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PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in 2018 February 2019 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in 2018

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PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in 2018 February 2019 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in 2018 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN 2018 February 2019 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN 2018 CONTENTS 2 Foreword 3 Deals & Exits 6 Fundraising 9 Funds in Market 11 Micro Venture Capital 14 Performance 16 Fund Managers 18 Investors Preqin partnered with First Republic Bank to prepare this information regarding US Venture Capital. This report is for information purposes only and is not intended as an offer, solicitation, advice (investment, legal, tax, or otherwise), or as the basis for any contract. First Republic Bank has not independently verified the information contained herein and shall not have liability to any third party in any respect for this report or any actions taken or decisions made based upon anything contained herein. This information is valid only as of January 2019 and neither Preqin nor First Republic Bank will undertake to update this report with regard to changes in market conditions, information, laws, or regulations after the date of this report. This report may not be further reproduced or circulated without the written permission of Preqin and First Republic Bank. All rights reserved. The entire contents of Preqin and First Republic Update: US Venture Capital in 2018 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin and First Republic Update: US Venture Capital in 2018 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin and First Republic Update: US Venture Capital in 2018. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin and First Republic Update: US Venture Capital in 2018 are accurate, reliable, up to date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin and First Republic Update: US Venture Capital in 2018 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. 2 ©Preqin Ltd. / www.preqin.com DOWNLOAD DATA PACK: www.preqin.com/FRUSVC18 FOREWORD n another strong year for US venture capital, 2018 reached industry record highs across multiple metrics, continuing a nearly decade-long growth trend. As highlighted throughout this report, the US venture capital market remains buoyed by a Inumber of factors including widespread technological adoption across verticals, along with a healthy exit and fundraising environment. Some of the highlights of 2018 include: ■ US-based venture capital funds raised $47bn MIKE SELFRIDGE in the year on 365 fund closures, representing Chief Banking Officer, First Republic Bank nearly 3x the amount of capital raised by US venture capital funds in 2009. Despite the second lowest deal total over the past seven venture capital vehicle over 2017’s $3.3bn fund years, $98bn was deployed in venture-backed from NEA.1 This latest fund makes Tiger Global companies, up 26% from 2017’s previous record the largest venture capital fund manager in high. This is directly correlated to the growth in the country by both funds raised in the past 10 the number of $100mn+ ‘mega rounds.’ years and estimated dry powder. ■ Exit volume by dollar was also quite robust in 2018, totalling $87bn in aggregate exit value – Based on very strong secular trends around the largest figure recorded since the dot-com technology creation and adoption, along with era. That being said, the total number of exits in continued tailwinds for venture capital dry powder the US was the lowest since 2009, with four exits and fundraising, 2019 appears to be poised for accounting for a combined $29bn: another robust year. » AveXis, Inc. ($8.7bn) » Qualtrics, LLC ($8.0bn) » GitHub, Inc. ($7.5bn) » Tesaro, Inc. ($5.1bn) ■ A record 239 micro venture capital funds closed in 2018, securing an all-time high of $7.2bn, 4x the amount raised in 2009. Of the capital raised in 2018, 39% was secured by 88 first-time funds. Early-stage strategies (including seed) account for the largest proportion of micro venture capital funds in market (63%) and the largest proportion of capital targeted (60%). ■ 2018 crowned a new title holder for largest venture capital firm. Tiger Global Management closed the 11th fund in its flagship series for $3.75bn, becoming the largest US-based 1 Please note, growth funds are excluded from venture capital analysis and as such Sequoia Capital Global Growth Fund III ($8bn closed in 2018) is not included in the dataset. Preqin defines ‘growth’ as: funds typically taking significant minority positions in companies without the use of leverage. Targeting profitable, but still maturing, investee companies with significant scope for growth. Investment horizons are mid-to-long term, similar to those seen with buyout funds. 