Record $94.9B in US Secondaries: Potential Signals for Israel’s Global Tech Hub

As PitchBook reports US secondary activity reaching 94.9 billion dollars, the data reflects broader shifts in how investors, employees, and funds are approaching liquidity. For a market like Israel's, where international participation is high and exit routes often lead to US or multinational acquirers, these US trends may offer early indicators of themes that could develop locally as well.

PitchBook’s Q3 2025 US VC Secondary Market Watch report highlights several notable developments in the US venture secondary market. The report estimates the market at 94.9 billion dollars in annualized value across direct company stakes and continuation fund activity. While the report focuses on the United States, the themes discussed may also offer helpful context when considering secondary dynamics in globally connected technology ecosystems.

Israel’s tech sector has long been intertwined with global capital. Over the past decade, an average of roughly 70 percent of Israeli financing rounds have involved international investors, and many later-stage Israeli companies ultimately exit through US or multinational acquirers. Because of this strong international orientation, movements in the US secondary environment can sometimes influence the types of liquidity considerations and transaction structures that appear in Israel as well.

The PitchBook report points to areas such as increased activity among institutional market participants, growing use of special purpose vehicles, and continued interest in LP stakes, GP-led processes, and direct secondary transactions. These themes may resonate with aspects of the Israeli market, where companies are remaining private longer and where investors, founders, and employees may explore different tools for liquidity or portfolio management.

At Sunvest Capital Partners, we follow these global trends as part of our broader understanding of the evolving secondary landscape. Our focus is on identifying and assessing secondary opportunities within the Israeli technology sector, across LP stakes, GP-led transactions, and direct secondary situations, while maintaining a disciplined and relationship-oriented approach. We engage with GPs, companies, and shareholders to explore solutions that may support long-term value creation and address liquidity needs that naturally arise within growing portfolios.

While global trends do not always translate directly to local markets, the insights provided in the PitchBook report offer useful perspective on how the secondary market is developing internationally. As these markets continue to evolve, we aim to remain attentive to emerging patterns and to apply thoughtful, informed analysis to the opportunities we evaluate.

Readers who would like to explore the US trends discussed above can view PitchBook’s report summary on their website at the following link:

https://pitchbook.com/news/reports/q3-2025-us-vc-secondary-market-watch