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1、Family Offices Investing in Venture Capital January 2023Future of Family Offices in Venture CONTENTSForeword.03Key takeaways.04Methodology.06Chapter 1:Where family offices are investing.Healthcare.Blockchain.Gaming.Space.Climate Tech.07Chapter 2:Future of venture.1723Chapter 3:Navigating volatility.
2、Appendix:Participant overview.28081415162Family Offices Investing in Venture Capital January 2023Future of Family Offices in Venture13We are delighted to share the January 2023 issue of the SVB Capital and Campden Wealth Family Offices Investing in Venture Capital report.This is based on an in-depth
3、 survey of 139 family offices(FOs)across 30 countries,as well as 25 interviews with families and venture executives.The report details family office participation in venture capital(VC)and FO views on the future of venture investing.Venture investment fell sharply in 2022The second half of 2022 saw
4、venture investing slow significantly.Limited Partners(LPs)paused deploying capital to funds and direct investments.They took fewer meetings with funds raising capital and focused more on their existing portfolios.VCs also slowed their pace of investment.VCs now sit on record dry powder to invest.The
5、y are being cautious and setting a higher bar for investments.Family offices remain bullish on technologyFamily offices continue to invest in technology.They are backing Artificial Intelligence/Machine Learning to transform the life sciences and have a strong interest in Alternative Care.FOs believe
6、 in the potential for blockchain solutions and digital assets to transform industries across FOREWORDDominic SamuelsonChief Executive Officer Campden WealthBarry OBrienHead of Family Office Practice SVB CapitalShailesh SachdevaManaging Director,Family Office Practice SVB Cthe board,and are also opti
7、mistic about opportunities in gaming,space,and climate tech.They emphasize investing consistently,but are now seeking out established managersExperienced FOs advise staying the course and trusting your portfolio construction.They emphasize the importance of investing regularly and with consistency e
8、ven through fluctuating market cycles.As valuations fall to more rational levels,many see opportunities,especially in early-stage companies.Given the current market volatility,however,family offices are exploring ways to invest in more established funds and,consequently,emerging managers are having
9、a tougher time.We would like to thank the families and executives who took part in this study,and hope you enjoy the read.Family Offices Investing in Venture Capital January 2023Future of Family Offices in Venture3KEY TAKEAWAYSNotes:*As of Dec 31,2022FO investment in late stage VC dropped 60%from 20
10、21 vs.44%drop in early stageVC investments by FOs%of global VC investmentPre-seed and SeedEarly stage(Stages A and B)Late Stage(Series C+)2000000021 2021 2022*2022*$3.8B$5.3B6%7%10%11%15%11%11%14.4%16%17%19%Family Office(FO)investment
11、 in venture dropped 55%from 2021,to 2020 levels4Family office investment in venture1Family office investment in venture,by stage2 1 2 Source:PitchBook and SVB proprietary data and analysis$60.2B$34.1B$55.4B$22.0B$29.4B$19.4B$12.2B$65.0B$3.1B$3.0B$4.3B$5.3B$9.3B$7.7B$8.7B$14.6B$25.6B$8.8B$15.7B$24.5B
12、$16.1B$45.1B$25.3B$50.0B$47.7B$108.5B$1.9B$3.3B$1.1B$2.6B$136.9BFamily Offices Investing in Venture Capital January 2023Future of Family Offices in VentureKEY TAKEAWAYSFamily offices remain bullish on technology and Healthcare trendsFOs are marking down VC portfolios while investing in more establis
13、hed fundsHow family offices are navigating current volatilityAI/Machine Learning technology-based companies to become leaders in drug discovery and toolsRe-upping with existing funds in their portfolio,albeit with smaller checksExploring ways to invest in more established fundsLess actively explorin
14、g new managers given liquidity crunch from denominator effectProactively marking down their venture portfolios and adjusting projections with lower distributions9595Agree%Continued demand for blockchain solutions(despite market turmoil)858585%97%5Source:The Campden Wealth/SVB Family Offices Investin
15、g in Venture Capital Survey 2021 2023Space economy will be worth US$1 trillion within the decadeVC funding for Alternative Care will continue to surgeNovel ways to treat and eradicate many cancers by 2025Healthcare exits will scale with current investments8282100100+007878999982%100%78%99%Family Off
16、ices Investing in Venture Capital January 2023Future of Family Offices in VentureMethodologyThe survey for the Campden Wealth and SVB Family Offices Investing in Venture Capital 20212023 report was conducted between June and September 2021.Through an extensive online questionnaire,data was procured
17、from 139 ultra-high net worth families/family 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 industr
18、y.In November 2022,four interviews were conducted on the impact of the macroeconomic climate on family office venture outlooks and strategies.Finally,in January 2023,additional insights were collected in interviews with executives representing three venture firms.6CHAPTER 1Disruptive technologiesCHA
19、PTER 1Where family offices areinvestingFamily Offices Investing in Venture Capital January 2023Future of Family Offices in Venture72021 set the record for investment into US and European Healthcare companies,up 65%from the previous record in 2020.Despite a tough macroeconomic market,investment in 20
20、22 has been robust:Q1 investment totaled$23B and Q2 totaled$15.5B.Biopharma and HealthTech led the charge,accounting for 44%and 27%of investment,respectively.HealthcareDespite a tough macroeconomic market,VC investment in Healthcare has been robust in 2022VC dollars and deals by Healthcare sectors1
