lps are abandoning the us midwest this year (and it doesn’t make sense)

Venture funds based in the U.S. saw record fundraising in the first half of this year, but some regions saw little to none of that LP capital.

The Midwest took a huge fundraising hit in H1 2022, no matter which states you choose to include in the region. According to PitchBook data — we are combining the Great Lakes and Midwest regions for a broader view — $3.4 billion was raised across 20 funds. This shows that the region is not on track to match last year’s total of $9.7 billion across 81 funds.

In July, Chicago-based MATH Venture partners announced it would not be raising a third fund because it could not secure enough investor interest. This is despite 50 of the firm’s 72 investments remaining active and 10 exits under its belt.

This creates a disconnect because while LPs are shying away from the region, VCs are not.

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