The Four major forms of venture capital exit are initial public offering (IPO), sale, share repurchase, liquidation.

创业投资退出的主要方式有四种，即首次公开发行(IPO)、出售、股份回购和清算。

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When the IPO market is strong, as it was in 2013, venture capitalists are typically loathe to exit their best companies via trade sales.

IPO市场走势强劲之时，比如就像2013年，风投资本家们通常都不愿通过出售来退出势头最好的公司。

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The IPO exit route has become harder to find lately.

FORBES: IPO Outlook

We held shares of Isilon for years after the IPO until its exit last fall via acquisition by EMC.

FORBES: Mythbuster: Does Tech have a faster time to exit vs Biotech?

For Tumblr, the growth has been so outstanding, one might think an IPO is the ideal exit and it ought not to consider an acquisition.

FORBES: Can Marissa Mayer Make David Karp Tumble For Yahoo?