Global private equity-backed funding activity slowed in October, according to S&P Global Market Intelligence data.

Venture capital deal count declined 24% year over year to 1,151. Total value came in at $18.80 billion, down 28.7% from the same period in 2023.

On a month-over-month basis, deal value dropped from $20.95 billion in September. The number of transactions also slipped from 1,307.

– Download a spreadsheet with data in this story. – Read about global venture capital activity in the third quarter. – Explore more private equity coverage.

The technology, media and telecommunications industry remained the biggest recipient of global venture capital investments in October, attracting 33.9% all funding committed. It was followed by the healthcare sector, which accounted for 21.1% of the total.

Within the TMT sector, application software companies recorded the largest number of private equity-backed funding rounds in February at 265, although that was lower than the 372 rounds in the same month in 2023. Interactive media and services companies came second with 42 funding rounds.

Largest deals

The two biggest private equity-backed funding rounds announced in October were for energy companies.

In the biggest funding round in the month, fusion energy startup Pacific Fusion raised more than $900 million in a series A funding round led by General Catalyst Group Management LLC.

Nuclear reactor and fuel technology company X Energy LLC raised about $500 million in a series C-1 financing round. Ares Management Corp. and NGP Energy Capital Management LLC participated in the round.

Through Oct. 31, the aggregate transaction value for global venture capital funding rounds this year has fallen 3.2% from a year earlier to $230.91 billion.

The number of deals over the same period declined to 12,666 from 14,615.