2H 2015 PE & VC

Fundraising &
Capital Overhang
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19,368 89,720 120,834 31,335 470,897

LPs Commitments GPs/Investors Funds Performance
Data Lines

395,604 387,092 98,238 22,117 899,491

Portfolio Transactions Valuations Advisory Firms People
Companies
PE Fundraising
Overview
U.S. PE Capital Raised Vs.
Invested
 NET PE CAPITAL SET FOR
LOWEST TOTAL SINCE 2009

-$141B
Through the end of 1H 2015 in the U.S.
 Fundraising Trends
PE FUNDS GET SMALLER WHILE VC FUNDS GET BIGGER
1H 2015 saw the median U.S. PE fund size drop to $165 million, the lowest
figure of the decade. VC counterparts, however, surged, with the median hitting
$30 million and the average $147 million.

LP CONFIDENCE REMAINS STRONG

The time taken to close funds continues to drop, while more and more funds hit
their targets, indicating a high degree of limited partner confidence.

BOTH PE AND VC FACE ELEVATED CAPITAL OVERHANG

The PE industry still has plenty of dry powder left to burn, while the VC industry
saw its first uptick in capital overhang last year dating back to 2007.
 Overview
Median PE Fund Step-Up % of Funds Reaching Target
PE Fundraising by Fund Size
# by Fund Size $ by Fund Size
Median & Average U.S. PE
Fund Size
 PE Closing Times

Median & Avg. Time to Close

Avg. Time Between Funds (Years)

PE Capital Overhang
 Secondaries

U.S. Secondaries Fundraising

Secondaries (#) by Size

VC Fundraising
Overview
U.S. VC Raised Vs. Invested
LATE STAGE INVESTING STILL
OUTPACING FUNDRAISING

-$16.8B
Through the end of 1H 2015 in the U.S.,
compared to -$31 billion for all of 2014.
 Overview

Median & Avg. Closing Times

% of Funds Hitting Target

VC First-Time
Fundraising
Even after last years
staggering 101 first-
time VC funds, 1H saw
strong numbers,
particularly in capital
raised.
This indicates the sheer
level of optimism LPs
and GPs alike are
exuding right now.
VC Fundraising by Fund Size
# by Fund Size $ by Fund Size
 VC Fundraising by Fund Size

Median & Avg. VC Fund Size

Median VC Fund Step-Up

U.S. VC Overhang
US +1 206.623.1986
UK +44 207.190.9809

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