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North Carolina Council for Entrepreneurial Development The State of Venture Capital

North Carolina Council for Entrepreneurial Development The State of Venture Capital February 1, 2007 Mark G. Heesen President. Fundraising & Resources. Typically Buyout Funds Outraise Venture 2x-3x.

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North Carolina Council for Entrepreneurial Development The State of Venture Capital

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  1. North Carolina Council for Entrepreneurial Development The State of Venture Capital February 1, 2007 Mark G. Heesen President

  2. Fundraising & Resources

  3. Typically Buyout Funds Outraise Venture 2x-3x Source: Thomson Financial / National Venture Capital Association – News release 1/16/2007 and prior releases

  4. The Number of US VC Firms Has Peaked .. Thankfully Source: 2006 NVCA Yearbook, prepared by Thomson Financial, page 18

  5. VC Fundraising Was Strong Thru 2000 - Recent Uptick Way Below Bubble Levels Does not include Corporate Venture groups. Source: VentureXpert™ Database by VE & NVCA

  6. Largest 24% of Funds Attract 74% of Capital • 2005 Funds by Size:$0-$25M 57$25.1M-50M 14$50.1M-$250M 42$250.1M+ 43 Source: VentureXpert™ Database by VE & NVCA

  7. Sources of Venture Funds Source: 2003 data from 2004 NVCA Yearbook, prepared by Thomson Financial, page 22

  8. Investment Marches On -Rumors that the Venture Industry has stopped investing are greatly exaggerated

  9. VC Investment Peaked in 2000; Recently 20-23% of Peak; 2006 Higher Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  10. Most Recent Quarters Have Been Consistent – What is the “Right” Level?Is the 2006 upturn a shift? Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  11. 1998 to 2006 – Similar Inv Level But:IT share from 53% to 50%;Life Sciences from 17% to 28% Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  12. Corporate VC Peaked in 2000 at >1/4 of deals and 1/6 of the money Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  13. North Carolina Update

  14. State and Regional Data Sourceswww.pwcmoneytree.com > Historical Trend Data 10 year trends can be selected by a number of criteria including state

  15. Consistent with national, 2006 NC investment was up slightly to roughly ¼ of 2000 Peak Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  16. Total Number of NC Deals Tracks National Trend But Grew In 2006 Greater Than National 10% Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  17. Life Sciences Are Strong in NC(2006 MoneyTree Sectors) Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  18. The Exit Scene - the importance of acquisitions has become clear over the past several years

  19. IPO Levels Increased in 2004 but rally was not sustained Source: Thomson Financial/National Venture Capital Association

  20. Recent Median IPO Valuations Are Consistently Higher than Pre-1999 But Capital Efficiency is Still Key Source: Thomson Financial/National Venture Capital Association

  21. What’s in the IPO Pipeline?IPOs During Period and Registration Counts at Period End Source: Thomson Financial/National Venture Capital Association

  22. IPO Markets Require More Maturity -- Again[1999=4.3y. 2004=8.1y. Sample was very small for 2001-2003] Source: Thomson Financial/National Venture Capital Association

  23. VB Acquisition Counts Don’t Change Much … Source: Thomson Financial/National Venture Capital Association

  24. M&A Proceeds Vary Greatly As the Mix between “Good” Exits and Fire Sales Shift Source: Thomson Financial/National Venture Capital Association

  25. M&A Exits Consist of High and Low Valuation Deals – Some Strengthening(?) Source: Thomson Financial/National Venture Capital Association

  26. Venture Exit Counts- IPOs and M&A by Year Source: Thomson Financial/National Venture Capital Association

  27. Exit Outcomes[Where Are They Now?]

  28. For First Fundings From 1991 to 2000, Approximately 33% Were Acquired and 14% Went Public[11,686 Companies Total] Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  29. Of Companies Receiving First Funding in 2001 and 2002, There Are Few ExitsHas Something Changed?[2040 Companies Total] Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Financial

  30. Performance measurement

  31. Private Equity Returns - Converging on Expectations? As of 6/30/2006 Source: Thomson Financial/National Venture Capital Association

  32. NVCA Annual MeetingWashington DCApril 17-18, 2007 • Trends and issues from beyond Palo Alto and Washington • Latest thinking and insights • Industry, CFO, Young VC, Legal, Corporate VC Breakouts

  33. Www.nvca.org www.aeeg.org

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