Forbes November 25, 2025
With IPO markets effectively frozen and AI-driven mega-rounds absorbing virtually all high-quality deal flow, private equity and venture capital have collapsed into the same battlefield, fighting over the same late-stage technology deals once clearly owned by VC. Even family offices are muscling in, writing checks once reserved for growth funds. The result is a barbell-shaped market where top-tier players crowd into a handful of oversubscribed AI and Big Tech opportunities, while second- and third-tier funds face an existential question: in a world where capital is abundant but true opportunities are scarce, what, if anything, do they actually have left to do?
The IPO Window Remains Shut
The IPO market, which once provided the primary exit path for venture-backed companies, remains...
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