2025-06-16-PitchBook-2025年上半年风险投资技术调查_投资者对人工智能_交易和融资的见解（英）_15页_1mb

H1 2025 VC Tech Survey: Key Insights

• Moderate Tariff Impact: 84% of VC investors expect minimal to moderate disruption from recent tariffs, primarily citing higher supply chain costs (64%) and slowed growth (50%). Manufacturing and semiconductors are seen as most vulnerable, contradicting tariff intentions.

• Strategic Deal Adjustments: Despite 45% noting LP risk aversion, 53% actively seek deals, with 34% exercising increased scrutiny. Domestic investments in strategic sectors (63%) are expected to rise due to trade tensions.

• AI Adoption Trends: Barriers include unclear use cases (45%), workforce skills, and high costs. AI disruption is expected in fintech (52%), healthcare (45%), and enterprise tech (45%). Robotics and quantum computing remain prominent in deep tech investments.

• Fundraising and Exits: Only 38% expect funding growth for tech startups (down 20% from prior), while 28% predict declines. Exits are expected to stagnate or decline (75%), with drivers including interest rate declines and tariff stability.

• Regional Investments: Europe is the most attractive non-US region (48%). 60% plan new funds within two years, but timelines are extending to three-to-five years annually.

• Secondary Markets: Secondary investments are increasing as a liquidity alternative, reflecting extended fund cycles (60%) and cautious M&A activity.