Upfront LP Survey of the Venture Capital & Startup IndustryMark Suster
Upfront Ventures surveyed Limited Partners (LPs) on their outlook on the venture capital markets and the underlying technology startups we back. This presentation created in Q1 2017 shares this outlook.
The State of the Venture Capital Industry is an annual report produced by TrueBridge Capital Partners highlighting the trends in venture fundraising, investing, valuations, exits, and performance.
All data sourced from Dow Jones VentureSource, Dow Jones LP Source, CB Insights, PitchBook, and Cambridge Associates.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
United States Wealth Report 2015 infographicCapgemini
United States Wealth Report 2015 infographic highlights the key findings of the report sections - Market Sizing, HNWI Behaviors and the Spotlight on Automated Advice
Презентация Арсения Даббаха, CEO и управляющего партнера RMG partners, с конференции СтартUp Travel 2016, проходившей 22 июня 2016 года в технопарке Строгино.
Every year Upfront Ventures surveys our peer group for their sentiment on the fund raising environment, burn rates, areas of technology interest and the year ahead. This report summarizes the views as of January 2017.
Upfront LP Survey of the Venture Capital & Startup IndustryMark Suster
Upfront Ventures surveyed Limited Partners (LPs) on their outlook on the venture capital markets and the underlying technology startups we back. This presentation created in Q1 2017 shares this outlook.
The State of the Venture Capital Industry is an annual report produced by TrueBridge Capital Partners highlighting the trends in venture fundraising, investing, valuations, exits, and performance.
All data sourced from Dow Jones VentureSource, Dow Jones LP Source, CB Insights, PitchBook, and Cambridge Associates.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
United States Wealth Report 2015 infographicCapgemini
United States Wealth Report 2015 infographic highlights the key findings of the report sections - Market Sizing, HNWI Behaviors and the Spotlight on Automated Advice
Презентация Арсения Даббаха, CEO и управляющего партнера RMG partners, с конференции СтартUp Travel 2016, проходившей 22 июня 2016 года в технопарке Строгино.
Every year Upfront Ventures surveys our peer group for their sentiment on the fund raising environment, burn rates, areas of technology interest and the year ahead. This report summarizes the views as of January 2017.
"What is Different This Time Around" at SaaStr Annual 2016saastr
Mark Suster shares his thoughts on the change in funding climate in 2016, what is the same this time around, and what most certainly isn't at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
The Mendoza Line for SaaS Growth -- How to Remain on Track for VC Dollars And...saastr
Growth Persistence is “not a thing”. Join Scale Venture Partners Partner, Rory O'Driscoll as he shows you how to remain on track for VC dollars and a successful exit. His session will focus on the Mendoza Line for SaaS growth, giving founders and CEOs a numerical answer to the frequent question “How fast do I need to be growing to be interesting to a venture investor?”.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
"What's Happening in the Markets: The Real Data" at SaaStr Annual 2016saastr
Danielle Morrill, co-founder and CEO of Mattermark, shares insights into what the funding climate for SaaS startups really looks like in 2016 at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
Who Knew? The Mismatch Between How VCs and Entrepreneurs Think About What It ...saastr
Are you an entrepreneur raising capital and wondering how to improve your odds? Join us to hear the surprising insights we gained from hundreds of enterprise tech founders and investors about the attributes of success they seek and the barriers they fear that entrepreneurs face. You’ll also learn about the differences between how male and female entrepreneurs need to prepare for their next VC pitch.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
"Benchmarking Your Startup" at SaaStr Annual 2016saastr
Investor and popular SaaS blogger Tomasz Tunguz of Redpoint Capital shares the key metrics SaaS founders need to optimize to remain competitive in the 2016 funding climate at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
A report by Diversity VC in partnership with the BVCA with data provided by Craft.co
The purpose of this study is to look at the U.K. venture capital industry from a perspective that has never been seen before.
Authors: Professor David F. Larcker, Brian Tayan, CGRI Quick Guide Series. Corporate Governance Research Initiative, Stanford Graduate School of Business, July 2017
This Data Spotlight provides data and statistics on unethical behavior in corporations and other negative outcomes including bankruptcy, litigation, and corruption in the United States. This data supplements in the issues introduced in the Quick Guide “Introduction to Corporate Governance.”
SpringOwl's 99 Page Presentation On Turning Around ViacomEric Jackson
In this 99 page presentation, we lay out why Viacom's stock price has been cut in half in the past year, and our proposed plan for turning the company around.
Great entrepreneurs dream about creating new sectors, reshaping entire industries and fundamentally disrupting the status quo. Seed stage is the inaugural moment in every startup’s lifecycle, and often impacts the trajectory of a company’s journey. Investors who make these early bets, in no small part, help to shape the startup’s ability to succeed in the years to come.
