It's going to get a lot harder for startups to raise venture capital in the coming years. By Q3 2025, VC fund managers raised ~$45B this year, down -75% from the peak in 2022, back to levels 8yrs ago. Meanwhile, ~$330B of capital was deployed last 4Qs, almost as much as the peak of ~$380B in 2021. The difference between funds deployed and funds raised hasn't been so large in a while (even in 2021). Dry powder for new investments is drastically reducing. Fewer funds will survive. And it's going to far harder for startups to find capital if this continues.