On-Demand Webinar
Q4 2025 PitchBook-NVCA Venture Monitor Webinar
In 2025, VC continued to grapple with fundraising and liquidity challenges despite a handful of high-profile exits. However, deal activity is beginning to accelerate—particularly among first financings—sparking renewed optimism about the market’s growth in 2026.
While some high-profile exits generated headlines and enthusiasm, total IPO count in 2025 remained muted, similar to other post-pandemic years. AI drove dealmaking and a narrative of venture rebound, capturing nearly two-thirds of deal value and 40% of deal count in 2025, but nearly all other verticals continued to experience stagnation.
In this webinar, experts fromPitchBook, NVCA, J.P. Morgan, Dentons, and EisnerAmper discussed findings from the Q4 2025 PitchBook-NVCA Venture Monitor, current VC trends, and our market outlook for 2026.
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Key topics:
- Large firms with dry powder are controlling the market environment and increasing activity at seed and early-stage, while the lack of distributions has held back many firms from restocking capital stores to take advantage of the developing market.
- The number of closed funds in 2025 was the lowest of the past decade, a reflection of current LP sentiment.
- Exit activity continues to lag, prompting VCs to explore ways to generate liquidity through secondaries or continuation vehicles, though we are cautiously optimistic for 2026.
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Featuring
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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.
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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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Navin Sethi is a Tax Partner in the firm’s Financial Services Group. With 25 years of experience, Navin specializes in serving hedge, venture, and private equity funds. He has deep expertise in leading tax services for a range of high-profile partnerships within the financial sector, with a specific emphasis on cryptocurrency, digital assets, and cannabis industries.
