Heard from @theinformation about VC LPs this week: This 📊 from this week haunted me. For any of us that raise VC $$, this year was anything but quiet. I think this data is wildly understated. Why? 👇🏻 1. This data doesn’t include SPVs. Like them or not, co-invest or single deal SPVs alongside funds are a standard & large part of the industry. This isn’t broad retail offerings, this is just co-invest. My rough and unsubstantiated guess would be that SPVs would double the amount of capital raised this year across the industry. 2. Does it include Growth? Venture Growth or Late stage funds had a huge comeback starting in Q2 with a number of funds launched and being raised. These aren’t “VC” funds but by most LPs put them in the VC allocation 3. Data includes funds that are reported to pitchbook as closed or from filings. May not include funds raised but not yet fina close I do think # of funds continues to be low. The big are getting bigger and the Emerging Manager/Opp Fund boom in ‘21 has not come back @Katie_Roof observations that LPs need liquidity is also spot on, but my observation is that did not keep LPs off the AI / VC sidelines this year, particularly as public market increases provided denominator relief