Where is that VC dry powder already?
Turns out, it's mostly living in the bank accounts of LPs.
Capital calls (when a venture fund requests a percentage of the promised capital from LPs, typically to make a new investment) are way down since Jan 2022.
The nearly 3,000 venture funds on Carta called 45% less capital in May than last January. The absolute numbers: $1.25 billion called in Jan 22, $687 million called last month.
The more than 3,000 SPVs on Carta called 80% less capital!
($416 million Jan 22, $82 million last month)
Interesting that the SPV market has been the more impacted aspect. Obviously it's tough to to follow-ons into growing companies when fewer cos are hitting their next rounds, but wouldn't have anticipated such a big gap.
#cartadata #capitalcalls #venturecapital #vcs
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