Deal analysis outfit PitchBook today released a new report that underscores how fewer exits are impacting the startup investing ecosystem. 

Among its findings? Beyond what’s commonly known — that a lot of the fundings today are insider rounds and bridge financings aimed at keeping companies alive — cash back to the limited partners (LPs) who fund venture firms has slowed to the global financial crisis levels of 16 years ago. Meanwhile, with LPs snapping shut their checkbooks as their returns slow, the number of VCs and angel investors investing in a startup in the first quarter of this year fell to just 45.5% of those who were striking deals in 2021.

Pressure is building. VCs are sitting on unicorns that now account for $2.5 trillion in value, says PitchBook — and nearly 40% of these have been in their VCs’ portfolio for at least nine years.

Overall, the backlog of companies yet to exit has ballooned to 57,674, a record high, with late-stage companies accounting for 32.4% of those outfits.