Interest rates rising providing a risk free rate substantially higher than the last decade, making it less necessary for investors reaching for yield to get VC asset class exposure. No VC funding, no startups issuing lottery equity tickets.
The situation will improve as the Fed cuts rates, but zero interest rate policy that fueled the previous economic exuberance is unlikely to return due to structural economic changes.
https://fred.stlouisfed.org/series/FEDFUNDS
https://www.goingvc.com/post/how-rising-interest-rates-impac...
https://www.wsj.com/finance/investing/high-interest-rates-cr... | https://archive.today/DPlzm
