Best of LinkedIn: Venture Capital CW 39/ 40

The past two weeks reflected an execution-first mood across venture capital. Step-up multiples concentrated in AI, corporate venture capital focused on professionalization, and emerging managers leaned on AI to accelerate launches and LP traction.

Date

September 24, 2025

Venture Capital

Thomas Allgeyer

Methodology: Every two weeks we collect most relevant posts on LinkedIn for selected topics and create an overall summary only based on these posts. If you´re interested in the single posts behind, you can find them here: https://linktr.ee/thomasallgeyer. Have a great read!

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Fundraising and Capital Flows

LPs focus on entry pricing, disciplined pacing, and differentiated manager strategies over broad narratives.
Emerging managers lean on AI to accelerate fund launches and improve LP conversion speed.
Liquidity expectations tighten, making secondaries a practical lever for portfolio optimization.
European LP sentiment improves as exits reopen, creating narrow but active fundraising windows.
Fundraising dynamics favor leaner, focused vehicles over large generalist plays.

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Funding and Rounds

Founder ownership remains central, with investors pushing for clean cap tables at each stage.
Dilution rates decline in AI-driven companies, signaling stronger founder leverage during negotiations.
Step-up multiples reward AI startups, while non-AI rounds face compressed valuations.
Investors emphasize revenue quality and capital efficiency over headline growth.
Structured raise cycles help reduce drop-offs and speed up investor engagement.

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Market Data and Insights

Carta data confirms widening valuation gap between AI and non-AI startups at Seed and Series A.
LP check sizes grow as liquidity events slowly return, creating selective but real deployment pressure.
Performance metrics suggest strong DPI in top vintages while mid-tier funds remain squeezed.
IRRs trend upward for early vintages, indicating healthier cash return patterns.
Macro signals support a gradual reopening of the IPO and M&A windows.

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Corporate Venture Capital

CVCs increase professionalization, focusing on speed, governance, and structured decision-making.
Secondaries emerge as a key lever for portfolio liquidity and strategic rotation.
Balance sheet independence becomes a critical topic in internal fund structure debates.
AI remains the dominant investment theme, with CVC allocations sharply increasing.
Governance maturity separates fast-moving strategic investors from slow operators.

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Partnerships and Strategic Alliances

Strategic alliances aim at faster distribution and credible commercial traction.
Investors favor partnerships tied to concrete business milestones, not branding exercises.
Collaborations accelerate customer acquisition and de-risk early GTM efforts.
Ecosystem players align around data access and product validation deals.
Channel-driven alliances outpace broader co-marketing initiatives.

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People and Talent

New hires concentrate on AI expertise, GTM enablement, and data capabilities.
Networks of female investors expand visibility and access for underrepresented founders.
Advisory hires strengthen portfolio support and operational depth.
Founders increasingly build around operator networks to accelerate early traction.
Talent movements align with execution-driven strategies rather than headline announcements.

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Policy and Regulation

Regulatory conversations emphasize clean governance and audit readiness during capital raises.
Institutional investors favor funds with clear reporting and compliance structures.
Liquidity and disclosure rules shape new fund models more directly.
Governance frameworks become a screening factor in LP diligence.
Funds anticipate stricter reporting standards as capital flows normalize.

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