In conducting this research, we specifically set out to capture the sentiment of the Europe-based seed investment ecosystem. It reflects a moment in time (Q3/Q4 2017), and intends to collate insight from a broad base of leading seed investors across the continent - to take the temperature of the community, and help build a picture of the seed landscape.
At Mosaic, we typically invest after seed, in a company’s Series A round. We work alongside the seed community every day so we hope that taking the pulse of the seed investor ecosystem will provide useful insights for the founder and investor ecosystems alike.
We would like to extend our thanks to everyone who made this report possible. First and foremost to all of the respondents. Everyone who participated is either a General Partner of a European seed fund, or serial angel investor.
We are always appreciative of your thoughts and feedback, please feel welcome to get in touch at info@mosaicventures.com
State of the Cloud 2019 from Bessemer Venture Partnerssaastr
Join Bessemer Venture Partners' Byron Deeter and Kristina Shen as they take a look at trends and predictions for the cloud industry in 2019. This marks the company's fifth annual in-depth look at the cloud computing industry.
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
"What is Different This Time Around" at SaaStr Annual 2016saastr
Mark Suster shares his thoughts on the change in funding climate in 2016, what is the same this time around, and what most certainly isn't at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
The Mendoza Line for SaaS Growth -- How to Remain on Track for VC Dollars And...saastr
Growth Persistence is “not a thing”. Join Scale Venture Partners Partner, Rory O'Driscoll as he shows you how to remain on track for VC dollars and a successful exit. His session will focus on the Mendoza Line for SaaS growth, giving founders and CEOs a numerical answer to the frequent question “How fast do I need to be growing to be interesting to a venture investor?”.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
"What's Happening in the Markets: The Real Data" at SaaStr Annual 2016saastr
Danielle Morrill, co-founder and CEO of Mattermark, shares insights into what the funding climate for SaaS startups really looks like in 2016 at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
Who Knew? The Mismatch Between How VCs and Entrepreneurs Think About What It ...saastr
Are you an entrepreneur raising capital and wondering how to improve your odds? Join us to hear the surprising insights we gained from hundreds of enterprise tech founders and investors about the attributes of success they seek and the barriers they fear that entrepreneurs face. You’ll also learn about the differences between how male and female entrepreneurs need to prepare for their next VC pitch.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
"Benchmarking Your Startup" at SaaStr Annual 2016saastr
Investor and popular SaaS blogger Tomasz Tunguz of Redpoint Capital shares the key metrics SaaS founders need to optimize to remain competitive in the 2016 funding climate at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
A report by Diversity VC in partnership with the BVCA with data provided by Craft.co
The purpose of this study is to look at the U.K. venture capital industry from a perspective that has never been seen before.
Authors: Professor David F. Larcker, Brian Tayan, CGRI Quick Guide Series. Corporate Governance Research Initiative, Stanford Graduate School of Business, July 2017
This Data Spotlight provides data and statistics on unethical behavior in corporations and other negative outcomes including bankruptcy, litigation, and corruption in the United States. This data supplements in the issues introduced in the Quick Guide “Introduction to Corporate Governance.”
SpringOwl's 99 Page Presentation On Turning Around ViacomEric Jackson
In this 99 page presentation, we lay out why Viacom's stock price has been cut in half in the past year, and our proposed plan for turning the company around.
Great entrepreneurs dream about creating new sectors, reshaping entire industries and fundamentally disrupting the status quo. Seed stage is the inaugural moment in every startup’s lifecycle, and often impacts the trajectory of a company’s journey. Investors who make these early bets, in no small part, help to shape the startup’s ability to succeed in the years to come.
In conducting this research, we specifically set out to capture the sentiment of the Europe-based seed investment ecosystem. It reflects a moment in time (Q3/Q4 2017), and intends to collate insight from a broad base of leading seed investors across the continent - to take the temperature of the community, and help build a picture of the seed landscape.
At Mosaic, we typically invest after seed, in a company’s Series A round. We work alongside the seed community every day so we hope that taking the pulse of the seed investor ecosystem will provide useful insights for the founder and investor ecosystems alike.
We would like to extend our thanks to everyone who made this report possible. First and foremost to all of the respondents. Everyone who participated is either a General Partner of a European seed fund, or serial angel investor.
We are always appreciative of your thoughts and feedback, please feel welcome to get in touch at info@mosaicventures.com
State of the Cloud 2019 from Bessemer Venture Partnerssaastr
Join Bessemer Venture Partners' Byron Deeter and Kristina Shen as they take a look at trends and predictions for the cloud industry in 2019. This marks the company's fifth annual in-depth look at the cloud computing industry.
Deep Value and the Aquirer's Multiple by Tobias Carlisle for QuantCon 2016Quantopian
How to beat The Little Book That Beats The Market: An exploration of the deep value investment strategy. This talk will combines engaging anecdotes with industry research to illustrate the principles and reasoning behind a counterintuitive investment strategy.
