Hopes were high for the VC markets entering 2025, but volatility has shifted the economic landscape with tariffs inducing uncertainty around growth and inflation. At the same time, there have been high-profile IPO filings, with Wiz reaching an agreement in March to be acquired by Alphabet. Will this be a catalyst for more activity moving forward?
This webinar highlighted relevant data from the past quarter and zeroed in on our analysts’ outlook for the rest of 2025. Our panel of experts from NVCA, J.P. Morgan, Dentons, and Deloitte discussed how market developments impact VC.
Learn key outlooks for 2025 from the Q1 2025 PitchBook-NVCA Venture Monitor, created in partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte.
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Key topics
- Bright spots abound despite low liquidity and a slow start to fundraising.
- Dealmaking continued at a similar pace as last year while deal value has become incredibly concentrated.
- Exits hit their highest quarterly value since Q4 2021, generating $56.2 billion across 385 exits.
- Market volatility can wreak havoc on new markets; what should VC firms expect?
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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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Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products that provide the rest of the team with the material they need to tell NVCA’s story. Before joining NVCA, Shiloh was the political director at the Leadership Now Project, where he developed the organization’s political strategy, oversaw expansion into eight new states, and organized the group’s 2022 candidate program. Shiloh is a graduate of Yale University and has lectured on analytics, public policy, and project management at the University of Maryland.
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Andy Kelly is a managing director and relationship executive in the Venture Capital coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries business. In this role, he is responsible for developing relationships with key VC firms from his base in the Bay Area. He is a current independent board member for US Speedskating, as well as a former board member for the American Red Cross Bay Area chapter and a former advisory board member for USAA.
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Victor Boyajian is the global chair of Dentons Global Venture Technology and Emerging Growth Companies Group. Victor leads a global team focused on representing emerging growth technology companies, venture capital firms, corporate strategies, and private equity firms in a broad array of financing and strategic transactions from Silicon Valley to Boston to New York and around the globe.
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With more than 30 years of financial services experience, Heather serves as the national Private Growth Leader, overseeing the Emerging Growth Company and Private Equity businesses within Audit & Assurance.
