Company execs don't want to raise money at today's lower valuations, because it signals desperation and hurts employee morale. Execs would rather borrow money i

Company execs don't want to raise money at today's lower valuations, because it signals desperation and hurts employee morale. Execs would rather borrow money in the form of "bridge financing." Many execs are crossing their fingers that valuations will go back to previous levels soon enough. VC execs don't want their portfolio companies to raise money at today's lower valuations, because it would require portfolio write-downs, impacting fund returns, and making it harder to raise new funds. VCs must raise new funds regularly to stay in business. LPs that invest in VC funds, like college endowments and pension plans, don't want fund portfolio companies companies to raise money at today's lower valuations, because it would require write-downs, impacting their reported performance.