PitchBook年第三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.comDataCaleb Wilkins Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Josie DoanPublished on November 14, 2025ContentsQ3 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 US VC secondary market across direct and GP-led stakes reached an estimated $94.9 billion as of Q3 2025, underscoring its emergence as a critical source of liquidity amid a still-muted exit environment. Yet the market remains undersized, representing only 2.6% of total unicorn value and 37.8% of primary VC exit value.• In Q3, direct secondaries of company stakes totaled an estimated $80.3 billion in annual transaction value, up 31.4% from Q2. This sharp acceleration is fueled by rising valuations among top startups, growing acceptance of secondary sales, and persistent liquidity pressure.• Our market size estimate for GP-led venture secondaries (specifically continuation funds and strip sales) is $14.6 billion. GP-led secondaries make up only a fraction of the market but are poised to grow by another $1.5 billion over the next two years.• Wall Street is moving aggressively into venture secondaries. Back-to-back acquisitions from Goldman Sachs, Morgan Stanley, and Charles Schwab signal institutional conviction that secondaries will become a long-term growth driver across advisory, underwriting, and wealth management.• Liquidity remains sharply bifurcated. Investors continue to crowd into a narrow set of late-stage startups, often those with recent primary rounds or those in policy-aligned sectors that command lower discounts. The rest of the market faces limited pricing transparency and thin trading volume.• Supply outweighs demand. Elite startups continue to restrict transactions and control pricing through tender offers, keeping access limited. With companies such as OpenAI explicitly prohibiting certain share transfers, this top-heavy concentration is unlikely to ease until exit activity normalizes.• SPVs have become the market’s fastest-growing access channel. Relative to 2023 figures, the number of secondary SPVs is up 682% and capital raised is up 1,340% YTD as investors use these vehicles to gain exposure to high-demand names. Still, diligence is essential because SPVs vary widely in their information rights, ownership structures, and fees.Key takeaways 1Market overview 2Dealmaking trends 5Fundraising 7Direct secondaries market size 10GP-led secondaries market size 11Appendix: Methodology for direct secondaries market sizing 132Q3 2025 US VC Secon