硅谷银行：2023年企业风险投资(CVC)现状报告（英文版）（32页）.pdf

1、A deep dive into the dynamics of thecorporate venture capital(CVC)ecosystemOctober 2023Additional data and analysis provided byCorporate Venture Capital Funds Are All-Weather InvestorsMark GallagherHead of Investor CoverageSilicon Valley BIn 2023,CVCs find themselves at a crossroads.As venture capit

2、al markets soften,strategic value could make or break a fund.A majority of CVCs face their first pullback 79%of CVCs surveyed were founded post 2014 having grown up during an era of expansion in the innovation economy.The slowdown poses challenges to investors as exit markets are on ice,limiting liq

3、uidity.A full 80%of CVCs are anticipating down or flat rounds as valuation overhang persists among VC-backed companies.Enter the third annual report on the state of CVC.We surveyed 209 CVCs about how they are responding to the current market.We also looked at two past years of responses.1Noteworthy

4、trends include funds picking a side and drifting more strategic or more financial.While the elite group of bellwether2funds has become more financial,across the board,funds are leaning more strategic.Motivations beyond strictly financial give CVCs an opportunity to step in and place bets for the lon

5、g run.Will CVCs be able to take advantage of lower valuations and a less crowded market,or will they be forced to cut back as corporate parents struggle to see the value of venture investing?Three factors are at play.First,dependency risk:Funds are spending more time managing their corporate parents

6、 in 2023 than in 2022(page 20)which means less time spent investing.Funds with stronger support make on average seven more investments per year than funds with weaker support(page 25).Second,dormancy:The pullback in active CVC investors since 2022 is apparent(page12).We see a 53%drop in active CVC f