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Hana Yang
Senior Director, Emerging VC
First Republic Bank
What Does the Data Say: LPs
FRB’s Commitment to Venture Capital
500+
Total Venture
Capital Firms
Banked
300+
Emerging
Venture Capital
Firms Banked
RAISE LP Survey Results
41%
25%
13% 12%
6%
2%
66%
Single Family
Office
Fund of Funds Foundation /
Endowment
PensionRIA Oth...
Target Commitment Attracts Different Types of LPs
SOURCE(S): 2019 RAISE LP SURVEY
56%
12%
17%
37%
16%
17%
38%
50%
5%
32%
2...
Average Institutional LP Backing (% of commitments)
33%
47% 50%
Fund I Fund II Fund III
SOURCE(S): 2019 RAISE LP SURVEY
Non-Institutional LPs Prefer Smaller Size Funds (w/co-invest)
73%
15% 12%
Smaller funds (Co-investments/SPVs) Larger funds...
LP average expected new allocations to VC (all types of VC)
2.8
4.8
2.7
0.0
3.0 2.82.8
8.0
1.6 2.0
2.7 2.7
0
1
2
3
4
5
6
7...
LP average expected new allocations to Emerging Managers
2.1
3.0
1.8
2.2
2.6
2.2
4.2
1.6
2.0 2.1
3.0
0
0.5
1
1.5
2
2.5
3
3...
Most Active LPs in Emerging Managers/Micro VC Funds
Investor Type
Number of
Funds
Grantham Foundation Foundation 9
New Yor...
Fund Type Preferences - Thematic vs. Generalist
SOURCE(S): 2019 RAISE LP SURVEY
53%
18%
29%30%
40%
30%
Thematic Generalist...
Fund Geography Preferences
SOURCE(S): 2019 RAISE LP SURVEY
12%
22% 25% 20%
2018 2019 2018 2019
Non-Institutional Instituti...
6%
53%
41%
10%
41%
49%
Non-Institutional LPs
Preference
2018 2019
Single GP Multiple GPs No Difference
Partnership Type Pr...
LPs Due Diligence Duration from First Meeting
SOURCE(S): 2019 RAISE LP SURVEY
21%
46%
20%
12%
82%
64%
58%
38%
10%
14%
17%
...
Top LP Frustrations
7%
8%
9%
12%
12%
14%
18%
20%
Other
Management fees
Long investment hold times
Investment valuations
Te...
Venture Capital Confidence Index
SOURCE(S): 2019 RAISE LP SURVEY
7.2
6.0 6.0
5.7 5.5
5.3
0
1
2
3
4
5
6
7
8
Overall Average...
How Important is Liquidity?
SOURCE(S): 2019 RAISE LP SURVEY
2018 2019
-9%
84%
75%
% of LPs Who Think GPs Should Pursue Sec...
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2019 Venture Limited Partner survey

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2019 Limited Partner Survey Results

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2019 Venture Limited Partner survey

