We're Seeing a Reset in Valuation in the US

The reset in valuation is starting to work its way through the private markets and we're seeing that really across all stages. There still has been a decent amount of deal activity to put it into context even though it's down relative to 2021. Last quarter there was 62 billion of venture deal volume in the US. It's still very much an inactive market. I think it's just kind of bifurcating. The best companies in the market will weather the storm and in the same way that they did in 2000 and 2008 will gain market share as less capital efficient competitors with it. Our senior team has had the benefit of investing through multiple market cycles which gives us some unique perspective as it