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Q3 2024
PitchBook-NVCA Venture Monitor
October 9, 2024
This report was updated on October 14, 2024, to reflect an edit to page 9.
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VC LPs are stuck in the mud
Cerebras’ IPO plans and the Fed’s interest rate cut were welcome news to a jittery US VC exit market. But headwinds are still stymieing distributions, according to the Q3 2024 PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons, and Deloitte. The rate of cash flow returning to LPs in VC funds is slower than at any other point since the global financial crisis.
More emerging GPs are delaying fundraising as they wait for distributions to come. The exception is the legacy brands: Cautious LPs are still re-upping commitments to established funds. Buoyed by AI optimism, VC’s powerful players are helping to tick fundraising activity up from the doldrums of the last year.
Table of contents
Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
VC LPs are stuck in the mud
Cerebras’ IPO plans and the Fed’s interest rate cut were welcome news to a jittery US VC exit market. But headwinds are still stymieing distributions, according to the Q3 2024 PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons, and Deloitte. The rate of cash flow returning to LPs in VC funds is slower than at any other point since the global financial crisis.
More emerging GPs are delaying fundraising as they wait for distributions to come. The exception is the legacy brands: Cautious LPs are still re-upping commitments to established funds. Buoyed by AI optimism, VC’s powerful players are helping to tick fundraising activity up from the doldrums of the last year.
Table of contents
| Executive summary | 3 |
| NVCA policy highlights | 5 |
| Dealmaking | 7 |
| Regional spotlight | 11 |
| A word from J.P. Morgan | 12 |
| Deals by sector: Cybersecurity | 14 |
| Deals by sector: Life sciences | 16 |
| Female founders | 17 |
| A word from Dentons | 19 |
| Investor trends | 21 |
| Venture debt | 23 |
| A word from Deloitte | 25 |
| Exits | 27 |
| Fundraising | 30 |
| Q3 2024 US league tables | 34 |
| Methodology | 35 |