Kyle Stanford

“Some of these secondary hubs may be benefiting from their proximity to top startup cities, noted Kyle Stanford, PitchBook's director of US VC research.”

“Total value to paid-in capital (TVPI)... is a better indicator at the fund's midway point of where the vintage is headed.”

“"The average DPI for 2021 vintage funds is 0.05x, the lowest five-year DPI multiple this century."”

“PitchBook venture capital analyst Kyle Stanford notes that sinking post-IPO shares have been common for venture-backed companies for years, 'at least until their financials mesh a bit better with how public market investors price companies.'”

“Bylined on the Q2 private markets dashboard article”

“The first half of 2026 ushered in record-breaking activity and deals amid a market that remained otherwise muted. But beneath the splashy headlines, the venture capital market continued to evolve in increasingly clear and undeniable ways.”

“VCs squeezing into the round and paying a premium for that privilege is risky, said Kyle Stanford, PitchBook's director of US venture capital research.”

“"These deals are unprecedented in size, and with that comes the need of large crossover investors to fill out the round." — Kyle Stanford, PitchBook Director of US VC Research”

“US crossover deal value hit a record $220.9 billion across only 178 deals — a stark contrast to the 425 deals of Q4 2021's prior peak of $50.3 billion.”

“"Venture debt and private credit in VC-backed companies has shifted toward late stage because of the growth of AI and the need for debt financing for things like data centers or chips, which equity would be too expensive." — Kyle Stanford, Director of VC Research, PitchBook”