Companies are staying private for longer, which means there’s a lack of liquidity for founders, employees and early investors. With more growth capital available, companies are taking longer to IPO or give their investors an exit. In 2006, it was around 8 years from inception to exit, but in 2018 it was reported it increased to 11 years (source). In 2019, just 27 UK companies went public, compared to 87 in 2018 and 106 in 2017.