21、US and EuropeQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2 0 510152025US$B202020212022DealsDollars3623904734246296Therapeutic developments e.g.Platform,Oncology,Neurology,Orphan/Rare,Anti-Infective,Auto-Immune companies Provider operations,Alternative Care,Clinical trial enablement,Healthcare navigation,Medicatio
22、n management,Wellness&Education Diagnostics&Tools e.g.Tests (yes/no test results),Analytics (to help direct treatment),and R&D Tools(research equipment and services)Medical devices e.g.Cardiovascular monitoring,Neurostimulation,and Brain/computer interface technologiesSubsector Biopharma HealthTech
23、Dx/Tools Device Dx/Tools$6.7B(17%)Device$4.6B(12%)HealthTech$10.3B(27%)Biopharma$17.1B(44%)Companies focused onChapter 1:Where family offices are investing 1 Source:PitchBook and SVB proprietary data and analysis8VC dollars and%in Healthcare sectors1649Family Offices Investing in Venture Capital Jan
24、uary 2023Future of Family Offices in VentureFinancings of companies applying AI in drug discovery,and the number of partnerships between pharma and AI companies,have grown rapidly.For example,in November 2022,Sanofi struck a$1.2B deal with Insilico following partnerships with Atomwise,Exscientia,and
25、 Owkin(AI-driven drug discovery/precision medicine companies).Globally,most family offices believe that AI/ML technology-based companies will emerge and become industry leaders in drug discovery and tools(97%).The majority of family offices believe that,by 2025,we will have a fundamental understandi
26、ng of how cancer originates and novel ways to treat and eradicate many cancers(78%).HealthcareFamily offices are backing AI/ML to transform the life sciencesKey applications of AI in life sciencesDrug discovery(e.g.,small-molecule drugs)Vaccine development(e.g.,COVID-19)Disease identification(e.g.,c
27、ancers)Treatment plans(e.g.,cancers)Robotic surgeries(e.g.,facilitate heart therapy)Triage(e.g.,medical chatbots)AI/ML technology-based companies will emerge and become industry leaders in drug discovery and tools1By 2025 we will have a fundamental understanding of how cancer originates and novel wa
28、ys to treat and eradicate many cancers17878+2222100100+00100%AgreeDisagree8585+151597%8383+171778%83%GlobalNorth AmericaNorth AmericaGlobal9Chapter 1:Where family offices are investing Highest-valued private Biopharma companies 20222 PlatformUS$3.0B postPlatformUS$1.7B postOncologyUS$1.1B postOncolo
29、gyUS$967M postMetabolicUS$750M postPlatformUS$671M postAnti-InfectiveUS$642M postPlatformUS$632M postNeurologyUS$550M postNeurologyUS$525M post1 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:PitchBook and SVB proprietary data and analysisFamily O
30、ffices Investing in Venture Capital January 2023Future of Family Offices in VentureA growing number of computational biology companies are leveraging big biological datasets to develop algorithms that offer deeper insights into disease and fundamentally change the drug discovery and development proc
31、ess.VC activity in comp bio has accelerated dramatically over the past three years.In Q4 2021,comp bio received 43%of biopharma/R&D tools seed/series A dollars.By mid 2022,comp bio dollars already surpassed full-year 2020 dollars.Of 129 comp bio companies that raised their first seed/series A round
32、in 2019-2021,89(69%)incorporate AI/ML algorithms into their technology.HealthcareEarly-stage investors are focusing on computational biologyBiopharma/R&D tools seed/series A dollars and deals1 US and EuropeComp bio seed/series A by top Applications(1H 2022)1Description Application Computational biol
33、ogy companies are categorized in the following top applications*if they are leveraging computational tools to:2525+2020+1818+1313+1313+55+44+22+AADrug Optimization$421M(18%)11 dealsBiomarker Analysis$55M(2%)2 dealsStructureAnalysis$302M(13%)6 dealsGenomic Analysis$596M(25%)11 dealsDrug Discovery$487
34、M(20%)15 dealsSingle Cell Analysis$310M(13%)6 dealsTarget Discovery$115M(5%)2 dealsProteomic Analysis$90M(4%)2 dealsNotes:Data as of 6/30/2022.Seed/series A includes first-time investments in Biopharma/R&D tools equal to or greater than$2.5M.Dates of financing rounds are subject to change based on a
35、dd-on investments.Q1Q2Q3Q42020Q1Q2Q3Q42021Q1Q22022$1.1B$1.0B$170M$1.0B$195M$1.9B$238M$1.6B$258M$1.8B$1.2B$1.3B$1.0B$1.8B$392M1.2B$586M2020$5.7B(223)2021$8.2B(316)2022$4.0B(138)Non-Comp Bio investmentComp Bio investmentGenomicAnalysis Study genomic features including DNA sequence,structural variation
36、,and gene expression that influence disease-related traitsDrug DiscoveryIdentify new therapeutic candidatesDrugOptimizationEnhance promising therapeutic candidates,often by improving efficacy or reducing toxicitySingle-Cell Analysis Study disease-associated mechanisms occurring in an individual cell
37、,rather than in a population of cells or full organismStructure Analysis Characterize and/or predict the three-dimensional structure of molecules,such as proteins,to understand their function and role in diseaseTarget DiscoveryIdentify disease-associated molecules,often proteins,that can be targeted
38、 with a drug to achieve a therapeutic effectProteomic AnalysisStudy the set of expressed proteins and identify how certain characteristics are linked to diseaseBiomarker AnalysisStudy a biological characteristic,most often by measuring molecules in the blood,to understand disease processes and/or th
39、erapeutic responses10Chapter 1:Where family offices are investing 1 Source:PitchBook and SVB proprietary data and analysis*Companies may be listed under multiple applications.$700M$293M$133MFamily Offices Investing in Venture Capital January 2023Future of Family Offices in VentureIn 2021,HealthTech
40、companies raised nearly$40B across 1,186 deals more than double the previous record of$18.1B in 2020.While Q1 2022 investment($10.4B)surpassed 2021s quarterly average,investments dropped 30%in Q2 2022,as the market began to correct from 2021s record.Companies in Alternative Care(AC e.g.,HealthTech i
