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By Géraldine CANETTE, Laurent CAPOLAGHI Vincent RIETSCH, EY Luxembourg*
Venture capital is shifting from growth-driven expansion to a concentrated, resilience-focused model, where AI-led deals, strategic sectors, and real-world deployment redefine investment dynamics.
When the recovery narrative breaks down
At first glance, 2025 seemed to confirm a stabilization in venture capital markets, supported by resilient capital deployment and a limited number of high-profile exits, largely driven by AI. Yet beneath these aggregates, the market told a more constrained story: rather than a broad-based recovery, activity remained highly selective, with fewer deals, stable capital levels, and...
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