By last December, the median discount over a 12-month period had risen from 46% to just 3% according Zanbato data published in PitchBook’s 2024 Annual European Venture Report. European Venture Report. You could say that VC secondaries have gone from harrowing (if you’re selling) to narrowing. It’s a remarkable turnaround that comes on the back of improved conditions for VC primary dealmaking. Last year, global VC fundraising hit $379.6 billion, a double-digit increase. Closing the valuation gap is likely to lead to secondary market price premiums if VC investor sentiment continues to improve. Will we see a fully charged VC/DC market in 2025, with secondary pricing being ‘back in black’? If last year is anything to go by, then anything is possible. Oh for those days of bumper discounts!!