DOCSLIB.ORG

PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q3 2019 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q3 2019 Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q3 2019 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q3 2019 Contents PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q3 2019 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q3 2019 Contents 3 Foreword 4 Deals & Exits 8 Fundraising 11 Funds in Market 13 Micro Venture Capital 16 Performance 18 Fund Managers 20 Investors Data Pack The data behind all of the charts featured in this report is available to download for free. Ready-made charts are also included that can be used for presentations, marketing materials and company reports. To download the data pack, please visit: www.preqin.com/FRUSVCQ319 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 October 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 Q3 2019 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 Q3 2019 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 Q3 2019. 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 Q3 2019 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 Q3 2019 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. © Preqin Ltd. www.preqin.com 2 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q3 2019 Foreword Venture capital deal activity in the US slowed slightly in Q3 2019, dropping to 1,027 deals and $22bn in capital deployed. In spite of this, full-year deal activity is on track to set a new annual record for venture capital in the US. Early-stage investments (seed and series A) played a significant part in the activity, accounting for 51% of completed deals and 19% of total deal value. The exit environment is also healthy – 418 exits were valued at an aggregate $65bn as of the end of Q3 – and may exceed the total dollar value of exits in 2018. Samir Kaji Senior Managing Director, First Republic Bank Fundraising for venture capital remains robust, as nearly 300 funds have closed through Q3 (raising a funds. The median return across this vintage range total $35bn). Only two expansion/late-stage funds stands at 14.9%, significantly higher than 9.0% for closed in Q3 for a combined $295mn, a steep decline non-US-based venture capital funds. Vintage 2011 in comparison with previous quarters. Early-stage venture capital funds are performing better than recent funds, in particular, enjoyed success on the road, with vintage years; funds that would have invested their first the average fund closing at or above target. With 1,027 proportion of capital in 2011 have generated higher funds seeking a total $98bn in capital, the market for returns than later years. new fundraises remains active. West Coast-based managers continue to lead the US Managers of micro venture capital funds have already venture capital scene, with only two of the 10 largest secured nearly 80% of the total capital they raised in US-based managers located outside of California. With 2018 ($7.8bn), having secured $6.1bn in the first three $4.5bn, Sequoia Capital is estimated to hold the most quarters of 2019. By year end, 2019 is likely to outpace dry powder of all US-based venture capital firms as of last year. September 2019. Vintages 2010-2016 are posting median IRRs in the double digits, with a high of 18.7% for vintage 2011 First Republic Bank Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services and wealth management. Read More © Preqin Ltd. www.preqin.com 3 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q3 2019 Deals & Exits Venture capital deal activity is set to reach a new annual record Venture capital deal activity in the US slowed in Q3 The exit environment for US venture capitalists 2019, but full-year activity is on track to set a new remains healthy. The aggregate value of exits in 2019 annual record. During Q3, 1,027 deals were completed is keeping pace with the record set in 2018 ($88bn), for a total $22bn – the lowest total value in any quarter as seen in Fig. 5. As of the end of Q3 2019, there have this year – but so far in 2019 there have been 3,347 been 418 exits so far this year; these exits are valued at deals amounting to $78bn in aggregate value (Fig. an aggregate $65bn, which represents 74% of the 2018 1), and this represents 77% of the total value of US total. venture capital deals in 2018. IPOs have been more frequent in the market this year Venture capitalists in the US prioritize investment and