【正文】 2022 2022 Venture capital investments are now outpacing new funding mitments by LPs, draining the pool of investable capital. Venture Capital Assets Under Management Are Lower Today Than They Were a Decade Ago $T Venture Capital Fundraising As a % of GDP Has Rapidly Fallen $ $ $ $ $ $ $ $ $ $ $ % % % % % % $16 $14 $12 $10 $8 $6 $4 $2 $0 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Venture Capital fundraising as a % of GDP has been declining since 2022. Consider… American Reinvestment and Recovery Act of 2022 $787 Billion New Commitments To Venture Capital Funds in 2022? $15 Billion But After a Long Shake Out, Attractive Conditions Ahead… ?? Venture capital fund mitments down for last 3 years –? Positive contraindicator ?? Early stage valuations stable… –? While late stage and IPO valuations growing ?? Strong public market appetite for growth stories –? Recent IPOs in the enterprise and consumer services sectors well received of Ac=ve Firms 712 626 514 726 398 724 381 672 449 591 405 613 416 597 426 572 375 614 313 572 1000 800 600 400 200 0 2022 2022 2022 2022 2022 2022 2022 2022 2022 2022 Active Investors Down – 712 active investors in 2022 versus 313 in 2022, a 56% decline. Average Fund Size Increased – $165M in 2022 versus $200MM in 2022. Venture Capital Firms Only the Strongest Survived the PostBubble ShakeOut Ac=ve Informa=on Technology Investors 1600 1400 1200 3 Deals/yr =3 Deals No. of VentureBacked OPO’s VentureBacked IPOs Will Return to Pre Financial Crisis Levels in 2022 57 57 86 6 12 72 80 20 0 40 100 80 60 2022 2022 2022 2022 2022 2022 2022E A new generation of large market cap tech panies will increase the field of acquirers. 2022 Trend Direction… Valuations Capital availability Fund mitments of Active Firms Tracking index – NASDAQ Technology spending Moderate Adequate $~12B ~300 2800 Stable Rising in Certain Gro