【行业报告】PitchBook-美国风险投资展望：2023年上半年跟进（英）-2023.6_市场营销.docx

《【行业报告】PitchBook-美国风险投资展望：2023年上半年跟进（英）-2023.6_市场营销.docx》由会员分享，可在线阅读，更多相关《【行业报告】PitchBook-美国风险投资展望：2023年上半年跟进（英）-2023.6_市场营销.docx（11页珍藏版）》请在第一文库网上搜索。

1、rPitchBookPitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniSeniorDirector,Institutiona1Research&Editoria1Dy1anCox,CFAHeadofPrivateMarketsResearch2023USVentureCapita1Out1ook:H1Fo11ow-UpOurana1ystsout1ookontheventuremarketin2023Institutiona1ResearchGroupAna1ysisKy1eStanford,CAIASeniorAna1yst,USVC1e

2、adky1e.stanfordPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessiona1sdoingbusinessintheprivatemarkets.A1exWarfe1rCFAQuantitativeResearchAna1ysta1e.warfe1MaxNavasAna1yst,VCmax.navasVincentHarrisonAna1yst,VCvincet.harrisonDataSusanHuSeniorDataAna1y

3、stpbinstitutiona1researchPub1ishingDesignedbyJoeySchaffer2023out1ooksp.3TheMomingstar-PitchBookUSUnicornIndexwi11showanegativereturnfromJanuary1,2023zthroughDecember31,2023.p.4SeriesCandDroundswi11seethemostdownrounds,asthesecompaniesarecurrent1ythemoststarvedforcapita1.p.6Seed-stagestartupva1uation

4、sanddea1sizeswi11continuetheirascentzreachingnewannua1highsdespiteas1owdownintota1dea1va1ueandcount.p.7SPACIPOsandmergerswi11continuetodec1ine,whi1e1iquidationswi11continuetoincreasein2023.p.8Venture-growthdea1va1uewi11fa11be1ow$50bi11ionintheUS.p.92023USVCmega-roundactivitywi11fa11be1ow400dea1s,hit

5、tingathree-year1ow.p.10USVCfundraisingwi11fa11between$120bi11ionand$130B11ionin2023.Pub1ishedonJune26,2023IntroductionandmarketupdateAttheendof2023,Wepub1ishedourforward-1ooking2023USVCoUt1ook.Withnear1yha1fof2023comp1ete,thisH1updatewi11provideanoverviewofhowourout1ooksarefaringandwhathaschangedsin

6、ceWe1astvisitedourkeythemesto1ookoutforinUSVCin2023.USVC,sexpectedandunexpectedha1fyearItwou1dbeabitfacetioustodec1arethatthefirstha1fof2023producedaventuremarketthatmanydidnotseecoming.VCcontinuestoexperiencedo1drumsthataccompanyapost-exuberancehangover.Financingoptionsarere1ative1y1imitedwhencompa

7、redwiththeexuberanceof2023andear1y2023.Investorsarepracticingextracautionandbeingpatientwiththeircapita1.Themarketforpub1ic1istingsremainsnonexistent,despitethepub1icmarketsovera11showingstrong,positivereturnsyear-to-date.Fundraisingztoo,hasfo11owedupanannua1recordforcommitmentswiththe1owestquarter1

8、ycommitmentsinadecade.A11ofthesewerere1ative1yforeseeab1eandcontinuationsoftrendsthatshaped2023.Fromadataperspective,theseexpectationshavemanifestedinare1ative1yca1myearsofar.Dea1sizeshaves1owedatthetopofthemarket,1eadingtosaggingdea1va1ue.Downroundshaveyettoshowupsignificant1yinthedata.Ina1aggedsta

9、tisticfromadataco11ectionstandpoint,downroundshavebeenpushedoutbythehigh1ayoffsof2023zanexpandingdebtmarket,andagenera1s1owingofcashburnwithinthemarket.Capita1efficiencyisthecurrentpriorityofthemarket.Growthisno1ongerpricedatthepremiumseenin2023.TheunexpectedeventofH12023,maybeeventhepastdecade,wast

10、hefa11ofSi1iconVa11eyBank.Notjustbecauseofthefai1urethoughthata1onewasanunthinkab1eeventoneyearagobutbecauseofthespeedatwhichitoccurred.$40bi11ion-p1uswaswithdrawninafewhours,withmanybi11ionsmorestuckwhentheFDICseizedthebank.Si1iconVa11eyBankroseandfe11withtheventuremarket,becomingthesacrificia11amb

11、fortheindustryasinvestorsandstartupsrushedtopu11moneyfromthebankthattheyhadre1ieduponforso1ong.Whi1eSVBremainsabrandwithintheindustryduetotheacquisitionfromFirstCitizensBank,itisno1ongerthemonumenta1pi11arofVCthatitoncewas.Suchanunexpectedeventwasanaddedpressureforthemarket.Whi1etheimpactsofSVB,sco1

12、1apseandthebroaderbankingcrisis1ike1yhavenotp1ayedintothedatayet,Weexpectittocreateadynamicmarketmovingforward.Afurtherbifurcatedmarketis1ike1y,withwinnersmorequick1yjumpingaheadofthecompetition,andthosestartupsdestinedforfai1ure1ike1yfai1ingfasterbothaconsequenceoffa11ingcapita1avai1abi1ity.Sti11zv

13、enturecontinuesforwardatafasterpacethanpre-COVID-19,butwithinanarrativeofg1oom.Seed-stagepre-moneyva1uationsarejustashighasin2023;theUnicornIndexhasnotyetturnednegative;andmegadea1saresti11happening,thoughonamutedpace.Dea1countsanddea1va1ueshaveon1ynowfa11enbe1owthe1ong-termtrend1inezthussuggestingt

14、hattheremaynotbemuchfurthertofa11.The3,500fundsc1osedinthe1astfouryearshavekeptthemarketaboveexpectations,thoughthatwasa1owhurd1e.Out1ook:TheMorningstar-PitchBookUSUnicornIndexwi11showanegativereturnfromJanuary1,2023zthroughDecember31z2023.ThecauseoftheMorningstar-PitchBookUSUnicornIndexstayingposit

15、ivein2023(thoughjustbare1y),wasthe1ackofdownroundsforunicorns.Near1y95%ofthecompaniesthathadhe1da$1bi11ionva1uationpriorto2023andthenraisedanotherroundoffinancingraisedthatnewfundingatava1uationhigherthantheirpreviousva1uation.Thatwasastarkcontrasttothepub1icmarketsanotherpricingfactorintheindexwhic

16、hdroppedsignificant1y.Asexamp1es,theS&P500returned-18.1%,whi1etheNASDAQfe1133.5%,OurVC-backedIPOIndexwasdownmorethan50%ontheyear.In2023zwhi1edownroundshavepickedupfthatincreasehasbeens1ight.Ontheothersideofthepricingmode1,pub1icmarketshavebeeninthegreen.TheS&Pisuparound12%zNASDAQmorethan20%,andourVC-backedIPOIndexisup21