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Contents
Cover
PE fundraising overview 4
PE fundraising overview (continued) 5 Download
PE fundraising by size 6 report

PE capital overhang 7
VC fundraising overview 8
VC fundraising overview (continued) 9
VC fundraising by size 10
First-time VC funds 11
Venture capital overhang 12
 PE fundraising activity by year
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Capital Raised ($B) $291.76 $375.79 $258.56 $175.93 $105.71 $149.96 $154.05 $283.36 $267.60 $260.60 $293.68 $212.61
# of Funds Closed 476 519 437 283 283 317 317 414 427 393 387 214
*As of 8/1/2017

$400 600

519
$350
476 500
$300 437 427
414
393 387 400
$250
317 317
$200 283 283 300

214
$150
200
$100
100
$50
$292

$376

$259

$176

$106

$150

$154

$283

$268

$261

$294

$213
$0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Capital Raised ($B) # of Funds Closed

PE fundraising activity by quarter

2010 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Capital Raised ($B) $32.33 $22.19 $28.14 $23.05 $37.66 $46.87 $28.60 $36.83 $45.46 $39.45 $28.81 $40.33
# of Funds Closed 104 66 45 68 92 66 66 93 93 80 70 74
*As of 8/1/2017
$100

$90
118
113
$80 110
104 105 103
101 102
99
$70 96 95
92 93 93
87
$60 80
74
68 70
$50 66 66 66

$40
45
$30

$20

$10
$22
$28
$23
$38
$47
$29
$37
$45

$29
$40
$43
$93
$57
$91
$66
$93
$44
$65
$68
$32

$39

$52

$0
$40
45
$30

$20

$10

$22
$28
$23
$38
$47
$29
$37
$45

$29
$40
$43
$93
$57
$91
$66
$93
$44
$65
$68
$32

$39

$52
$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2010 2011 2012 2013 2014 2015

Capital Raised ($B) # of Funds Closed

 600

500

387 400

300

214
200

100
$294

$213

0
2016 2017*

2013 2014 2015 2016

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
$42.78 $92.63 $57.31 $90.64 $65.58 $92.76 $44.27 $65.00 $68.48 $51.66 $64.57 $75.89 $72.37 $81.03
96 105 103 110 118 113 101 95 99 87 102 105 113 84

140

113 113 120

105
101 102 100
99
95 94 100
90
87 86
84
80

60

34 40

20
$93
$44
$65
$68

$65
$76
$72
$81
$56
$85
$73
$89
$52

$51

0
 60

34 40

20
$93
$44
$65
$68

$65
$76
$72
$81
$56
$85
$73
$89
$52

$51
0
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
*
2014 2015 2016 2017

# of Funds Closed
2016 2017
3Q 4Q 1Q 2Q 3Q*
$55.74 $84.55 $73.21 $88.55 $50.84
90 100 94 86 34
 Average & median PE fund size ($M)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Median ($M) $273.58 $225.00 $208.00 $162.94 $191.40 $217.02 $173.50 $174.00 $194.14 $200.00 $288.01 $282.60
Average ($M) $738.64 $813.39 $662.98 $703.73 $422.82 $545.33 $540.52 $719.19 $646.39 $687.60 $768.80 ###
*As of 8/1/2017 $1,200
Median ($M) Average ($M)
$1,007.6
$1,000

$800
$738.6 $813.4
$719.2 $768.8
$663.0 $687.6
$703.7 $646.4
$600 $545.3$540.5

$400 $422.8
$273.6 $288.0$282.6
$225.0$208.0 $217.0
$200 $162.9$191.4 $173.5$174.0$194.1$200.0

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

PE funds (#) that hit target

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Hit Target 73.6% 68.7% 56.6% 41.7% 51.5% 66.9% 64.4% 78.8% 83.2% 80.1% 86.8% 92.0%
Missed Target 26.4% 31.3% 43.4% 58.3% 48.5% 33.1% 35.6% 21.2% 16.8% 19.9% 13.2% 8.0%
*As of 8/1/2017
100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*

