VENTURE CAPITAL in the UK and EUROPE Alternative Assets

VENTURE CAPITAL IN THE UK AND EUROPE alternative assets. intelligent data. VENTURE CAPITAL IN THE UK AND EUROPE

265 $4.8tn 143 602 active venture capital investors are Aggregate assets under UK-based investors are considering of Europe’s 2,412 venture capital based in the UK, 143 of which are management of UK-based investors investing in fi rst-time venture fi rms are based in the UK. based in London. in venture capital. capital funds.

Fig 1: Five Most Active UK-Based Investors by Number of Venture Capital Fund Commitments No. of Known Venture Capital Assets under Management Investor Type Commitments ($mn) Pantheon Private Equity Fund of Funds Manager 159 35,200 CDC Group Government Agency 72 2,999 West Midlands Pension Fund Public Pension Fund 53 14,325 Coller Capital Secondary Fund of Funds Manager 48 9,500 Aberdeen Private Equity Private Equity Fund of Funds Manager 40 12,500

Source: Preqin Venture Capital Online

Fig. 2: Five Largest UK-Based Venture Capital Investors by Assets under Management Assets under Management Investor Type ($mn) Pantheon Private Equity Fund of Funds Manager 35,200 West Midlands Pension Fund Public Pension Fund 14,325 Aberdeen Private Equity Private Equity Fund of Funds Manager 12,500 CDC Group Government Agency 2,999 British Business Bank Private Equity Fund of Funds Manager 1,370

Source: Preqin Venture Capital Online

Fig. 3: Five Largest UK-Based Venture Capital Fund Managers by Total Funds Raised in the Last 10 Years Firm Total Funds Raised in Last 10 Years ($mn) Estimated Dry Powder ($mn) Index Ventures 4,738 1,326 Atomico 1,390 848 Abingworth Management 1,062 270 Northzone Ventures 824 409 Balderton Capital 805 100

Source: Preqin Venture Capital Online

Fig. 4: Five Largest UK-Based Venture Capital Funds in Market (As at April 2017) Fund Type Target Size ($mn) Abingworth Bioventures VII Venture Capital (All Stages) 300 Ludgate Resource Effi ciency Fund II Expansion/Late Stage 267 DN Capital - Global Venture Capital IV Venture Capital (All Stages) 221 Ariadne Ecosystem Economics Fund Venture Capital (All Stages) 187 Station 12 Fund Expansion/Late Stage 187

Source: Preqin Venture Capital Online

Fig. 5: UK-Based Venture Capital Fundraising, 2006 - 2017 YTD Fig. 6: Europe-Based Venture Capital Fundraising, (As at April 2017) 2006 - 2017 YTD (As at April 2017) 20 19 19 120 18 106 16 16 100 16 15 88 14 82 14 13 80 75 12 12 69 72 12 66 63 61 59 10 9 60 54 8 6 40 6 4 2.8 3.0 2.7 2.6 2.6 2 20 11 1.8 1.8 1.2 7.8 9.7 7.7 6.7 2 0.8 0.7 0.7 0.8 6.3 4.7 3.1 5.7 3.8 4.8 5.9 2.5 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD Year of Final Close Year of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) No. of Funds Closed Aggregate Capital Raised ($bn) Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online

Fig. 7: Investors Targeting West Europe-Focused Venture Capital Funds by Investor Location

NORTH AMERICA EUROPE

ASIA & REST OF WORLD

49% 40%

10%

Source: Preqin Venture Capital Online

Fig. 8: Number of Venture Capital Deals* in Europe by Region, Fig. 9: Aggregate Value of Venture Capital Deals* in Europe by 2007 - 2017 YTD (As at April 2017) Region, 2007 - 2017 YTD (As at April 2017) 2,500 20 18 2,000 16 14 1,500 12 1,896 1,935 1,618 1,752 1,789 10 14.4 15.0 1,000 8 No. of Deals No. 1,223 1,298 11.0 1,082 6 982 1,022 7.5 6.6 6.8 500 ($bn) Value Deal Aggregate 4 6.5 479 5.5 5.2 4.5 200 231 247 3.0 212 208 226 2 1.7 165 152 140 202 0.6 1.0 0.7 1.1 1.1 1.9 196 216 184 127 149 46 0.7 0.7 0.8 1.1 0.3 0 50 53 56 107 57 21 0 0.1 0.2 0.1 0.3 0.4 0.6 0.6 0.6 0.3 0.3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD YTD Central & Eastern Europe Nordic Western Europe Central & Eastern Europe Nordic Western Europe Source: Preqin Venture Capital Online Source: Preqin Venture Capital Online *Figures exclude add-ons, grants, mergers, secondary stock purchases and venture debt.