This year’s public market exits painted contrasting pictures for private equity (PE) and venture capital (VC) firms. VC firms surged ahead, raking in $4.06 billion till November—double their previous year’s earnings—while PE firms stayed flat at $13.3 billion. Blackstone’s $808 million exit from Mphasis played a crucial role in keeping PE numbers steady; without it, their figures would have dipped below last year’s. Over the past five years, the consistency in PE exits reflects a strong appetite among public market investors. One of the standout PE deals this year was Blackstone’s June sale of a 15% stake in IT services giant Mphasis, reducing its holding to 40%. Other notable transactions included Peak XV, Norwest, and TPG Capital divesting 11% of Five Star Business Finance for $536 million, and Warburg Pincus cashing out its 9.17% stake in Kalyan Jewellers India for $451 million. VC firms seized the momentum of a thriving IPO market and managed to rake in $4 billion and outpaced the funding boom of 2021 when VCs earned $3.3 billion. Nearly 90% of PE exits this year came from bulk or block deals, while IPO-driven exits climbed slightly to 16% from 11% last year.