2023

The 2023 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 2023 — Narrow Leadership and the AI Pivot — 2023 delivered strong index returns from a very small number of companies, a regional banking failure that did not become a crisis, and the arrival of a theme large enough to absorb capital regardless of the rate environment. The three are more connected than they appear.
• US Venture Capital Report 2023 — The Reset — By 2023 the deferrals had run out. The bridges converted, the runway extensions expired, and US venture capital finally priced the reality it had spent eighteen months postponing — while a single new category absorbed a disproportionate share of everything still being deployed.
• Asia-Pacific Investment Report 2023 — The Reallocation Year — 2023 was the year allocators stopped treating Asia-Pacific as one exposure. The unbundling of a single regional allocation into distinct country positions is the most consequential change in how the region is invested in a decade.
• India Venture Capital Report 2023 — The Funding Winter That Wasn't Uniform — India's 2023 contraction was widely reported as a funding winter. The more accurate description is a change in what gets funded — and the businesses that struggled were largely those whose models the market had already been questioning.
• Secondaries Market Report 2023 — The Only Door — With listings closed and sales scarce, secondaries stopped being one exit route among several and became the only one that worked. An asset class discovers what a market is really for when it is the last one open.
• Europe Venture Capital Report 2023 — The Tide Goes Out — Imported capital left, and the growth-stage gap reappeared exactly where the 2019 report said it was. Four years had passed, a record had been set, and nothing structural had changed.