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Thelander-PitchBook 2016I N V E S T M E N T F I R M & C V C
C O M P E N S A T I O N S U R V E YP I T C H B O O K R E P O R T
165 MarlinMill Valley, CA 94941
+1 415.383.7006
J. Thelander Consulting
Legal Notice: The Thelander-PitchBook 2016 Investment Firm Report is provided to its subscribers on a paid-only or participation-only basis, and is solely for the
use of those subscribers and not for sharing or distribution.© Copyright 2016, J. Thelander Consulting All Rights Reserved
Thelander-PitchBook 2016 I N V E S T M E N T F I R M R E P O R T
NEW! 24/7 online access and custom reports
$4,750 for Participating Firms$5,750 for Non-Participating Firms PitchBook Subscribers Receive an
Additional Login for No Charge Full Report Includes:
Investment Firm Compensation & Overview Venture Firm Compensation
Private Equity Firm Compensation CVC Compensation
Thelander-PitchBook 2016 Investment Firm ReportList of Positions
Investment Firm Positions:Investment Professional I Investment Professional II Investment Professional III Investment Professional IV Investment Professional VOperating Partner/PEOperating Partner/VentureEntrepreneur-in-ResidenceChief Compliance OfficerChief Financial OfficerChief Operating Officer
General CounselTax Compliance Head/ VP TaxVP Human ResourcesVP TalentControllerDirector Communications &
MarketingDirector Information TechnologyDirector Investor RelationsManager Human ResourcesManager Information TechnologyManager Investor Relations
Accountant - FundAccountant – Fund Jr.Accountant – Fund Sr.Analyst – Pre-MBAAnalyst – Post-MBACompliance Associate/ManagerExec/Admin AssistantReceptionist
Corporate Venture Positions:CVC Unit Leader/
Sr. Corporate Level ExecutiveVP Innovation/
Head of InnovationSenior Investment ProfessionalCVC Unit Portfolio Management/ CFOInvestment/Program ManagerAnalyst/Associate
3
Other, 4%
Buyout, 9%
Mezzanine/Debt Funds, 3%
Multi-Strategy, 5%
Private Equity, 23%
Special Situations, 2%
Venture Capital, 32%
CVC, 22%
What type of investment fund is your firm?(n = 539)
4
INVESTMENT FIRM COMPENSATION
Investment Professional I No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum
2016 Base $ 103 $690,647 $200,000 $400,000 $500,000 $750,000 $4,130,000
Bonus for Performance 2015 $ 62 $701,557 $50,000 $250,000 $394,500 $730,000 $6,000,000
2016 Total Cash Compensation 103 $1,112,943 $300,000 $578,750 $800,000 $1,275,000 $6,750,000
2016 Projected Bonus $ 58 $689,239 $100,000 $231,250 $400,000 $690,000 $6,000,000
% Carried Interest 89 22.03% 0.09% 13.00% 20.00% 30.00% 45.75%
Thelander 2016 Investment Firm Report - Full Report Excerpt Investment Professional I
All Reported Data
J. Thelander Consulting, © Copyright 2016
Investment Professional I No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum
2016 Base $ 18 $719,190 $300,000 $409,500 $600,000 $975,000 $1,500,000
Bonus for Performance 2015 $ 7 $397,214 $60,000 $134,250 $177,000 $637,500 $1,000,000
2016 Total Cash Compensation 18 $873,662 $300,000 $568,125 $808,333 $1,251,313 $1,500,000
2016 Projected Bonus $ 5 $616,000 $150,000 $180,000 $500,000 $750,000 $1,500,000
% Carried Interest 18 17.14% 5.00% 13.50% 17.50% 22.00% 29.00%
$500 Million - $999 Million AUM
Thelander 2016 Investment Firm Report - Venture Capital - Full Report Excerpt Investment Professional I
J. Thelander Consulting, © Copyright 2016
Chief Financial Officer No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum
2016 Base $ 96 $256,286 $120,000 $179,000 $225,000 $300,000 $1,000,000
Bonus for Performance 2015 $ 68 $173,715 $25,000 $61,500 $109,928 $206,250 $2,000,000
2016 Total Cash Compensation 96 $379,334 $120,000 $239,550 $310,500 $441,250 $3,000,000
2016 Projected Bonus $ 67 $182,505 $25,000 $69,500 $121,200 $200,000 $2,200,000
% Carried Interest 59 3.42% 0.30% 1.15% 2.00% 4.00% 18.00%
Thelander 2016 Investment Firm Report - Full Report Excerpt Chief Financial Officer
All Reported Data
J. Thelander Consulting, © Copyright 2016
Chief Financial Officer No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum
2016 Base $ 25 $233,289 $130,000 $175,000 $200,000 $275,000 $570,000
Bonus for Performance 2015 $ 16 $146,406 $25,000 $62,375 $117,500 $182,500 $450,000
2016 Total Cash Compensation 25 $326,989 $130,000 $175,000 $306,000 $460,000 $700,000
2016 Projected Bonus $ 16 $171,438 $25,000 $93,750 $140,500 $218,750 $475,000
% Carried Interest 18 3.73% 0.30% 1.50% 2.25% 4.75% 18.00%
All Reported Data
Thelander 2016 Investment Firm Report - Private Equity - Full Report Excerpt Chief Financial Officer
J. Thelander Consulting, © Copyright 2016
INVESTMENT FIRM PARTICIPANT PROFILE
6%
7%
12%
23%
30%
10%
7%
4%
Less than $25 Million
$25 - $49 Million
$50 - $99 Million
$100 - $249 Million
$250 - $499 Million
$500 - $999 Million
$1 - $1.9 Billion
$2 Billion +
What is the size of your most recent fund?(n = 286)
11
4%
6%
7%
12%
15%
30%
13%
14%
Less than $25 Million
$25 - $49 Million
$50 - $99 Million
$100 - $249 Million
$250 - $499 Million
$500 - $999 Million
$1 - $1.9 Billion
$2 Billion +
What is the total value of assets under firm management?
