New York-based VC firm Insight Partners has lowered the fundraising target of its 13th fund from $20B to $15B. So far, the firm has secured commitments worth $2B toward the new fund. However, it informed institutional backers about its decision citing the "great reset in tech." The firm still has about $10B of dry powder available from its previous funds but will slow down its deployment as it is "not seeing a volume of companies that [it is] excited about."
U.S.-based VC firms raised record-high funds worth $171B in 2022, exceeding the previous record of $154B set in 2021.
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