NVCA Releases 2025 Yearbook Showcasing 2024 VC Trends

WASHINGTON, DC –The National Venture Capital Association (NVCA) today released its highly anticipated National Venture Capital Association’s (NVCA) 2025 Yearbook, with data provided by PitchBook. This year’s edition highlights key trends in the industry, underscoring both the continued strength of the venture capital industry and the challenges it faces.

Key Findings:

• The U.S. remains the global leader in venture capital, accounting for 57% of the total worldwide deal value. In 2024, U.S. VC firms closed 14,320 deals worth $215.4 billion.
• While venture capital continues to thrive in traditional hubs such as California, New York, and Massachusetts, the median fund size outside these states was $10 million, significantly lower than the overall U.S. median of $21.3 million.
• In 2024, U.S. firms raised $76.8 billion across 538 funds. Despite the substantial dry powder available, with $307.8 billion in capital ready to be deployed, investors have been holding off due to market uncertainty, geopolitical instability, and valuation concerns.
• These factors have contributed to a slowdown in exits, with just 42 IPOs raising $41.2 billion, underscoring the tension between demand for returns from limited partners (LPs) and general partners (GPs) holding out for more favorable conditions. Total M&A activity was $54.5 billion across 1,083 deals. Exits totaled $98 billion across 1,147 deals.
• The VC industry’s total assets under management (AUM) now sits at $1.25 trillion.

“The numbers tell a complex story. While U.S. venture capital remains a cornerstone of the economy and the envy of the world, the path forward is uncertain,” said NVCA President and CEO Bobby Franklin. “ Without smart policies on taxes, M&A, access to capital, and regulation, we risk undermining the very ecosystem that has fueled decades of innovation and job creation. The policy choices made today will directly impact America’s global competitive standing in the future.”

Why it matters:

• As emerging innovation ecosystems begin to take root beyond traditional venture hubs, they require nurturing policies to grow and flourish. Eliminating the carried interest incentive would disproportionately harm early-stage investment, stifling job creation and economic momentum—particularly in the heartland and states beyond that are just beginning to attract entrepreneurial activity.
• Government R&D funding, such as grants from the National Science Foundation (NSF), play a crucial role in advancing fields like medical imaging and artificial intelligence. Reductions in such funding could undermine the U.S.’s global leadership in innovation, leaving it vulnerable to global competitors.
• The IPO window remained shut in 2024. While Republican control in Washington raises hope for a more favorable regulatory environment, uncertainty remains with new leadership, especially at the FTC, given the adoption of the previous regime’s M&A framework and ongoing industry threats like funding cuts and tariffs. As these factors unfold, staying politically engaged is crucial, as upcoming policy decisions will shape America’s innovation leadership globally.

Download the NVCA 2025 Yearbook HERE. Access the public supplemental data pack HERE. NVCA members may access the members-only supplemental XLS data pack by contacting research@nvca.org.

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The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about the NVCA, please visit www.nvca.org