There is yet another report in the news on a lot of capital waiting to be invested, potentially chasing fewer investment opportunities. This usually means higher multiples being paid and lower required rates of return - a similar phenomenon as we see in the public market.
Through the first seven months of the year, the amount raised is set to outpace the high-water mark set in 2008—and it's already exceeded full-year totals for 2012 through 2014, according to data from the most recent PitchBook PE & VC Fundraising Report.
https://pitchbook.com/news/articles/first-time-vc-fundraisers-on-pace-for-record-year
