PM Insights 2025 April in Review
Institutional secondary market-driven data insights covering a universe of private venture-backed companies.
April 30, 2025
PM50 Growth Index & Sectors Performance
|| Return On Investment (ROI) from December 31, 2024 until April 30, 2025.
PM50 Growth: 23.85%
Automation: 6.79%
AI: 69.00%
Neobank: 6.00%
Blockchain: 21.50%
PM50 Growth Privates versus Public Benchmarks/ETFs
|| ROI from December 31, 2024 until April 30, 2025.
PM50 Growth: 23.85%
Invesco Nasdaq-100 ETF: -6.86%
SPDR S&P 500 ETF Trust: -5.10%
RENAISSANCE IPO ETF: -11.80%
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Public v. Private (12mo)
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
|| Sector-level analysis for April, 2025
PM50 Growth index was up 0.3% with volatility of its ROI at 86%.
Payments had the largest increase in ROI at 0.93% with the volatility of its ROI at 9%.
Blockchain had the largest decrease in ROI at -3.7% with volatility of its ROI at 23%.
AI had the highest volatility of its ROI at 382% and ROI at 0.3%.
Analytics had the lowest volatility of its ROI at 8% and ROI at -0.15%.
MoM Return on Investment (ROI) for April
Volatility of ROI
The volatility of ROI is calculated based on the movement over the previous 90 days i.e. between January 31, 2024 and April 30, 2025.
Total Bid and Ask Volume and Ratio in April
The stacked bar chart below highlights total bid and ask volumes, along with their ratios, across sectors for selected companies with notable activity.
PM50 Growth accounted for the highest bid volume ratio at 21.49% of the total $5.4B. In contrast, the Analytics sector had the highest ask volume ratio, making up 96.15% of the total $181.9M.
Mean Bid to Ask Spread in April
The chart below illustrates the average bid-to-ask spread across sectors for selected companies with significant activity.
PM50 Growth had a mean spread of 10.3%
Analytics sector recorded the widest spread at 20.8%
AI sector had the narrowest at 10.0%
Mean Volume per Indication Type
In 2025 monthly average indication sizes peaked at $10.17M during April.
Asks: In 2021 the average offer was $25.89M, and the yearly average has dropped dramatically to ~$10M between 2022 and 2025. The average offer volume from January till April of 2025 was $9.14M.
Bids: Similarly, the average bid in 2021 was higher than the following years. The average bid volume ranged from $6.94M to $33.59M in 2021, $6.12M to $31.75M in 2022, $8.13M to $16.63M in 2023, and $6.56M to $16.17 in 2024. The average bid volume during 2025 ranged from was $8.63M to $14.65M.
Trades: Trades volumes have been quite volatile, with lowest average volume of $1.17M seen on October of 2024 and largest average volume of $15.64M seen on June of 2021. The average trade volume for April of 2025 was $4.97M.
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Headquarters
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Monthly Statistics
PM Insights highlights monthly statistics from January, 2021 until April, 2025.
Monthly PM50 Growth ROI
The chart below shows PM50 Growth’s monthly ROI. It recorded its highest return of 16.25% in January 2021 and its lowest at -10.5% in June 2022. More recently, ROI dropped sharply in March and April 2025 to 0.96% and 0.3%, down significantly from 15.33% in January.
Monthly Institutional Level Activity
The chart below shows the monthly count of institutional-level ($1M+) bid, ask, or trade contributions.
July 2024 saw the highest activity with 800 contributions exceeding $1M in volume, while April 2021 recorded the lowest with 184. In April 2025, there were 271 unique institutional-level broker contributions.
Monthly Total Bid and Ask Volume
The chart below shows the total monthly bid and ask volume tracked by PM Insights.
June 2021 recorded the highest volume at $21.10B, while December 2021 had the lowest at $2.12B. In April 2025, total volume reached $6.00B—an increase from $4.81B in March 2025.
Monthly Bid and Ask Volume Ratio
The stacked bar chart below shows the monthly ratio of bid and ask volumes.
In January 2021, bids peaked at 57.72% of the total $4.62B volume. Offers reached their highest ratio in April 2022, accounting for 94.21% of the $12.79B total. In April 2025, bids made up 23.25% of the $6.00B in total volume.
Monthly Mean Bid and Ask Spread
The chart below shows the monthly average bid-to-ask spread.
The highest spread was recorded in July 2023 at 13.87%, while the lowest occurred in January 2022 at 9.17%. In April 2025, the average spread was 10.35%, reflecting a relatively lower level.
Proportion of Change in Valuation
91% of companies in PM Insights' universe traded higher during their latest round compared to the previous round.
On the other hand, 53% of companies are trading at a discount versus their most recent round, and 47% managed positive returns there, pointing to a ways to go to recovering some of the investments made in the heady days of 2021.
Change in Composite Price (MoM)
PM Insights highlights the top five and bottom five companies in terms of change in composite price between March 31, 2025 and April 30, 2025 with significant activities i.e. at least 3 institutional-level contributions.
Brex had the largest increase in composite price from $10.21 to $12.47.
Deel had the largest decrease in composite price from $34.41 to $31.08.
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 March 2025 and April 2025.
Kraken had the largest increase in volume from $10.09M to $134.31M.
Cerebras System had the largest decrease in volume from $205.25M to $13.12M.
Most Active Names Performance
Data as of April 30, 2025
* 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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