VC as an Asset Class

August 1, 2025 / Monica Zent
Venture Legal 11

“As Figma goes public, a turning point in the long-awaited IPO market recovery takes shape,” read Fortune’s headline. The IPO came after a planned merger with Adobe fell apart in 2023, with the design software unicorn’s offering valued at nearly $20 billion. This milestone reflected broader trends in legal tech investments, where venture-backed companies are increasingly shaping the technology and services used by corporate legal teams and legal service providers.

As Fortune writes, “… Figma could be the harbinger of a simmering truth: that the market for venture-backed IPOs is in a thoughtful recovery,” while also quoting PitchBook’s Derek Hernandez that should Figma “stumble,” “… this may reinforce some caution among late-stage VCs and delay other large tech floats.”

The IPO market is just one path to liquidity for investors, and for this edition, I wanted to dive into venture capital as an asset class, including:

  • IPO optimism and uncertainty
  • The role of M&A
  • Secondaries as “no passing fad”
  • Other novel approaches
  • The overall exit math and the “new normal” for Venture Capital

Follow Monica on Substack and subscribe to read the featured story:

Venture Legal Ed. 11: VC as an Asset Class

  • How Federal Regulatory Changes are Impacting the Venture Capital Landscape

    By Monica Zent | July 22, 2025

    It was week of “cryptocurrency drama” on the House floor, with the House set to vote on crypto-related bills during the Capitol’s “Crypto Week.” As investors waited to see if crypto regulatory frameworks would pass, the July 4th passage of The One Big Beautiful Bill (OBBB) Act introduced changes for startups and VCs, highlighting the…

  • The Founder Paradox

    By Monica Zent | July 2, 2025

    Jason Shuman, General Partner at Primary Venture Partners, wrote that “It’s never been easier to start a company, and never harder to build a durable one.” That observation resonates strongly in today’s AI and legal tech startup ecosystem. Deals in the billions are becoming regular headlines. AI startup Thinking Machines Lab reportedly secured a $2…

  • How AI FOMO is Fueling VC Competition

    By Monica Zent | June 18, 2025

    When Tim Cook said more than a decade ago that competition makes everyone better, he probably did not imagine how relevant those words would be to the rise of artificial intelligence in venture capital. The Original Copy investment race has created an environment where speed and precision matter more than ever. Similar patterns are also…