Alongside traditional corporate sponsors, private equity investors are already involved in advancing CCUS-related companies well before FIDs are taken, primarily through VC and growth equity. These investments typically target CCUS projects while avoiding single-asset risk. This approach aligns well with the current maturity of the sector, where portfolios and optionality are often more attractive capture and utilisation technologies, growing sevenfold between 2019 and 2024. This upward trend continued even without considering 2022, which was a peak year for VC investment across all sectors, before overall VC declined in 2023 as asset classes. While VC in CCUS continued to grow through 2023-24 - supported by high-growth segments such as DAC and CO2 utilisation - it fell by 60% in 2025, . This drop was partly fuelled by policy uncertainty, expected returns, notably artificial intelligence. Notes: BECCS = bioenergy with carbon capture and storage. Includes all private equity finance for start-ups before they are publicly listed or acquired (including growth and equity stage). “Project development" includes companies specialising in the development of CCUS solutions as a service, including CO2 transport and storage infrastructure. VC investment in CcUS has risen since 2016 across North America and Europe, led by DAC and advanced capture and utilisation, but slowed down in 2025.