《SVB：2022年家庭理财室风险投资报告.pdf》由会员分享，可在线阅读，更多相关《SVB：2022年家庭理财室风险投资报告.pdf（40页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、Family Offices Investing in Venture Capital July 2022Venture investing in market volatility行业报告资源群行业报告资源群1.进群即领福利报告与资源合编，内有近百行业、上万份行研、管理及其他学习资源免费下载；2.每日分享学习最新6+份精选行研资料；3.群友交流，群主免费提供相关领域行研资料。微信扫码 长期有效微信扫码 长期有效知识星球 行业与管理资源 是投资、产业研究、运营管理、价值传播等专业知识库，已成为产业生态圈、企业经营者及数据研究者的智慧工具。知识星球 行业与管理资源每月更新5000+份行业研究报告
2、、商业计划、市场研究、企业运营及咨询管理方案等，涵盖科技、金融、教育、互联网、房地产、生物制药、医疗健康等；微信扫码加入后无限制搜索下载。微信扫码 行研无忧微信扫码 行研无忧客服微信客服微信合作与沟通，请联系客服免责申明：1.本附加与原报告无关;2.本资料来源互联网公开数据；3.本资料在“行业报告资源群”和“知识星球 行业与管理资源”均免费获取；4.本资料仅限社群内部学习，如需它用请联系版权方CONTENTSForeword.03Key takeaways.04Methodology.05Chapter 1:Family offices venture investing strategy i
3、n market volatility.06Chapter 2:Current state of venture capital.1418Chapter 3:Family offices venture portfolios.Appendix:Participant overview.39Family Offices Investing in Venture Capital July 2022Venture investing in market volatility22021 was a record-breaking year for global venture investment a
4、nd family office(FO)participation in venture deals.In the first half of 2022,venture investment slowed(compared to 2021).The increased volatility in public markets,geopolitical uncertainty,and higher inflation and interest rate environment are factors that are also contributing to corrections across
5、 the venture ecosystem.However,the innovation sector continues to grow.Investors are holding a record amount of dry power and valuation corrections are creating buying opportunities.We are delighted to share the July 2022 issue of the SVB Capital and Campden Wealth Family Offices Investing in Ventur
6、e Capital report.This details how family offices are responding to the current market volatility.Chapter 1 of the report provides direct insights and tips from FOs based on interviews conducted in June 2022.Chapter 2 shares SVBs perspectives on the current state of venture capital based on conversat
7、ions with startup founders and venture fund managers in May and June 2022,and analysis of funding rounds.Finally,Chapter 3 takes a deep dive into the expected composition of FO venture portfolios,based on data collected from 139 FOs across 30 countries in a survey conducted between June and Septembe
8、r 2021.FOREWORDDominic SamuelsonChief Executive Officer Campden WealthBarry OBrienHead of Family Office Practice SVB CapitalShailesh SachdevaManaging Director,Family Office Practice SVB CFamily Offices Investing in Venture Capital July 2022Venture investing in market volatilityThe current macro envi
9、ronment is causing FOs to slow their venture investments.However,FOs expect to opportunistically grow their venture portfolios in 2022 given lower valuations.The primary piece of advice FOs offered is to stay the course and ensure you have a diversified and balanced portfolio.FOs understand the impo
10、rtance of investing regularly and with consistency even through fluctuating market cycles.FOs continue to construct venture portfolios that are well diversified across direct and fund investments,and different stages,sectors and geographies.Theres been rapid growth in venture investments related to
11、Environmental,Social and Corporate Governance(ESG)and Impact.So far this year,83%of participating FOs expect to be engaged in these investments up from 79%in 2021 and 47%in 2020.The average global FO expects to allocate 29%of the venture portfolio to ESG or Impact up from 20%in 2021.Climate change h
12、as climbed the priority list for FOs and is now the top target area.We appreciate and thank the family offices and executives who participated in the initial survey and recent interviews contributing to this report.We hope you enjoy reading this special edition of the July 2022 Family Offices Invest
13、ing in Venture Capital report.3KEY TAKEAWAYSDespite macro concerns,family offices expect to continue to invest in venture capital in 2022Family Offices Investing in Venture Capital July 2022Venture investing in market volatilityFamilies expect to allocate to life sciences,enterprise software,and oth
14、er sectors Average expected ESG/Impact Investing allocation is 29%of venture portfolioExpected 2022202129%20%North AmericaAfricaAsia-Pacific ex.ChinaCentral and South AmericaChinaEuropeIndia11+33+33+77+88+2+2+55+717170%North America55+1313+99+66+2727+9+9+55+22+242424%Rest of the worldIsraelMiddle Ea
15、st ex.IsraelNorth American FOs are allocated more to North America vs.Rest of the world is more balancedBreakout/emerging managers outside of the US(sub$100M)US-based established brand managers23%32%28%27%25%24%US-based breakout/emerging managers(sub$100M)33%50%18%Established brand managers outside
16、of the US14%0.0%26%Stronger returns expected from US-based emerging managersNorth AmericaOverallRest of the worldNorth AmericaRest of the world14%18%Fintech8%9%Frontier technology18%14%Enterprise software 20%15%Other14%15%Consumer internet 20%15%Life sciences and healthcare 6%14%Energy and resource
