2025 SPV Year-in-Review: The New Normal for Emerging Managers

Capital flowed into private companies in 2025 even as exits stayed scarce. That dichotomy changed how many emerging managers deployed capital and how LPs chose to invest.

This report uses Sydecar platform data from SPVs closed in calendar year 2025 to show what changed from year to year, where the biggest checks went, and why secondaries became a larger part of the SPV market.

Download the report for deeper insights, including:

• How emerging managers are using SPVs to access late-stage opportunities when primary access is limited.

• What type of deals drew the biggest checks in 2025, and why.

• Where secondary capital clustered, and what those sectors reveal about investor demand heading into 2026.