VENTURE CAPITAL INDUSTRY RAISES $2.7 BILLION IN Q2 2011
(Thomson Reuters ONE) -
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NVCA
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Thomson Reuters
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VENTURE CAPITAL INDUSTRY RAISES $2.7 BILLION IN Q2 2011
Number of Funds Raising Dollars at 16 Year Low
New York, July 11, 2011 - Thirty-seven US venture capital funds raised $2.7
billion in the second quarter of 2011, according to Thomson Reuters and the
National Venture Capital Association (NVCA). This level marks a 28 percent
increase by dollar commitments, but a 23 percent decline by number of funds
compared to the second quarter of 2010, which saw 48 funds raise $2.1 billion
during the period. US venture capital fundraising during the first half of
2011 totaled $10.4 billion from 76 funds, a 70% increase by dollars compared to
the first half of 2010 but a 15% decrease by number of funds, marking the lowest
number of funds garnering commitments since the first half of 1995.
Fundraising by Venture Funds
+--------------+----------+--------------+
| | Number | Venture |
| Year/Quarter | of Funds | Capital ($M) |
+--------------+----------+--------------+
| 2007 | 233 | 30,739.7 |
+--------------+----------+--------------+
| 2008 | 212 | 25,814.7 |
+--------------+----------+--------------+
| 2009 | 153 | 16,191.9 |
+--------------+----------+--------------+
| 2010 | 162 | 13,346.3 |
+--------------+----------+--------------+
| 2011 | 76 | 10,419.1 |
+--------------+----------+--------------+
| 1Q'09 | 58 | 4,945.9 |
+--------------+----------+--------------+
| 2Q'09 | 39 | 4,844.2 |
+--------------+----------+--------------+
| 3Q'09 | 34 | 2,332.0 |
+--------------+----------+--------------+
| 4Q'09 | 47 | 4,069.8 |
+--------------+----------+--------------+
| 1Q'10 | 45 | 4,033.8 |
+--------------+----------+--------------+
| 2Q'10 | 48 | 2,098.4 |
+--------------+----------+--------------+
| 3Q'10 | 53 | 3,593.8 |
+--------------+----------+--------------+
| 4Q'10 | 45 | 3,620.3 |
+--------------+----------+--------------+
| 1Q'11 | 42 | 7,728.3 |
+--------------+----------+--------------+
| 2Q'11 | 37 | 2,690.7 |
+--------------+----------+--------------+
Source: Thomson Reuters and National Venture Capital Association
"The fact that the number of firms raising money successfully remains at such
low levels confirms an ongoing contraction of the venture capital industry,
which will serve well those funds that can obtain commitments - but that group
is becoming more and more narrow," said Mark Heesen, president of the NVCA.
"While a smaller venture industry will intuitively produce higher returns, it is
critical that the mix of funds remain geographically diverse and cover a broad
base of industries if we expect to contribute to economic growth and innovation
at the levels we have historically. For that reason, we would like to see more
funds raise money in the second half of the year."
There were 24 follow-on funds and 13 new funds raised in the second quarter of
2011, a ratio of 1.8-to-1 of follow-on to new funds. The largest new fund
reporting commitments during the second quarter of 2011 was New York-based Level
Equity Growth Partners I, L.P., which raised $120 million in its inaugural
fund. A "new" fund is defined as the first fund at a newly established firm,
although the general partner of that firm may have previous experience investing
in venture capital.
VC Funds: New vs. Follow-On
+-------+--------+---------+-------+
| | | No. of | |
| | No. of | Follow- | |
| | New | on | Total |
+-------+--------+---------+-------+
| 2007 | 64 | 169 | 233 |
+-------+--------+---------+-------+
| 2008 | 58 | 154 | 212 |
+-------+--------+---------+-------+
| 2009 | 39 | 114 | 153 |
+-------+--------+---------+-------+
| 2010 | 49 | 113 | 162 |
+-------+--------+---------+-------+
| 2011 | 22 | 54 | 76 |
+-------+--------+---------+-------+
| 1Q'09 | 10 | 48 | 58 |
+-------+--------+---------+-------+
| 2Q'09 | 12 | 27 | 39 |
+-------+--------+---------+-------+
| 3Q'09 | 12 | 22 | 34 |
+-------+--------+---------+-------+
| 4Q'09 | 12 | 35 | 47 |
+-------+--------+---------+-------+
| 1Q'10 | 14 | 31 | 45 |
+-------+--------+---------+-------+
| 2Q'10 | 16 | 32 | 48 |
+-------+--------+---------+-------+
| 3Q'10 | 19 | 34 | 53 |
+-------+--------+---------+-------+
| 4Q'10 | 13 | 32 | 45 |
+-------+--------+---------+-------+
| 1Q'11 | 10 | 32 | 42 |
+-------+--------+---------+-------+
| 2Q'11 | 13 | 24 | 37 |
+-------+--------+---------+-------+
Source: Thomson Reuters and National Venture Capital Association
Second quarter 2011 venture capital fundraising was bolstered by two fund
commitments from Palo Alto-based Accel Partners, which accounted for 50 percent
of this quarter's fundraising total. Accel Growth Fund II, L.P. raised $875
million during the quarter, while Accel XI, L.P. raised $475 million.
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 2009 Global Insight study, venture-backed companies accounted for
12.1 million jobs and $2.9 trillion in revenue in the United States in 2008. 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 400 plus
members through a full range of professional services. For more information
about the NVCA, please visit www.nvca.org.
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Datum: 11.07.2011 - 14:00 Uhr
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News-ID 56290
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