China’s venture-capital boom, which spawned some of the world’s most valuable technology companies and dozens of rags-to-riches entrepreneur tales in recent years, has come to an end.

A year after an abrupt turn in investor confidence in the growth and profit potential of Chinese tech startups, venture-capital fundraising in the world’s second-largest economy is on pace to touch its lowest level since 2013.

Investors that bet on the rising fortunes of innovative startups are now finding it difficult to cash out at a profit, as the pace of Chinese startups going public has slowed. Many venture funds are sitting on large unrealized gains that were the result of soaring valuations of private tech companies in recent years. The worry is that investors in the public markets won’t pay high prices for companies whose outlooks have dimmed as China’s economic growth slows.

“In China, investors used to think they could make quick and high returns in private equity and venture capital. A lot of them have now gotten burnt,” said Weijian Shan, chairman of Asia-focused buyout firm PAG Group. Investor losses from companies such as failed Chinese bike-sharing startups and struggling electric-vehicle makers have made many think twice about backing other fledgling businesses.

Some 61 China-focused venture-capital funds completed fundraising this year through October, raising $12.6 billion, according to Preqin, a financial data provider. Without a surge in activity in the last two months of 2019, the tally—which includes both U.S. dollar- and yuan-denominated fundraising—will likely fall far short of the $25.6 billion raised last year by 170 funds.