Hit Target Missed Target

 0%

2006

2007

2008

2009

2010
Hit Target

2011

2012

2013
Missed Target

2014

2015

2016

2017*
 Average & median PE fund closing time (months)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Median 11.80 11.97 12.00 13.51 19.76 16.93 14.09 14.53 14.27 14.79 14.79
Average 12.38 13.99 15.28 15.61 19.59 18.27 16.71 15.60 16.78 16.82 15.94
*As of 8/1/2017

25
Median Average

19.8
20 19.6 18.3
16.7 16.8 16.8
15.6 15.6 15.9
15.3 16.9
15 14.0 13.2
14.5 14.3 14.8 14.8
12.4 14.1 11.8
13.5
11.8 12.0 12.0
10

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
 2017*
11.80
13.17

15.9

13.2
14.8
11.8

016 2017*
 PE fundraising (#) by fund size PE fundraising ($B) by
2010 2011 2012 2013 2014 2015 2016 2017* 2010
Under $100M 88 80 111 135 147 123 96 38 Under $100M $3.84
$100M-$250M 58 67 63 99 80 90 81 55 $100M-$250M $9.83
$250M-$500M 50 52 40 59 66 68 82 50 $250M-$500M $17.69
$500M-$1B 35 39 35 46 57 37 62 32 $500M-$1B $24.45
$1B-$5B 18 35 32 41 54 51 46 28 $1B-$5B $32.39
$5B+ 1 2 4 14 10 10 15 8 $5B+ $17.50
*As of 8/1/2017 450 *As of 8/1/2017 $350

400 $5B+
$300
350 $1B-$5B
$250
300 $500M-$1B
$200
250
$250M-
200 $500M $150

150 $100M- $100

$250M
100
$50
50 Under
$100M
$0
0
PE fundraising ($B) by fund size
2011 2012 2013 2014 2015 2016 2017*
$2.80 $4.34 $4.23 $5.51 $3.27 $3.18 $1.38
$10.83 $10.61 $15.76 $13.06 $14.70 $13.75 $9.49
$18.65 $14.43 $20.06 $23.11 $23.71 $29.42 $16.81
$26.39 $25.92 $31.49 $39.02 $24.90 $43.35 $21.98
$74.69 $66.36 $86.81 $116.14 $113.52 $88.17 $57.17
$16.60 $32.39 $125.01 $70.76 $80.51 $115.81 $105.78
$350
$5B+
$300
$1B-$5B
$250
$500M-$1B
$200
$250M-
$150 $500M

$100 $100M-
$250M
$50
Under
$100M
$0
 2017 PE capital overhang ($B) by vintage
2009 2010 2011 2012 2013 2014 2015 2016 2017* $800
Dry Powder ($B) $8.30 $5.96 $15.58 $44.08 $84.69 $106.61 $194.52 $217.88 $61.09
*Returns data through 12/31/2016 $700.4
$700

1.12%
8.27%0.81%
2.11% $587.4
$600
5.97%

11.46% $500

2009 2010 2011 $400

29.49%
2012 2013 2014

2015 2016 2017* 14.43% $300

$200

26.33% $100

$0
2006 2007
$800
PE capital overhang ($B) by year $714.7
$732.8 $738.7
$700.4 $703.5
$700 $687.6
$663.9
$641.0
2009 2010 2011 2012$611.52013 2014
$618.2
2015 2016 2017* Total
$587.4
$600 2006 $587.42
2007 $700.41 Tota l
2008 $703.51 2017*
$500 Cumulative
2009 $663.85
overhang 2016
2010 $611.53
2015
$400 2011 $640.96
2014
2012 $618.22
2013
2013 Overhang by$687.61
vintage 2012
$300 2014 $714.67
2015 $732.80 2011
2016 $8.30 $5.96 $15.58 $44.08 $84.69 $106.61 $194.52 $217.88 $61.09 $738.71 2010
$200 2009

