PitchBook：新兴管理者面临的挑战（英）-2023-10页_303kb

Summary of PitchBook Analyst Note: Challenges for Emerging Managers

Emerging venture capital managers face significant fundraising challenges due to market shifts and declining LP commitments. Key points include a 34.9% year-over-year decrease in emerging manager fundraising in 2022, totaling $37.0 billion, and a mere $2.3 billion secured through 2023 year-to-date, making 2023 the first year since 2016 with less than $20 billion raised. Median fund sizes have shrunk, from $35.5 million in 2022 to $14.6 million in Q1 2023.

Factors exacerbating these challenges include a reliance on high-net-worth individuals (HNWIs) and family offices, rather than large institutions, due to limited networks and smaller fund sizes. Emerging managers underperformed established peers during the 2007-2009 global financial crisis, and recent returns data show low distribution-to-partnership-invested (DPI) multiples, below 0.23x, due to short track records and immature funds. This underperformance and lack of returns contribute to LP caution, particularly amid low public-private valuation reconciliation, leading to fewer commitm ents and extended fundraising timelines.

Implications for the US VC ecosystem include potential harm to smaller markets, as 63.7% of funds raised outside major hubs were by emerging managers. Declining fundraising could reduce deal activity in these regions, forcing startups to seek capital in larger ecosystems, and may prolong market slowdowns by limiting new fund formations.