Dear Partners, LPs, and Friends,Heading into 2025, the venture capital market has a new vibe. Optimism is on the rise again. Why exactly? For most,it’s the combination of the dawn of the AI era, plus the election of a new business-friendly administration (stocked withVCs, no less) that could cut regulation and get private equity firms and corporations back into acquisition mode. Itmight even break what some have called a 25-year backlog on IPOs.