Venture Capital Index

Record venture investment has not translated into comparable liquidity, with only 18 venture-backed companies going public in the third quarter and many private-company secondary shares trading well below prior valuations. Fundraising is also increasingly dominated by large established managers.

MSCI reported a 12.7% quarterly return for venture capital in Q2, the strongest result for the asset class in five years, driven by higher valuations among a small group of large AI-linked companies. Distributions remained constrained despite the strong headline performance.