Key Takeaways
- • Venture-backed companies are taking longer to exit: per the primary source, the average time for a technology company to go public rose from eight years in 1995 to nearly 12 years now.
- • Secondary transactions, including secondary share purchases and continuation vehicles, reached $240 billion across private capital in 2025.
- • Robinhood Ventures has listed a fund whose shares trade publicly while the underlying companies remain private.
- • Solari Capital, led by AJ Scaramucci, is pursuing collectibles through its portfolio company Treasure Trove, which aims to open rare-collectible investing to ordinary investors.
- • The source cites 859 active US venture-backed unicorns with a combined valuation of $4.34 trillion that have yet to exit.
Summary
A cartoon by Iantoons, published in FinTech Futures, illustrates how venture firms are finding new ways to return cash to investors and attract new buyers as companies remain private for longer. According to the source, the average time for a technology company to go public was about eight years in 1995 and is now closer to 12 years.
One route venture capitalists use to return capital is selling existing stakes. Secondary buyers purchase company shares or fund interests from investors seeking liquidity, while continuation vehicles let fund managers retain a company while giving their investors the option to sell. The article states these transactions reached $240 billion across private capital in 2025. Robinhood Ventures has pursued a different approach by listing a fund whose shares can be traded even though the companies it holds remain private.
The article also highlights Solari Capital, a newly unveiled firm led by AJ Scaramucci, which is investing in businesses that could broaden the buyer base for hard-to-sell assets. Its portfolio includes Treasure Trove, which allows people to buy rare collectibles and eventually open that market to ordinary investors. The source says Treasure Trove has acquired a $2 million first-appearance Iron Man comic and a record-setting Pokemon card, and its collection extends to dinosaur bones. The article notes that this does not mean Solari's own investors can cash out sooner. The collectibles holding company describes its goal as building a "cultural store of value."
The article closes by noting that the valuations of collectibles will ultimately be tested by buyers, much like the paper valuations of 859 active US venture-backed unicorns, with a combined worth of $4.34 trillion, that have yet to exit.
One route venture capitalists use to return capital is selling existing stakes. Secondary buyers purchase company shares or fund interests from investors seeking liquidity, while continuation vehicles let fund managers retain a company while giving their investors the option to sell. The article states these transactions reached $240 billion across private capital in 2025. Robinhood Ventures has pursued a different approach by listing a fund whose shares can be traded even though the companies it holds remain private.
The article also highlights Solari Capital, a newly unveiled firm led by AJ Scaramucci, which is investing in businesses that could broaden the buyer base for hard-to-sell assets. Its portfolio includes Treasure Trove, which allows people to buy rare collectibles and eventually open that market to ordinary investors. The source says Treasure Trove has acquired a $2 million first-appearance Iron Man comic and a record-setting Pokemon card, and its collection extends to dinosaur bones. The article notes that this does not mean Solari's own investors can cash out sooner. The collectibles holding company describes its goal as building a "cultural store of value."
The article closes by noting that the valuations of collectibles will ultimately be tested by buyers, much like the paper valuations of 859 active US venture-backed unicorns, with a combined worth of $4.34 trillion, that have yet to exit.
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