The IPO market could also face some challenges this year.
"Even a little turbulence can have an impact on the markets," Kelley said. "We're at all-time highs right now on the equities markets right now. Valuations are really strong, but how do you sustain those?"
Menlow also said urgency within the IPO pipeline is down from last year, which could lead to smaller public offerings for companies. "We've had a lot of quiet filings similar to Shake Shack," he said, referring to the New York-based burger chain that on Monday filed to go public.
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Menlow added that companies looking for breakout IPOs in 2015 will need a greater sense of urgency. "People need to be first in their marketplace in order to get the biggest market share," he said.
"If you look at Chipotle and what happened with that, then look at Chuy's. People said, 'Oh it's another Mexican concept.' It spiked and then it teetered out," Menlow said.
Kelley said IPOs will be strong in 2015 despite the market's volatile state. "We're used to dealing with volatile markets," she said. "And we've been operating in it for years. We have gotten through things quite quickly."
—CNBC's Sara Eisen contributed to this report.