41、nnovators in telemedicine and mental health platforms)received 38%of the investment in 2021 a 3x increase from 2020.In 1H 2022,AC deal flow continued to be strong,but there has been a drop in larger deals.Across regions,all family offices surveyed believe that venture funding for alternative care wi
42、ll continue to surge in the next two years.HealthcareFamily offices have a strong interest in Alternative CareHealthtech dollars by top subsectors(1H 2022)2US and EuropeVenture funding for alternative care will continue to surge in the next two years1 Total Dollars invested(and Deals)in HealthTech2U
43、S and EuropeQ1Q2Q3Q42020Q1Q2Q3Q42021Q1Q22022$4.5B$4.0B$5.2B$4.9B$9.2B$11.0B$10.1B$9.7B$10.4B$7.3B2020$18.68B(659)2021$40.0B(1,207)2022$17.7B(723)AgreeDisagree100100+00100%SubsectorCompanies that provide:Alternative Care$4.8B(28%)172 dealsProvider Operations$4.5B(27%)274 dealsClinical TrialEnablement
44、$6.0B(35%)113 dealsWellness&Education$904M(5%)111 dealsHealthcare Navigation$687M(4%)17 dealsAlternative CarePrimary or specialty care outside a hospital or private practiceGuidance to users to find relevant providers and/or payers based on their needsHealthcare NavigationProvider OperationsSolution
45、s to increase the efficiency and accuracy of provider-provider,and provider-patient interactionsInsuranceSolutions to improve the client experience,back-end operations,insurance claims process,etc.Wellness&EducationInformation on healthy lifestyle and medical best practice 3535+2828+2727+55+44+11+AA
46、Clinical Trial EnablementSolutions to accelerate drug discovery and the digitization of clinical trialsInsurance$59M(0.3%)8 dealsGlobal11Chapter 1:Where family offices are investing 1 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:PitchBook and SV
47、B proprietary data and analysisFamily Offices Investing in Venture Capital January 2023Future of Family Offices in VentureThe HealthTech industry saw a record 16 IPOs in 2021(compared with seven in 2020)and a record 122 M&A deals(compared with 76 in 2019).IPOs were down across sectors in 1H 2022,as
48、the public market largely blocked opportunities for companies to IPO.For the first time in five years,2022 had no VC-backed healthtech IPOs in the first half.M&A deal activity in healthtech started strong in Q1 but tapered off in Q2 2022,falling 36%quarter-over-quarter.Across regions,virtually all s
49、urveyed FOs believe that HealthTech IPOs,M&As,and SPAC exits will scale with investment increases in this sector(99%).HealthcareHealthTech exits to scale with investment increasesHealthTech M&As,IPOs,and SPAC exits will scale with the current investment increases in this sector 199%9898+2298%HealthT
50、ech private M&A deals and IPOs by year2HealthTech private M&A deals by subsectors2Market Cap at IPOPrivate M&A TotalHealthTech exit values by year2$2.7B$3.1B$17B$22B$31B$62B$1.1B200H20221H 2022Private M&AIPO202H 2022202115164 27132161
51、2883881302773 32$1.1B$2.7B$12.8B$9.1B$3.1B$266M9999+11$23B8307637240Notes:HealthTech VC-backed IPOs from 1/1/15 to 6/30/22.M&A defined as all private,venture-backed M&A deals with no upfront limitations,globallyWellness and EducationMedication ManagementInsuranceHeal
52、thcare NavigationClinical Trial EnablementAlternative CareProvider OperationsGlobalNorth America12Chapter 1:Where family offices are investing AgreeDisagree1 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:PitchBook and SVB proprietary data and ana
53、lysis and SVB HealthTech Report254465222Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureWeb3 a catchall term for efforts to build a new digital economy on cryptographic networks was the breakout star of the innovation economy in 2021.The global blockchain t
54、echnology market was valued at$5.9B in 2021.Revenues in the digital assets segment have ballooned from$1.9B in 2017 to$34B in 2021 and to(a projected)$37B in 2022.Most FO participants believe that,in the next two years,as 5G is rolled out and the digital transformation accelerates,demand for blockch
55、ain solutions will grow strongly(85%globally).There is also strong agreement that,in the next two years,as more regulation is adopted and institutional interest grows,Bitcoin,Ethereum,and other digital assets will continue to rise(84%).Recent developments with the collapse of the FTX cryptocurrency
56、exchange and USDT stablecoin have left investors questioning future investments in the crypto ecosystem.Blockchain startups continue to get funding though.BlockchainBlockchain solutions and digital assets transforming industries In the next two years demand for blockchain solutions will grow strongl
57、y1Top decentralized apps by monthly users2In the next two years Bitcoin,Ethereum,and other digital assets will continue to rise18484+1616 9595+558585+1515 9595+55AgreeDisagreeAgreeDisagree84%95%85%94%North AmericaGlobalGlobalNorth AmericaOtherPolygonSolanaBSCEthereumDaily active Web3 addresses by bl
58、ockchain network20M2M1M3M4M4x Growth in Web3 addresses since Q1 2021Buy and tradenonfungible tokensUtility 1.6MServices for blockchain usersGambling 2.3MBet with cryptoSocial Media72kDeFi 4MBuy and tradecrypto assetsGames 5.2MPlay-to-earn gamingQ10.2M Q20.4MQ30.4MQ40.4MQ10.7MQ21.5MQ32.1MQ43.3MQ13.0M
59、Q23.3M34%15%14%10%26%Q32.8M202Chapter 1:Where family offices are investing 1 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:C,IMF,Morning Consult,DefiLlama,DappRadar,Artemis.xyz and SVB analysis Family Offices Investing in Venture Capit
60、al January 2023Future of Family Offices in VentureNotes:Sum of users for each of the 250 most popular decentralized applications ranked by DappRadar.Users may overlap.NFT Markets 2.2MThe US gaming market has continued to grow over the last decade and is projected to reach$90B in revenues in 2022.The
