For U.S. VCs, average fund size this year hit $153.5 million. But fundraising is only going well for a select few, PitchBook data shows.

Olivia Rodrigo (Credit: Debra L Rothenberg/WireImage)

“God, it’s brutal out here,” as Olivia Rodrigo would say. 

I’m barely being facetious: Data pretty clearly suggests that, for lots of fundraising VCs right now, it is brutal out here. But there are nuances to this, as illustrated in PitchBook’s just-published mid-year update to its 2024 U.S. Venture Capital Outlook.