EIF VC Survey 2019: Fund Managers' Market Sentiment and Policy Recommendations (Venionaire Investment GmbH)

Summary

• The survey received 774 completed responses from 538 VC firms in Europe.p.10
• 86% of VC managers consider their current state of business to be good or very good, and 63% expect a further improvement.p.16
• 1 in 2 VC fund managers rate the current fundraising environment as good, while 35% expect it to deteriorate over the next 12 months, up from 17% the year before.p.19
• 65% of VC managers found co-investors relatively easily, up from 56% in 2018.p.23
• 84% of VC managers intend to raise another fund within the next five years, slightly below the 89% reported in 2018.p.26
• The average assets under management of the surveyed VC firms is EUR 204m, with a median of EUR 70m.p.13
• Among those planning another fund, 53% said early stage would be the most likely stage focus.p.27

Key insights

1. The survey was sent to 4,367 individuals representing 2,095 distinct VC firms.p.10
2. The average number of qualified investment proposals received over the last 12 months is 628, with a median of 300.p.28
3. The implied average investment rate for the entire sample is 4%.p.28
4. 21% of the respondents invest only domestically.p.10
5. Only 1 in 10 VC managers in France expect an improvement in their state of business over the next 12 months, versus 7 in 10 in CESEE and the South.p.17
6. The total assets under management of all surveyed firms exceed EUR 100bn.p.13
7. More than half of the responses come from GPs in the UK (N=117), Germany (N=100), the Netherlands (N=90), France (N=63) and Spain (N=51).p.10