  1. 1. Hana Yang Senior Director, Emerging VC First Republic Bank What Does the Data Say: LPs
  2. 2. FRB’s Commitment to Venture Capital 500+ Total Venture Capital Firms Banked 300+ Emerging Venture Capital Firms Banked
  3. 3. RAISE LP Survey Results 41% 25% 13% 12% 6% 2% 66% Single Family Office Fund of Funds Foundation / Endowment PensionRIA Other Other: Family Trusts, Corporate Advisers Surveyed Fund Investors SOURCE(S): 2019 RAISE LP SURVEY
  4. 4. Target Commitment Attracts Different Types of LPs SOURCE(S): 2019 RAISE LP SURVEY 56% 12% 17% 37% 16% 17% 38% 50% 5% 32% 25% 31% 17% 2% 40% 58% 100% 31% 17% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Under $1M $1M - $5M $5M - $10M Over $10M Distribution of Commitments Single Family Office Fund of Funds Foundation / Endowment Pension RIA Other
  5. 5. Average Institutional LP Backing (% of commitments) 33% 47% 50% Fund I Fund II Fund III SOURCE(S): 2019 RAISE LP SURVEY
  6. 6. Non-Institutional LPs Prefer Smaller Size Funds (w/co-invest) 73% 15% 12% Smaller funds (Co-investments/SPVs) Larger funds No difference Larger Funds No Difference SOURCE(S): 2019 RAISE LP SURVEY Smaller Funds ($100 million or less)
  7. 7. LP average expected new allocations to VC (all types of VC) 2.8 4.8 2.7 0.0 3.0 2.82.8 8.0 1.6 2.0 2.7 2.7 0 1 2 3 4 5 6 7 8 9 2018 2019 Single Family Office Fund of Funds Foundation / Endowment Pension RIA Other SOURCE(S): 2019 RAISE LP SURVEY +40% Average number of VCs added to LP portfolio
  8. 8. LP average expected new allocations to Emerging Managers 2.1 3.0 1.8 2.2 2.6 2.2 4.2 1.6 2.0 2.1 3.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 2018 2019 SOURCE(S): 2019 RAISE LP SURVEY 0.0 +40% LPs Emerging Managers Allocations Single Family Office Fund of Funds Foundation / Endowment Pension RIA Other
  9. 9. Most Active LPs in Emerging Managers/Micro VC Funds Investor Type Number of Funds Grantham Foundation Foundation 9 New York State Common Retirement Fund Public Pension Fund 9 Cendana Capital Private Equity Fund of Funds Manager 8 Industry Ventures Private Equity Fund of Funds Manager 8 Kapor Center for Social Impact Foundation 8 Commonwealth Financing Authority of Pennsylvania Government Agency 7 Prudential Financial Insurance Company 7 Sobrato Family Holdings Family Office - Single 7 Goldhirsh Foundation Foundation 6 Naver Corporate Investor 6 TIFF Private Equity Fund of Funds Manager 6 University of Texas Investment Management Company Endowment Plan 6 As Of Q1 2019
  10. 10. Fund Type Preferences - Thematic vs. Generalist SOURCE(S): 2019 RAISE LP SURVEY 53% 18% 29%30% 40% 30% Thematic Generalist No difference Thematic vs. Generalist Fund Preference (Aggregate) 2018 2019 53% 18% 29% 37% 34% 29% Thematic Fund Generalist No difference Non-Institutional LPs Preference for Thematic vs. Generalist Funds 2018 2019 +22% +16% -23% -16%
  11. 11. Fund Geography Preferences SOURCE(S): 2019 RAISE LP SURVEY 12% 22% 25% 20% 2018 2019 2018 2019 Non-Institutional Institutional Geographically focused. No difference +10% -5%
  12. 12. 6% 53% 41% 10% 41% 49% Non-Institutional LPs Preference 2018 2019 Single GP Multiple GPs No Difference Partnership Type Preferences SOURCE(S): 2019 RAISE LP SURVEY -12% +4% -12% +8% +12% 18% 41% 41% 6% 53% 41% Single vs. Multiple GP Preference (Aggregate) 2018 2019 Single GP Multiple GPs No Difference
  13. 13. LPs Due Diligence Duration from First Meeting SOURCE(S): 2019 RAISE LP SURVEY 21% 46% 20% 12% 82% 64% 58% 38% 10% 14% 17% 62% 8% 21% 25% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Duration of Due Diligence - Details <= 6 months 6 - 12 months 12 months + Duration of Due Diligence (aggregate) 3 months 3-6 months 6-12 months 12+ months Single Family Office Fund of Funds Foundation/ Endowment RIA
  14. 14. Top LP Frustrations 7% 8% 9% 12% 12% 14% 18% 20% Other Management fees Long investment hold times Investment valuations Team turnover Transparency Carried interest above 20% Strategy drift For 2018 the top 3 LP frustrations were: 1. Premium fees 2. Investment valuation 3. Transparency, and strategy drift SOURCE(S): 2019 RAISE LP SURVEY
  15. 15. Venture Capital Confidence Index SOURCE(S): 2019 RAISE LP SURVEY 7.2 6.0 6.0 5.7 5.5 5.3 0 1 2 3 4 5 6 7 8 Overall Average CI: 5.9 Average Confidence Index Single Family Office Fund of Funds Foundation / Endowment Pension RIA Other
  16. 16. How Important is Liquidity? SOURCE(S): 2019 RAISE LP SURVEY 2018 2019 -9% 84% 75% % of LPs Who Think GPs Should Pursue Secondary Transactions

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