Venture Capital Q4 2025: Preqin Quarterly Update

Venture capital ends 2025 with exits looking up, but investors remain reluctant to commit to fundraising

• Late-stage deal activity in North America sees global aggregate deal value surge from $115bn to $159bn in Q4 2025

• Median time spent in market is 19–24 months for funds closed in 2025, continuing a clear trend toward longer fundraising timelines

• Majority of VC fund managers optimistic for exits in 2026, with 85% expecting exit activity to either increase or stay the same in the 12 months from November 2025