Due to lingering liquidity constraints and low exit counts, the US VC ecosystem continued to face dealmaking pressure in Q2 2024. Based on preliminary data, annualized numbers of acquisitions and public listings are on track to land at the lowest level we have observed in a decade.
Market sentiments also experienced a visible shift throughout the quarter. While the IPOs of Reddit and Astera Labs brought hope earlier in 2024, the excitement dimmed with few prospects in the pipeline of high-profile IPO candidates.
In partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, Deloitte, and Juniper Square, this webinar highlighted key findings from the Q2 2024 PitchBook-NVCA Venture Monitor and what investors should consider for remainder of 2024.
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Key takeaways
- Early-stage VC deal value jumped by 56.9% QoQ, notching $16B in Q2—but the figure is buoyed by select outsized deals.
- The pace of dealmaking remains sluggish, suggesting a flattening of deal activity.
- 2024 has a mere total of 35 public listings so far, and the lack of exits continues to weigh on LP liquidity constraints.
- Fundraising activity remains diminished, with established firms commanding an advantage when securing LP commitments.
Related PitchBook Reports
Q2 2024 PitchBook-NVCA Venture Monitor
Q1 2024 PitchBook-NVCA Venture Monitor
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Kaidi Gao is a senior venture capital research analyst at PitchBook, where she contributes to the VC team’s core reports and produces quarterly thematic analyst notes on various topics. Her research and expertise focus primarily on venture debt, VC in the APAC region and seed- and early-stage dealmaking. Prior to this role, Gao worked as a Senior Data Operations Associate, overseeing PitchBook’s VC-backed company dataset.
Gao received a master’s degree in Near Eastern Studies from Princeton University and a bachelor’s degree in Asian and Middle Eastern Studies with a focus on Arabic from Duke University. She is based in PitchBook’s Seattle office.
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Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products that provide the rest of the team with the material they need to tell NVCA’s story. Before joining NVCA, Shiloh was the political director at the Leadership Now Project, where he developed the organization’s political strategy, oversaw expansion into eight new states, and organized the group’s 2022 candidate program. Shiloh is a graduate of Yale University and has lectured on analytics, public policy, and project management at the University of Maryland.
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Andy Kelly is a managing director and relationship executive in the Venture Capital coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries business. In this role, he is responsible for developing relationships with key VC firms from his base in the Bay Area. He is a current independent board member for US Speedskating, as well as a former board member for the American Red Cross Bay Area chapter and a former advisory board member for USAA.
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Victor Boyajian is the global chair of Dentons Global Venture Technology and Emerging Growth Companies Group. Victor leads a global team focused on representing emerging growth technology companies, venture capital firms, corporate strategies, and private equity firms in a broad array of financing and strategic transactions from Silicon Valley to Boston to New York and around the globe.
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With more than 30 years of financial services experience, Heather serves as the national Private Growth Leader, overseeing the Emerging Growth Company and Private Equity businesses within Audit & Assurance.
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Adam Walker is an Industry Principal with over 15 years of experience across real estate, private equity, fund of funds, debt, and family offices. Prior to joining Juniper Square, Adam worked as Controller at Dakota Pacific Real Estate and was a Fund Accounting Manager at UMB Fund Services. Adam graduated from Weber State University with an MBA.
