Administrative

By Louis LehotKey Takeaways

  • Several key factors influenced the IPO market in 2025, including policy-aligned sectors and valuation resets, and these dynamics are expected to remain important throughout 2026.
  • Companies in AI, space tech, crypto, fintech, and defense dominated the IPO market last year, reflecting both investor appetite and the priorities of the current administration.
  • Several

Friends,In last month’s newsletter, we highlighted how private equity accelerated exits amid rising liquidity pressure and how venture-backed startups leaned into record levels of founder-led mergers and acquisitions (M&A) to compete in an artificial intelligence (AI)‑intensified market. Both trends underscored the need for resilience under compressed timelines, with consolidation and creative liquidity tools becoming

Friends,In last month’s newsletter, we examined how strong venture capital (VC) momentum and artificial intelligence’s (AI) dominance collided with extended liquidity timelines to reshape exit strategies. While funding and deal activity surged, delayed initial public offering (IPO) windows fueled growth in secondary transactions, making direct secondaries and continuation vehicles essential tools for investors navigating