The Quiet Retrenchment of Private Capital in Emerging Markets
As rates stay higher for longer, the flow of venture and equity into secondary hubs is drying up.
As central banks pivot toward sustained higher rates, the once-buoyant flow of venture and equity into secondary hubs is drying up, leaving a structural vacuum that state actors are rushing to fill.
The shift is most visible in deal counts below the $25M threshold, where year-over-year volume is down by more than half.