Tom Callahan, CEO of Nasdaq Private Market, predicts a significant increase in liquidity events for venture firms in 2025, driven by improved conditions in IPO and M&A markets. After a prolonged period of stagnation, he observes a growing recognition of liquidity’s necessity within the venture industry. Companies are actively developing liquidity strategies to attract and retain talent, particularly in competitive sectors like AI. Callahan anticipates that this release of trapped capital will stimulate innovation and support new startups. Overall, he foresees 2025 as a transformative year for private markets, with a surge in IPOs and M&A activity.