$100

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

*As of 7/10/2017
32.8 $738.7

Tota l
2017*
2016
2015
2014
2013
2012
2011
2010
2009

015 2016
 VC fundraising activity
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Capital Raised ($B) $42.88 $43.20 $42.71 $17.51 $28.51 $33.81 $31.16 $28.97 $42.58 $44.69 $51.10 $27.51
# of Funds Closed 315 296 337 235 276 279 309 316 363 335 353 165
*As of 8/1/2017
$60 400
363
353
337 335 350
$50 315 316
309
296
279 300
276
$40
235 250

$30 200
165
150
$20
100
$10
50
$42.7

$51.1
$42.9

$43.2

$17.5

$28.5

$33.8

$31.2

$29.0

$42.6

$44.7

$27.5
$0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Capital Raised ($B) # of Funds Closed

PE fundraising activity by quarter

2010 2011 2012
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Capital Raised ($B) $13.56 $5.29 $4.64 $5.02 $9.77 $9.79 $4.14 $10.11 $11.05 $6.12 $8.61 $5.39
# of Funds Closed 91 51 74 60 70 63 68 78 99 81 67 62
*As of 8/1/2017
$18

$16
99 98
94 95
92 94
$14 91 90
86
85
81 82
78 79
$12 74 76
70 71
68 67 67
$10 63 62
60

$8 51

$6

$4

$2
$14

$10
$10

$10
$11

$11

$10

$15

$13
$12
$5
$5
$5

$4

$6
$9
$5
$8
$7
$6
$8

$9

$9

$8

$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2012 2013 2014 2015
$6

$4

$2

$14

$10
$10

$10
$11

$11

$10

$15

$13
$12
$5
$5
$5

$4

$6
$9
$5
$8
$7
$6
$8

$9

$9

$8
$0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2012 2013 2014 2015

Capital Raised ($B) # of Funds Closed

 400

350

300

250

200
165
150

100

50
$27.5

0
2017*

2013 2014 2015 2016

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
$8.37 $6.60 $6.18 $7.82 $10.85 $12.11 $9.31 $10.32 $9.10 $15.03 $7.80 $12.76 $14.35 $16.61
90 71 79 76 98 85 94 86 92 94 67 82 95 98

120

98 100
94 95
92 94
86
82 80 80
74 76 80
67

60

40

15 20
$10

$15

$13
$14
$17
$12

$14
$11
$9

$9

$8

$9

$3

0
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
4 2015 2016 2017
 40

15 20
$10

$15

$13
$14
$17
$12

$14
$11
$9

$9

$8

$9

$3
0
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
4 2015 2016 2017

of Funds Closed
2016 2017
3Q 4Q 1Q 2Q 3Q
$11.57 $8.57 $10.70 $13.74 $3.07
80 80 74 76 15
 VC fund size metrics
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Median ($M) $64.30 $70.00 $63.02 $32.85 $35.00 $35.00 $27.54 $35.00 $34.44 $45.66 $64.50 $83.90
Average ($M) $161.19 $164.24 $139.11 $84.98 $115.88 $134.71 $110.51 $101.30 $129.43 $138.35 $152.98 $169.83
*As of 8/1/2017
$180 $170
$161 $164
$160 $153
$139 $138
$140 $135
$129
$120 $116
$111
$101
$100
$85 $84
$80 $70
$64 $63 $65
$60
$46
$40 $33 $35 $35 $35 $34
$28
$20

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Medi a n ($M) Average ($M)

Average & median VC fund time to close (months)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Median (Months) 14.2 10.9 12.9 15.6 19.5 10.7 13.5 14.9 12.4 13.1 19.4 15.9
Average (Months) 19.1 13.0 16.3 14.1 20.9 15.9 15.7 18.1 14.8 16.1 20.3 15.7
*As of 8/1/2017
25

20.9
20.3
2019.1 19.5 19.4
18.1
16.3 15.9 15.7 16.1 15.9
15.7
15.6
14.9 14.8
1514.2 14.1 13.5
13.0 12.9
12.4 13.1
10.9 10.7
10

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Median (Months) Average (Months)

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Median (Months) Average (Months)

