Inside the Revival of Venture Capital Liquidity with an Industry Pioneer

Venture secondaries, now ~$170B annually, could structurally outgrow the ~$1T primary market as IPO timelines reach 14 years.

• Market scale: Swildens pegs 2026 venture secondary volume at roughly $170 billion versus a primary market near $1 trillion, with the secondary side potentially eventually exceeding primary.
• Liquidity squeeze is structural: Average venture-backed IPO now takes 14 years; annual fund distributions have fallen from ~20% to 5-10% over the last five years.

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