May slowed down. Deal value dropped to $22.5B, down from $25.8B in April. That’s also around 34% lower than May last year. But YTD still ahead - $161.5B raised so far compared to $129.5B by this time in 2024. So there’s movement.. just more cautious. 1) What stood out: •TMT(tech/media/telecom) continues to lead - $7.4B raised across 373 deals •Application software was the busiest subsector with 193 rounds 2) Mega-rounds haven’t stopped: •Acrisure - $2.1B (Bain Capital) •HUB International - $1.6B •Grammarly - $1B from General Catalyst 3) Accel and Khosla were two of the most active firms - each jumped into 12 deals in May 4) Some serious capital still chasing AI and infrastructure bets But overall: •LPs and GPs are pacing their moves •AI’s still hot, but most of the cash is flowing into the top 1% •Corporate VCs are still active - driving nearly half the global deal value so far this year Feels like AI’s soaking up all the attention while the rest of the market stays quiet.
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