After two years of capital scarcity, liquidity is finally returning to the venture ecosystem (even if unevenly). In 2026, we believe venture investors will need to navigate a more selective, quality-driven environment where access, underwriting discipline, and cross-market insights will matter most. We see this as a period of reinvestment: a moment to lean into innovative leaders while preserving flexibility across liquidity pathways.

Our vantage point at Wellington spans venture, growth equity, secondaries, and the public markets, offering an integrated perspective across the trends shaping the venture landscape. In this VC outlook, we explore the five key questions that we believe institutional investors should be asking for the year ahead.