The Fundraising Market is Stable, Despite Public Market Fluctuations. The dollars in and out of the venture market are relatively constant. LPs are investing into venture capital at a steady, and likely increasing rate. Over the last five years, dollars into the venture industry has remained at or below the 12 year median. 2014 looks to be a bit of a stronger year. VCs are investing at a relatively constant pace and at a relatively constant average dollars per investment. The public market correction in consumer and enterprise stocks in February was real and significant, deflating consumer by 25% and enterprise by 40%+. Many of those companies have rebounded some since the lows, but institutional investors have broadly cycled from growth to value stocks. Valuations may be more varied but total capital invested in startups is constant.