61、 European market grew 22%year-on-year in 2020 and revenues are projected to reach almost$26B this year.Blockchain gaming is the most exciting trend for investors in recent months.Other trends include the steady rise of eSports(topical with the FTX/TSM deal now in question),and sports gambling(more i
62、n question with the recent US election results).Otherwise,the gaming sector as it relates to VC interest has centered on anything and everything blockchain related.Most participants believe that,in the next two years,the gaming markets in North America and Europe will grow by more than 10%p.a.(95%gl
63、obally).GamingGaming market to grow by more than 10%p.a.In the next two years the gaming market in North America and in Europe will grow by more than 10%pa1GlobalMarket size of the video games industry in the United States from 2010 to 20222 AgreeDisagreeThere are three key gaming subsectors:9595+55
64、 100100+00 9191+9991%95%100%9191+9995%BlockchaineSportsSports GamblingRest of the worldEuropeNorth AmericaGlobal20000202021202214Chapter 1:Where family offices are investing Source:1 The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023
65、Source:2 XXXXXXXXXXX$38.6B$33.8B$34.4B$35.1B$36.5B$46.7B$54.3B$63.9B$65.0B$80.2B$83.6B$90.1BFamily Offices Investing in Venture Capital January 2023Future of Family Offices in VentureOver the last few years,VC funding for aerospace has grown heavily.The decline in 2022 is largely driven by macro con
66、ditions as investors are shying away from companies with large upfront CapEx costs.Space tech funding was driven primarily by SpaceX($1.9B Series R).Globally,82%of participants believe that,in the next decade,the space economy will grow to become a market worth more than$1 trillion.SpaceThe space ec
67、onomy,a$1 trillion marketIn the next decade the space economy will grow to become a market worth more than$1 trillion1AgreeDisagreeAerospace VC funding by niche2Drones/Vertical take off and landing(VTOL)Space Tech200212022There are two key aerospace subsectors:6.274.452.231.53317.33$2.02B
68、$2.67B$5.88B$9.79B$7.56B*Vertical take off and landing1.282.471.430.490.44Drones/VTOL*Space TechSVB outlookLess growth rounds given lower investor demand and fewer SPACs because of underperforming public companies(for example,Spire,Astra).Specialized funds focused on defense tech to participate in a
69、erospace companies(both drones/VTOL and space)that provide data,insights,and critical services to governments and enterprises.Increased global activity as other countries(mainly Asia,particularly China)are building out their own space programs and aerospace capabilities.Even India recently launched
70、its first private rocket made by Skyroot.8282+181881%88%8181+1919 8888+121271%82%7171+2929GlobalNorth AmericaEuropeRest of the world15Chapter 1:Where family offices are investing 1 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:XXXXXXXXXXXFamily O
71、ffices Investing in Venture Capital January 2023Future of Family Offices in VentureBetween 2020 and 2021,US VC Climate Tech fundraising increased 45%(to$26B)and investment increased 80%(to$56B).The energy and power sector experienced the fastest growth in investment,increasing 180%year-over-year.Amo
72、ng participants,the most popular area for Environmental,Social and Corporate Governance(ESG)or Impact Investing is climate change(with 64%of participants selecting it as one of their areas of interest).In 2020,climate change ranked fifth(influencing investment decisions made by 50%of FOs).Climate Te
73、chFor family offices,climate change is the top area of ESG interestESG/Impact Investing areas of interest2 US VC fundraising for Climate Tech1 Climate change(e.g.,carbon emissions,climate vulnerability)64%Natural resources(e.g.,water stress,biodiversity)55%Human capital(e.g.,health and safety,supply
74、 chain standards)50%Social opportunities(e.g.,access to healthcare,access to finance)42%Pollution and waste(e.g.,toxic emissions,packaging materials/waste)40%Corporate governance/Corporate behaviour(e.g.,board diversity,business ethics)31%Not applicable16%Product liability(e.g.,product safety/qualit
75、y,privacy)and data standards13%Other3%Materials&ResourcesResources&EnvironmentEnabling TechnologiesTransportation&LogisticsEnergy&PowerAgriculture&Food200021$9B1041,1851,4181,3681,3161,67494129$12B$15B$9B$8B$18B$26BCapital raisedFunds closedCapital investedDeals clos
76、ed2017$14B 2018$26B2019$25B2020$31B2021$56BCapitalDeals15%20%18%19%25%19%22%16%11%15%9%11%Notes:The sum of the figures may exceed 100%as participants can select multiple optionsNotes:For funds with a stated focus in cleantech,agtech or electric vehicles/hybridsUS VC investment in Climate Tech startu
77、ps116Chapter 1:Where family offices are investing 1 Source:Preqin,PitchBook,Cleantech Group,and SVB Analysis2 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureCHAPTER
78、2Future of ventureFamily Offices Investing in Venture Capital January 2023Future of Family Offices in Venture17Chapter 2:Future of ventureGlobally,family offices have mixed views about the future of coin offerings.Forty-seven percent say coin offerings are largely over as a fundraising method and 53
79、%disagree.In North America and Europe,there is more pessimism about coin offerings,but in the Rest of the world,FOs are bullish.There is also uncertainty about whether venture firms will widely sponsor special purpose acquisition companies(SPACs).*Globally,51%of family offices say Yes and 49%say No.
80、In North America and Rest of the world,there is more optimism about SPACs,but in Europe,FOs are bearish.Coin offerings and SPACs fall out of favorCoin offerings(e.g.,Initial Coin Offerings(ICOs)are largely over as a fundraising method1 In the future,venture firms will widely sponsor SPACs1 5151+4949
