Not long ago, private equity was seen as a waiting game. Investors entered with the understanding that liquidity would come—eventually. The strategy was clear: commit capital, wait for the fund cycle to play out, and hope that the exit environment was favorable when the time came. If an IPO or a strategic buyout lined up, great. If not, well, patience was part of the deal.
But something has shifted.
In 2024, private market exits hit $26.7 billion—the second-highest annual total on record, signaling that private markets are no longer just long-term wealth builders but increasingly a source of real, timely liquidity . The biggest driver of this shift? The explosion of open market exits, which accounted for $12.9 billion—nearly half of all PE/VC exits in India . That’s a staggering shift from the past, where secondaries and structured sales were seen as niche strategies rather than core liquidity drivers.
The rise of PE-backed IPOs, which grew by 130% in 2024, is another sign of changing investor expectations . Institutional LPs and HNIs are no longer satisfied with funds that promise high TVPI but fail to return real cash. They’re pushing for more proactive exit strategies, and fund managers are listening.
Private credit is also playing a major role in this liquidity transformation. With private credit deals surging by 256% to $10.8 billion in 2024, many firms are using structured financing solutions to create liquidity well before traditional exits occur . This means that investors don’t have to wait for an IPO or M&A to cash out—they can tap into NAV-based lending and secondary sales much earlier in the cycle.
For years, private markets and liquidity were thought of as opposites. Now, they’re becoming deeply connected. Investors who once hesitated to enter private markets due to long lock-ups are starting to see it as a space where capital not only compounds but also moves faster than ever before.
The best funds understand this shift. They are no longer waiting for a perfect exit moment—they’re creating it. And for investors, that means private equity is no longer just about growth. It’s about flexibility.
Data Souce – EY-IVCA PE/VC Monthly trend analysis: December 2024
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