As of September 2023, private equity and venture capital-backed companies represented *** percent of total private companies in the United States. The U.S. state with the largest PE/VC penetration rate was California, with percent. By contrast, West Virginia, Mississippi, and North Dakota were at the bottom of the list, with a penetration rate of less than *** percent.
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S&P Global Market Intelligence. (October 16, 2023). Private equity (PE) and venture capital (VC) penetration rate in private companies in the U.S. 2023, by state [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 31, 2026, from /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/
S&P Global Market Intelligence. "Private equity (PE) and venture capital (VC) penetration rate in private companies in the U.S. 2023, by state." Chart. October 16, 2023. ÌÇÐÄÆƽâ°æ. Accessed July 31, 2026. /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/
S&P Global Market Intelligence. (2023). Private equity (PE) and venture capital (VC) penetration rate in private companies in the U.S. 2023, by state. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 31, 2026. /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/
S&P Global Market Intelligence. "Private Equity (Pe) and Venture Capital (Vc) Penetration Rate in Private Companies in The U.S. 2023, by State." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 16 Oct 2023, /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/
S&P Global Market Intelligence, Private equity (PE) and venture capital (VC) penetration rate in private companies in the U.S. 2023, by state ÌÇÐÄÆƽâ°æ, /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/ (last visited July 31, 2026)
Private equity (PE) and venture capital (VC) penetration rate in private companies in the U.S. 2023, by state [Graph], S&P Global Market Intelligence, October 16, 2023. [Online]. Available: /statistics/297067/pe-vc-penetration-rate-in-private-companies-us/
