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With liquidity rare, VCs may get creative to return investor cash
Welcome to the very last issue of The Exchange! With TechCrunch+ sunsetting this month, The Exchange column and its newsletter are also coming to an end.
As the StepStone Ventures team told our colleague Becca Szkutak in her December 2023 investor survey: “With portfolios awash in unrealized value, fewer immediate exit opportunities, and longer hold periods on the horizon, GPs are beginning to get creative in order to generate liquidity.” From its start, the $100 million ARR club and the early pandemic days replete with stock market collapses and fear, The Exchange was around to chronicle the 2020–2022 startup boom, and its later conclusion. The low, no-code debates have quieted somewhat as the method of creating software that non-developers manipulate and bend to their own will has become more table stakes than controversial product choice.
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