Road to next
Exit avenues: Liquidity and pacing take center stage
In the Q3 edition of the Road to Next series —a quarterly report exploring emerging investment trends in the private financial markets —we examine the current state of expansion-stage exits, the rebound in exit value, and the impact of lingering macroeconomic uncertainties.
What to know now
IPO trends shift for unicorns
Despite all-time highs in 2025, unicorn initial public offerings (IPOs) have slowed, signaling either a paradigm shift or that volatility is overshadowing other IPO considerations.
Investor strategies evolve amid capital inflows
Venture capital (VC) dry powder dipped in 2024, showing investors are deploying capital. Yet, portfolio valuations hit all-time highs, keeping liquidity top of mind for limited partners (LPs).
Insider funding activity surges
Expansion-stage activity among existing backers shows that firms are on pace to set new highs for insider rounds.
Enterprise maintains exit momentum
Middle-market companies continue to contribute significantly to exit activity, showing consistent growth in exit volumes.
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"There is more excitement building around IPOs this year, driven by a few high-profile successes and favorable public market valuations, but uncertainty remains a key barrier."
Justin Yahr, Audit & Assurance Partner and National Emerging Growth Company Leader, Deloitte & Touche LLP
Q3 2025
Gain insight into exit trends across key areas of interest.
Exit activity by the numbers
Check out our latest report for more in-depth insights on the shifting trends in exit activity.
