[deeths]

(assuming you mean "go public or get acquired")

In some cases, a subsequent investment round will buy out the VCs (and/or founders) by buying some or all of their stock.

A few typical situations where this could happen: 1) a particularly interested investor (often a company in a similar space) is willing to pay a premium on the price they'd get elsewhere to align strategically or make sure a supplier or partner stays in business. 2) The VCs sell the stock to later-stage VCs or private equity. This can happen if the needs of the company/founders and VCs don't align. For instance the early VCs want to get out because they prefer to invest in quick hits and don't want to keep their attention on the company for the long-term, so they sell the stock to someone that's willing to take years (and the resultant risk) for a pay out. 3) The founders or the company itself buys out the VCs. Typically this would happen for situations where there's a different vision for the company, for instance the founders want to turn it into a lifestyle business, or a case like #2 where the VCs are losing patience. If the company buys the shares, it has them to distributed to new employees or to limit the number of outstanding shares and therefore increase the price per share.