PE/VC penetration rate in private companies in the U.S. 2023, by state
As of September 2023, private equity and venture capital-backed companies represented 3.5 percent of total private companies in the United States. The U.S. state with the largest PE/VC penetration rate was California, with seven percent. By contrast, West Virginia, Mississippi, and North Dakota were at the bottom of the list, with a penetration rate of less than one percent.