PitchBook年二季度美国风险投资二级市场观察（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchKyle Stanford, CAIA Director of Research, US VentureInstitutional Research GroupAnalysisEmily Zheng Senior Research Analyst, Venture Capital emily.zheng@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Chloe LadwigPublished on August 25, 2025ContentsQ2 2025 US VC Secondary Market WatchA deep dive into venture secondariesPitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• 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 valuations.• Concentration is still dense, but diluting. An expected rebound in primary dealmaking and exit activity will help reprice private assets, increase market transparency, and draw more investors to a wider range of late-stage unicorns in the secondary market.• As the Trump administration reorients national policy toward AI, national security, defense, crypto, and fintech, VC secondary investors are following suit. However, demand often outweighs supply. The rate of ROFR has increased to 22.2%, up from the long-term average of 18.1%.• SPVs are no longer niche instruments and are now central to how capital flows through top private companies as access remains gated. Over the last two years, the number of secondary SPVs grew by 545% and total capital raised surged by 1,000%. Key takeaways 1Market overview 2Dealmaking trends 5Secondary market size 9Fundraising 10Appendix: Methodology for market sizing 122Q2 2025 US VC Secondary Market WatchMarket overview1: “Private Markets, Reimagined,” Caplight, n.d., accessed August 10, 2025. 2: “Q3 2025 Forge Investment Outlook,” Forge Global, 2025, accessed August 10, 2025. 3: Ibid. 4: “You’re Building the Future. Let Us Help Build Yours,” Nasdaq Private Market, n.d., accessed August 10, 2025.Month-over-month change in secondary investor interest in 2025-13.1%-6.1%14.6%-38.0%32.0%56.0%-40%-20%0%20%40%60%JanuaryFebruaryMarchAprilMayJuneSource: EquityZen • Geography: Global • As of June 30, 2025Q2 started on rocky footing with Liberation Day tariff announcements. Secondary investor interest dropped sharply as public markets plummeted but soon recovered after the initial round of volatility subsided. Despite the initial downturn, both private market indexes and PitchBook’s VC-Backed IPO Index outperformed the S&P 500 over t