could well outpace 2018 in terms of total number. in early financing rounds and in the information As in years prior, trade sales have been the most technology (IT) sector. Early-stage investments (Series common exit type, accounting for 73% of all exits of A and earlier) accounted for 51% of deals in Q3 2019 US-based portfolio companies in 2019 YTD. In fact, and 19% of total value (Fig. 2). IT represented 54% of three of the five largest exits in Q3 2019 were trade deals and half of deal value in Q3 2019 (Fig. 4), and sales, at an aggregate value of $5.8bn (Fig. 6), led by six of the 10 largest venture capital deals in the US the $2.6bn trade sale of Acacia Communications to in Q3 2019 were for IT companies (Fig. 3), the largest Cisco Systems in July 2019. of which was the $370mn Series G funding round for Urban Compass Inc. back in July 2019. Fig. 1: Venture Capital Deals* for US-Based Companies, 2009 - 2019 YTD 8,000 120 6,776 ($bn) Deal Value Aggregate 7,000 6,461 6,079 6,278 100 6,000 5,499 5,341 5,541 5,069 80 5,000 4,196 4,000 3,518 3,347 60 No. of Deals 3,000 40 2,000 20 1,000 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD No. of Deals Aggregate Deal Value ($bn) Source: Preqin Pro. Data as of September 2019 *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. © Preqin Ltd. www.preqin.com 4 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q3 2019 Fig. 2: Venture Capital Deals for US-Based Companies in Q3 2019 by Stage 35% 30% 29% 25% 26% 25% 20% 16% 16% 15% 14% 15% 9% 11% 10% 7% 8% 6% 5% 6% 3% Proportion of Total Proportion 5% 2% 2% 1% 0% 0% 0% PIPE Grant Round 1 Round 3 Round 2 Series A/ Series Series C/ Series Series B/ Series Angel/Seed Expansion and Later and Venture Debt Venture Add-on & Other & Add-on Growth Capital/ Series D/Round 4 D/Round Series No. of Deals Aggregate Deal Value Source: Preqin Pro Fig. 3: Largest Venture Capital Deals* in the US in Q3 2019 Deal Total Known Portfolio Deal Size Funding Primary Company Stage Date (mn) (mn) Investor(s) Industry Radiology Growth Capital/ Jul-19 700 USD 1,865 USD Starr Investment Holdings Healthcare Partners, Inc. Expansion Wafra Partners, Mori Trust Group, ITOCHU Corporation, Mercuria Investment, Newmark Unspecified Knotel, Inc. Aug-19 400 USD 555 USD Knight Frank, Norwest Venture Partners, Real Estate Round The Sapir Organization, Bloomberg Beta, Rocket Internet SE Urban SB Investment Advisers, Glynn Capital Information Compass, Series G/Round 7 Jul-19 370 USD 1,513 USD Management, Dragoneer Investment Group, Technology Inc.
Load more

Recommended publications
  • Combined Capabilities of GCM Grosvenor and the Chief Investment Office (“CIO”) January 1, 2021
    Hedge fund GPS Hedge Fund Guided Portfolio Solution – Advisory (Class I Shares) 1,2 The combined capabilities of GCM Grosvenor and the Chief Investment Office (“CIO”) January 1, 2021 $25k 65 bps Available in Investment 1099 Tax Reporting minimum Advisory/servicing fee3 Advisory Program (IAP) Retirement accounts Portfolio details About the fund Strategy Hedge Fund Guided Portfolio Solution (Hedge Fund GPS) is a single ticket allocation Multi-strategy to an actively managed hedge fund portfolio created by GCM Grosvenor, aligned with CIO guidance. Underlying managers4 12-20 Access to lower fees obtained Seeks to provide Registered under the Investment by GCM Grosvenor from its differentiated returns and Company Act of 1940 network of hedge funds asset class outperformance Quarterly liquidity5 Dynamically invested across Seeks to complement and Upon 65 days’ notice limited number of hedge fund diversify exposure within Favorable fee terms managers4 total portfolio Sought with underlying funds Asset allocation by strategy4,6,7 Cash and other Event Driven Canyon Capital Advisors LLC Relative Value Diversified Multi-Strategy Manager ExodusPoint Capital Management 8.0% Pentwater Capital Management LP Magnetar Capital 26.0% Redmile Group, LLC 16.6% Point72 Asset Management Renaissance Technologies Corp. Equity Hedge Macro 15.3% BlackRock, Inc. Alphadyne Asset Management LLC Coatue Management 34.1% Element Capital Management LLC Steadfast Capital Management LP Pharo Management, Inc. Tiger Global Management, LLC TPG Global A full discussion of fees is included in the Fund’s prospectus. 1 Combined capabilities refers to Merrill Lynch involvement in establishing investment guidelines with GCM Grosvenor pre-Fund launch. The ongoing role of Merrill Lynch is limited to that of selling agent.
