The venture capital (VC) market is experiencing a resurgence in liquidity, marked by a new wave of initial public offerings (IPOs) and billion-dollar acquisitions. This revival comes after a period of limited IPO activity, which had constrained traditional exit strategies for VC funds. As a result, limited partners (LPs) in VC funds have increasingly turned to selling their stakes in these funds, often at discounts, and engaging in secondary market transactions including continuation funds and strip sales. Industry experts predict that the volume of VC secondary market transactions could exceed $200 billion in 2025. Despite the reopening of the IPO window for companies with revenues above $250 million that are growing and near break-even or profitable, all VC-backed IPOs in the past 12 months have been down rounds, with valuations lower than previous private fundraising rounds. A recent Morgan Stanley survey indicates that 40% of VC-backed private companies expect their next liquidity event to be a secondary sale. This shift reflects a diversification of exit strategies in the current private market landscape, where secondary sales are becoming a major avenue for liquidity beyond traditional IPOs.