Impact investors have been anticipating a rise in exit activity, particularly in 2025, despite previous delays due to economic conditions. A recent CREO survey indicates that climate general partners expect more exits, though this mirrors earlier predictions. Limited partners are eager for liquidity, with a record backlog of private equity assets awaiting divestment. Valuations are stabilizing, and deal-making activity is increasing, hinting at a potential surge in exits. Some firms have already reported positive outcomes, while others, like Northvolt, exemplify the risks involved. The upcoming year could provide crucial insights into the relationship between impact and financial returns.