Halfway through 2025, the venture market remains defined by liquidity concerns and surging interest in AI. Investment power has concentrated among firms with ample dry powder and established track records. Ongoing tariff issues and geopolitical uncertainty continue to dampen IPO prospects, despite a recent surge in new public listings. Meanwhile, a handful of billion-dollar M&A deals closed in Q2, driven in large part by highly capitalized, VC-backed companies.
In this webinar, created in partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, Deloitte, and NetSuite, our panel of experts examined US VC trends, analyzed their impact on the market moving forward, and offered their perspectives on the rest of the year’s outlook.
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Key topics
- Down-round IPOs are the new normal
- Secondaries are providing limited liquidity relief
- Dealmaking continues its focus on AI
- Fundraising is waiting on a return of large exits
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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.
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JD Weinstein serves as Global Director of Oracle’s VC Practice, where he helps early-stage companies scale through Oracle’s rich enterprise ecosystem, cloud solutions, and global customer network. He previously held investment roles with WPP Ventures, the strategic venture capital fund for WPP; Capital Factory, an early-stage Texas-based venture fund; and the UT Horizon Fund, the strategic market-driven venture fund for the University of Texas System. JD received his BS in Political Communication and Spanish from The University of Texas at Austin.
