VC Continues Slow Improvement
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Mark Marich
For the first time since recession hit in 2008, venture capital performance broadly improved over last quarter according to a study by Cambridge Associates for the National Venture Capital Association. While the U.S. Venture Capital Index for 15-year returns actually pointed to a small dip, the other time horizons (1-, 3-, 5-, 10- and 20-year returns) all moved forward thanks in part to improved exit markets and more favorable portfolio valuations.
Meanwhile, another regular NVCA study points to a continued trend of more dollars invested into fewer deals. According to the data, VCs invested $5.9 billion in 736 deals during the first quarter of 2011. Closing out 2010 those figures were $5.6 billion invested in 827 deals. Which industries saw the most action? According to the MoneyTree Report, the software industry topped the list with $1.11 billion, followed by: Industrial / Energy ($1.03 billion); Biotechnology ($784 million); Medical Devices & Equipment ($602 million); and, Media & Entertainment ($554 million).
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