2H25 - The Right Time for Liquidity?
A macro view
A few tech founders have reached out recently asking whether now is a good time to think about liquidity - be it a full exit or a secondary sale.
The short answer? It depends. It always does. Factors like your business model, growth trajectory, market position, competition, margins, and capital needs all play a role.
But if we zoom out and look at the macro picture for tech M&A, things are surprisingly bright:
Global M&A reached ~$2 trillion in the first half of 2025—up ~25% year-on-year
The rebound has been driven by corporate confidence, strong balance sheets, and (the outlook for) lower interest rates
Tech M&A accounted for ~25% of all global M&A, up from 20% in 2024 and 17% in 2023
Major drivers include the AI arms race, digital transformation, and the strategic value of data infrastructure
Private equity is back, actively rolling up fragmented sectors using AI and workflow automation to drive scale and margin
IPOs are returning: we’ve seen strong debuts from CoreWeave, Circle, Chime, and eToro
Figma, previously set to be acquired by Adobe, has now filed to go public in H2 2025
What’s notable is that this activity is occurring despite heightened global instability in early 2025. Markets, dealmakers and investors appear to be looking past the noise.
So yes, while the right timing will always depend on your company’s specifics, from a macro perspective, now could be a very attractive window to explore liquidity options.