Venture-backed exit value in the US reached $48.8 billion in the first half of 2022 amid a stock market rout, according to the latest PitchBook-NVCA Venture Monitor. That number marks a steep drop from the record highs of 2021 and amounts to roughly 6% of 2021's exit totals.

If the public market liquidity gap persists for the rest of this year, analysts expect to see more flat and down rounds as startups return to private markets. Additionally, there may be some cause for concern for a cohort of highly valued startups that could struggle to find much-needed liquidity.

Public listings fell to a 13-year quarterly low in Q2, and tougher conditions for SPAC mergers have led to abandoned or canceled deals. However, acquisitions maintained a steady deal count and drove exit value back to the levels of 2019 to 2021.
   
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This article originally appeared on PitchBook News