Even a raging pandemic and sagging economy could not slow down startupland, which set new records for deal value, exit value and capital raised.

Investors deployed $156.2 billion into startups, liquidated $290.1 billion of value via exits and closed on $73.6 billion in traditional VC funds, according to the PitchBook-NVCA Venture Monitor released Thursday, which is jointly produced by PitchBook and the National Venture Capital Association (NVCA). Firms are starting this year with $152 billion in dry powder at their disposal.

"The unprecedented macro events of 2020 did not deter the overall VC industry, which reached another banner year across the venture cycle," said Bobby Franklin, president and chief executive of NVCA, in a prepared statement.

At least one out of every 10 venture investment dollars flowed through Los Angeles, which continued to demonstrate its heft as a tech hub, trailing only the Bay Area in total deal value. That was tied with New York, but whereas that city saw a 16.9% decline in deal value, Los Angeles saw a 38.9% increase.

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If you were trying to close your new venture fund in the spring, you probably had a lot of sleepless nights and frantic Zoom meetings as limited partners tried to shore up their existing portfolios amidst Wall Street turmoil.

But after the initial shock from coronavirus wore off and public markets sharply rebounded, 2020 turned out to be a great year to raise a new fund, with the major caveat that you are well-established and raising lots of capital.

Bigger was definitely better.

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Jordan Fudge – Black, openly gay, and only 28-years old – recently closed one of the largest venture funds in Los Angeles history, which he runs out of a lavish Bel Air mansion. He has raised nearly a billion dollars in dry powder from a reclusive billionaire in Germany, who he got connected to through his personal trainer.

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