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Alternative Market Briefing

US-based venture capital funds focus more on the domestic market in H1 2019

Thursday, August 15, 2019

Laxman Pai, Opalesque Asia:

189 US-based venture capital funds have closed during H1 2019, collectively securing $24bn, which is just over half of the aggregate capital brought in last year (435 funds raised $47bn), said a report by Preqin.

"Fundraising figures thus far in 2019 forecast an equally, if not more, successful year than 2018 for US-based venture capital funds," said the report titled Preqin and First Republic Update: US Venture Capital.

Most (95%) venture capital funds closed in the US so far in 2019 focus on domestic investments. Reinforcing this, the few funds focused on Rest of World investments are all micro venture capital funds (under $100m in size).

Following the closure of Technology Crossover Ventures X in Q1, two more experienced US-based managers closed mega-funds in Q2 2019.

Andreessen Horowitz closed both LSV Fund I ($2bn) and Andreessen Horowitz Fund VI ($750mn); LSV represents the firm's first fund focused solely on expansion-stage investments, while the flagship fund concentrates on early-stage opportunities.

Lightspeed Venture Partners brought Lightspeed Venture Partners Select III to over $1.3bn and Lightspeed Venture Partners XII to $752m.

At the other end of the spectrum, Future Ventures closed the largest fund raised by an emerging manager at $200m, which is sizeable for a newly established firm. The impressive debut is likely due to co-founder Steve Jurvetson and his celebrated track record at DFJ.

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