Finance and Insurance giving way to newcomers The large overall decline in total investment volumes means that to measure the relative growth of different sectors over time, the change in share of overall investment per sector is the most useful metric. Comparing the sector-level distribution of capital in 2023 vs. 2022 in this way highlights the large increase in the overall share of capital invested in the Carbon & Energy sector, representing a share gain of over 19 per- centage points. This year has also seen a large share gain of capital investment into Enabling Technologies, which includes core technology such as AI Infrastructure, Quantum Computing, and Semiconductors. The Health sector is the only other sector that captured a meaningful relative gain in share of investment, up over three percentage points in 2023 vs. the prior year. The Finance & Insurance sector accounted for the largest overall year-on-year declines in share of invest- ment, representing a loss of almost 10 percentage points of share of capital invested. This was followed by the Software sector, which saw a drop of eight percentage points in its 2023 share of investment vs. 2022 levels. Change in share (percentage points) of total capital invested by sector Carbon & Energy Enabling Technologies Health Digital Infrastructure Social, Arts, Entertainment … Education Food and Drinks Transportation Wholesale & Retail Warehousing & Manufacturing Software Finance & Insurance -15 -10 -5 0 5 10 15 20 25 Percentage point change Notes: Data is as of 30 September 2023. Excludes the following: Sources: Powered by biotech, secondary transactions, debt, lending capital, and grants. 133 | Companies