【硅谷银行】CVC_2024状态-企业风险投资生态系统动态的深层次划分-2024.9_54页_5mb

State of CVC 2024 Summary

Core Content

The State of CVC 2024 report provides an in-depth analysis of the Corporate Venture Capital (CVC) ecosystem, highlighting key trends, challenges, and opportunities in 2024. It is based on a comprehensive survey of CVCs, with 257 respondents representing 27% of all active global CVCs.

Main Views and Key Information

CVCs Remain Active in Innovation Economy

• CVC participation in VC deals remains near all-time highs, with CVCs investing in 28% of all VC deals globally.
• CVCs are not shying away from the innovation economy despite a prolonged VC slowdown.
• CVCs are increasingly interested in emerging technologies such as generative AI (GenAI) and climate tech.
• CVCs act as the parent organization's sensor function, identifying and nurturing promising innovations early.

Market Overview and Investment Trends

• CVC-backed deals and dollars have dropped from 2021 highs, with total CVC-backed deals projected to be $184B, and deal volume slightly down.
• Early-stage investments are on the rise, accounting for 86% of all CVC deals in 2024.
• Asia remains the largest market for CVC investment, with China leading the region's deal activity at 38% in 2024 (down from 49% in 2023).
• CVCs are more likely to invest in tech, with 86% of CVCs targeting the tech sector.

CVC Mandate and Dependency Management

• CVCs are categorized by their strategic focus (strategic, hybrid, financial) and maturity (newbie, middle, mature).
• Strategic and newbie CVCs tend to focus on the parent's core business, while financial and bellwether CVCs invest across more verticals.
• Dependency on the corporate parent is a key challenge for CVCs, especially in a slow market with fewer exits and strategic outcomes.
• Mature CVCs are more likely to report traditional VC metrics, such as IRR, as they grow more sophisticated.

Investment Approach and Deal Leadership

• CVCs are making fewer investments, with 38% making fewer than five investments in 2024 (up from 25% in 2022).
• The percentage of CVCs leading deals has decreased, especially among new funds, with a 23-point drop since 2021.
• Strategic CVCs have the highest percentage of deal leadership at 74%, while financial CVCs are the lowest at 15%.
• Bellwether funds continue to lead deals, with 90% of them still doing so.

Metrics and Reporting

• CVCs report a variety of metrics to senior management, including financial and strategic KPIs.
• Collaboration with business units (BUs) is the top strategic KPI appreciated by exec sponsors.
• Financial metrics such as IRR are more commonly reported by mature CVCs.
• Only 19% of CVCs have the infrastructure to calculate IRR, indicating a gap in sophistication.

Corporate Sponsor Engagement

• Executive sponsor enthusiasm for CVC is linked to their understanding of the VC asset class.
• Financial CVCs enjoy the highest level of executive sponsor enthusiasm, while new funds have the lowest.
• CVCs often rely on the corporate parent's logo to win deals, with one-third of financial CVCs using it.
• BUs are often involved in due diligence efforts, especially for strategic CVCs, but not for financial-focused CVCs.

Dependency Risk and Independence

• Dependency on the parent is a concern, with some CVCs seeking to move off the balance sheet.
• About one-fifth of CVCs are considering moving off balance sheet, with the main reasons being independence and broader investment scope.
• However, most face significant challenges in doing so, and many continue to rely on the parent's balance sheet.

CVCs and Startup Outcomes

• CVC-backed startups show better performance than VC-backed ones, with higher graduation rates and lower failure rates.
• CVC-backed companies have slightly higher valuations and more exits, indicating their value-add and support.

Appendix: Survey Methodology

• Survey respondents were categorized by strategic focus, maturity, and status as bellwether funds.
• The survey includes data on CVCs' investment strategies, deal leadership, and metrics used for reporting.
• The report includes visual data and statistical analysis to support its findings.