Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Final upfront lp survey data 2016

35,511 views

Published on

This is a survey of Limited Partners (LPs) who fund Venture Capital (VC) firms in 2016 and their outlook on the markets ahead.

Published in: Investor Relations
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • ACCESS that WEBSITE Over for All Ebooks (Unlimited) ......................................................................................................................... DOWNLOAD FULL PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... DOWNLOAD FULL EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M }
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • ACCESS that WEBSITE Over for All Ebooks (Unlimited) ......................................................................................................................... DOWNLOAD FULL PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... DOWNLOAD FULL EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M }
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • DOWNLOAD THIS BOOKS INTO AVAILABLE FORMAT (Unlimited) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download Full EPUB Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... ACCESS WEBSITE for All Ebooks ......................................................................................................................... Download Full PDF EBOOK here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download EPUB Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... Download doc Ebook here { https://tinyurl.com/yyxo9sk7 } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here

Final upfront lp survey data 2016

  1. LP Outlook on Venture Capital 2016 1 LP Survey Data @msuster
  2. LP contributions to the VC industry is back to pre-recession highs (but still well below the 2000 peak) 2 US VC fundraising activity 0 65 130 195 260 $0 $15 $30 $45 $60 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Capital raised ($B) # of funds closed 237 258 193187 134 150 118 184178 193 162 $35$34 $20 $24$25 $19 $12 $33$34 $37 $22 162 193 178 184 118 150 134 187 193 258 237 Source: PitchBook 2015 Annual U.S. Venture Industry Report.
  3. 3 US VC funds annualized cash flow by year -$60 -$40 -$20 $0 $20 $40 $60 $80 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Contributions ($B) Distributions ($B) Net Cash Flow ($B) 17 -11 -5-5 -11 -18 -6-6 -13 -16 8 -11-11 34 26 30 24 19 1011 27 22 11 7 28 1011 -18 -27-29-28 -25 -21 -29 -33 -28 -24-23 -20-21-22 -11 -11 8 -16 -13 -6 -6 -18 -11 -5 -5 1 -1 17 Distributions haven’t made up for a decade of negative cashflows. Markups don’t pay the bills Source: PitchBook 3Q 2015 PE VC Benchmarking Report.
  4. The good news is that only 7% of LPs believe they will cut back on venture programs with 26% of funds looking to increase exposure 4 4% 22% 67% 7% Source: Upfront Survey Jan 2016, 73 LPs. How would you describe your fund’s current allocation to VC? About the right allocation Aggressively growing venture Too much allocated to venture Trying to grow our venture program
  5. 40% of LPs have a full bench, 40% looking to add, 20% looking to cut back 5 3% 38% 40% 19% Source: Upfront Survey Jan 2016, 73 LPs. How would you describe your fund’s current outlook on VC managers? Cutting back on managers Aggressively add new managers to our program Pragmatically add managers to our program Happy with our existing roster
  6. But LPs expressed caution, too. Nearly 75% of LPs have concerns about investment pace, valuation levels and burn rates of underlying companies 6 6% 68% 26% Source: Upfront Survey Jan 2016, 72 LPs. How would you describe your fund’s outlook on your existing (VC) managers activities? Very happy with investment activities of our existing managers Deeply concerned about the market behavior A bit concerned by pace, valuation creep and burn rates
  7. 61% of LPs believe that VCs are coming back to market to raise money at too quick of a pace - a reflection of anxieties of the over-funding of portfolios 7 61% 15% 24% Source: Upfront Survey Jan 2016, 72 LPs. How would you describe your fund’s outlook in your existing (VC) managers funding (and fund raising) pace? Managers come back at a normal cadence and it hasn’t changed much Managers have been coming back more quickly than in the past and we’re fine with this Managers have been coming back more quickly than in the past and it concerns us
