VENTURE CAPITAL FIRMS RAISED $4.9 BILLION IN Q1 2012
(Thomson Reuters ONE) -
CONTACTS
Emily Mendell
NVCA
1.610.565.3904
emendell(at)nvca.org
Lauren Herman
Thomson Reuters
1.646.223.5985
lauren.herman(at)thomsonreuters.com
Quarter Represents Slower Start to a Critical Fundraising Year for the Asset
Class
New York, April 9, 2012 - Forty-two U.S. venture capital funds raised $4.9
billion in the first quarter of 2012, according to Thomson Reuters and the
National Venture Capital Association (NVCA). This level marks a 35 percent
decrease by dollar commitments and a 9 percent decline by number of funds
compared to the first quarter of 2011, which saw 46 funds raise $7.6 billion
during the period. The top five funds accounted for nearly 75 percent of total
fundraising this quarter as the number of funds raising money during the quarter
fell to its lowest levels since the third quarter of 2009, when 36 venture
capital funds saw new capital commitments.
Fundraising by Venture Capital Funds
+--------------+-----------------+----------------------+
| Year/Quarter | Number of Funds | Venture Capital ($M) |
+--------------+-----------------+----------------------+
| 2008 | 212 | 25,340.1 |
+--------------+-----------------+----------------------+
| 2009 | 160 | 16,400.7 |
+--------------+-----------------+----------------------+
| 2010 | 170 | 13,778.9 |
+--------------+-----------------+----------------------+
| 2011 | 181 | 18,767.6 |
+--------------+-----------------+----------------------+
| 2012 | 42 | 4,876.9 |
+--------------+-----------------+----------------------+
| 1Q'10 | 47 | 4,268.2 |
+--------------+-----------------+----------------------+
| 2Q'10 | 48 | 2,099.9 |
+--------------+-----------------+----------------------+
| 3Q'10 | 55 | 3,677.6 |
+--------------+-----------------+----------------------+
| 4Q'10 | 49 | 3,733.2 |
+--------------+-----------------+----------------------+
| 1Q'11 | 46 | 7,556.5 |
+--------------+-----------------+----------------------+
| 2Q'11 | 46 | 2,814.4 |
+--------------+-----------------+----------------------+
| 3Q'11 | 65 | 2,140.5 |
+--------------+-----------------+----------------------+
| 4Q'11 | 52 | 6,256.2 |
+--------------+-----------------+----------------------+
1Q'12 42 4,876.9
Source: Thomson Reuters and National Venture Capital Association
"While the first quarter fundraising numbers represent a slower start than last
year, venture firms appear to be more optimistic about the fundraising
environment in 2012, especially those who have benefitted from the improving
exit environment of late which has also been encouraging to our investors," said
Mark Heesen, president of the NVCA. "Many venture firms are either now
officially in the market to raise a fund or will enter in 2012. For these firms,
it will be 'do or die' - and the collective outcome of their fundraising efforts
will lay the groundwork for the amount of venture capital available for
investment in entrepreneurial companies the next decade."
There were 31 follow-on funds and 11 new funds raised in the first quarter of
2012, a ratio of 2.8-to-1 of follow-on to new funds. The largest new fund
reporting commitments during the first quarter of 2012 was from Boulder,
Colorado-based Fraser McCombs Ventures, L.P. which raised $16.9 million for the
firm's inaugural fund. A "new" fund is defined as the first fund at a newly
established firm, although the general partners of that firm may have previous
experience investing in venture capital.
VC Funds: New vs. Follow-On
+-------+------------+------------------+-------+
| | No. of New | No. of Follow-on | Total |
+-------+------------+------------------+-------+
| 2008 | 51 | 161 | 212 |
+-------+------------+------------------+-------+
| 2009 | 40 | 120 | 160 |
+-------+------------+------------------+-------+
| 2010 | 55 | 115 | 170 |
+-------+------------+------------------+-------+
| 2011 | 56 | 125 | 181 |
+-------+------------+------------------+-------+
| 2012 | 11 | 30 | 41 |
+-------+------------+------------------+-------+
| 1Q'10 | 14 | 33 | 47 |
+-------+------------+------------------+-------+
| 2Q'10 | 18 | 30 | 48 |
+-------+------------+------------------+-------+
| 3Q'10 | 20 | 35 | 55 |
+-------+------------+------------------+-------+
| 4Q'10 | 17 | 32 | 49 |
+-------+------------+------------------+-------+
| 1Q'11 | 13 | 33 | 46 |
+-------+------------+------------------+-------+
| 2Q'11 | 15 | 31 | 46 |
+-------+------------+------------------+-------+
| 3Q'11 | 22 | 43 | 65 |
+-------+------------+------------------+-------+
| 4Q'11 | 14 | 38 | 52 |
+-------+------------+------------------+-------+
1Q'12 11 31 42
Source: Thomson Reuters and National Venture Capital Association
First quarter 2012 venture capital fundraising was lead by Menlo Park,
California-based Andreessen Horowitz Fund III, L.P. which raised $1.5 billion,
the firm's largest fund to date. Canaan Partners and Bain Capital Ventures each
raised $600 million during the first quarter of 2012.
Methodology
The Thomson Reuters/National Venture Capital Association sample includes U.S.-
based venture capital funds. Classifications are based on the
headquarter location of the fund, not the location of venture capital
firm. The sample excludes fund of funds.
Effective November 1, 2010, Thomson Reuters venture capital fund data has been
updated in order to provide more consistent and relevant categories for
searching and reporting. As a result of these changes, there may be shifts in
historical fundraising statistics as a result of movements of funds between
primary market & nation samples and/or between fund stage categories.
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About National Venture Capital Association
Venture capitalists are committed to funding America's most innovative
entrepreneurs, working closely with them to transform breakthrough ideas into
emerging growth companies that drive U.S. job creation and economic growth.
According to a 2011 Global Insight study, venture-backed companies accounted for
12 million jobs and $3.1 trillion in revenue in the United States in 2010. As
the voice of the U.S. venture capital community, the National Venture Capital
Association (NVCA) empowers its members and the entrepreneurs they fund by
advocating for policies that encourage innovation and reward long-term
investment. As the venture community's preeminent trade association, NVCA serves
as the definitive resource for venture capital data and unites its more than
400 members through a full range of professional services. For more information
about the NVCA, please visit www.nvca.org.
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Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1600810]
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Datum: 09.04.2012 - 14:00 Uhr
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News-ID 132979
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