1001 J V C A 2009年米国の V C投資動向

JVCA 勉強会

2009 年米国の VC 投資動向

This document is not intended to be an offering or solicitation of any kind in relation to the activities of SunBridge Partners or any of its affiliated companies. Any such offering will be represented exclusively

by an official Private Placement Memorandum.

January 22, 2010

SunBridge Partners LLC • Proprietary and Confidential Page 2This document is not intended to be an offering or solicitation of any kind in relation to the activities of SunBridge Partners or any of its affiliated companies. Any such offering will be represented exclusively


Exit Drought Unresolved

US VC Industry Rightsizing Continues

Protective Investing outpaces Proactive Investing

Globalization of Venture Investing Proceeds

“Cleantech” now fully established as new category

NVCA member Forecasts for 2010

2009 年米国の VC 投資動向 (Summary)



Exit Drought Unresolved



IPO Crisis Continues

only 13 Venture-backed IPOs, vs. 86 in 2007, 6 in 2008

262 M&A exits (at $12.2B), down from 348 (at $13.7B)

Worst Exit market since 1970s

Source: Thomson Reuters





US VC Industry Rightsizing Continues

Q1-Q3 investments $12.2B in 1910 companies. vs. $22.25B in 3076 companies (1997 levels)

Fundraising declined 47% to $15.2B, 120 funds (1993 levels)


by an official Private Placement Memorandum. 7

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

Best VC

returns

Worst VC

returns

VC as % of GDP1995/6 0.11%2000 1.05%2008 0.24%2009 0.13%








Until markets improve, the operating model has changed as well

ZThoughtful, measured portfolio triage:

– Cut the strugglers, back the winners

– Keep powder dry to support pre-profitable companies

– Assume no new outside funding is on the horizon

BBuild flexibility into portfolio company planning:

– Zero-revenue budgeting

– Aggressive compensation packages based on % base salary-at-risk plans

– Milestone-based hiring, even when cash cushion is large

– More proactive negotiations with customers – more NRE, no more free development work






First-time financings only 13% of all deals (lowest in history

70% Inside rounds






VC Megatrends: Target Industry Expansion Creation of new VC category: “Cleantech”

Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters





Surpassed Software investment for first time in Q3



Next Industry Focus of Silicon Valley

Through the 1950s, Silicon Valley was the 10th largest AGRICUTURAL region in the US.



Next Industry Focus of Silicon Valley

Today, employment is concentrated (about 30%) in IT and Venture services



Silicon Valley – Now attempting to lead the Next Big Thing – “Cleantech”



Battling for Global CleanTech leadership

Shouldn’t this industry be led by Japanese innovators?

•Tradition of energy efficiency

•Leadership in•Photovoltaics•Batteries•LED lighting•Advanced

Materials, etc.




- Emerging focus of Silicon Valley

- Increasing attention in venture media and at events

- Outpaced software investing for first time #2 in Q3

- Active pursuit of government funding and intiatitives

- “Electrification Coalition” – 200M electric cars by 2020



Globalization of Venture Investing Proceeds





“Asia” = China?

Plus$2.6B in Q3









China IPOs rising

The Number of Exit Deals Fell Slightly; IPOs Are on the Rise

The global financial tsunamis delivered a death blow to Chinese VC market, especially the exits on the market. In H1'09, capital markets abroad were in persistent depression while Chinese A-share Market suspended the issuance of new stocks, leading to a narrower exit channel via IPOs; in H2'09, the number of IPOs and financing amount in overseas markets soared in companion with the rebound of the economies worldwide, as well as the domestic market experienced a turnaround coupled with the reopening of exit channel via IPOs, because of the stable growth of Chinese economy, launch of ChiNext, and reform of issuance of news stocks.

2009 witnessed 123 exit deals, falling by 12 from that in 2008, a

decrease of 8.9%. As for exit option, 82 exit deals completed via IPOs, accounting for 66.7% of the total, up by 39 or 34.8% over 31.9% in the prior year. There were 24 exit deals taking place via trade sale, a slightly fall from 23 in 2008, and six via M&As as the same as that in 2008. (See Chart 10)





Chinese Company IPOs in USA > Silicon Valley IPOs?!?



“Cleantech” now fully established as new category- Emerging focus of Silicon Valley- Increasing attention in venture media and at events- Outpaced software investing for first time #2 in Q3- Active pursuit of government funding and intiatitives- “Electrification Coalition” – 200M electric cars by 2020

NVCA member Forecasts for 2010- 44% predict growth in deals and dollars ($21-25B)- 54% predict higher investment in Cleantech- Declines in Semiconductor & Electronics- Increase in China- Increase in Later Stage investing greater than Early Stage- Average forecast of 26.3 IPOs in 2010- Number of firms and avg. Fund size will decline

2009 年米国の VC 投資動向 (Summary)



Economy & Finance

1001 J V C A 2009年米国の V C投資動向