【行业报告】PitchBook：新兴管理者面临的挑战（英）-2023_市场营销策划_2023年市场报.docx

《【行业报告】PitchBook：新兴管理者面临的挑战（英）-2023_市场营销策划_2023年市场报.docx》由会员分享，可在线阅读，更多相关《【行业报告】PitchBook：新兴管理者面临的挑战（英）-2023_市场营销策划_2023年市场报.docx（10页珍藏版）》请在第一文库网上搜索。

1、rPitchBookPitchBookDatazInc.JohnGabbertFounder,CEONizarTarhuniVicePresidentfInstitutiona1ResearchandEditoria1DyhnCoxfCFAHeadofPrivateMar1cetsResearchInstitutiona1ResearchGroupAna1ysisCha11engesforEmergingManagersHowrecentheadwindsareshapingtheprovinggroundsforUSVCfundraisingPitchBookisaMorningstarco

2、mpanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessiona1sdoingbusinessintheprivatemarkets.DataSusanHuSeniorDataAna1ystKeytakeawaysDespite2023settingtheUSrecordforannua1VCfundraisingat$171.0bi11ion,pbinstitutiona1researchemerging-managerfundraisingpeakedtheyearprior.Waningmo

3、mentuminthesecondha1fof2023cu1minatedinanannua1figureof$37.0bi11ionc1osedbyemergingmanagers,markingadec1ineof34.9%YoY.Thistrendhaspersistedthrough2023Pub1ishingDesignedbyJoeySchafferYTD,duringwhichemergingmanagerssecuredameager$2.3bi11ion.2023ispoisedtobethefirstyearsince2016toseeemergingmanagersc1o

4、se1essthan$20bi11ionincommitments.Pub1ishedonJune23,2023Ingenera1,emergingmanagerspu11fromare1ative1ysma11ernetworkforContentscommitmentsthantheirmoreestab1ishedcounterparts.1Psinemergingfunds,especia11ysma11erfunds,are1ike1ytobeHNWIorfami1yofficesratherthan1argeKeytakeaways1institutionswithanembedd

5、edventurecapita1strategy,whichmadecommitmentstoIntroduction2theirestab1ishedmanagerpeersataratioof5-to-1from2023to2023.Theevo1vingfundraising1andscape2Whi1efundreturnsamp1esizescanbesma11andnotnecessari1yconc1usiveofWhatfactorsaremakingfundraising5moredifficu1tforemergingmanagers?thebroadermarketspe

6、rformancebymanagertype,theycanopenthedoortoconversationregardingwhythecurrentmarketconditionsmaybegivingprospective1Pspauseincommittingtoemergingmanagers.AcrossthefundvintagesoftheGFCWhataretheimp1icationsfortheUS9VCecosystemifemergingmanagersstrugg1etofundraise?from2007to2009,emergingmanagersunderp

7、erformedtheirestab1ishedpeersonpoo1edTVPIbasisby0.31xto0.83x.,MaxNavasAna1yst.VentureCapita1Imax.navasMorethan1,500emerging-managerfundshavebeenraisedintheUSthatareofthe2018vintageorear1ier.FundreturnsdataforthesevintageyearsshowDPIfiguresameasureofthecapita1thathasbeendistributedbackto1Psasaproport

8、ionofthetota1paid-incapita1be1ow0.23.The1imitedtrackrecordofemergingmanagers,coup1edwithagenera11ackofreturnsduetotheyoungageoffunds,addstothecha11engesemergingmanagersfacewhenraisingnewvehic1es.Dec1iningcommitmentstoemergingmanagerscou1dhaveramificationsfortheventuremarketdownthe1ine.63.7%ofthefund

9、sraisedinthepastfiveyearsbyfirmsheadquarteredoutsideofmajormarketshavebeenbyemergingmanagers,representingrough1yha1fthecapita1avai1ab1efromsma11er-marketinvestors.Withoutnewfundsc1osing,dea1activityinsma11erecosystemsmayshiftbacktoareaswithmoresubstantia1basesofcapita1.IntroductionThefundraising1and

10、scapeforemergingmanagershasundergonesignificantchangesoverthepast18months,presentingamyriadofcha11engesfortheseup-and-mingp1ayersinVC.Whi1ethepandemicinitia11ybroughtfavorab1econditionsforfundraising,thesubsequentmarketvo1ati1ityin2023hasdisruptedthef1owofcapita1,impactingthedistributionandinvestmen

11、tportfo1iosof1imitedpartners.Asaresu1t,emergingmanagersfinditincreasing1yarduoustosecurefundsduetotheir1imitedinvestmenttrackrecords,untestedhistorica1performanceduringrecessionaryperiods,andthecha11engeofattractingtherighttypeof1Pstocontributecapita1totheirfunds.Inthecurrentfundraisingc1imate,evens

12、easonedVCmanagersareexpectedtofaceobstac1es,butthehurd1esarenotab1yhigherforemergingmanagers.In2023,thenumberoffundsc1osedbyestab1ishedmanagersoutpacedthose1edbyemergingmanagersforthefirsttime.Thisshift1edtoestab1ishedmanagerscommandinga1argershareofthecapita1raisedintheUSVCmarket,1eavingemergingman

13、agerswithamere21.1%ofthetota1fundssecured.Theimp1icationsofthesefundraisingcha11engesextendbeyondtheindividua1strugg1esofemergingmanagers.Sma11erVCecosystemsintheUScou1dsufferiftheseemergingmanagersareunab1etosecurefundingfrom1imitedpartners.TheVCindustrythrivesoninnovation,disruption,andtheinfusion

14、ofcapita1intobuddingentrepreneuria1ventures.1oca1capita1isimperativetohe1pscoutandfundstartupsthat1aunchoutsideoftraditiona1capita1hubs.Adec1iningpresenceofemerging-manager-1edfundscou1dmakeitmoredifficu1tforstartupstoraisecapita1andmayforcetheminto1argerecosystems.Thisnotewi11exp1orehowthefundraisi

15、ng1andscapeforemergingmanagershaschanged,thefactorsthatmaketheirfundraisingexperiencemorecha11enging,andtheimp1icationsfortheUSVCecosystemifemergingmanagersstrugg1etosecureinvestordo11ars.Theevo1vingfundraising1andscapeTheventuremarkethassignificant1ymaturedoverthe1astdecadefrom$22.5bi11ionraisedin2

16、013to$171.0bi11ionraisedin2023.Thegrowthoftheseedstageandtheexpansionoftheventure-growthstageatthetopendofthemarkethasa11owedVCstof1ourishwithvaryingriskprofi1estoattract1Ps.In2013,852uniqueVCshadraisedafundinthepriorfiveyears.Fast-forwardadecadeto2023,and2,556uniqueVCshaveraisedafundinthepastfiveyears;trip1ingthenumberoffirmsactive1yinvestin