Friday Letter

If the slumbering exit markets wake up, VCs may see LPs become more receptive to fundraising pitches.

Rising Stars including Bukie Adeno Umeano of Anthemis, Denver Yu of Generational Partners and Erica Amatori of Left Lane Capital share what they are most excited about for 2025.

Venture Capital Journal's sixth annual Rising Stars ranking is more diverse than ever.

The biggest winner in ServiceTitan's IPO was Iconiq Growth, whose 15.5 million shares were valued at $1.6bn on December 16.

More than 60% of investors polled in our annual survey cited “geopolitical uncertainty” as the factor that would have the greatest impact on the performance of their private markets portfolio in 2025.

Women-led VC funds experienced a 25% drop in YoY fundraising through the end of November, a steeper fundraising drop than the overall venture industry.

Distribution-starved investors hope to see IPOs next year from several high-profile venture-backed companies, including Cerebras, Chime Financial, Hinge Health, Klarna and ServiceTitan.

AI agents are catching on for the promise they hold to enable truly autonomous workflows that can free up humans for higher-level tasks.

We just added six more firms to our Guide to VC Secondaries Buyers, bringing the total to 26 firms with more than $67.5bn in secondaries capital.

Continuation vehicles for venture assets were once rare. CVs from General Catalyst, Lightspeed Venture Partners and New Enterprise Associates could be the start of a new trend.