2021

The 2021 set covers Asia-Pacific, Europe, Global, North America. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.

• Global Investment Outlook 2021 — Peak Liquidity — 2021 produced the largest private capital deployment on record. Read forward it looks like a boom; read backward from 2022 it looks like the top. Both readings are correct, and the interesting question is what separated the companies that survived it from the ones that did not.
• US Venture Capital Report 2021 — The Speed Year — 2021 was the year US venture capital stopped competing on judgement and started competing on speed. Understanding why that happened — and why it was rational for each individual participant — explains almost everything about the vintage that followed.
• Asia-Pacific Investment Report 2021 — Regulation as a Repricing Event — While global markets repriced on interest rates, one of Asia-Pacific's largest markets repriced on regulation. The mechanism was entirely different and the lesson is more durable: policy risk is not a discount to apply, it is a variable to model.
• India Venture Capital Report 2021 — The Exit Opens — For a decade India's venture market had a funding problem it had largely solved and an exit problem it had not. In 2021 a series of domestic listings answered the harder question — and answered it in a way that changed what could be built there.
• Digital Assets Report 2021 — Institutional Arrival — The second cycle differed from the first in one respect that mattered: institutions participated. That changed the correlation profile, the infrastructure, and the regulatory stakes — while leaving the underlying valuation problem exactly where it was.
• Europe Venture Capital Report 2021 — A Record Year on Borrowed Capital — European venture funding reached a record in 2021, and a large share of it came from investors whose reasons for being there had nothing to do with Europe. The gap the record appeared to close had only been papered over.