Preqin 2025 Global Report: Venture Capital

Rate cuts look to be a tailwind to VC after a lackluster 2024 for exits, deals and fundraising

• Although fund manager expectation for increased exits in 2024 failed to materialize, they are again optimistic for a rise in exits in 2025

• Deal volume and value looks set to underperform in 2024 but interest in technologies like AI, cloud computing, fintech and clean tech remains buoyant

• Lackluster exits slowed fundraising as less capital made its way back to LPs, and what was raised gravitated towards larger funds

• VC fees, already the highest among private asset classes, rose even further in 2024 with mean fees at 2.24% and median at 2.05%