Consider the following puzzle. In 2021 venture
capitalists raised $150bn in fresh cash, a record amount. Despite a
market slowdown, they broke the record once again in 2022, raising more than
$160bn. Chunks of this have already been spent, but close to $300bn of “dry
powder” sits waiting to be put to use. Indeed, spending fell throughout 2022.
Fledgling firms appear cheap. Why, then, are venture capitalists sitting on the
cash?
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