81、 5252+4848 3636+6464 7272+2828For interviewees,traditional venture capital is integral to the growth of innovative firms.Top VCs have a particular value-adding skillset:Leveraging networks for information Identifying opportunities at the right time Providing patient capital Facilitating breakthrough
82、s Helping businesses grow through management and connections*Special purpose acquisition companies are shell companies that complete an IPO with no business operations of their own.A SPACs sole purpose is to identify a target operating company and consummate a business combination.Compared with trad
83、itional IPOs,SPACs often offer targets higher valuations,greater speed to capital,lower fees,and fewer regulatory demands.51%52%36%72%AgreeDisagreeAgreeDisagree4747+5353 5353+4747 5252+4848 3030+707052%30%47%53%Rest of the worldEuropeNorth AmericaGlobalGlobalNorth AmericaEuropeRest of the world181 S
84、ource:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 Family Offices Investing in Venture Capital January 2023Future of Family Offices in Venture*Revenue-based financing is a method of raising capital from investors who receive a percentage of the enterprises ongo
85、ing gross revenues until a predetermined amount has been paid.In 2019,revenue-based financing was valued at$901 million.There is agreement among participants that there will be a new wave in revenue-based investing/financing in venture capital(globally,88%agree).*Meanwhile,family offices are sceptic
86、al that companies will increasingly look at SPACs for streamlining funding.In North America,64%believe this trend is unlikely.Findings are similar about the long-term viability of the SPAC model.In North America,57%are pessimistic.New wave in revenue-based investing/financing on the horizonNotes:Inc
87、ludes IPOs completed by blank-check companies headquartered in the US or listed on major US exchanges between 1/1/18 and 10/31/22.Aggregate amount offered includes overallotments4949+51519292+884949+5151 3636+64648686+141486%8989+1111+AA89%AgreeDisagreeAgreeDisagree8888+121288%92%5757+434349%36%50%5
88、7%Aggregate amount offered($B)Number of dealsGlobalNorth AmericaGlobalNorth AmericaRest of the worldEuropeNorth AmericaGlobalQ1Q1Q1Q1Q1Q2Q2Q2Q2Q2Q3Q3Q3Q3Q3Q4Q4Q4Q4Q4200212022US SPAC IPO activity since Q1 201821.943.192.222.303.103.903.693.353.878.0931.9936.7796.8513.4017.0233.4810.062.140
89、.580.374729510There will be a new wave in the revenue-based Investing/revenue-based financing business model in VC1 Companies will increasingly look at SPACs for streamlining funding,significantly disrupting VC1 Long-term,the SPAC model is not viable1 1 Source:The Ca
90、mpden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 2 Source:S&P Global Market IntelligenceChapter 2:Future of venture19Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureMost participants agree that venture capitalists of tomorrow wi
91、ll play a far more active role and provide value-added services to portfolio companies than their counterparts today(75%).Indeed,VCs are already focusing more on helping their existing portfolio companies navigate the current market environment with fundraising support,customer introductions,go-to-m
92、arket support,etc.Globally,the majority of family offices agree that VCs will increasingly integrate a Venture Capital-as-a-Service(VCaaS)model into their offering,i.e.,helping family offices and corporations manage their venture capital fundsand/or offer deal flow(83%).VCs to play more active role
93、in portfolio companies and offer VC-as-a-serviceVCs will increasingly integrate a Venture Capital-as-a-Service(VCaaS)model into their offering(that is,help corporations manage their corporate venture capital funds)18383+1717 7878+2222 9191+99 7777+2323Venture capitalists of tomorrow will play a far
94、more active role and provide value-added services to portfolio companies than their counterparts today17575+2525 7070+3030 7272+2828 8686+141491%77%83%78%AgreeDisagreeAgreeDisagree75%72%86%70%GlobalNorth AmericaEuropeRest of the worldGlobalNorth AmericaEuropeRest of the worldChapter 2:Future of vent
95、ure201 Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureFamily offices believe that,in the next five years,emerging managers will continue to play an important role in
96、 the venture ecosystem.Globally,58%believe that emerging managers will not be crowded out by established managers because of platform advantages.The sentiment is strongest in North America(68%).Access to quality venture funds remains a challenge for family offices&LPs.Proliferation of new funds has
97、made it more difficult to separate signal from the noise.SVBs newly launched LIFT platform allows LPs to connect directly with a curated set of venture fund managers.Emerging managers continue to play a pivotal role in the venture ecosystem,despite established managers platform advantagesIn the next
98、 five years,emerging managers will not be crowded out by established funds15858+424258%AgreeDisagree6868+323268%As investors look for access to venture,but also more liquidity,VC funds will increasingly be tokenised1 6363+373763%AgreeDisagree4545+555545%VC firms have long funded Artificial Intellige
99、nce/Machine Learning(AI/ML)companies and some are now using the technology to guide their own investment decisions e.g.,to find companies,analyze growth,and time investment.According to one estimate,in 2021,5%of venture capital investment decisions utilized data science and machine learning.Globally
100、,77%of participants believe that AI/ML will become fundamental to the venture capital investment process.Globally,63%of family offices think that VC funds will increasingly be tokenized as investors look for access to venture,but also greater liquidity(i.e.,split into units representing interests in
101、 the economics of the fund which are traded on a secondary market).AI/ML to transform venture investing itself7777+232377%AgreeDisagree8383+171783%GlobalNorth AmericaGlobalNorth AmericaGlobalNorth AmericaAI/ML will become fundamental to VC investment1Chapter 2:Future of venture211 Source:The Campden