3 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN 2018 DEALS & EXITS record $98bn in venture capital was invested capital deal recorded in the US in 2018 was the in US-based companies across 5,223 deals $1.25bn Series A funding round for Epic Games, Inc., announced or completed in 2018 (Fig. 1). the company behind popular video game Fortnite, While the annual number of deals has been with KKR and Vulcan Capital participating as lead on the decline since the previous record of investors (Fig. 4). Software was the most targeted A6,700 set in 2014, aggregate venture capital deal value industry for US-based venture capital investment for US-based companies reached a record high in in 2018, representing 30% of deals and 27% of deal 2018. value (Fig. 3). Early-stage investments (Series A and earlier) High valuations in the venture capital market led to accounted for 54% of 2018 venture capital deals and a record year for exit value in the industry: 634 exits 22% of capital invested (Fig. 2). The largest venture were completed for $87bn in 2018, the highest annual Fig. 1: Venture Capital Deals* for US-Based Companies, 2009 - 2018 8,000 120 6,700 6,421 Aggregate Deal Value ($bn) 6,044 6,127 98 100 6,000 5,309 5,021 5,253 5,059 76 80 4,188 78 4,000 3,501 62 66 60 42 No. of Deals 31 40 2,000 38 39 27 20 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 No. of Deals Aggregate Deal Value ($bn) Source: Preqin Pro Fig. 2: Venture Capital Deals for US-Based Companies in 2018 by Stage 30% 29% 25% 25% 25% 19% 20% 18% 18% No. of Deals 15% 15% 8% 8% Aggregate 10% 7% 6% 7% 6% Proportion of Total Deal Value 5% 3% 2% 3% 1% 0% 0% 0% 0% PIPE Grant Angel/Seed Expansion and Later Venture Debt Add-on & Other Growth Capital/ Series A/Round 1 A/Round Series Series C/Round 3 Series B/Round 2 Series D/Round 4 Source: Preqin Pro * Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. 4 ©Preqin Ltd. / www.preqin.com DOWNLOAD DATA PACK: www.preqin.com/FRUSVC18 total value on record (Fig. 5). Trade sales remain the Fig. 3: Venture Capital Deals* for US-Based most common method of exit, accounting for 75% Companies in 2018 by Industry of all exits of US-based portfolio companies in 2018, 35% despite the total number decreasing from 2017. Eight 30% of the 10 largest exits in 2018 were trade sales, led 25% by the $8.7bn trade sale of AveXis, Inc. to Novartis 20% International AG in April 2018 (Fig. 6). 15% 10% Proportion of Total 5% The number of US-based IPOs increased year over 0% year, with 78 venture-backed IPOs recorded in 2018, compared with 60 in 2017. Furthermore, the number Other Internet Other IT Telecoms Cleantech Consumer of sale-to-GP transactions reached an all-time high ealthcare Discretionary in 2018 of 69. The largest sale-to-GP exit of the year Business Services Business Food & Agriculture Food & was the sale of Apptio, Inc. to Vista Equity Partners for Related Software & No. of Deals Aggregate Deal Value $1.94bn. Source: Preqin Pro Fig. 4: Largest Venture Capital Deals* for US-Based Companies in 2018 Portfolio Deal Deal Size Total Known Primary Stage Investor(s) Company Date (mn) Funding (mn) Industry Altimeter Capital Management, aXiomatic Gaming, LLC, Iconiq Capital, KKR, Kleiner Perkins Caufield Epic Games, Inc. Series A/Round 1 26-Oct 1,250 USD 1,250 USD Gaming & Byers, Lightspeed Venture Partners, Smash Ventures, Ventures West Capital, Vulcan Capital View, Inc. Unspecified Round 2-Nov 1,100 USD 1,833 USD SB Investment Advisers Cleantech Lucid Motors, Inc. Unspecified Round 17-Sep 1,000 USD 1,131 USD Public Investment Fund Cleantech CPP Investment Board, DFJ Growth, DivcoWest, Greenoaks Capital, HCM, Khosla Ventures, Navitas Katerra Inc.
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