POPA ReconThe Future of Venture Capital: Unlocking Liquidity and Growth
The Future of Venture Capital: Unlocking Liquidity and Growth The liquidity engine is broken. ~1,920 unicorns sit privately held at $7.3T post-money, ~$3T trapped as unrealized NAV in VC funds, time-to-IPO has stretched to ~12 years, and US venture funds have drawn $196.9B more from LPs than they've returned since 2022. Secondaries hit $106B in 2025 (~30% of US exit value) but 86.4% of volume is concentrated in just 20 names Liquidity exists for OpenAI/SpaceX/Stripe shareholders, not for the long tail US + China hold ~72% of unicorn count and ~82% of unicorn value, with 4 companies (OpenAI,…
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