We’re excited to share key insights from PitchBook’s Q2 2025 US VC Secondary Market Watch, fueled by proprietary EquityZen data. The report confirms what we are seeing firsthand: the secondary market is no longer a niche—it is an increasingly vital and dynamic part of the broader venture capital ecosystem.
The Q2 data highlights a clear acceleration of key trends on our platform:
- Demand Hits Multi-Year Highs: Secondary interest surged through June, reaching levels of demand not seen since 2022. Capital is moving decisively into private markets as investors look to secure opportunities outside of the traditional IPO window.
- Investor Focus is Diversifying: EquityZen investor interest is expanding beyond just the most mature, oldest issuers. We are seeing a broadening cohort of middle-aged and younger companies attracting significant investment, signaling confidence across a wider spectrum of the private growth curve.
- AI, Aerospace + National Security Lead the Charge: Sector-specific enthusiasm remains robust. These three sectors are firmly in the spotlight: AI, Aerospace, and National Security are attracting significant investor enthusiasm, with AI continuing to top the sector rankings.
The Big Takeaway? Secondaries are on the rise and have become a mechanism for both liquidity and investment access.
We are proud to be a leader in the market, helping to bring "private markets to the public."
Access the full report here.
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