  8. Even if some short-term concerns, 70% of LPs still bullish on VC as a great long-term asset 8 30% 69% 1% Source: Upfront Survey Jan 2016, 71 LPs. How would you describe your current views on venture capital overall? We’re even more bullish about VC than in the past We still think VC a great long-term asset class. At current levels, Venture Capital is starting to feel over-funded
  9. And 82% of LPs are likely to maintain their existing investment pace 9 10% 82% 8% Source: Upfront Survey Jan 2016, 73 LPs. How would you describe your likely investment pace in venture over the next 3 years? We’re likely to increase our investment pace We’re likely to keep the same investment pace We’re likely to slow down our investment pace
  10. It seems clear that “direct investments” are becoming a more important part of the LP asset mix for nearly 40% of LPs. 10 1% 17% 21% 44% 17% Source: Upfront Survey Jan 2016, 72 LPs. How would you describe your fund’s position on direct investments We do some directs. It’s opportunistic. Unlikely to ever be meaningful Direct investments are the only reason we fund VC managers in the first place We never do direct and never will We think direct is a very important strategy for us Doing more direct investments and this is becoming an important part of our strategy
  11. Overwhelmingly LPs have been supportive of “opportunity funds” provided they are done pragmatically and with favorable economics 11 3% 82% 15% Source: Upfront Survey Jan 2016, 73 LPs. How you would describe your fund’s outlook on growth / overage / opportunity funds? We only do core funds We’ve been very active in the growth / overage / opportunity fund Done with a pragmatic approach & favorable economics we’re favorable
  12. While the market for Seed Funds grew enormously in the past 7 years, many LPs still express some concerns about capacity and market crowding 12 23% 66% 11% Source: Upfront Survey Jan 2016, 70 LPs. What is your fund’s outlook on the seed market? Seed delivers the highest potential returns and we’ll continue to invest heavilyThere are too many seed funds and we’re worried they won’t have enough capacity We fund seed VCs but we’re very discerning on which ones we’ll fund
  13. Unsurprisingly half the market is looking for a balance of seed, A/B and growth funds. 1/3rd focuses mostly on A/B 13 17% 50% 33% Source: Upfront Survey Jan 2016, 72 LPs. What is your fund’s outlook on traditional Series A/B venture capital? We prefer to focus on traditional A/B venture We think traditional VCs are being squeezed We want a healthy mix of seed funds, A/B and growth VCs
  14. Also it’s not too surprising that LPs are most cautious about growth stage funds - in particular concerns about late-stage valuations 14 68% 32% Source: Upfront Survey Jan 2016, 71 LPs. What is your fund’s outlook on later stage venture capital / growth equity? We like growth stage but want a healthy balance of seed, A/B and growth We’re worried that the growth stage is the most over-valued part of the market
  15. 73 LPs surveyed, part 1 15 Fund type 0 10 20 30 9 445 23 28 Fund size 0 10 20 $0-250M $250-750M $750M-1.5B $1.5-5B $5-10B $10B+ Blank 4 16 7 18 3 11 14 Which of the following best describes your focus on VC? 0 25 50 Only VC Mostly VC Very diverse Not much VC 2 42 10 19 Foundation or Endowment Fund of Funds Family Office Discretionary Advisor Insurance Company Other Survey respondent geography 0 15 30 NorCal SoCal NE US Other US ROW Blank 2 4 28 11 6 22 Source: Upfront Survey Jan 2016.
  16. 73 LPs surveyed, part 2 16 Position 0 20 40 60 Partner / MD Analyst to Principal Blank 1 18 54 How long has your firm been investing in VC (years) 0 20 40 0-3 3-10 10-20 20+ 1 23 30 16 3 How long has your firm existed (years) 0 20 40 0-3 3-10 10-20 20+ 38 1614 5 Personal investment experience (years) 0 20 40 0-3 3-6 6-10 10-15 15+ 27 23 15 44 Haven’t invested much in VC Source: Upfront Survey Jan 2016.
  17. LP Outlook on Venture Capital 2016 17 LP Survey Data @msuster

×