VC Liquidity Crisis and Secondary Market Boom

The venture capital liquidity crisis is intensifying with DPI divergence, secondary market now larger than IPOs, top acquirers' M&A down 90%, and only 3 IPOs since 2021. The $4.3T NAV overhang and 85% unicorns on stale 2021 marks persist. Antitrust scrutiny adds regulatory headwinds. Secondary markets are becoming the primary liquidity mechanism, blurring primary/secondary lines. Private credit's risk recalibration (denominator effect, conditional liquidity) adds further pressure.