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  • 1.     Summary of Venture Capital Year Book 2000 Professor Yasuyuki HAMADA Hokkaido University July 2001         平成13年3月29日
  • 2. The Summary of the Questionnaire Survey
    • Response Rate  70.8%
    •  - 131 of 185 Companies Responded.
    •  - Among Them the Valid Response about the Situation of Venture Capital Investment Amounted to 120.
    • The Period of the Questionnaire
    •  - In Principle,
    • From July 1, 1999 to June 30, 2000
  • 3. Contents of Questionnaire Results
    • The Situation of Investment by Venture Capital (Capital under Management and the Amount of Investment throughout a Year)
    • The Situation of Establishment of Funds
    • Investors in Venture Capital Funds
    • Venture Capital Investment Stage
    • Exits for Venture Capital Investment
    • Investment by Sectors
    • Investment by Geographical Area
  • 4. Capital under Management
    •  
    June 1999    775.7 billion Yen   (Corporate Venture Investment: 425.5, Venture Fund Investment: 350.2)                ↓ June 2000    815.5 billion Yen ( Corporate Venture Investment: 433.2, Venture Fund Investment: 382.4 )  [ 5.1 % Increase (Corporate 1.8 % , Fund 9.2 % ) ] ・ Increased the Share of Investment by Venture Fund Investment: 45.1 %-> 46.9 % ・ The Number of Invested Companies Amounted to 16,959 or 4.7% increase. Note) The Amount of Loan Amounted to 51.4 billion Yen or 20.5% decrease.
  • 5. Changes in Capital under Management 8,258 9,193 8,391 7,757 8,155 7,695 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 1996.3 1997.3 1998.3 1999.3 1999.6 2000.6 100 million Yen Note) Data from March 1996 to March 1999 taken from Venture Capital Investment Survey by the Venture Enterprise Center.
  • 6. Corporate Venture Investment versus Venture Fund Investment (based on capital under management) 2,835 3,065 3,092 3,198 3,502 3,824 5,423 6,128 5,299 4,497 4,255 4,332 47% 45% 42% 37% 33% 34% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1996.3 1997.3 1998.3 1999.3 1999.6 2000.6 Corporate (100 million yen) Fund (100 million yen) Note) Data from March 1996 to March 1999 taken from Venture Capital Investment Survey by the Venture Enterprise Center.
  • 7. Changes in Capital under Management for Japan, US, EU 8,258 9,193 8,391 7,695 7,757 8,155 39,400 46,400 61,700 89,500 134,500 58,350 40,594 32,785 27,286 25,108 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 1995 1996 1997 1998 1999 2000 100 million yen 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 million $ million Euro Japan(100 million yen) US(million $) EU(million Euro) (Source) Figures for the US come from the 2000 National Venture Capital Association Yearbook (Prepared by Thomson Financial Securities Data/Venture Economics). The figures for Europe come from the 2000 Yearbook (European Private Equity & Venture Capital Association). The figures for Japan for 1995 to 1999 are from Venture Capital Investment Survey by the Venture Enterprise Center. Data for 2000 is from the survey of the most recent year ending in June, but the data for 1995 to 1999 is for the relevant fiscal year.
  • 8.
    • July 1999-June 2000    230.1 billion yen/year
    •   (Corporate 100.4, Fund 129.7 billion yen)       
    • 〔 Reference 〕 99% Increase in Simple Comparison with the Data in 1998 Fiscal Year by VEC Investigation
    • April 1998-March 1999   115.7 billion yen/year
    • ( Corporate 61.3, Fund 54.9 billion yen )
    • ・ The Share of Venture Fund Investment: 56.3%
    • ( 47.4% in the Investigation in 1998 Fiscal Year )
    • ・ The Amount of Investment per Portfolio Company:
    • Corporate 55.1, Fund 74.9 million yen
    • (Corporate 44.6, Fund 58.9 million yen in 1998 Fiscal Year)
    The Amount of Investment throughout a Year
  • 9. Changes in Capital Disbursement (initial and follow-on investment) 1,511 1,644 2,004 1,157 2,301 2,427 0 500 1,000 1,500 2,000 2,500 3,000 1995 1996 1997 1998 1999 2000 100 million yen (Note) Data for 1995 to 1999 taken from Venture Capital Investment Survey by the Venture Enterprise Center. Data for 2000 is from the most recent year ending in June, but data for 1995 to 1999 is for the relevant fiscal year.
