PitchBook-美国各地区按系列区分风险投资回报.pdfVIP

InstitutionalResearchGroupDiferentiatingVCReturns

KyleStanford,CAIA

Director,VCResearchbySeriesAcrossUSRegions

kyle.stanford@

Howregionaldynamicsimpactreturnsexpectations

pbinstitutionalresearch@

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

PublishedonMarch4,2026

accurate,andhard-to-inddataforprofessionalsdoingbusinessintheprivatemarkets.

Contents

Keytakeaways1

Keytakeaways

Introduction2

Marketcomparison3•TheUSventuremarkethasbecomeincreasinglyconcentratedinAI,largeinvestors,

Marketreturndrivers8andlargemarkets,speciicallytheBayArea.Annualizedreturnssuggestthis

concentrationintotheBayAreaandNewYorkisnotatthesacriiceofreturns,

PressuresonVCallocation11

despitethehighamountofcapitalinvestedintothemarkets.TheBayArea(31.2%)

andNewYork(39.6%)deliverhigherannualizedreturnsonseedinvestmentsthan

anyotherregionintheUS.

•Annualizedreturnsacrossdifferentmarketsconvergeasinvestmentsmovelater