In 2024, the U.S. venture capital landscape experienced notable challenges, with nearly 25% of venture rounds reported as flat or down, marking a decade high, according to PitchBook. This figure represents a marginal increase from 2023 but more than doubles the 12% recorded in 2022. Additionally, the global private markets faced a tough year, with total fundraising reaching $1.14 trillion, a decline of 19% year-over-year, and the number of funds dropping to 2,538, a decrease of 46% from the previous year. The only strategy to show growth was secondaries, which increased by 29% year-over-year. Venture capital fundraising hit a five-year low in 2024, down nearly 60% from 2022, as limited partners focused on established managers while first-time funds encountered significant challenges.