Capital Conversations: Insights into the World of Venture Capital · IMD

Alternative Exit Options for VC Funds, with Liz Campbell

·33 min·1 clip

Liz Campbell, CIO at Portfolio Advisors, explores the evolving landscape of venture capital exit options, covering traditional routes like IPOs and M&A alongside emerging alternatives such as secondary markets, continuation vehicles, and NAV loans. She highlights the current liquidity crunch—with 2023 US VC exit value down 86% from 2021 peaks—and the resulting pressure on GPs to return capital to LPs, reflected in record-low DPI metrics. The conversation emphasizes the need for VCs to balance creative liquidity solutions with long-term value creation, avoiding premature exits driven purely by LP pressure.

As heard by us

A clear guide to the liquidity pressure reshaping venture exits.

This episode centers on alternative exit routes for venture funds, but its sharper point is that VC liquidity now looks far more layered than the old IPO-or-M&A script.

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Why you'd press play

Need a clear map of venture liquidity beyond IPO headlines?

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