This webinar is part of our Midyear Outlook series, presented by our expert analyst team. We reveal the latest activity through data every day—so it’s most relevant to you.
At the start of 2025, optimism was returning to the venture market. Many expected improved liquidity across VC, with public equities gaining momentum, and a new administration sparking hope for M&A activity. Still, for those able to navigate the uncertainty, new opportunities are emerging.
Halfway through 2025, the liquidity crisis remains, and many companies face challenges raising capital. How VC adapts and which investors can shift their strategy to find an upside amid this volatility will shape the next phase of US VC. Join us for a timely discussion backed by relevant data.
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Key themes
- How has the secondary market adapted given liquidity needs?
- Which traditional exit strategy is best positioned in this market?
- What are the reasons for optimism in VC moving forward?
- Where can managers look for new commitments to funds?
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Kaidi Gao is a senior venture capital research analyst at PitchBook, where she contributes to the VC team’s core reports and produces quarterly thematic analyst notes on various topics. Her research and expertise focus primarily on venture debt, VC in the APAC region and seed- and early-stage dealmaking. Prior to this role, Gao worked as a Senior Data Operations Associate, overseeing PitchBook’s VC-backed company dataset.
Gao received a master’s degree in Near Eastern Studies from Princeton University and a bachelor’s degree in Asian and Middle Eastern Studies with a focus on Arabic from Duke University. She is based in PitchBook’s Seattle office.
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Emily Zheng is a senior research analyst at PitchBook, where she covers major trends and evolving themes in US venture capital through quarterly core reports and thematic analyst notes. Prior to this role, Zheng was a private banker at J.P. Morgan, where she provided wealth management solutions and advice to affluent individuals, families, endowments, and foundations throughout the Pacific Northwest.
Zheng received a bachelor’s degree, magna cum laude, in Public Policy Analysis and Economics from Pomona College. She also holds the Securities Industry Essentials, Series 7, Series 63, and Series 65 licenses. She is based in PitchBook’s Seattle office.
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Kyle Stanford is the director of US venture capital research at PitchBook, where he oversees a team of analysts covering the US venture market. He has developed PitchBook’s coverage areas within nontraditional VC investment, venture debt and VC ecosystem development, as well as our breakout of the venture growth stage of the VC market. He also contributes to quarterly core reports, produces thematic analyst notes on various topics and speaks at industry conferences such as SXSW and Collision. He is regularly cited in top-tier publications, including The Wall Street Journal, The Financial Times, and Axios, and has been featured in segments on CNBC, Bloomberg, and Yahoo Finance. Prior to this role, he worked on PitchBook’s publishing team, building custom reports across all asset classes and managing the development of analyst core research reports.
Stanford received a bachelor’s degree in history from the University of Washington and is a CAIA charterholder. He is based in PitchBook’s Seattle office.