 VC funds (#) that hit target
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Hit Target 60.4% 50.0% 49.1% 50.0% 51.7% 59.8% 61.6% 68.2% 77.4% 78.4% 82.0%
Missed Target 39.6% 50.0% 50.9% 50.0% 48.3% 40.2% 38.4% 31.8% 22.6% 21.6% 18.0%
*As of 8/1/2017
$170 100%

153
80%

60%

$84
40%
$65

20%

0%
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*
2016 2017*

Missed Target Hit Target

2017*
84.5%
15.5%
 VC fundraising (#) by fund size
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Under $50M 109 132 120 140 144 169 167 185 165 136 55
$50M-$100M 35 54 31 35 28 39 31 46 40 55 32
$100M-$250M 57 70 35 44 44 43 47 47 69 80 45
$250M-$500M 43 28 17 15 16 15 30 32 32 36 18
$500M-$1B 15 22 2 8 11 11 9 12 11 20 10
$1B+ 4 1 1 4 8 5 1 7 6 7 2
*As of 8/1/2017
400

350

300

250

200

150

100

50

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

$1B+ $500M-$1B $250M-$500M $100M-$250M $50M-$100M

Under $50M
 VC fundraising ($B) by fund size
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Under $50M $1.97 $2.60 $1.93 $2.33 $2.25 $2.44 $2.69 $2.62 $2.12 $1.69 $1.14
$50M-$100M $2.32 $3.83 $2.14 $2.47 $1.78 $2.68 $2.05 $3.03 $2.66 $3.53 $2.22
$100M-$250M $9.24 $10.15 $5.13 $6.98 $6.70 $6.21 $7.39 $6.82 $10.62 $12.64 $6.53
$250M-$500M $14.27 $9.35 $6.06 $5.16 $5.74 $4.99 $10.18 $11.10 $11.10 $11.16 $6.51
$500M-$1B $9.17 $14.28 $1.04 $5.34 $7.24 $7.25 $5.55 $7.58 $7.13 $12.41 $6.80
$1B+ $6.24 $2.50 $1.20 $6.23 $10.11 $7.60 $1.10 $11.43 $11.06 $9.68 $4.30
*As of 8/1/2017 $60

$50

$40

$30

$20

$10

$0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

$1B+ $500M-$1B $250M-$500M $100M-$250M $50M-$100M

Under $50M
 First-time VC fundraising activity
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Capital Raised ($B) $3.87 $3.82 $4.09 $1.71 $2.70 $3.10 $2.18 $2.07 $2.05 $2.77 $3.79 $2.59
# of Funds Closed 61 48 49 39 50 31 35 28 42 29 32 25
*As of 8/1/2017 $5 70
Capital Raised ($B) # of Funds Closed
$4
61
60
$4 50
48 49
50
$3 42
39
$3 35 40
31 32
$2 28 29
25 30
$2
20
$1
10
$1.7

$2.2

$2.1

$3.8
$3.9

$3.8

$4.1

$2.7

$3.1

$2.0

$2.8

$2.6
$1

$0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
$140

VC capital overhang ($B) by year Total AUM ($B)

$119.8
$120
$114.2 $115.2
2009 2010
$107.3 2011 2012 2013 2014 2015 2016 2017* Total
2006 $101.1 $108.04
$99.1 $98.3 $97.4
$100 2007 $96.6 $114.19
2008
$92.7 $115.23 Tota l
2009 Cumulative $107.25 2017*
$80 2010 overhang $99.12 2016
2011 $101.09 2015
2012 $98.35 2014
2013 $92.66 2013
$60 Overhang by $96.59
2014 2012
vintage
2015 $97.43 2011
2016 $1.00 $5.91 $3.97 $7.26 $8.37 $19.18 $29.19 $42.72 $2.22 $119.83 2010
$40
2009

$20

$0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

*As of 7/10/2017
Venture capital AUM ($B)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
260.99 296.61 300.44 320.94 316.85 346.86 348.74 353.44 383.60 418.30 441.05

$500
Tota l AUM ($B)
$450 $441
$418
$400 $384
$347 $349 $353
$350
$321 $317
$297 $300
$300
$261
$250

$200

$150

$100

$50

$0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016