102、 Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023 Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureUS VC deal value for female founders reached$32.4 billion through Q3 of 2022 breaking the record set in 2021.Female-founded companies re
103、present 17%of deal value and 26%of deal count.Meanwhile,female investors account for 16%of VC decision-makers in the US,and 5%of firms have a majority female decision-maker population.There is clear consensus among participants that,by 2025,most venture capital funds will have at least one female/et
104、hnically diverse partner(globally,96%agree).VC teams to become more diverseBy 2025,most venture capital funds will have at least one female/ethnically diverse partner19696+4496%AgreeDisagree9595+5595%The venture industry has been slow to adopt ESG frameworks,but VCs are starting to place more emphas
105、is on ESG criteria.Meanwhile,in the public markets,ESG is not yet the new normal and initiatives are facing backlash as well.Overall,there is clear consensus among participants that venture capitalists of tomorrow will spend much more time measuring social/environmental impact than their counterpart
106、s today(92%).VCs to embrace social and environmental practicesVenture capitalists of tomorrow will spend much more time measuring social/environmental impact19292+8892%9696+4496%GlobalNorth AmericaAgreeDisagreeNorth AmericaGlobalChapter 2:Future of venture221 Source:The Campden Wealth/SVB Family Off
107、ices Investing in Venture Capital Survey 2021 2023 Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureCHAPTER 3Navigating volatilityFamily Offices Investing in Venture Capital January 2023Future of Family Offices in Venture23Chapter 3:Navigating volatilityVent
108、ure investment strategy over the next 12 months lContinuing to deploy capital into venture given market correction lRe-upping with existing managers;higher bar for new managers Advice for family offices re:venture investments lDont panic and trust your portfolio construction(or rebalance if required
109、)lConsistently deploy capital across vintages lDevelop relationships with fund managers who have a disciplined investment approach and/or have been through past economic cycles Key areas of opportunities lEarly stage and secondary opportunities lPrimarily US,some Europe,less so Asia/Africa lAll sect
110、ors,including healthcare,fintech,enterprise Areas of concern and optimism lConcerned about political and geopolitical risks,high valuations over the past few years,harder fundraising environment for portfolio companies,inflation lOptimistic about pace of innovation,lower valuations,VC dry powderFami
111、ly offices globally continue to invest in venture24Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureChapter 3:Navigating volatilityAny advice/insights youd like to shar
112、e with family offices to help inform their venture investment decisions(into funds/directly into startups)?l With the recent market correction,the venture asset class has only become more attractive as valuations start to reduce to more rational levels in early-stage private companies.l 11.2 Capital
113、 would advise family offices to not overlook promising emerging managers,who have continued to outperform larger funds on multiple metrics,as well as been an avenue for direct investments and opportunity funds to deploy more capital.What key opportunities/trends are you tracking now that will have a
114、n impact 12-24 months in the future?l Cybersecurity has been a core investment focus area for 11.2 Capital since the inception of our firm in 2014.l As companies are exponentially moving more data and compute to the cloud and embracing hybrid work,11.2 Capital is only seeing continued adoption of in
115、novative cybersecurity solutions to solve the new data security landscape and potential attack surfaces.What key challenges are your portfolio companies facing and how are you helping them navigate?Any unique strategies you can share?l As the capital markets continue to be uncertain,portfolio compan
116、ies have to be strategic and intentional when they decide to raise capital due to the increased cost of equity and higher expectations from later-stage funds.l Raising for the previous norm of 12-18 months runway can be challenging in this current macro environment and 11.2 Capital has advised all o
117、f our founders to raise for 24+months runway moving forward.l We also have increased our ownership in multiple companies where we are confident in the companys continued execution and know it is a win-win to allow the founder to avoid raising from external investors if they are willing to take more
118、capital at rational valuations from insiders.Insights from Shelley Zhuang&Jake Smith at 11.2 Capital25Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureChapter 3:Navigat
119、ing volatilityWhat key opportunities/trends are you tracking now that will have an impact 12-24 months in the future?Im seeing two interesting trends right now that I think will be incredibly relevant in 2023/2024:1.Series A Executive HiringlBetween the layoffs in public-stage tech,the underperforma
120、nce/stalled IPOs in late-stage tech,and the generally slow VC market in formation/pre-seed tech,series A/B startups seem to be emerging as the comparatively most exciting stage for great leadership hires right now.lEspecially if they are fortunate enough to be well-funded,these series A companies ar
121、e benefitting from top decile leaders who in 2020/2021 may have either founded their own companies or enjoyed competitive comp packages from FAANG companies,resulting in unusually strong leadership capabilities for comparatively immature organizational structures.*lI believe that this leadership sur