17、innovation18 new investments between mid-2021 and mid-2023612#Funds#Direct investmentsFamily office participation in venture continues to growBased on survey responses collected between October 2019 and February 2020.20122013201420152016201720182019202020212022*3104756968489151,0171,2581,4621,5332,3
18、168072.22.63.13.33.44.44.65.23.83.04.24MethodologyThe survey for the Campden Wealth and SVB Family Offices Investing in Venture Capital 20212022 report was conducted between June and September 2021.Through an extensive online questionnaire,data was procured from 139 ultra-high net worth families/fam
19、ily offices with experience in venture capital(VC)investing.In addition,in-depth follow-on interviews were conducted with 10 family office representatives.In June 2022,eight additional interviews were conducted on the impact of the slowdown in the VC industry.Family Offices Investing in Venture Capi
20、tal July 2022Venture investing in market volatility5CHAPTER 1Family offices venture investing strategy in market volatilityFamily Offices Investing in Venture Capital July 2022Venture investing in market volatility6Chapter 1:Family offices venture investing strategy in market volatilityFigure 1:Tota
21、l number of venture deals+capital invested,globally20122013201420152016201720182019202020212022*Capital invested($billion)Deal count(k)Source:PitchBook and SVB analysis.*Note:2022 data current as of 7/1/2022.61741181761871983373153527102761418232829343445322819Figure 2:Total number of venture deals
22、with FO participation,globally20122013201420152016201720182019202020212022*#VC deals by FOsVC deals by FOs as%of global dealsSource:Pitchbook and SVB analysis.*Note:2022 data current as of 7/1/2022.Deal count captures investors that self-identify as family offices.Many FOs with established single LP
23、 funds(a venture-focused team managing capital for a single family)do not self-identify as family offices with Pitchbook,so the numbers presented will underestimate actual FO investment activity.Excludes all investments made into funds as LPs.3104756968489151,0171,2581,4621,5332,316807As of end of Q
24、2 2022,$276B was invested in venture capital deals globally,slower than the pace in 2021,but still exceeding previous years.Family office participation in venture has been steadily increasing.In 2021,FOs were in 5%of global venture deals.Despite slower VC activity(from 2021 highs),FOs expect to cont
25、inue to invest in venture in 20222.22.63.13.33.44.44.65.23.83.04.27Family Offices Investing in Venture Capital July 2022Venture investing in market volatilityInsights from a Malaysia-based single family office(June 2022)What is your venture investment strategy over the next 12 months?I am planning t
26、o increase our allocation into venture funds over the next 12 months.Given the correction in valuations,this vintage could be the best one yet!What advice do you have for FOs re:their venture portfolio?Spend the time to develop relationships in the venture ecosystem.Although the technology ecosystem
27、 is extremely large,it is at the same time also a very small community where everyone is somehow connected to and knows everyone else.It is worth building and deepening these relationships overtime.Be as consistent as possible with your allocation into venture i.e.if you start a venture investing pr
28、ogram,make sure you are consistently investing everyyear for at least 5 years so you get exposure to fund vintages across the economic cycle.It is always tempting to reduce or cut the allocation when markets take a turn for the worse.What is your venture investment strategy over the next 12 months?I
29、 am almost exclusively focused on the US and in particular the San Francisco Bay Area.I am tilting our venture portfolio towards earlier stage funds and I am also starting to look at secondaries funds.What are your key concerns?What makes you optimistic?I am most optimistic about the pace and scale
30、of innovation in technology.The entrepreneurs who survive and emerge from this cycle will be the best yet as they will not only know how to build and grow companies but also how to be brutally capital efficient.I have been mostly concerned by the extraordinary valuations over the past few years and
31、the“tourist”capital that has flooded into the technology ecosystem looking for quick and easy returns.It takes time,patience,hard work and resilience to build and grow successful companies.The returns will then follow-nothing worthwhile ever comes easy!Chapter 1:Family offices venture investing stra
32、tegy in market volatility(contd.)8Family Offices Investing in Venture Capital July 2022Venture investing in market volatilityInsights from a US-based single family office(June 2022)What is your venture investment strategy over the next 12 months?We are re-upping with our existing managers.We are doi
33、ng new investments in specific sectors such as cyber and drones.We think the last vintage will be good if it was not called and deployed but the upcoming vintage will be very good.Some GPs are raising sooner than expected because they are afraid that there will be less capital to raise in the future
