Venture Capital’s $2 Trillion Crossroads

Three IPOs could determine the fate of an entire asset class. No pressure.

North American VC AUM forecast to hit $2 trillion by 2030 — sounds healthy until you understand what it actually means.

That $2 trillion represents a 30% increase over five years, or a 5.4% annualized growth rate. For context, AUM grew 78.3% between 2020 and 2025. The engine is cooling and that’s before you account for the enormous uncertainty baked into the forecast.

Let’s break down what’s actually going on.