The spike in growth funds
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One of the many consequences of COVID was a shift in strategies among investors. The chart above is from PitchBook’s Quantitative Perspectives: US PE Enters a New Regime. It shows a relative spike in growth funds starting in mid-2021, relative to all fundraising done that year. The landscape had shifted at the time, with GPs finding growth-oriented opportunities and LPs anxious to get exposure to them. Both fund counts and fund value leapfrogged their historical averages as a result.