Venture Capital Q3 2025: Preqin Quarterly Update

Largest venture capital deals dominated by AI, which is driving growth in aggregate deal activity over the quarter

• AI continues to act as a tailwind for VC deal-making; AI start-ups account for six of 10 largest deals in Q3

• A greater proportion of investors expect to allocate more capital over the next year to venture capital

• Sales to GPs have become a more prominent exit strategy over the past two years, with more GPs using this route to access liquidity