A 2016 overview of the technology & venture capital industries in Los Angeles presented by Mark Suster, Managing Partner of Upfront Ventures for the Mayor's LP / VC Summit.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
Want to build an online video company? Interested in the YouTube MCN space? Learn some lessons from one of the first and largest investors in this space- Mark Suster of Upfront Ventures. The doc will give you guidance on how to build more profitably.
Presentation from Blue Glass conference on marketing in the era of search, social and video and how many people are wasting money by advertising where there is banner blindness or measuring vanity metrics.
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
These slides are adapted from a talk I gave at the Welsh Government's Marketing Awards for the LAM sector, in 2017.
It offers a primer on UX - User Experience - and how ethnography and design might be used in the library, archive and museum worlds to better understand our users. All good marketing starts with audience insight.
The presentation covers the following:
1) An introduction to UX
2) Ethnography, with definitions and examples of 7 ethnographic techniques
3) User-centred design and Design Thinking
4) Examples of UX-led changes made at institutions in the UK and Scandinavia
5) Next Steps - if you'd like to try out UX at your own organisation
The technologies and people we are designing experiences for are constantly changing, in most cases they are changing at a rate that is difficult keep up with. When we think about how our teams are structured and the design processes we use in light of this challenge, a new design problem (or problem space) emerges, one that requires us to focus inward. How do we structure our teams and processes to be resilient? What would happen if we looked at our teams and design process as IA’s, Designers, Researchers? What strategies would we put in place to help them be successful? This talk will look at challenges we face leading, supporting, or simply being a part of design teams creating experiences for user groups with changing technological needs.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
Baxon Breakfast Seminar: ‘Navigating in uncertain times: An outlook on H1 Pri...Preqin Solutions
Presentation for the Baxon Breakfast Seminar (April 28th 2016) ‘Navigating in uncertain times: An outlook on H1 Private Equity activity.'
The seminar covered a number of topics around the global private equity outlook for 2016. These included general trends for the long term picture; private debt; challenges, opportunities and highlighted operational excellence & transparency as a key factor for competitive GPs and LPs.
Should you require more information do not hesitate to contact us at info@baxonpe.com
In its mid-year report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jonathan Norris also provides his view of what's on the horizon for the second half of 2016.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
There's a pig in the pipe in the venture financing market. We anticipate that the public market selloff will impact Early-Stage venture capital (i.e., Series A, B) this year making it harder for startups to raise capital at those levels and impacting valuations/valuation multiples at all stages. Available Venture capital is at record levels, but it may be deceiving at Seed.
We created this analysis for the startups in our portfolio and wanted to share it with the startup community throughout the US. Startups, we hope you can use this to position yourself for success in the long run.
State of the Capital Markets – First Quarter 2018 Review and Second Quarter 2...The Lead Left
Review of Current Market Conditions
Analysis of Capital Markets Metrics Including Covenants, Pricing, and Leverage
Review of Credit Quality
Outlook for Second Quarter 2018
Stocks from the Gurus, Goldman Sachs and Hedge Funds NowAlpesh Patel
We look at the picks which hedge funds and big banks have in common and our own stringent criteria which narrows down 10k to the top 1%. Part of our www.campaignforamillion.com
TRENDS IN PRIVATE COMPANY FINANCING & EXITS IN OPHTHALMOLOGYHealthegy
Presentation by Silicon Valley Bank at OIS@ASRS 2016.
Participant:
Jonathan Norris, Managing Director - Silicon Valley Bank
Powered by:
Healthegy
For more ophthalmology innovation
Visit us at www.ois.net
TIA Chennai 20-20 Ideas meet presentation - Capacity to Suffer Frameworkperfectresearch
The presentation is an attempt to collate thoughts on the investment process we follow from the Gurus, Mentors and Friends we follow along with our own experience in this field.
*Disclaimer*
1. We are not SEBI registered analysts
2. Educational post only and not a stock recommendation
3. We take no responsibility to keep updating about the business being discussed
4. We may or may not own a position in any of the businesses being discussed and even if we do own a position, we may change our mind due to change in any facts or circumstances
5. Plz consider this post only as a framework to keep tracking businesses and understanding them
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
If you want to understand how decisions are made at a VC firm it is important to understand the staff who work there. Here is a guide but you can also read more at this blog post: https://bothsidesofthetable.com/how-to-improve-your-odds-of-getting-to-yes-with-a-vc-land-and-expand-b46a0a102a07
Upfront Ventures surveys VC firms every year to gauge their views on technology markets. This year we asked people their views about cryptocurrencies & blockchain.
Upfront Ventures blockchain and crypto deckMark Suster
Mark Suster of Upfront Ventures gives a presentation primer on Cryptocurrencies & Blockchain. This is best consumed with a video that will be released and available on Upfront's YouTube page: https://www.youtube.com/user/upfrontventures/videos
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
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