Jaja Liao

Exit Backlog: What Alternatives To The Traffic Jams?

2024 was a slow year for startup exits, with the backlog of companies awaiting an exit surging to over 55,000, according to PitchBook—a record high. While smaller startup exits continued at a steady pace, the absence of IPOs created a bottleneck, slowing down both late-stage companies and the broader VC market. This stagnation has forced mature startups to explore alternative exit strategies, including secondaries, M&As, or extended private market stays, while in Europe, many startups are looking across the Atlantic for IPOs or acquisition opportunities. Some anticipate a return to normalcy in 2025, with a wave of unicorn IPOs. However, the geopolitical climate could disrupt these expectations, reshuffling the exit landscape. This session will explore how seasoned VCs in the US, China, and Europe are navigating the backlog and what alternative exit strategies are emerging.