The year started with expectations (and signals) of a reset for venture. LPs scrutinized valuations and venture-backed companies were scurrying to recalibrate burn rates, growth targets, and fundraising plans, hoping to grow into overly optimistic valuations. As 2023 unfolded public markets rallied and fundamentals held up, delaying the anticipated reckoning. Midway through the year we see swirling crosscurrents in venture that need to be carefully considered and monitored. Managing Partners Catherine Crocket and Bruce Ou summarize the key trends in venture and aspects of the current landscape that make it an attractive period for experienced LPs.