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LP Survey Micro-VC

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LP Survey for venture capital

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LP Survey Micro-VC

  1. 1. Benjamin Black Managing Director and Co-Founder, Akkadian Ventures Samir Kaji Senior Managing Director First Republic Bank What Does the Data Say?
  2. 2. Rules of RAISE Our goal is for all participants to feel comfortable and open in order to encourage an authentic exchange of information. To this end, we ask the following: 1. KEEP THE TRUST. We ask that all attendee’s input be kept confidential. So please: no social media, blogging, or press release without prior consent. 2. BE PRESENT. Nobody likes talking to a roomful of people who are looking at their phones. 3. KEEP IT REAL. Building a business from scratch is hard. Let’s talk about the hard stuff and leave the self-promotion at home.
  3. 3. Massive Uptick in Micro-VC In 2017, total number of US-based Micro-VC funds that successfully closed decreased 16% from 2016, but total capital raised increased 5%
  4. 4. Fundraising Timelines Fundraising timelines for successfully closed funds decreased in 2017!?
  5. 5. LP Survey Respondents 33% 31% 12% 16% 8% Other: Corporates, Trusts, etc.
  6. 6. Typical Capital Commitment by LP Type 76% 12% 12% 38% 31% 31% Single Family Office/HNI Fund of Funds 17% 17% 33% 33% Foundation/Endowment 11% 33% 23% 33% RIA
  7. 7. Approximately how many venture capital firms will you add to your portfolio in 18-19? 48 3 2 76 5 5 16 3 3 27 3 3 0 10 20 30 40 50 60 70 80 Aggregate Average Median Single FO/HNI Fund of Funds Foundation/Endowment RIA
  8. 8. How many emerging managers (first or second fund) do you expect to allocate to in 2018-2019? 36 2 1 48 3 3 11 2 2 20 2 2 0 10 20 30 40 50 60 Aggregate Average Median Single FO/HNI Fund of Fund Foundation/Endowment RIA
  9. 9. Thematic vs. Generalist Fund Preference 45% 23% 32% 53% 18% 29% 0 10 20 30 40 50 60 Thematic Generalist No Difference Institutional Non-Institutional
  10. 10. Investment Focus Preference 25% 39% 36% 12% 47% 41% 0 5 10 15 20 25 30 35 40 45 50 Geographically focused Agnostic on company location No Difference Institutional Non-Institutional
  11. 11. Fund Size Preference 53% 25% 22% 59% 23% 18% 0 10 20 30 40 50 60 70 Relatively smaller funds with a focus on providing co- investments and SPVs Relatively larger funds with all investments going into the fund No Difference Institutional Non-Institutional
  12. 12. Should GPs actively pursue secondary transactions to manage the portfolio, reduce downside risks, and shorten the time to investor distributions? Yes 84% No 16% Yes No
  13. 13. Aside from poor investment decisions, what about investing in venture capital funds do you find most disappointing/annoying? 17% 8% 19% 17% 29% 0% 5% 10% 15% 20% 25% 30% 35% Transparency Team Turnover Illiquidity Strategy Drift/Investment Valuation Premium Fees

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