Limited partners (LPs) in venture capital (VC) funds are increasingly desperate for liquidity as the IPO market remains stagnant in 2024. In response, Sequoia Capital has offered over $860 million in liquidity without relying on IPOs or exits. This move is part of a broader trend where VCs are exploring new ways to generate liquidity for LPs, including share buybacks, secondary sales, private equity buyouts, and continuation funds. LPs are burnt and many VCs want cash now. Other prominent VCs like Lightspeed and Primary are also adopting similar strategies. The maturation of the VC industry is seeing it institutionalize in ways akin to private equity.