Evaluating Exit Strategies in Private Equity

John, a portfolio manager at a mid-sized private equity firm, is analyzing potential exit strategies for one of their portfolio companies, a tech startup that has grown significantly over the past few years. The company is looking for options to realize the value creation over the investment period. John considers three common exit strategies: initial public offering (IPO), strategic sale, and secondary buyout.

As John evaluates these options, he considers factors such as market conditions, the stage of company growth, and the potential returns on exit. Which exit strategy is generally seen as the most beneficial for maximizing returns for private equity investors in high-growth companies?