PitchBook：2025年第三季度美国风险投资二级市场观察报告（英文版）

The US VC secondary market across direct and GP-led stakes reached an estimated $94.9 billion as of Q3 2025, underscoring its emergence as a critical source of liquidity amid a still-muted exit environment. Yet the market remains undersized, representing only 2.6% of total unicorn value and 37.8% of primary VC exit value. • In Q3, direct secondaries of company stakes totaled an estimated $80.3 billion in annual transaction value, up 31.4% from Q2. This sharp acceleration is fueled by rising v