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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →U.S. venture-capital exit value was $71.4 billion in calendar 2022, down 90.5% from $753.2 billion in 2021, according to the Q4 2022 PitchBook-NVCA Venture Monitor. The report, published January 12, 2023, said it was the first annual total below $100 billion since 2016. These are historical figures through December 31, 2022—not a measure of today’s market.
What the 2022 figures show
The PitchBook-NVCA Venture Monitor reported $71.4 billion in U.S. venture exit value for 2022, compared with $753.2 billion in 2021. The resulting 90.5% year-over-year decline was a fall in reported exit value, not a 90.5% drop in the number of exits.
| Measure | Reported figure | What it describes |
|---|---|---|
| 2022 U.S. venture exit value | $71.4 billion | Calendar year through December 31, 2022 |
| Change from 2021 | Down 90.5% | Comparison of annual exit value |
| 2021 U.S. venture exit value | $753.2 billion | Prior-year comparison |
| Q4 2022 exit value | $5.2 billion | The report’s lowest quarterly total in more than a decade |
| Q4 2022 public listings | 14 | Listings during that quarter; a count, not an exit-value figure |
The annual and quarterly figures are from the Q4 2022 PitchBook-NVCA Venture Monitor. The NVCA report page identifies its publication date as January 12, 2023.
What “exit value” does—and does not—mean
The report presents annual exit value separately from exit count. Its retrieved figures do not fully specify transaction-inclusion rules or valuation conventions, so the $71.4 billion should be described as the report’s U.S. VC exit-value measure—not as cash distributed to venture funds, the value of every startup sale, or a complete accounting of startup liquidity.
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Exit value also is not interchangeable with the number of exits or public listings. The report’s 14 public listings is a quarterly count; it does not say that all exits were listings, nor does it provide a compatible breakdown here for comparing listings with acquisitions or other exit types.
Why was exit value so low?
The Venture Monitor characterized the exit environment as lethargic. It reported only $5.2 billion in Q4 exit value and 14 public listings that quarter. Its contemporaneous commentary discussed reduced public-market appetite, rising interest rates and recession risk as factors in the environment. That discussion provides market context, not proof that any single factor caused the full-year decline.
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How the 2022 result compares with later reporting
The $71.4 billion figure remains the Venture Monitor’s observation for calendar 2022; later data do not revise that historical period. NVCA’s 2026 Yearbook reports $217.1 billion in U.S. venture-backed exit value across 1,463 exits in 2025. Treat that as later context, not a guaranteed apples-to-apples update: comparisons should use the same geography, period, report series and metric, and the cited figures alone do not establish that every methodology detail is identical. The NVCA 2026 Yearbook provides the 2025 figures; NVCA’s Venture Monitor hub carries current report context.
For a personal-finance reader, the main takeaway is about the reported venture market: in 2022, the value of U.S. VC exits fell sharply from its record 2021 level. It is not, by itself, a measure of household finances or a forecast of what investors will receive.
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