While we previously reported that open search volume was up 12% QoQ in Q1, we now have insight into where that growth came from.

The short answer? Everywhere.

All four asset classes we track—public, private, PE and VC—saw growth in Q1, the first time that’s happened in a year.

And while 2023 was a leveling out, Q1’s performance feels like it might—finally—be the bottom of the market.

Though public companies had the strongest quarter, it was venture capital that likely feels the best about its market development.

By Q4 2023, opened search volume among the VC asset class was half of what it was at its peak in Q3 2021—with only one quarter of QoQ growth during the search volume downfall.

For VC, especially, this feels like the sort of “green shoot” we referenced in late February. For others, like public company, it feels like a possible accelerant.