By now, the news that the pace of venture capital funding in recent months has been on a downward trend should come as no surprise. In May 2022, global venture capital funding dropped to $39B, well below the $70B peak that venture capital funding had reached in November 2021. The May number also represented the first month in more than a year when venture capital funding declined to below $40B. With global public capital markets in a tumultuous rout over the last few months, private markets seem to be merely playing catch up.