PitchBook: emerging managers in VC, defined as those with three or fewer funds, raised $17B in the US in 2024, down from $64B in 2021, and $4.7B so far in 2025 (Bloomberg)

Bloomberg:
PitchBook: emerging managers in VC, defined as those with three or fewer funds, raised $17B in the US in 2024, down from $64B in 2021, and $4.7B so far in 2025  —  Funding for new VC firms has turned sharply downward, putting enormous pressure on newcomers.  —  There's a crisis brewing for the next generation of venture capitalists.

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