• Oddo BHF Asset Management identifies limited liquidity as a major constraint on Europe's venture capital ecosystem, preventing investors from recycling capital.
• An estimated $4.6 trillion in unrealized value is locked in venture capital funds globally, including at least hundreds of billions in Europe.
• Investors take more than 10 years on average to recover their initial investment; Europe has seen virtually no significant technology listings since 2021.
• US venture secondaries have overtaken IPOs as the primary source of venture capital liquidity for the first time.
• Technology secondaries offer substantial discounts to fair value as liquidity demand far exceeds dedicated capital, according to the analysis.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Oddo Bhf Asset Management SAS published the original content used to generate this news brief on November 12, 2026, and is solely responsible for the information contained therein.