2025

Annual Alpha Industry Report '25

How capital scarcity and conviction-led strategies are reshaping venture, where alpha accrues to managers who move before consensus.

Key findings

01
VC funds raised $76B in 2024 — the lowest in a decade — creating a capital scarcity environment that favors conviction-led strategies.
02
Reviewed 950 applications covering approximately 80% of the market across 68 countries.
03
77% of applicants demonstrate deep domain fluency and two-thirds concentrate on a single sector.
04
New frontiers are emerging in secondaries, specialist buyouts, climate, defense, and applied AI.