In the venture capital business, a rising tide lifts all boats.

That’s the idea, at least. A new report released today by Seattle-based PitchBook shows that U.S. venture firms have plenty of capital to invest in new companies, after 328 venture funds raised a total of $51.6 billion in 2016.

That’s a high-water mark for VC fund-raising in the post dot-com era. The report shows, however, that venture firms also were more selective about their investment deals in 2016. Deal sizes have been getting bigger, companies are staying private longer, and VCs are looking for greater traction and growth benchmarks throughout the venture lifecycle, the report said. Read the full story here.