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  "documentTitle": "cb q1 2024 ie outlook report",
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      "text": "The number of active VC firms declined 32% from its peak in Q4 2021, based on PitchBook data. Some firms closed while others are “zombies,” meaning they can’t liquidate their assets or raise a successor fund.",
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      "text": "*For a VC firm to be categorized as active, it needed to have made at least one investment in the last six months. U.S. information business formations based on U.S. seasonally adjusted high-propensity business applications. Early-stage demand-to-supply ratio is an estimated measure from PitchBook.",
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