Forget the eye-popping valuations: The sentiment in Silicon Valley is now "show me the liquidity."
That's what venture capitalists who have invested in start-ups are saying, as they increasingly want to enjoy actual cash returns from the start-ups they have supported. But that would mean founders need to either go public or sell their companies.
And less of that is happening, according to a report published Monday by CB Insights.
Overall, tech exits did increase 28 percent in the third-quarter year-over-year, but the sequential trend appeared much different: Exits declined 18 percent compared to the second-quarter.
And for VC-backed tech start-ups, in particular, the quarter was notably weak with just 145 exits, including only four IPOs. That was the worst quarter for exits in two years.