The document discusses the results of a survey of limited partners (LPs) that invest in venture capital funds. Some key results include: 1) In 2017, the total number of US-based micro-VC funds that closed decreased 16% from 2016, but total capital raised increased 5%. 2) Fundraising timelines for successfully closed funds decreased in 2017. 3) The majority of survey respondents were single family offices/high net worth individuals (33%) and fund of funds (31%). 4) The majority of LPs, both institutional and non-institutional, prefer GPs to actively pursue secondary transactions to manage their portfolios and provide earlier distributions. 5) Aside from

1. Benjamin Black
Managing Director
and Co-Founder,
Akkadian Ventures
Samir Kaji
Senior Managing Director
First Republic Bank
What Does the Data Say?

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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. Fundraising Timelines
Fundraising timelines for successfully closed funds decreased in 2017!?

5. LP Survey Respondents
33%
31%
12%
16%
8%
Other: Corporates, Trusts, etc.

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. 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. 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. 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. 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. 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. 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. 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
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