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![Trace_Cohen Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::13955342.png) Trace Cohen [@Trace_Cohen](/creator/twitter/Trace_Cohen) on x 20.3K followers
Created: 2025-07-25 12:28:07 UTC

The Data Is Clear: Late-Stage Capital Is Eating Early-Stage Venture

• The global secondary market has grown from ~$40 billion in 2019 to over $XXX billion by 2025.

• Secondary-focused funds raised $XXX billion in 2023, almost double the prior year and a new record.

• GP-led secondaries and continuation funds now account for more than XX% of secondary deal flow, up from less than XX% just a few years ago.

• In parallel, first-time VC fund formation has dropped to just XX% of its 2022 peak, and the number of new funds raised each year continues to fall.

• In the US, emerging managers raised just $XX billion in 2023, down from $XX billion in 2022 and far below 2021 levels.

• LPs allocated XX% of all new VC capital in 2024 to just two firms, highlighting an extreme concentration of dollars in a small number of funds.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948721925603099105/c:line.svg)

**Related Topics**
[primary market](/topic/primary-market)

[Post Link](https://x.com/Trace_Cohen/status/1948721925603099105)