122、plus will have a cumulative impact,and companies that are capitalized well enough to thrive in this downturn will have outsized success,even compared to historically successful startups founded during past downturns.2.Bridges Becoming PierslWhile wise founders and prudent investors have spent much o
123、f 2022 focused on reducing burn,lengthening runway,and raising enough capital to get to“default alive”,the tactical reality is that not every company has such luxuries;pre-seed and seed stage companies(where Rackhouse exclusively invests)are almost always pre-“product-market fit”and will need multip
124、le rounds of fundraising to reach a level of maturity where“default alive”(cashflow profitable)is a realistic possibility.lMany of these young companies raised smaller-than-ideal rounds in 2022,often under the masthead of a“seed extension”or“seed bridge”round;I predict that a good number of these br
125、idged companies will not survive the next 24 months(hence the header-what do you call a bridge that goes nowhere?A pier!)Insights from Kevin Novak at Rackhouse Ventures26Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Family Offices Investing in Venture Capi
126、tal January 2023Future of Family Offices in Venture*FAANG=Facebook(now Meta),Apple,Amazon,Netflix,Google(now Alphabet).Chapter 3:Navigating volatilityAny advice/insights youd like to share with Family Offices to help inform their venture investment decisions(into funds/directly into startups)?lAs th
127、e world economy recovers in the next few years,private investments will be poised towards strong exits.In downturns,the venture asset class performs well;valuations correct,which means capital goes further.Emerging managers have historically outperformed for three key reasons-managers are generally
128、hungrier,smaller funds have more flexibility in when to buy/sell,home runs have an outsize effect on returns.What key challenges are your portfolio companies facing and how are you helping them navigate?Any unique strategies you can share?lThe market had been overheated for a couple years and a corr
129、ection was long overdue;we did see it coming.As such,we worked with all our portfolio companies to ensure they had enough runway,i.e.,at least a year and ideally 18 months.Some common strategies:raise another equity round,raise a convertible towards the next round,raise debt,reduce burn,recognize re
130、venues earlier.Our companies are primarily seed+US+applying AI in healthcare and enterprise,so there is a strong underpinning of tech that helps ensure they are more buffered against the ups and downs of the market.What key opportunities/trends are you tracking now that will have an impact 12-24 mon
131、ths in the future?lTau Ventures is an AI-first fund that we started 3+years ago because we saw the power of AI across industries.There is so much more data,computational power,and an openness to apply AI in domains that were previously shut off.We have invested in computer vision to detect cancer,ma
132、chine learning to do drug discovery,ways to protect your personal information online,help companies reduce their application risk,among others.Generative AI tools like ChatGPT and MidJourney create a combinatorial explosion of possibilities with immense applications.As computer scientists turned ope
133、rators and founders turned investors,we believe these are still very much the early days of AI.Insights from Amit Garg at Tau Ventures 27Source:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Family Offices Investing in Venture Capital January 2023Future of Family
134、Offices in Venture*FAANG=Facebook(now Meta),Apple,Amazon,Netflix,Google(now Alphabet).Appendix:Participant overview287%13%9%Virtual family officeA private office that is technology-driven and outsources the large majority of its work to service providers,thus only needing one or two internal staff.T
135、hese staff can be either family members or outside professionalsPrivate multi-family officeA founding family before it is widened out to multiple families.The offices are owned by families and operated for their benefitCommercial multi-family officePrivate multi-family offices owned by commercial th
136、ird-parties(not the families),motivated by profit-making venturesSingle-family officeEmbedded within family business59%11%Types of family office representedSingle-family officeIndependent from family businessSource:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023No
137、te:Figures may not sum exactly to 100%due to rounding.49%14%North AmericaAsia-PacificFamily office headquarters by region27%Europe11%7%3%Emerging MarketsCentral and South AmericaMiddle EastSource:The Campden Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Note:Figures may not
138、sum exactly to 100%due to rounding.Not every participant provided answers to every question.1%AfricaAppendixFollowing the success of our inaugural report in 2020,139 family offices(FOs)participated in the 20212023 study,an 18%increase.Seventy-seven percent of participants represented a single-family
139、 office(SFO),which is either independent from the family business,embedded within the family business,or virtual.The family offices are headquartered across 30 countries,with 49%being in North America,27%in Europe,and 25%in the Rest of the world.Overview of participantsFamily Offices Investing in Ve
140、nture Capital January 2023Future of Family Offices in Venture299892,1731,5959125491,93428Average family wealth($M)Average AUM($M)Average number of families servedSingle-family offices(Global)EuropeNorth AmericaRest of WorldMulti-family officesFamily wealth and assets under managementSource:The Campd
141、en Wealth/SVB Family Offices Investing in Venture Capital Survey 2021 2023Globally,the average SFO with experience in venture capital manages$989M in assets or 75%of the average$1.3B in family net wealth(compared with$797M in AUM reported in our 2020 report).However,66%of the SFOs manage up to$500M.