  • 10. Corporate Venture Investment versus Fund Investment (Based on initial and follow-on investment and capital under management) 45.1% 46.9% 56.3% 54.9% 53.1% 43.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June 1999 Capital under Management June 2000 Capital under Management Initial and Follow-on Investment (July 1999 to June 2000) Corporate Fund
  • 11. Fund versus Corporate Venture Investment per Portfolio Company (Capital under management/initial and follow-on investment) 6,264 6,067 7,491 4,013 4,065 5,511 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 10 thousand yen Fund Corporate June 1999 Capital under Management June 2000 Capital under Management Initial and Follow-on Investment (July 1999 to June 2000)
  • 12. Changes in Per-Portfolio Initial and Follow-on Investment (Fund versus corporate venture investment) 5,510 7,490 5,690 4,790 4,460 5,890 4,100 5,840 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 96/4 ~ 97/3 97/4 ~ 98/3 98/4 ~ 99/3 99/7 ~ 00/6 10 thousand yen Per-portfolio initial and follow-on investment (corporate) Per-portfolio initial and follow-on investment (fund) (Note) Data for 1996 to 1998 taken from Venture Capital Investment Survey by the Venture Enterprise Center.
  • 13. Changes in Capital Disbursement for Japan, US, EU 1,511 1,644 2,427 2,301 1,157 2,004 9,900 14,000 19,200 48,000 5,700 25,116 14,461 9,655 6,788 5,546 0 10,000 20,000 30,000 40,000 50,000 60,000 1995 1996 1997 1998 1999 2000 100 million yen 0 10,000 20,000 30,000 40,000 50,000 60,000 million $ million Euro Japan (100 million yen) US (million $) EU (million Euro) (Source) Figures for the US come from the 2000 National Venture Capital Association Yearbook (Prepared by Thomson Financial Securities Data/Venture Economics). The figures for Europe come from the 2000 Yearbook (European Private Equity & Venture Capital Association). The figures for Japan for 1995 to 1999 are from Venture Capital Investment Survey by the Venture Enterprise Center. Data for 2000 is from the survey of the most recent year ending in June, but the data for 1995 to 1999 is for the relevant fiscal year.
  • 14. The Situation of Establishment of Funds
    •       Number of Funds   Amount of Funds
    • June 1999      174      526.9 billion yen
    • June 2000      238      715.4 billion yen
    • About Newly Established Funds from July 1999 to June 2000
    • ・ Number of Funds 64
    • ・ Sum of Funds 204.4 billion yen
    • ・ Average Amount of Funds 3.19 billion yen, or 73.99 million yen per one fund (Both indicators became larger in comparison with 1998 FY investigation by VEC)
    • ・ Number of Portfolio Companies per Fund 18.7 (It shows tendency to reduce)
  • 15. Portfolio Companies per Fund and Disbursements per Portfolio 55.6 34.4 18.7 7,399 5,898 4,525 0.0 10.0 20.0 30.0 40.0 50.0 60.0 97/4 ~ 98/3 98/4 ~ 99/3 99/7 ~ 00/6 Number of Portfolio 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Disbursements ( 10 thousand yen / company) Number of portfolio companies per fund (left axis) Average size of fund : 2.56 billion yen 1.21 billion yen 3.19 billion yen Capital disbursements per portfolio (right axis) (Note) Data for 1996 to 1998 taken from Venture Capital Investment Survey by the Venture Enterprise Center.
  • 16. Investors in Venture Capital Funds
    • Characteristics
    •   1. Investment by Pension Funds (6% Share)
    •   2. High Share of Foreign Investors (26% Share)
    •   3. Investment by Individual Investors (6% Share)
    • 〔 Reference 〕
    • Share According to 1998 FY Investigation by VEC
    • 1. Pension Funds 0 % , 2. Foreign Investors 1%,
    • 3. Individuals 1 %
    •  
  • 17. Investor Composition for Newly Established VC Funds (total) (Funds established between July 1999 and June 2000, including general partners) Securities Companies 2.4% Insurance Companies 11.2% Corporations 19.8% Individuals 6.0% Foreign Investors 26.3% Banks, Credit Unions/Associations 17.6% Others 1.5% Venture Capital Firms 6.3% Pension Funds 5.6% General Partners 3%
  • 18. Europe Banks 29.1% Pension Funds 18.7% Corporate Investors 9.5% Private Investors 6.2% Not Available 6.7% Realized Capital Gains 7% Government Agencies 4.7% Fund of Funds 4% Academic Institutions 0.4% Capital Markets 0.2% Insurance Companies 13.2% (Source)   2000Yearbook (European Private Equity & Venture Capital Association) Japan Securities Companies 2.5% Insurance Companies 11.6% Corporations 20.5% Individuals 6.1% Foreign Investors 27.1% Others 1.6% Banks, Credit Unions/Associations 18% Pension Funds 5.8% Venture Capital Firms 6.5% US Corporations 15% Endowments & Foundations 21% Foreign Investors 6% Individuals & Families 22% Financial & Insurance 13% Pension Funds 23% (Source) 2000 National Venture Capital Association Yearbook (prepared by Thomson Financial Securities Data/Venture Economics)
  • 19. Venture Capital Investment Stage
    • Characteristics
    •    In Terms of Stage of Investment Stage, Venture Capital Investment Is Moving toward the Earlier Stages.
