It's becoming increasingly clear that 2021 will be an outlier year in virtually every way for startups... except one. U.S. venture fundraising is on track for a new record this year, per new Pitchbook data.
With startup funding deals slowing down in 2022, the big question has been whether activity will completely vanish.
Many experts have pointed to the record amount of dry powder as a clue that it won't, since VCs don't get paid toWho raises funds affects how that capital will be deployed in the startup market.In the first three quarters of 2022, VCs have raised $150.9 billion across 593 funds, per Pitchbook.So far this year, 62% of the capital has gone to 6% of funds, and in Q3 alone, 86.7% of the money was committed to just 66 funds.
Already this year, the share of dollars that went into experienced VCs is at its highest in the past decade, per Pitchbook. The number of first-time managers raising funds this year is expected to fall below 2014 levels, though overall dollars have almost doubled. Microfunds, often raised by first-time or emerging managers, have also slowed in fundraising activity."Portfolios are overweight so there’s not much room for anything," including emerging managers, Cornell University investment officer Roger Vincent said duringAnd while there's a bit of natural attrition in portfolios, Vincent noted, it's "smaller than you'd think.
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