142、The considerable figures for Europe partly reflect the fact the wealthiest families in our sample(net wealth$7B+)are mainly European.The average multi-family office manages$1.9B and serves 28 families thus managing$68M for each family(compared with$76M reported last year).AppendixFamily Offices Inve
143、sting in Venture Capital January 2023Future of Family Offices in Venture301,3161,181745About usAbout Campden Wealth Campden Wealth is a family-owned,global membership organisation providing education,research,and networking opportunities to families of significant wealth,supporting their critical de
144、cisions,helping to achieve enduring success for their enterprises,family offices and safeguarding their family legacy.The Campden Club is a private,qualified,invitation only Members club.Representing 1,400 multi-generational business owning families,family offices and private investors across 39 cou
145、ntries.The Club delivers peer networking,bespoke connections,shared knowledge and best practices.Campden Club members also enjoy privileged access to generational education programmes held in collaboration with leading global universities.Campden Research supplies market insight on key sector issues
146、 for its client community and their advisers and suppliers.Through in-depth studies and comprehensive methodologies,Campden Research provides unique proprietary data and analysis based on primary sources.Campden Education delivers a virtual training platform empowering families with practical knowle
147、dge and the tools to make informed decisions.Drawing on deep expertise and real-world experiences,our programmes are designed to guide the whole family through all stages of ownership and growth.Campden Wealth owns the Institute for Private Investors(IPI),the pre-eminent membership network for priva
148、te investors in the United States founded in 1991.In 2015 Campden Wealth further enhanced its international reach with the establishment of Campden Family Connect PVT.Ltd.,a joint venture with the Patni family in Mumbai.For more information:T:+44(0)20 3941 8015About SVB SVB is the financial partner
149、of the innovation economy,helping individuals,investors and the worlds most innovative companies achieve their ambitious goals.SVBs businesses Silicon Valley Bank,SVB Capital,SVB Private and SVB Securities together offer the services that dynamic and fast-growing clients require as they grow,includi
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152、subsidiary of SVB Financial Group.About SVB Capital SVB Capital is the venture capital and credit investing arm of SVB.Uniquely positioned to access highly sought-after opportunities in startup companies and venture capital funds,SVB Capital invests in fund managers and private technology and life s
153、cience companies throughout the innovation economy around the world.Managing$7.5 billion of assets,primarily on behalf of third-party limited partners,SVB Capital is one of SVBs core businesses along with Silicon Valley Bank,SVB Private and SVB Securities.Learn more more information: Acknowledgement
154、s:Campden Wealth Dr.Rebecca GoochSenior Director of Research Dr.Masud Ally Senior Research ConsultantElisa BarbataArt Director Abi HardwickGraphic Designer Special thanksDominic SamuelsonBrien BiondiSusan KempSVBShailesh SachdevaMD,Family Office P Special thanksJonathan Norris(Healthcare)Kelly Belch
155、er(Climate)Josh Pherigo(Blockchain)Katherine Rualo(Gaming)Ann Kim(Space)Eli Oftedal(Analytics)Patrick Doherty(Marketing)Marina Sigal(Compliance)Brien BiondiCEO,Institute for Private Investors&Campden Wealth,NADirect:703-944-2183InstituteForPrivateIShailesh Sachdeva MD,Family Office Practice M:415.93
156、5.341631Family Offices Investing in Venture Capital January 2023Future of Family Offices in VentureCampden Wealth disclaimerSVB Financial Group disclosures Campden Wealth Limited 2023.All rights reserved.Campden Wealth Limited refers to the Campden Wealth Limited network and/or one or more of its me
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172、eral Reserve System.Silicon Valley Bank is the California bank subsidiary of SVB Financial Group(Nasdaq:SIVB).ISBN:978-1-915184-04-7First published in 2023 by Campden Wealth LimitedCampden Wealth LimitedNova North,6th Floor 11 Bressenden Place London SW1E 5BYUnited KingdomTelephone:+44(0)20 3941 8015Email:Web:Disclaimer32Family Offices Investing in Venture Capital January 2023Future of Family Offices in Venture