There’s a change in the air when it comes to private company liquidity events. Although the trend towards staying private longer persists, late-stage companies are increasingly considering an exit strategy, with 39% saying they’re most likely to do a tender offer next, followed by 31% indicating IPO. Either way, timing matters—with 83% of companies agreeing that there are risks to delaying a liquidity event. This is especially true for companies with an IPO or M&A as their ultimate goal.
Beyond the impact of such a delay on attracting and retaining talent, most private companies face at least some pressure from employees and/or outside investors to hold a liquidity event. Moreover, some private companies feel there is an opportunity to improve readiness.
We explore these findings and more in the 2025 Liquidity Trends Report—a study and survey providing insight into the evolving private company liquidity landscape. Based on the survey responses of 150+ private company leaders, gain insight into the three key takeaways from this year’s study below.
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