Preqin Industry News: Venture Capital Funds

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With investor appetite for venture capital funds continuing to increase, Louise Weller looks at investors that have committed to venture capital funds recently and investor appetite for this fund type in the year ahead, as well as recent fund closes.

A number of venture capital funds on the road How Many Venture Capital Funds are have recently received investor commtiments: Currently in Market?

Chart of the Month: Private Equity Funds in Market by Fund Type New Mexico Educational Retirement Board committed $30mn to (As at 03 July 2013)

the third vehicle in the series raised by DRI Capital, Drug Royalty 400 397 III, which is targeting $1bn. Drug Royalty III is a venture capital fund that focuses on opportunities in North America, Europe and 350 300 Asia. The $10.1bn public pension fund committed $40mn to its 276 predecessor fund, Drug Royalty II. 250 229 218 No. of Funds in European Investment Bank (EIB) committed €20mn to Capital 200 Market 155 North Africa Venture Fund II, a venture capital vehicle that will 150 122 focus on investments in the Maghreb region. Capital Invest is 100 Aggregate Target Capital 67 63 62 targeting €100mn for its latest vehicle. EIB committed €5mn to its ($bn) 45 47 40 50 39 31 predecessor fund, Capital North Africa Venture Fund, which held a 20 22 ﬁ nal close on €50mn in 2007. 0 Other Funds Buyout Growth Fund of Capital Venture Mezzanine Distressed Secondaries

Investors continue to have an appetite for Equity Private venture capital funds: Source: Preqin Funds in Market

Several venture capital funds have recently AsahiGlass Company (AGC) plans to make between one and held final closes: fi ve new venture capital fund commitments over the coming year. It expects to commit to funds that focus on opportunities in the technology sector in the US, Europe and Asia. Accel Big Data Fund II appeared in the top fi ve venture capital funds to close in June 2013, with a $100mn fi nal close. The fund, Comerica Capital Advisors is looking to make new commitments managed by Accel Partners, invests in early stage start-ups. to venture capital funds over the next 12 months. It plans to only invest in North America-focused venture capital funds and is Another notable fund, HighBAR Partners II, managed by HighBAR looking to work with existing managers in its portfolio in addition to Partners, held a fi nal close on $130mn towards the end of June, forming new GP relationships. exceeding its $100mn target size. The early stage fund invests in software, technology and IT infrastructure industries in the US. Towers Perrin Retirement Plan for US Employees is looking to commit to Asia-focused venture capital vehicles in H2 2013. The CITIC Capital held a fi nal close of $113mn for its debut venture $2bn private sector pension fund will be mainly forging new GP capital all-stage fund, CITIC Capital Venture Partners. The fund relationships over the next 12 months. focuses specifi cally on investment opportunities in China.

Do you have any news you would like to share with the readers of Spotlight? Perhaps you’re about to launch a new fund, have implemented a new investment strategy, or are considering investments beyond your usual geographic focus?

Send your updates to [email protected] and we will endeavour to publish them in the next issue.

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Fund Coverage: 30,431 Funds

4,166 PE Real 694 Infrastructure 14,117 Private Equity* Funds 11,943 Hedge Funds Estate Funds Funds

Firm Coverage: 14,880 Firms

1,784 PERE 7,022 PE Firms 5,690 Hedge Fund Firms 383 Infra. Firms Firms

Performance Coverage: 12,613 Funds (IRR Data for 5,074 Funds and Cash Flow Data for 2,275 Funds)

1,127 PERE 5,303 PE Funds 6,041 Hedge Funds 142 Infra. Funds Funds

Fundraising Coverage: 12,664 Funds Open for Investment/Launching Soon Including 1,955 Closed-Ended Funds in Market and 393 Announced or Expected Funds

1,609 PE Funds 9,873 Hedge Funds 936 PERE 246 Infra. Funds Funds

Deals Coverage: 77,155 Deals Covered; All New Deals Tracked

29,943 Buyout Deals** 44,483 Venture Capital Deals*** 3,363 Infra. Deals

Investor Coverage: 10,959 Institutional Investors Monitored, Including 7,802 Verified Active**** in Alternatives and 82,840 LP Commitments to Partnerships

2,008 Active 5,130 Active PE LPs 4,206 Active Hedge Fund Investors 3,833 Active RE LPs Infra. LPs

Alternatives Investment Consultant Coverage: 447 Consultants Tracked Fund Terms Coverage: Analysis Based on Data for Around 7,500 Funds Best Contacts: Carefully Selected from Our Database of over 245,055 Active Contacts

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*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds. **Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals. ***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital firms in companies globallyacross all venture capital stages, from seed to expansion phase. The deals figures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profiles for investors no longer investing or with programs on hold.