    [Show full text]
  • Asia-Pacific Hedge Funds
    Content Includes: Preqin Special Report: Asia-Pacific Hedge Funds Overview of Asia-Pacifi c March 2015 Hedge Funds New regions for investment are emerging amid a changing economic and regulatory landscape. Overview of Asia- Pacifi c Hedge Fund Performance Performing better than hedge funds globally following economic growth in region. Institutional Investors in Asia-Pacifi c A look at the region’s diverse range of active investors in hedge funds. Asia-Pacifi c-Based Investors’ Outlook on Hedge Funds What do investors look for in fund managers in 2015? Did hedge funds meet their expectations in 2014? alternative assets. intelligent data. Download the data pack: Preqin Special Report: Asia-Pacific Hedge Funds www.preqin.com/HFAsia15 The Asia-Pacific Opportunity Asia-Pacifi c as a destination for hedge fund management has been expanding rapidly over the past few years; over 2014 alone industry assets in the region grew by almost 30%. Much of this growth has been driven by the growing base of institutional investors in the region, from large sovereign wealth funds through to small local pension schemes, that have increasingly begun to turn to hedge funds to help meet portfolio liabilities and long-term investment objectives. Recent regulatory reforms that have swept across the region have enabled both fund managers and investors alike to ramp up their activity in the hedge fund space, and this rapid growth is expected to continue over the next few years as more regions for hedge fund activity emerge within Asia-Pacifi c. In this report we look at the state of the hedge fund industry in Asia-Pacifi c by examining both local funds and those from beyond its shores investing in the region.
    [Show full text]
  • Looking Somewhere in the Middle
    OUR FIRM LMM GROUP CLIENTS TRANSACTIONS NEWS & INTEL CONTACT IN THIS SECTION LOOKING SOMEWHERE IN THE Executive Perspective IT Index MIDDLE News Room Quarterly Earnings March 10, 2006 Scoreboard Spotlight by: Kelly Holman Tracker VDI Accel-KKR LLC didn't set out to specialize in middle-market private equity buyouts in the high-tech sector. Its founders, an Subscribe unusual combination of dealmakers, were focused in 2000 on the bright prospects of the Internet, just as many other investors and entrepreneurs were. But that vista quickly turned as dark as night when the dot-com bubble burst, and Accel-KKR suddenly needed to make a rapid course correction. It did. Today the Menlo Park, Calif.-based firm has made a name for itself acquiring small but fast-growing technology companies. Even as top-tier buyout groups lick their chops over the possibility of doing deals involving big software corporations, Accel- KKR keeps its attention on midmarket and small tech outfits with $15 million to $150 million in annual revenue: software developers, hardware makers, Internet firm and information technology services businesses. To be sure, it's hardly the only middle-market private equity group interested in technology businesses - a number of buyout groups, large and small, have made technology their core investment focus. But Accel-KKR's board and the background it represents set it apart. Members include financial engineering icons Henry Kravis and George Roberts of Kohlberg Kravis & Roberts & Co.; KKR partner Marc Lipschultz; veteran venture capitalist and Accel managing partner Jim Breyer; and former Wells Fargo & Co. chief executive Paul Hazen.
    [Show full text]
  • Moving Toward Gender Balance in Private Equity and Venture Capital the Study
    Moving toward gender balance in private equity and venture capital IFC. IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org. Oliver Wyman. Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across nearly 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www. oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman. RockCreek. RockCreek is a leading global investment management firm that applies data-driven technology and innovation to investing. Its portfolio managers invest in emerging markets and alternatives, and its asset allocation teams invest in multi-asset class and outsourced CIO portfolios and customized solutions. RockCreek’s client base is made up of sophisticated institutional investors, including endowments, foundations, pension plans, and sovereign funds.
