1 / 24

ABA PE & VC Committee Spring Meeting

ABA PE & VC Committee Spring Meeting. Agenda. PitchBook Data & Research Process Venture Capital Fundraising Trends Venture Capital Investment Trends Venture Capital Exit Trends Private Equity Fundraising & Inventory Trends Key Takeaways. Research process – “scour”.

cian
Download Presentation

ABA PE & VC Committee Spring Meeting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ABA PE & VC CommitteeSpring Meeting

  2. Agenda PitchBook Data & Research Process Venture Capital Fundraising Trends Venture Capital Investment Trends Venture Capital Exit Trends Private Equity Fundraising & Inventory Trends Key Takeaways

  3. Research process – “scour” • Public Sources & News Research (“Secondary”)Systematic and thorough review of any publicly available source. • Survey Research (“Primary”)Easy-to-use, pre-populated surveys accessible to everyone involved in a deal or other aspects of the PE & VC lifecycles. • Primary ResearchSpeaking directly to target company execsand deal makers enables PB to effectivelycross-validate our research and gather themost critical data, such as deal amounts, valuations, EBITDA data and multiples. • Quality AssuranceRigorous review process by a dedicated teamof researchers prior to being published in PitchBook. • Relentless Management

  4. Connect The Dots PE Firm Lender Advisor LP VC Firm Arranger Fund of Funds PE Firm Company Endowment Law Firm Advisor Auditor Consultant

  5. ALL IN THE PITCHBOOK PLATFORM

  6. » fundraising

  7. Us vc fundraising by year » 2014 ON PACE FOR A STRONG FUNDRAISING YEAR *Through 3/31/14

  8. VC Cash flows » LPs EXPECTED TO REVISIT VC ASSET CLASS AFTER CONSECUTIVE YEARS OF POSITIVE CASH FLOWS

  9. FUNDRAISING COUNT & CAPITAL RAISED *Through 3/31/14

  10. Us vc capital overhang ($b) » VCs HAVE $59 BILLION IN INVESTABLE CAPITAL, 36% OF WHICH IS SITTING IN VINTAGE 2010 FUNDS OR OLDER OVERHANG BY VINTAGE *Fund Returns Data Through 9/30/13

  11. » deals

  12. Us VENTURE CAPITAL deal flow by year » 2014 OFF TO A QUICK START FOR VC DEAL MAKING *Through 3/31/14

  13. DEAL SIZE & % ACQUIRED » INVESTORS ARE PAYING MORE AND GETTING LESS *Through 3/31/14

  14. MEDIAN PRE-MONEY VALUATION BY SERIES » PRE-MONEY VALUATIONS CONTINUE TO RISE *Through 3/31/14

  15. deals & capital invested by stage » VCs ARE STEADILY INCREASING THEIR FOCUS, AND CAPITAL, ON EARLY STAGE DEALS *Through 3/31/14

  16. » exits

  17. Us vc exits (#) by exit type » WITH VALUATIONS CREEPING UP, INVESTORS ARE SEEKING MORE IPOs AS A ROUTE TO EXIT *Through 3/31/14

  18. Median valuation ($M) at time of exit by exit type » NO SURPRISE INVESTORS ARE SEEKING MORE IPOs, GIVEN THE LARGE SPREAD BETWEEN IPO AND M&A VALUATIONS AT EXIT *Through 3/31/14

  19. MEDIAN EXIT VALUATION & PRIOR VC SERIES VALUATION » GAPS BETWEEN EXIT VALUATION AND PRIOR VC ROUND VALUATION ARE WIDENING, ESPECIALLY IN COMPANIES EXITING AFTER A & B ROUNDS *Through 3/31/14

  20. » Private equity

  21. Us private equity fundraising by year » *Through 3/31/14

  22. Us PE capital overhang ($b) » PE FIRMS HAVE NEARLY $480 BILLION IN DRY POWDER TO FUEL DEALMAKING *Fund Returns Data Through 9/30/13

  23. Us pe company inventory » HALF OF CURRENTLY PE BACKED COMPANIES HAVE BEEN HELD SINCE 2008 OR BEFORE *Fund Returns Data Through 9/30/13

  24. Key Takeaways Venture Capital Trends • VC Fundraising likely to tick up • Venture deal flow not likely to slow down • Potential for a valuation bubble in near future • Series A Crunch is a matter of debate Private Equity Trends • Fundraising not showing signs of slowing • Deal Flow likely to remain strong • Secondary Buyouts to remain a viable exit option

More Related