DEAD2.0経由で知ったサイト。

Venture capitalists are doing quite well, according to the latest survey by Thomson Financial and the National Venture Capital Association.

We have tried to find holes in the data, and are a bit surprised by it, because it shows all sectors of the venture industry — from seeding funding to buyouts — are firing on all cylinders. But we couldn’t. Yep, despite all that lavish Web 2.0 spending, and despite basket-case IPOs like Vonage, the guys investing in private companies are doing quite well, thank you very much.

Venture firms are doing well — a surprise  – SiliconBeat

マジっスか?

For the twelve months preceding March 31, venture capital firms posted a 19.8 percent return on average (note: this often means simply that their return is on “paper” only, reflected by an increase in the worth of the private companies they back). This is up from 13.3 percent from the fourth quarter of 2005.

Venture firms are doing well — a surprise  – SiliconBeat

‘returen’って当然IRRだろ? 19.8%って’quite well’って言えるほどの数字なの? 前年から5%高いだけでしょ? 昔読んだ本では、ターゲットは取り敢えず、一般的に30%前後だったと記憶しているが。勿論、投下資金の額は日本とは比較にならないのだろうが…。やはり30%なんて教科書の数値?

Thomson Financials’ US Private Equity Performance Index (PEPI)
Investment Horizon Performance through 03/31/2006

Fund Type                              1 Yr   3 Yr   5 Yr   10 Yr  20 Yr
  Early/Seed VC                           9.7    5.0   -8.6   41.4   20.5
  Balanced VC                            31.0   13.5   -1.0   18.0   14.6
  Later Stage VC                         17.4   10.7   -1.8   10.7   13.8
  All Venture                            19.8    9.4   -4.4   22.7   16.5
  Small Buyouts                          40.0    9.0    3.2    7.6   25.8
  Med Buyouts                            17.4   11.1    3.5   10.5   16.5
  Large Buyouts                          31.2   17.2    5.7    9.0   12.6
  Mega Buyouts                           24.9   19.1    7.1    8.7   11.4
  All Buyouts                            25.5   17.6    6.3    8.9   13.3
  Mezzanine                              11.9    6.1    3.1    6.6    9.1
  All Priv Equity                        22.8   14.7    3.0   11.8   14.3
  NASDAQ                                 17.0   20.4    4.9    7.8   10.1
  S&P 500                                 9.7   15.1    2.2    7.2   12.1

Source: Thomson Financial/National Venture Capital Association

Private Equity Performance Strong in Q1 2006
Long Term Performance Sustainability Tied to IPO Market
PR Newswire

ほうほう。EarlyやLaterに特化するよりBalancedしたほうが遥かにパフォーマンスがいいのか。それにしても、こういう統計がしっかり出てくるところに彼我の差を感じるね。日本じゃ年に一回、日経金融がリスト載せるだけだもんな…。

The increase was driven by strength in the Biotechnology, Industrial/Energy, and Networking & Equipment sectors, all showing solid gains in the quarter. Seed/Early stage deals and Expansion stage dollars both showed solid growth from Q1 2006. And, first-time financings reached a five-year high.
Q2 2006 VENTURE CAPITAL INVESTING REACHES HIGHEST LEVEL SINCE 2002 AT $6.3 BILLION

日本じゃ、上場したバイオ企業のボロボロぶりが最近報じられたばかりだったが…。
Web2.0系が含まれていそうなのはこの辺?

Internet-Specific companies captured $916 million going into 143 deals in Q2, remaining relatively flat from Q1 and accounting for 14% of total investment. ‘Internet-Specific’ is a discrete classification assigned to a company whose business model is fundamentally dependent on the Internet, regardless of the company’s primary industry category such as
Software or Telecommunications.

The number of companies received funding for the first-time in Q2 2006 reached a fiveyear high with 282 companies receiving $1.3 billion. This increase coincides with the recent fundraising cycle and reflects the opportunity to deploy funds into first-time companies early in a fund’s life. Dollars invested in first-time financings declined by 2% suggesting that venture capitalists are placing smaller bets in these companies.
Startup/Early Stage deals continued to represent the bulk of first-time deals and dollars with 68% and 56% of the total, respectively, which is in line with historical norms.

Q2 2006 VENTURE CAPITAL INVESTING REACHES HIGHEST LEVEL SINCE 2002 AT $6.3 BILLION

残りは後でゆっくり読も。

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