PM Insights 2025 November in Review

Institutional secondary market-driven data insights covering a universe of private venture-backed companies.

December 1, 2025

‍PM Insights offers a comprehensive look at private market activity, covering sector trends, company-level insights, and monthly performance metrics.

The November 2025 report highlights movements in ROI, volatility, volumes, and valuations, while tracking institutional involvement and comparing current secondary market prices to recent funding rounds.

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Key Takeaways

PM50 Growth: ROI delivered another month of strong growth, posting a +5.23% return
Institutional-level Activity: Monthly institutional level activity is trending upward and almost doubled in November 2025 compared to January 2025‍
Sector Return: All sectors had positive return MoM in November 2025 with Marketing leading at +7.49%
Bid-Ask Volume Ratio: Ask-side activity dominated across all sectors, with Security showing the highest ask ratio at 90.71%‍
Largest increase: Deel's bid-ask volume jumped 1,519.32%, rising from $8.80 million to $142.50 million

Monthly Statistics

|| Monthly statistics from January, 2021 until November 2025

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Monthly PM50 Growth ROI

The chart below shows PM50 Growth’s month-on-month ROI.

Early Growth Phase (2021)
- January 2021 – Returns reached a peak of +16.25%, showing strong early gains‍
Market Correction Period (2022)‍
- June 2022 – Performance dropped to a low of -10.50% after a steady decline
- Late 2022 – Returns remained largely negative, reflecting weak market conditions‍
Recovery and Expansion (2023-2025)‍
- May 2023 onward – Performance turned positive, with momentum gradually building
- February 2025 – Returns climbed to a post-rebound high of +15.33%
- November 2025 – Performance settled at +5.23%, holding in positive territory

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Monthly Institutional Level Activity

The chart below shows the monthly count of institutional-level ($1M+) bid, ask, or trade contributions.

Reduced Participation Period
- April and December 2021 – Recorded the lowest levels at 185 contributions, highlighting reduced interest‍
Notable Activity Spikes‍
- April 2022 and March 2023 – Marked by notable spikes of 636 and 687 transactions‍
Peak Institutional Demand‍
- July 2024 – Saw the highest activity at 844 contributions, signaling strong institutional demand‍
Recent Trends‍
- November 2025 – Activity increased to 750, up from 641 in October

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Monthly Total Bid and Ask Volume

The chart below presents total monthly bid and ask volumes tracked by PM Insights.

Peak Volume
- March 2023 – Peaked at $19.22 billion, showing strong market engagement‍
Reduced Liquidity Period‍
- December 2021 – Fell to $2.12 billion, reflecting reduced activity‍
Notable Volume Spikes‍
- April 2022 and March 2023 – Spiked to $12.64 billion and $19.22 billion, respectively‍
Recent Market Conditions‍
- November 2025 – Reached $15.59 billion, showing market rebound

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Monthly Bid and Ask Volume Ratio

The stacked bar chart below shows the total monthly bid and ask volumes alongside their relative ratios.

Largest bid-side activity: 56.09% of $4.80 billion in January 2021‍
Largest ask-side activity: 94.37% of $12.64 billion in April 2022
November 2025: Ask-side activity was 70.82% of $15.59 billion

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Monthly Mean Volume per Indication Type

The chart below presents the monthly average volumes for asks, bids, and trades over the period from January 2021 to November 2025.

Asks:
- Highest average ask volume: $43.12 million in June 2021
- Lowest average ask volume: $7.53 million in January 2024
- November 2025 average ask volume: $10.83 million, down -26.01% from October 2025

Bids:
- Highest average bid volume: $33.58 million in June 2021
- Lowest average bid volume: $6.12 million in February 2022
- November 2025 average bid volume: $10.13 million, up +17.84% from October 2025

Trades:
- Highest average trade volume: $15.65 million in June 2021
- Lowest average trade volume: $1.18 million in October 2024
- November 2025 average trade volume: $3.54 million, down +15.04% from October 2025

All:
- Highest average volume: $33.59 million in June 2021
- Lowest average volume: $7.34 million in November 2023
- November 2025 average volume: $10.17 million, down -16.64% from October 2025

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Sectors

Headquarters

CEO

ROI Private & Public

|| ROI from December 31, 2024 until November 30, 2025

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The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

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Private Market: Sector Level for November 2025

|| Sector-level analysis for November 2025‍

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MoM Return on Investment (ROI)

The graph below displays the MoM ROI, broken down by PM Insights’ actively tracked sectors, covering the period from October 31, 2025 to November 30, 2025.

Strongest gain: Marketing topped sector performance with a +7.49% gain, signaling strong momentum
Weakest return: Talent Management posted the lowest performance at +1.42%
PM50 Growth: Achieved a 5.23% gain, maintaining consistent upward movement

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Volatility of ROI

The volatility of the ROI is calculated based on the ROI movements within a 90-day rolling window ending on that date. ROI is calculated from the start of 2021. The graph below illustrates volatility of ROI across various sectors on November 30, 2025.

Highest volatility: AI sector at 230%, highlighting significant price swings and investor uncertainty
Lowest volatility: Blockchain sector at 19%, reflecting steady, stable performance
PM50 Growth: Recorded 74% volatility, showing moderate fluctuations compared with the AI sector

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Total Bid and Ask Volume Ratio in November

The stacked bar chart below highlights total ask and bid volumes, along with their ratios, across sectors for selected companies with notable activity during the time period between November 1, 2025 and November 30, 2025.

Highest bid ratio – SaaS sector led in buy-side activity, with bids making up 42.36% of its $5.80 billion total volume
Highest ask ratio – Security sector saw the strongest sell-side activity, with asks accounting for 90.71% of $14.00 million volume
PM50 Growth – Displayed a moderate sell-side skew, with asks representing 67.91% of $13.44 billion volume

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Most Active Names Performance Across All Sectors

Data as of November 30, 2025

90D Return △ - Trend of return on composite price

90D % △ - Change in composite price in terms of percentage

Implied Mkt Cap* - Implied market capitalization based on composite price

90D Implied Mkt △ - Change in implied market capitalization

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*Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.

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Change in Composite Price (MoM)

PM Insights highlights the top five and bottom five companies in terms of change in composite price between October 31, 2025 and November 30, 2025 with significant activities i.e. at least 3 institutional-level contributions—to identify those experiencing the most notable shifts in market sentiment.

Strongest gain: Checkr's composite price rose by +63.32% from $5.18 to $8.46
Largest decline: Figure AI's composite price fell -16.3% from $183.91 to $153.94

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Change in Total Bid and Ask Volume (MoM)

PM Insights highlights the top five and bottom five companies with significant activities in terms of change in total bid and ask volume between October 31, 2025 and November 30, 2025.

Largest increase: Deel, up +1519.32%, from $8.80 million to $142.50 million
Largest decrease: Mercury, down -96.27%, from $10.70 million to $400.00 thousand

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Proportion of Change in Valuation

The chart below highlights the ratio of companies in PM Insights' universe current trading levels relative to recent round valuations.

Latest vs prior round: 86% of companies raised new funding at a higher valuation than their previous round
Latest round vs current secondary market activity: 62% of companies are currently trading at lower valuations than their latest round

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