硅谷银行：2025年下半年市场状况报告（英文版）

It’s not your dad’s venture ecosystem. Venture has evolved since we started our careers. It has gone from a mere cottage industry to a pillar of private markets and technological innovation. In the ’80s and ’90s, a handful of venture funds — small by today’s standards — located in Boston and on Sand Hill Road were the epicenter of venture. Today VC funds operate from coast to coast and draw on global pools of capital. Funds themselves are more sophisticated, utilize new structures to tap diff