Key takeaways
1 in 4
Active global CVCs participated in the report
Survey respondents represent $11.3B in annual investment and 8,000 PortCos – making this the most extensive survey of the CVC ecosystem.
19%
Of funds are bypassing investment committee review
Down from 38% in 2021, this reveals a growing trend toward corporate parent scrutiny.
23-point
Drop in the percentage of funds that led deals since 2021
This decrease was especially true among younger funds.
Executive support is critical for fund survival
The more mature CVCs are, the more the executive sponsors understand VC.
As executive sponsors become more educated about VC, they tend to become more excited about and supportive of their CVCs.
CVCs grow into independence
Mature and financial funds spend a lot less time managing relationships with their corporate parents than newbie or strategic funds.
Despite the extra time strategic funds spend with their corporate parents, 35% of strategic CVCs have a deal blocked by executives frequently or occasionally, compared to just 7% for financial CVCs.
Carry motivates investors to stay with a firm
Among funds that offer carry, approximately 35% of investors have been at the firm for five or more years. That compares with just 25% for those that don’t offer carry.
Only 58% of top CVCs offer carry, making it a powerful differentiator for attracting top talent.
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