34、.Funds that would normally be 80%deployed before raising are raising at 50%and leaving more for follow-ons.What advice do you have for FOs re:their venture portfolio?Dont panic.We dont think there is a need to rush investmentsmany great companies raised a lot of money last year and dont need to rais
35、e for a period of time.They are all cutting their burn rate knowing funding will be more difficult going forward.Many will use venture debt to increase their duration before the next funding round.Once this period ends,there will be a great opportunity to do secondaries as sellers and buyers agree t
36、o lower prices.Given current market dynamics,what areas of opportunities are you exploring(stage/sector/geography)?Early stage is still better than equity growth which is more overvalued.China may be cheap,but given a higher risk premium,still not sure if the risk return is more attractive.LATAM and
37、 Brazil is more interesting.Sectors such as AI/ML artificial intelligence/machine learning will continue to change the world as more and more data is collected and analyzed.What are your key concerns?What makes you optimistic?We are most concerned about the political and geopolitical landscape.We ar
38、e most optimistic about tech and innovation increasing productivity.AI/ML artificial intelligence/machine learning will impact all industries creating more efficiencies.Drones will change the future of warfare.AR/VR augmented reality/virtual reality is early but will create an immersive world that w
39、ill change how we interact with each other.Web 3.0 will create an entirely new economy with digital property rights and play to earn games.Chapter 1:Family offices venture investing strategy in market volatility(contd.)9Family Offices Investing in Venture Capital July 2022Venture investing in market
40、 volatilityInsights from an Andorra-based single family office(June 2022)What is your venture investment strategy over the next 12 months?We are planning to focus on supporting our current managers in the portfolio and not increasing our allocation to new managers in the short term.What advice do yo
41、u have for FOs re:their venture portfolio?If they are just starting,I would recommend to start investing through funds of funds with access to established and high quality emerging managers to learn and gain“high quality”If they already have experience,I would focus on the managers that have most ex
42、perience in risk management and deploying to business models with a clear path to profitability/positive cash flow.Given current market dynamics,what areas of opportunities are you exploring(stage/sector/geography)?We still believe in early stage because we see it less correlated to the cycle compar
43、ed to late stage.We like healthcare,fintech,and B2B software.Our preferred geographies are the US and Northern Europe.What are your key concerns?What makes you optimistic?We are concerned about valuations of late stage deals done in the last three years at record high entry prices,especially if the
44、underlying companies dont have a clear path to profitability.We are optimistic about new investments,since valuations now are much more rational and the vintages will probably be better than the previous three-four years.Chapter 1:Family offices venture investing strategy in market volatility(contd.
45、)10Chapter 1:Family offices venture investing strategy in market volatility(contd.)Insights from a Europe-basedsingle family office(June 2022)What is your venture investment strategy over the next 12 months?In the current market,we are going a little slower.But not much has changed for us:we set a b
46、udget at the end of last year and will not be revising this downward.We see an opportunity to buy at the cheaper end,and will continue to deploy capital heavily.Given current market dynamics,what areas of opportunities are you exploring(stage/sector/geography)?If you look at early stage venture,the
47、correlation to the S&P 500 from a valuation standpoint is close to zero.We are targeting companies in the first one to two years of life;accessing them at the cheapest entry point possible in the first institutional round of funding,and targeting networks/geographies with consistent outlier producti
48、on.We are focused on businesses solving big problems no fads.What are your key concerns?What makes you optimistic?There is a long list of concerns:high inflation,rising interest rates,geopolitical tensions,declining valuations,and where the market is headed,especially in terms of companies that dont
49、 have two years of runway.But we are optimistic over general tech trends.The speed of innovation and utilization has accelerated over the last three or four years.There are a lot of opportunities in renewable energy tech,healthcare tech,and B2B SaaS in fintech architecture.One factor that shouldnt b
50、e underestimated is that some of the really big funds have raised record funds this year.There is still massive deployment capital out there that needs to be invested in the next few years.What advice do you have for FOs re:their venture portfolio?It is important to keep investing regularly through