Although exit value grew YoY in 2024, the US VC market’s liquidity crunch continues. However, several large IPOs—including ServiceTitan’s in December—and a slight increase in total commitments signal hope for 2025.
Proposed FTC changes and the prospect of further rate cuts have the potential to boost M&A activity in the upcoming year, and as unicorns eye exit strategies for positive market developments, investors should be prepared for friendlier conditions.
This webinar highlighted key outlooks for 2025 from the Q4 2024 PitchBook-NVCA Venture Monitor, created in partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte.
Key topics
- Large IPOs driving exit value growth
- How unicorns are planning for market resurgence
- 2024 fundraising and dealmaking trends
- Promising VC strategies for 2025
- Anticipated impacts to VC activity
PitchBook related reports
Q4 2024 PitchBook-NVCA Venture Monitor
Q3 2024 PitchBook-NVCA Venture Monitor
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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.