    •   Share of Investment to Companies at Start-up or in First 5 Years:
    • ( July 1998-June 1999 )  50%: ( July 99-June 00 )  62%
    •   Share of Investment to Companies over 15 Years Old:
    • ( July 1998-June 1999 )  32%: ( July 99-June 00 )  12%  
  • 20. Initial and Follow-on Investments by Stage 1.3% 32.4% 11.6% 8.5% 48.9% 8.9% 11.3% 14.9% 3.0% 59.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Start-up Less than 5 yrs 5 yrs to less than 10 yrs 10 yrs to less than 15 yrs 15 yrs or more 1998/7-1999/6 1999/7-2000/6
  • 21. Exits for Venture Capital Investment
    • Characteristics
    • 1. Notable Increase in the Share of Initial Public Offerings (IPO) Because of the Substantial Increase of the Number of Companies which Carried out IPO
    • 2. Low Share of M&A in Spite of the Increase of its Number
    • 3. The Number of Bankrupt Companies Remained Unchanged in Comparison with the Previous Year. Its Share Decreased from 36% to 20%.
  • 22. Venture Capital Exits (based on no. of portfolio companies) 125 259 106 107 50 140 24 13 0 100 200 300 400 500 600 1998/7-1999/6 1999/7-2000/6 No. of companies Other M&A Bankruptcy IPO
  • 23. Percent of Venture Capital Exits (based on no. of portfolio companies) 42.5% 48.9% 36.1% 20.2% 26.4% 4.5% 4.4% 17.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1998/7-1999/6 1999/7-2000/6 (Note) Valid replies from 53 companies. “Other” includes buy-backs by management. Other M&A Bankruptcy IPO
  • 24. Venture Capital Exits (based on realized profit/loss) 15.3 168.2 -2.2 0.5 1.4 -0.1 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 1998/7-1999/6 1999/7-2000/6 100 million yen Other M&A IPO (Note) Valid replies from 44 companies. “Other” includes buy-backs by management.
  • 25. Investment by Sectors
    • Changes in the Amount of Investment
    •   (98FY) (99FY) (00/Apr-Jun)
    • Internet-related* 4.4% 15.0% 21.9%
    • Computers-related* 24.1% 25.3% 12.4%
    • Consumer-related 3.8% 10.4% 10.8%
    • Semiconductors
    • /Other Elect.* 26.4% 15.6% 8.7%
    • Communications* 3.7% 3.9% 7.2%
    • (Information Technology(IT)-related 4 sectors * total)
    • (58.5% 59.9% 50.3%)
    • Characteristics
    • 1. Continuous increase in the share of the investment to sectors related to Internet
    • 2. The decrease in the share of investment to sectors related to Internet in the last 3 months
  • 26. Share of Investments by Industrial Sectors -20% 0% 20% 40% 60% 80% 100% -96/3 96/4-97/3 97/4-98/3 98/4-99/3 99/4-00/3 00/4-6 Other Utilities Transportation Semiconductors/ Other Elect. Internet-related Medical/Health Manufacturing Industrial/Energy Finance/Insurance/ Real Estate Consumer-related Construction Computers Communications Business Services Biotechnology Agriculture/Forestry/ Fishery (Note) These amounts represent differences from the previous year for each sectors; negative values mean that the return was less than the investment.
  • 27. IT-related Portfolio Companies 16.3% 25.6% 53.5% 58.5% 59.9% 50.3% 83.7% 74.4% 46.5% 41.5% 40.1% 49.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% -96/3 96/4-97/3 97/4-98/3 98/4-99/3 99/4-00/3 00/4-6 Not IT-related IT-related
  • 28. Investment by Geographical Area
    • Changes in the Share of Investment
    •               ( 98FY )   ( 99FY )   ( 00/Apr-Jun )
    •   Domestic          53.0%      70.8%      71.5
    • (including Tokyo     22.2%      35.7%      32.1%)
    •   Overseas          47.0%      29.2%      28.5%
    • (including Asia-Pacific 37.1%      23.7%      22.8% )
    • Characteristics
    • 1. While the share of domestic (especially Tokyo) investment from April 1999 to March 2000 increased in comparison with the previous year, investment to foreign countries decreased.
    • 2. Investment is concentrated in Tokyo of domestic (50% of domestic investment in 1999 FY), and in Asia Pacific of overseas (81% of overseas investment in 1999 FY)
  • 29. Investment by Geographical Area 0 100 200 300 400 500 600 700 800 900 1,000 97/4-98/3 98/4-99/3 99/4-00/3 00/4-6 億円 Overseas total Kyushu-Okinawa Chugoku-Shikoku Osaka Kinki (other than Osaka) Tokai-Hokuriku Tokyo Kanto-Koshinetsu (other than Tokyo) Hokkaido-Tohoku
  • 30. Share of Investment by Geographical Area 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 97/4-98/3 98/4-99/3 99/4-00/3 00/4-6 Overseas total Kyushu-Okinawa Chugoku-Shikoku Osaka Kinki (other than Osaka) Tokai-Hokuriku Tokyo Kanto-Koshinetsu (other than Tokyo) Hokkaido-Tohoku