REPORT
Unicorns: The private capital take
As the environment for venture capital has become more challenging, the landscape that was once so favorable for unicorn creation has changed. This Preqin special report explores:
The rise of unicorns, and the state of venture capital over the past decade
How long and how much it takes to raise a unicorn
The challenges unicorns face in the post-ZIRP era
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REPORT
December 11, 2025