As valuations remain lofty, it's important to bear in mind just how huge VC-backed exit numbers will have to be to justify such soaring sums. It's true that the last few years have seen exceedingly healthy exit flow for VCs, but consider these data points from our 2H 2015 VC Liquidity Report: Last year saw 59 VC rounds and 22 exits worth $1 billion or more, but in 1H 2015, the ratio shifted from 32 "unicorn" rounds to eight $1 billion+ exits.
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Overall exit flow is down relative to 2014 but compares favorably to prior years, so alarmism, if not caution, is premature. Decide for yourself; take a dive into PitchBook's venture exit data in the report, which offers:
Exit flow broken down by size, quarter and year
Analysis of $1 billion+ exit activity
Time taken to exit between first and last financings
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