less than a 1/3rd of actual transaction volume.
Exits have returned in the form of IPOs, M&A, and tenders. Recent exits will return $50B+ in cash to investors.