Private Markets 2024: Signs of Recovery and Opportunity

Executive Summary

After two challenging years, private markets showed clear signs of recovery in 2024. Total funding rose significantly, valuations rebounded, and M&A activity hit a six-year high. Yet this rebound is selective: fewer rounds closed, down rounds remained common, and bridge financing surged — signaling continued caution beneath the headline growth. Jasmine Blue Capital sees a window for disciplined investors to navigate this market with confidence.

What’s Happening?

According to Carta’s latest report on 2024 private markets activity:

• $89 billion raised in 2024, up 18.4% from 2023

• Number of rounds fell by 7.3%, signaling larger deals but tighter selectivity

• Median valuations climbed, particularly for early-stage companies

• 642 M&A transactions recorded, the highest annual total in six years

• 19% of funding rounds were down rounds, consistent with recent years

• San Francisco Bay Area startups raised $29.45 billion, a 54% YoY jump

• Bridge financings increased, especially at Series A

This is a nuanced market: capital is back, but discipline is required.

Why It Matters for Investors

The market’s rebound is not uniform — it rewards:

• Companies with clear growth signals and realistic valuation resets

• Regions like the Bay Area, where capital remains concentrated

• Founders with operational efficiency and market traction

For Jasmine Blue Capital, the parallels with aviation are clear:

• We target asset-backed ventures with global demand

• We align with founders ready for institutional-grade governance

• We avoid hype and concentrate on sustainable, cashflow-focused opportunities

In both tech and aviation, the winners in this market will be disciplined, capital-efficient, and asset-aware.

What’s Next?

Expect continued divergence:

• Top-tier startups and key geographies will attract outsized funding

• Bridge rounds will remain a key financing tool as startups seek runway extensions

• Down rounds will persist for companies that can’t adjust valuations

• M&A activity will stay strong as consolidation accelerates

Investors who understand this landscape will find premium opportunities amid selective recovery.

Join Jasmine Blue Capital

If you’re looking to:

• Capture upside while avoiding overhyped deals

• Access real assets and sectors with global relevance

• Partner with a manager focused on clarity, governance, and yield

📩 Let’s connect. 2024 set the stage — we’re here to help you navigate the next wave with confidence.