The number of new SPVs exploded during the venture capital boom of 2021. While they have slowed down since then, it's clear the long-term trend is pointing upward.

Distributions to paid-in capital, which measures how much capital a fund has returned from exiting its investments, is a key metric for limited partners.

Initial data from Q3 2024 shows median pre-money valuations and cash raised remained steady compared to previous quarters across the U.S. venture ecosystem.

Compared to two years ago, valuation step-up multiples have declined while the typical time between priced rounds has risen. How are founders navigating the market’s ebbs and flows?

At the two-year point, venture funds from the 2022 vintage have deployed just 43% of their available capital—the lowest rate after two years of any recent vintage.

Dilution levels in new venture deals have been declining across most startup stages. What’s behind this significant shift in the fundraising market?