Q3 2024 PitchBook-NVCA Venture Monitor

Though the economy is in a much different place than in 2009, PitchBook data shows that the rate of distributions as a proportion of venture market NAV has fallen as low as during the global financial crisis.

During Q3 2024, exits remained elusive and public offerings barely reached double digits, despite the more than 740 private unicorns in the US. This lack of exits places pressure on alternative forms of liquidity such as secondaries to satisfy liquidity needs. While further expected rate cuts by the Fed hold promise, how fast they may be able to jumpstart the market will depend on their depth and frequency.

This webinar highlighted key findings from the Q3 2024 PitchBook-NVCA Venture Monitor, created in partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte. It also discussed what investors should consider for the remainder of 2024.

To download the presentation slides and watch the recording, please fill out the form.

Key takeaways:

Factors influencing the high amount of capital still being deployed
How the lack of distributions has shifted LP perception of venture
Areas outside of AI generating high investor interest and market demand
Outlook for private unicorns without a quality market for public listings

PitchBook related reports

Q3 2024 PitchBook-NVCA Venture Monitor
Q2 2024 PitchBook-NVCA Venture Monitor

Featuring

Emily Zheng

Senior Research Analyst, Venture Capital
Emily Zheng is a senior research analyst at PitchBook, where she covers major trends and evolving themes in US venture capital through quarterly core reports and thematic analyst notes. Prior to this role, Zheng was a private banker at J.P. Morgan, where she provided wealth management solutions and advice to affluent individuals, families, endowments, and foundations throughout the Pacific Northwest.

Zheng received a bachelor’s degree, magna cum laude, in Public Policy Analysis and Economics from Pomona College. She also holds the Securities Industry Essentials, Series 7, Series 63, and Series 65 licenses. She is based in PitchBook’s Seattle office.
Shiloh Tillemann-Dick

Research Director, NVCA

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.
Andy Kelly

Managing Director and Relationship Executive, Venture Capital Coverage, J.P. Morgan

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.
Victor Boyajian

Global Chair, Venture Technology and Emerging Growth Companies, Dentons

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.
Heather Gates

Audit & Assurance Private Growth Leader, Deloitte & Touche LLP

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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