The private secondary market has evolved amid widespread economic uncertainty.

Private markets in Q4 2022 continued to see pre-money valuations drop and raising cash became even more difficult. Learn more in our preview report.

As dealmaking slowed, bridge rounds VCs increasingly used bridge rounds to keep portfolio companies afloat—or to position them for a rebound later on.

As the venture capital downturn deepens, Series A startups are waiting longer before they try to raise a Series B round.

Investors continued their retreat from the venture sector in Q3.

Q3 saw a decline in secondary liquidity across sectors. Our Q3 liquidity report includes analysis of trends in seller participation, transaction volume by stage and sector, and more.