PitchBook：2026年美国风险投资展望报告：年中更新（英文版）

It would have been counterintuitive to expect increased activity in the early stages of venture during a liquidity slowdown and a sluggish fundraising market, yet the early stages had already begun to defy expectations in late 2025. Through Q3 2025, venture funds had closed only $45 billion in new commitments, the lowest total since 2017. Additionally, many small funds and emerging managers that raised capital in 2021 or even 2022 had likely used most of their dry powder and were unable