    [Show full text]
  • With Whalewisdom You Can Invest Like Your Research Budget Is $70 Million. Hedge Funds Are Very Secretive. That's Why It Was Su
    With WhaleWisdom you can invest like your research budget is $70 million. Hedge funds are very secretive. That’s why it was surprising that in a 2015 letter to shareholders, a $10 billion hedge fund revealed its investment research budget for the year. The amount? $70 million. That’s right, the fund spent $70 million that year finding the best investment ideas in the word. How much did you spend in 2015 researching investments? Did the firm pay 70 world-class analysts $1 million apiece to scour the globe for ideas? Did it spend millions crunching “Big Data”? Did the manager send the brightest minds money can buy to meet face-to-face with cutting-edge companies? However it spent its research millions, it appears to have paid off. The firm -- Coatue Management, led by “Tiger Cub” Philippe Laffont -- has had stellar performance. The fund returned 30.32% in 2016, and has had an annualized return over the last three years of 18.48%. And that’s after 2% management and 20% performance fees. Want to place some money with Coatue management? Got 10 million bucks to invest? That might be enough to get you in the door. But don’t count on it -- most of the top performing hedge funds have been closed to new investors for years. So you’re probably out of luck. But maybe not. What if I told you there is a “back-door” way to replicate Coatue performance without placing money with the hedge fund? What if you could see the stocks Coatue was buying and selling and replicate the firm’s investment process? What if there is a way to benefit from the tens of millions worth of research carried out by hedge funds like Coatue? With WhaleWisdom, an investor can replicate the portfolios of the most profitable “Whales” -- huge investors with stellar track records.
    [Show full text]
  • RRP Sector Assessment
    OrbiMed Asia Partners III, LP Fund (RRP REG 51072) OWNERSHIP, MANAGEMENT, AND GOVERNANCE A. The Fund Structure 1. The Asian Development Bank (ADB) proposes to invest in OrbiMed Asia Partners III, LP Fund (OAP III), which is a Cayman Islands exempted limited partnership seeking to raise up to $500 million in capital commitments. It is managed by OrbiMed Asia GP III, LP (the general partner), a Cayman Islands exempted limited partnership. The sole limited partner of the general partner is OrbiMed Advisors III Limited, a Cayman Islands exempted company. OrbiMed Advisors LLC (the investment advisor), a registered investment advisor with the United States (US) Securities and Exchange Commission, will provide investment advisory services to OAP III. This structure is illustrated in the figure below. Table 1 shows the ultimate beneficial owners (UBOs) of the general partner and the investment advisor. Table 1: Ultimate Beneficial Owners of the General Partner and the Investment Advisor (ownership stake, %) Name Investment Advisor General Partner Sven H. Borho (~10–25%) (~8%) Alexander M. Cooper (~8%) Carl L. Gordon (~10–25%) (~8%) (also Director) Geoffrey C. Hsu (<5%) (~8%) Samuel D. Isaly (~50–75%) (~8%) W. Carter Neild (<5%) (~8%) (also Director) Jonathan T. Silverstein (~5–10%) (~8%) (also Director) Sunny Sharma (~8%) (also Officer) Evan D. Sotiriou (~8%) David G. Wang (~8%) (also Officer) Jonathan Wang (~8%) (also Officer) Sam Block III (~8%) Source: OrbiMed Group. 2 2. Investors. The fund held a first closing of approximately $233.5 million on 1 March 2017, and a second closing of approximately $137.6 million on 26 April 2017.
    [Show full text]
  • Marqeta | Private Company Profile
    Generated by PitchBook Last Updated: 05-Apr-2021 pbId: 54330-13 Marqeta | Private Company Profile Highlights PitchBook Analyst Coverage Employees 562 As of 24-Mar-2021 Last Deal Details Post Valuation $10.00B E $4.30B E IPO 18-Feb-2021 As of 28-May-2020 Total Raised to Date Valuation Step-up $526.95M 2.20x As of 18-Feb-2021 Series E - Series E1 General Information Description Developer of an application programming interface payment platform designed to offer card issuing and payment processing services. The company's platform offers a set of controls and configurations to meet the needs of on-demand service businesses, alternative lenders as well as those looking for payouts for workers, flexible expense management and scalable, secure virtual card transactions, enabling developers and financial institutions to get a simplified way of managing payment programs. Most Recent Financing Status (as of 25-Feb-2021) The company filed to go public on February 18, 2021. The expected offering amount is $10 billion. Previously, the company received an undisclosed amount of financing from MasterCard (NYS:MA) on October 8, 2020. Prior to this, an undisclosed investor sold its stake in the company to Discovery Capital Management for an undisclosed amount on August 26, 2020. Earlier, the company raised $150 million of Series E1 venture funding from Vitruvian Partners and 7 other investors on May 28, 2020, putting the company's pre-money valuation at $4.15 billion. The company will use the funding to accelerate product development and international growth. The company is being actively tracked by PitchBook.
