In the US, expansion-stage companies enjoyed unprecedented levels of liquidity events in 2021. More than 1,800 transactions closed, for over $1.2 trillion in combined deal value. Although the prior decade saw robust figures for exits, the upward surge in both value and volume for expansion-stage exit activity in 2021 is still striking. Against that backdrop, the slower start to 2022 looks like a marked decline. However, when analyzing quarterly tallies, Q1 2022’s exit figures resemble much of their 2010’s counterparts and are slightly above the quarterly dip induced by the onset of the COVID-19 pandemic reflected in Q2 2020. While there is significant volatility in current financial markets—particularly in crypto assets—exit rates have not plunged to atypical levels.
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