Macroeconomic Constraints and LP Liquidity Shape Venture Deployment in 2025

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Macroeconomic Constraints and LP Liquidity Shape Venture Deployment in 2025

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How Liquidity Stress Is Reshaping Capital Formation in Venture and Growth Equity

With over $1 trillion in NAV trapped in older fund vintages and DPI at historic lows, liquidity pressure is fundamentally changing how GPs raise capital, how growth rounds are structured, and how companies need to position themselves for exit.

Private Markets Are Becoming the New Public Markets

LP-led secondaries and GP-led continuation vehicles hit $210 billion in 2025 for the first time, as the maturing private market liquidity infrastructure allows founders and investors to raise capital and achieve exits without the IPO process.

Oil & Gas: Liquidity Is Increasingly Purchased with Control

As major banks retreat from energy lending — with Wall Street volumes down 25% in 2025 — private credit has filled the gap, but operators are finding that the new capital comes with consent rights and governance provisions that effectively give lenders co-pilot control of the business.

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