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Overview of the US Venture Capital Industry Alternative Assets The Facts Overview of the US Venture Capital Industry alternative assets. intelligent data. Overview of the US Venture Capital Industry We provide a detailed look at the venture capital industry in the US, including fundraising, performance, deals and investors. Fundraising Fig. 1: Global Quarterly Venture Capital Fundraising, Fig. 2: US-Focused Quarterly Venture Capital Fundraising, Q1 Q1 2010 - Q3 2015 2010 - Q3 2015 140 60 120 50 100 40 80 30 60 20 40 20 10 0 0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 Date of Final Close Date of Final Close No. of Funds Closed Aggregate Capital Raised ($bn) No. of Funds Closed Aggregate Capital Raised ($bn) Source: Preqin Funds in Market Source: Preqin Funds in Market Fig. 3: Average Time Taken for First-Time Venture Capital Fig. 4: Average Time Taken for Established Venture Capital Funds to Reach a Final Close: Global vs. US-Focused Funds, Funds to Reach a Final Close: Global vs. US-Focused Funds, Q1 2010 - Q3 2015 Q1 2010 - Q3 2015 25 25 23 23 22 20 20 19 19 18 18 18 18 17 18 17 17 16 16 16 Global Global 15 15 14 Funds 13 Funds 13 12 12 12 11 10 9 10 US-Focused Close (Months) US-Focused Close (Months) Funds Funds 5 5 Average Time Taken to Reach a Final Time Taken Average Average Time Taken to Reach a Final Time Taken Average 0 0 2010 2011 2012 2013 2014 Q1 - Q3 2010 2011 2012 2013 2014 Q1 - Q3 2015 2015 Date of Final Close Date of Final Close Source: Preqin Funds in Market Source: Preqin Funds in Market Data Source: Preqin’s Funds in Market is the industry’s leading source of intelligence on private equity and venture capital fundraising. This constantly updated resource includes details for all funds of all types being raised worldwide, with key information on target sizes, interim closes, placement agents, lawyers, investors and much more. For more information, please visit: www.preqin.com/fim Page 1 of 8 © 2015 Preqin Ltd. / www.preqin.com The Facts Overview of the US Venture Capital Industry alternative assets. intelligent data. Fig. 5: 10 Largest Global Venture Capital Funds Closed, 2010 - Q3 2015 Fund Final Size (mn) Firm Year of Final Close Location Focus Insight Venture Partners IX 3,446 USD Insight Venture Partners 2015 US Nanjing Jianning Zijin Equity Investment 3,200 USD Nanjing Zijin Investment 2012 China Fund I New Enterprise Associates 15 2,800 USD New Enterprise Associates 2015 US New Enterprise Associates XIV 2,600 USD New Enterprise Associates 2012 North America, US Insight Venture Partners VIII 2,576 USD Insight Venture Partners 2013 US Tiger Global Private Investment Partners 2,500 USD Tiger Global Management 2014 Global IX DST Global II 2,184 USD DST Global 2011 Global Bessemer Venture Partners IX 1,600 USD Bessemer Venture Partners 2015 Global Bessemer Venture Partners VIII 1,600 USD Bessemer Venture Partners 2011 Global Deerfi eld Private Design Fund III 1,600 USD Deerfi eld Management 2014 Global Source: Preqin Funds in Market Fig. 6: 10 Largest US-Focused Venture Capital Funds Closed, 2010 - Q3 2015 Fund Final Size (mn) Manager Year of Final Close Insight Venture Partners IX 3,446 USD Insight Venture Partners 2015 New Enterprise Associates 15 2,800 USD New Enterprise Associates 2015 New Enterprise Associates XIV 2,600 USD New Enterprise Associates 2012 Insight Venture Partners VIII 2,576 USD Insight Venture Partners 2013 Insight Venture Partners VII 1,569 USD Insight Venture Partners 2011 Andreessen Horowitz Fund III 1,500 USD Andreessen Horowitz 2012 Andreessen Horowitz Fund IV 1,500 USD Andreessen Horowitz 2014 Institutional Venture Partners XV 1,400 USD Institutional Venture Partners 2015 Athyrium Opportunities Fund II 1,227 USD Athyrium Capital Management 2015 Khosla Ventures IV 1,050 USD Khosla Ventures 2011 Source: Preqin Funds in Market Fig. 7: 10 Largest US-Focused Venture Capital Fund Managers by Aggregate Venture Capital Raised ($bn) Firm Aggregate Venture Capital Raised Last 10 Years ($bn) New Enterprise Associates 10.7 Tiger Global Management 9.5 Insight Venture Partners 9.4 Sequoia Capital 9.0 Kleiner Perkins Caufi eld & Byers 6.5 Bessemer Venture Partners 4.2 Accel Partners 4.2 Andreessen Horowitz 4.0 Oak Investment Partners 3.9 Institutional Venture Partners 3.8 Source: Preqin Funds in Market Fig. 8: 10 Largest US-Focused Venture Capital Fund Managers by Estimated Venture Capital Dry Powder ($bn) Firm Estimated Dry Powder ($bn) Tiger Global Management 4.6 New Enterprise Associates 3.6 Insight Venture Partners 3.4 Deerfi eld Management 2.5 Sequoia Capital 2.1 Andreessen Horowitz 2.1 Bessemer Venture Partners 2.0 Kleiner Perkins Caufi eld & Byers 1.9 Institutional Venture Partners 1.4 Accel Partners 1.3 Source: Preqin Funds in Market Page 2 of 8 © 2015 Preqin Ltd. / www.preqin.com The Facts Overview of the US Venture Capital Industry alternative assets. intelligent data. Performance Fig. 9: Assets under Management of US-Based Venture Fig. 10: US-Based Venture Capital Funds: Median Net IRRs Capital Firms and Quartile Boundaries 350 100% 300 80% 250 Top Quartile Boundary Net 200 226 60% IRR 201 226 140 154 179 Median Net IRR 150 138 172 89 76 117 129 40% 100 62 59 91 53 Bottom Quartile 20% Boundary Net 50 78 87 76 69 86 69 66 73 IRR 69 81 70 78 84 71 63 72 0 Median Net IRR since Inception 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Mar-15 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 -20% Dry Powder ($bn) Unrealized Value ($bn) Vintage Year Source: Preqin Performance Analyst Source: Preqin Performance Analyst Fig. 11: KS PME: North America Focused Venture Capital Funds (as at 31 March 2015) 1.2 Data Source: 1.1 Preqin’s Performance Analyst contains full metrics for over 7,600 named vehicles. 1.0 In terms of capital raised, Performance Analyst contains data 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.9 2014 KS PME (X) for around 70% of all capital raised historically. using Russell (X) 2000 TR 0.8 For more information, please visit: 0.7 www.preqin.com/pa 0.6 0.5 Vintage Year Source: Preqin Performance Analyst Page 3 of 8 © 2015 Preqin Ltd. / www.preqin.com The Facts Overview of the US Venture Capital Industry alternative assets. intelligent data. Deals Fig. 12: Quarterly Number and Aggregate Value of Venture Fig. 13: Annual Number and Aggregate Value of Venture Capital Deals* in the US, Q1 2007 - Q3 2015 Capital Deals in the US, 2007 - Q3 2015 1,600 20 6,000 60 1,400 18 ($bn) Deal Value Aggregate ($bn) Deal Value Aggregate 5,000 50 16 1,200 14 4,000 40 1,000 12 800 10 3,000 30 600 8 No. of Deals No. of Deals 2,000 20 6 400 4 1,000 10 200 2 0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 Q1- Q1- Q3 No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value ($bn) Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst Fig. 14: Number and Aggregate Value of Venture Capital Fig. 15: Number and Aggregate Value of Venture Capital Deals* in the US as a Proportion of the Global Total, Q1 2007 Deals* in the US as a Proportion of the Global Total, 2007- - Q3 2015 2015 YTD Proportion of Global Aggregate Deal of Global Aggregate Proportion 70% 80% 70% 80% Deal of Global Aggregate Proportion 60% 70% 60% 70% 60% 60% 50% 50% 50% 50% Value 40% 40% Value 40% 40% 30% 30% 30% 30% 20% 20% 20% 20% 10% 10% 10% 10% Proportion of Global No. Deals Proportion Proportion of Global No. Deals Proportion 0% 0% 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Proportion of No. of Deals Proportion of Aggregate Deal Value Proportion of No. of Deals Proportion of Aggregate Deal Value Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst *Figures exclude add-ons, grants, mergers, venture debt & secondary stock purchases Comprehensive Venture Capital Data Preqin’s online databases offer unparalleled coverage of all aspects of the venture capital industry, including fundraising, fund performance, fund manager profi les, fund terms and conditions, investors in venture capital, and deals. For more information, please visit: www.preqin.com/vc Page 4 of 8 © 2015 Preqin Ltd. / www.preqin.com The Facts Overview of the US Venture Capital Industry alternative assets. intelligent data. Fig. 16: Proportion of Number of Venture Capital Deals* in Fig. 17: Proportion of Aggregate Value of Venture Capital the US by State, 2007 - Q3 2015 Deals* in the US by State, Q1 2007 - Q3 2015 100% 100% Other Other 90% 90% North Carolina North Carolina 80% 80% Illinois Colorado 70% 70% Florida Utah 60% 60% Colorado Florida 50% 50% Washington Texas 40% 40% Texas Washington 30% 30% Proportion of Total Proportion Massachusetts of Total Proportion Massachusetts 20% 20% New York New York 10% 10% California California 0% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 Q1 -Q3 Q1 Q1 -Q1 Q3 Source: Preqin Venture Deals Analyst Source: Preqin Venture Deals Analyst Fig.
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