    [Show full text]
  • Services & Offerings
    STAG DINING 2020 SERVICES & OFFERINGS Meal Kits - Pantry Provisions - Natural Wine - Gifting - Cocktail Kits & Classes - Event Space - Crenn Farm 1 LETTER FROM STAG 4 STAG DINING GROUP STAG OVERVIEW MEAL KITS & OFFERINGS 8 NATURAL WINES 10 COCKTAIL KITS & CLASSES 12 WINEMAKING PARTNERS 16 CRENN & STAG 18 OUR VENUE 22 CLIENTS 27 TEAM 28 CONTACT 32 STAG DINING GROUP 925 O'Farrell St San Francisco, CA 94109 (415) 944-2065 [email protected] www.stagdining.com DERBY COCKTAIL CO www.derbycocktail.co CERF CLUB www.cerfclub.com © 2020 Stag Dining Group Select Photography by David Dines, dines.co 2 3 WITH A DECADE OF EXPERIENCE IN HOSPITALITY, WE HAVE NEVER SEEN A CHALLENGE THAT FACES US QUITE LIKE THE ONE POSED BY COVID-19. With virtually every restaurant worker out of a job, and traditional supply chains for food, wine and spirits broken, we have been UPDATED OFFERINGS seeking opportunities to mend those bonds in pragmatic ways while continuing to serve our customers. Our revised offerings are an attempt to help our clients engage their stakeholders, employees MEAL KITS and clients in ways that are fitting for this time and address the social, racial, environmental and biological crises that we are PANTRY PROVISIONS facing collectively as a society. NATURAL WINE At Stag Dining Group we believe every plate and every glass GIFTING tells a unique story, and we make every effort to connect guests COCKTAIL KITS & CLASSES to each other, to the environment and to the thought leaders of CRENN FARM this industry in authentic ways. Since our inception, we have witnessed the power that transformative culinary experiences have CERF CLUB EVENT VENUE on our guests and the conversations that can be sparked at the table.
    [Show full text]
  • Understanding Private Equity. What Is Private Equity? EXAMPLES of PRIVATELY HELD COMPANIES
    Understanding private equity. What is private equity? EXAMPLES OF PRIVATELY HELD COMPANIES: A private equity investor is an individual or entity that invests capital into a private company (i.e. firms not traded on a public exchange) in exchange for equity interest in that business. In the US, there are approximately 18,000 publicly traded companies, and more than 300,000 privately held companies. WHO MIGHT SEEK A PRIVATE EQUITY INVESTOR AS A SOURCE OF CAPITAL? • Companies looking to fund a capital need that is beyond traditional bank financing • Owners considering a partial or complete sale of their business • Managers looking to buy a business Private equity strategies. EXAMPLES OF PRIVATE EQUITY FIRMS: MOST PRIVATE EQUITY INVESTORS WILL LIMIT THEIR INVESTMENTS TO ONE OR TWO OF THE FOLLOWING STRATEGIES: • Angel investing • Growth capital • Venture capital • Distressed investments • Leveraged buyouts (LBO) • Mezzanine capital Sources of capital for PE funds. THERE ARE TWO TYPES OF PRIVATE EQUITY FIRMS: • Firms with a dedicated fund, with the majority of the capital sourced from institutional investors (i.e. pension funds, banks, endowments, etc.) and accredited investors (i.e. high net worth individual investors) • Firms that raise capital from investors on a per-deal basis (pledge funds) INVESTMENT DURATION AND RETURNS. • Typical investment period is 3−10 years, after which capital is distributed to investors • Rates of return are higher than public market returns, typically 15−30%, depending on the strategy HISTORICAL S&P 500 RETURNS S&P 500 Returns Average Source: Standard & Poor’s LCD Private equity fund structure. PRIVATE EQUITY FIRM LIMITED PARTNERS (Investors) (Public pension funds, corporate pension funds, insurance companies, high net worth individuals, family offices, endowments, banks, foundations, funds-of-funds, etc.) Management Company General Partner Fund Ownership Fund Investment Management PRIVATE EQUITY FUND (Limited Partnership) Fund’s Ownership of Portfolio Investments Etc.
