Road to Next
The exit market is back: The capital behind the comeback
In the Q1 edition of the Road to Next series—a quarterly report exploring emerging investment trends in the private financial markets—we examine the exit market’s resurgence amid ongoing selectivity, and the role of buyouts, secondaries, and private credit in expanding liquidity options.
What to know now
Unicorns reshape the exit narrative
Exit momentum is returning, led by the largest venture capital (VC)-backed companies as value rebounds faster than volume.
Selectivity intensifies as exits reopen
Liquidity is concentrating in scaled, high performers—especially tech companies—as buyers price for durability, scale, and balance-sheet resilience.
Buyouts take a lead role
Private equity (PE) buyouts are gaining prominence as a liquidity path, while initial public offerings (IPOs) and strategic acquisitions resume at a measured pace.
Liquidity is planned, not presumed
Secondaries, private credit, and structured financing play a larger role in managing timing, recycling capital, and bridging to exits—supporting balance-sheet needs and preserving timing flexibility.
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“There is optimism in the market, but it is conditional. Teams want clearer signals from fundamentals and filings before declaring the recovery fully established."
Justin Yahr, Audit & Assurance Partner and National Emerging Company Growth Leader, Deloitte & Touche LLP
Q1 2026: See the trends behind the cautious exit rebound
Explore the shifts shaping expansion-stage exits—who’s driving outcomes, where momentum is building, and what to watch next
Justin Yahr
