This isn't really applicable for high-growth venture backed companies because generally, they aren't leverageable. It's almost impossible to lever a minority eq

This isn't really applicable for high-growth venture backed companies because generally, they aren't leverageable. It's almost impossible to lever a minority equity investment in a private company. It's true equity capital going into late stage VC / growth equity. However, for mature tech businesses that have real cash flow, LBO valuations are driven by a levered cash flow yield. Valuations in this world are increased with higher debt availability and low interest rates. The primary mechanism by which low interest rates influence late stage VC / growth equity valuations is in the amount of capital the LP community / institutional investor base allocates to those asset classes. Right now, that allocation is quite large driven by the need to move into riskier asset classes to drive investment yield.