Q2 2022Since our last report, the world has seemingly been turned upside down. So far, 2022 has tempered the unprecedented activity we witnessed in 2021. Public markets have reversed course over investor concerns with rising inflation and interest rates as well as continued talent and supply constraints, not to mention the war in Ukraine. The US economy shrank in Q1 2022 for the first time since the pandemic hit. Private equity (PE) and venture capital (VC) fundraising delivered mixed results, investment experienced a modest slowdown across the board and private valuations, especially at the late stage, have seen a recalibration. Lastly, exits have slowed as IPOs came to an abrupt halt. Despite the headlines, we are optimistic. Limited partners (LPs) remain committed to the space following a year of record distributions. Periods of volatility give rise to significant innovation, which has seen some historic companies created. Funds investing during periods of uncertainty have realized healthy returns. With an environment that is rapidly changing, investors will need to be extra vigilant, thinking about a broad range of factors, from financing strategies, to cybersecurity, t