    [Show full text]
  • In Eastern Partner Countries
    EU4Digital: supporting digital economy and society in the Eastern Partnership Market Assessment for Digital Innovation and Scale-up Initiative in Eastern partner countries Final report June 2020 1 About this study In early 2020, EU4Digital Facility launched activity ‘Market Assessment for Digital Innovation and Scale-up Initiative (DISC) in Eastern Partner Countries’ (hereinafter – study / research) The goal is to analyse the investment landscape for digital high tech companies in these countries: Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. The activity was inspired by Digital Innovation and Scale-up initiative (DISC) in Central, Eastern and South Eastern Europe region (European Commission Factsheet). Based on the findings of this study, the European Commission will be able to adjust its plans to better serve the needs of the local markets, developing adapted financial support instruments. This research aims to: 1. Understand digital innovation and high-tech start-ups investment landscape and identify existing gaps on investment in Eastern partner countries. 2. Map the main private & corporate equity investors that provide financing to digital start-ups and fast growth companies in Eastern partner countries. 3. Map the main public sector investment programs in start-up / tech-oriented companies at the country-level. 4. Analyse micro-level data on private investments in start-up / tech-oriented companies in the region. 5. Provide recommendations to develop and use financial instruments for digital innovation and the scale-up of high-tech start-ups. The research focuses on start-ups at the creation and scale-up phases, rather than traditional SMEs on their path to digitalisation.
    [Show full text]
  • PEM Holds a Final Close on Its Fourth Direct Co-Investment Fund
    Performance Equity Management, LLC Has Held a Final Close on its Fourth Direct Co-investment Fund Greenwich, CT – March 08, 2021 – Performance Equity Management, LLC (PEM) is pleased to announce the final closing of Performance Direct Investments IV (PDI IV), its fourth co-investment fund. The fund will focus on small and middle-market co-investment opportunities, continuing its successful strategy that was executed for its predecessor funds. PDI IV was significantly oversubscribed and closed on its hard cap of $300 million. Investors include public and corporate pension plans, university endowments, private foundations, insurance companies, family offices, and high net worth individuals across the globe. PDI IV is a continuation of our long-established investment strategy of partnering with premier GPs with demonstrated experience with a focus on defensive growth opportunities to build a high quality, diversified portfolio. Our selection capabilities and disciplined execution has enabled our strong performance and will continue to help us construct a resilient portfolio. “We are pleased with the 100% support of our long-standing investors and grateful to our new investors who have backed us in these unprecedented times,” said John Clark, President of PEM. “We believe our time-tested investment strategy will continue to support us in generating significant alpha for our investors.” Last year PEM also closed on it fourth venture capital fund of funds, Performance Venture Capital IV (PVC IV), in addition to several separate accounts. PVC IV closed above its target and is over 95% committed across premier venture capital funds. The fund’s largest commitments include Accel, Andreessen Horowitz, Redpoint Ventures and Spark Capital.
    [Show full text]
  • Q1 09 Fundraising Update
    www.preqin.com Preqin Ltd. Q1 2009 Private Equity Fundraising Update Special Report 23rd April 2009 © 2009 Preqin Ltd. / www.preqin.com 2 ◄ Q1 2009 Fundraising Update Q1 Overview The Coming Turn in Fundraising As everyone is painfully aware, Fig. 1: fundraising conditions in Q1 2009 were dire. Looking across all private Final Close vs. Original Target equity fund types (venture, buyout, mezzanine, distressed, fund of funds etc.), a total of only 78 funds worldwide achieved fi nal closes, raising $49 billion between them. This represents a return to the kind of levels we were experiencing in 2004 following the trough of the previous fundraising depression. As bad as these headline statistics are, they actually disguise just how bad fundraising conditions had become. Faced with a very diffi cult market, many managers who were on the road decided to cut their losses and declare fi nal closes for funds that may have two-thirds of all funds closed were equity fundraising is set to rebound actually raised most of their funding achieving between 80% and 120% strongly: in interim closes six or twelve months of their targeted amount. Around previously – hence much of the money 15% of funds fell short by more than • LP Intentions: Preqin regularly in the ‘fi nal closes’ total was actually 20%, while 20-25% of funds exceeded surveys LP intentions, and even raised in previous quarters. Very little their targets by 20% or more. The in the depths of the credit crisis new money was committed in Q1 situation deteriorated markedly in Q4 in December 2008 these LPs 2009.
    [Show full text]