Venture debt is up 40%.

Growth rounds are gone.

Bridge rounds are lies.

Down rounds are private.

Investors say “we’re doubling down.”

The portfolio says otherwise.

This isn’t discipline.

It’s surrender with good lighting.

Everybody pivoted to AI.

Nobody pivoted the burn.

This cycle isn’t cleansing.

It’s quiet quitting at the fund level.

Boardroom silent.

Covenants loud.