(n = 288)
12
3%
3%
5%
13%
14%
29%
16%
18%
5%
9%
7%
12%
18%
28%
15%
6%
Less than $25 Million
$25 - $49 Million
$50 - $99 Million
$100 - $249 Million
$250 - $499 Million
$500 - $999 Million
$1 - $1.9 Billion
$2 Billion +
Private Equity (n=83) Venture Capital (n=109)
What is the total value of assets under management for venture capital and
private equity funds?
13
17%19% 18%
13% 13%
6%3% 4%
4 to 6 7 to 10 11 to 15 16 to 20 21 to 30 31 to 50 51 to 100 More than100
Total number of active portfolio companies(n = 109)
14
What is the primary location of your firm?(n = 307)
Northeast, 22%
California, Pacific NW, 24%
Mid-Atlantic, 12%
Mid West, 13%
Canada, 6%
Europe, Asia, Other, 10%
Southwest, 7%
Southeast, 6%
15
INVESTMENT FIRM BONUS STRUCTURE
Discretionary, 57%
Based on performance,
43%
Is the bonus discretionary orbased on performance?
(n = 210)
17
INVESTMENT FIRMCARRIED INTEREST AND
COMMITTED CAPITAL
17%
63%
13%7%
10-15% 15.1-20% 20.1-25% 25.1% +
What is the total amount of carried interest for the firm?
(n = 260)
19
INVESTMENT FIRM MANAGEMENT FEES
13%23%
62%
3%
under 1% 1-1.9% 2-2.9% 3% and above
What are your management fees as a percentage of committed capital?
(n = 112)
21
CVC COMPENSATION
CVC Unit Leader - Senior Corporate Level Executive
No. of Co's Reporting Average Minimum 25th %ile Median 75th %ile Maximum
2015 - 2016 Base 40 $366,693 $220,000 $295,000 $337,500 $400,000 $900,000
Bonus for Performance 2015 37 $184,312 $26,000 $80,000 $150,000 $250,000 $750,000
2015 Bonus % of Base $ 37 50.1% 8.7% 26.7% 41.8% 64.4% 187.5%
Total Cash 2015 - 2016 40 $537,181 $280,000 $387,500 $495,417 $641,000 $1,500,000
Projected 2016 Bonus 35 $217,052 $30,000 $100,000 $150,000 $225,000 $1,067,000
2016 Projected Bonus % of Base $ 35 57.8% 10.0% 32.3% 46.7% 60.0% 266.8%
% Interest Carried 6 12.00% 2.00% 8.50% 11.00% 14.25% 25.00%
Thelander 2016 Investment Firm Report - CVC - Full Report Excerpt CVC Unit Leader - Senior Corporate Level Executive
All Reported Data
J. Thelander Consulting, © Copyright 2016
CVC BONUS STRUCTURE
What are the other incentives in addition to base pay and cash bonus?
(n = 124)
11%
40%
7%
47%
Carried interest Corporate stock Shadow/phantomcarry
None
25
CVC CARRIED INTEREST
Total amount of carried interest for CVC(n = 17)
10-15% carry,35%
15.1-20% carry, 53%
20.1+ carry, 6%
27
CVC UNIT PROFILE
What is the structure of your investment organization?
(n = 115)
42%
21% 19% 18%
Dedicated team withincorporate structure
Separate entity with annualinvestment budget
Individual ventures on caseby case basis
Separate entity with multi-year funding
29
What is the total value of assets under CVC team management?
(n = 112)
17%
17%
15%
20%
19%
8%
3%
2%
Less than $25 Million
$25 - $49 Million
$50 - $99 Million
$100 - $249 Million
$250 - $499 Million
$500 - $999 Million
$1 - $1.9 Billion
$2 Billion +
30
CVC TEAM PROFILE
To whom does the CVC unit leader directly report?(n = 107)
24%
10%
19%
16%
17%
6%
8%
15%
CEO/President
Chief Innovation Officer
CFO
CTO or Head of R&D
Chief Strategy Officer
Chief Development Officer
VP or SVP
Other
32
CVC TEAM GENDER
CVC unit leader(n = 63)
Male, 86% Female, 14%
34
PITCHBOOK
U.S. private equity deal flow by year
36
$910B
$164B
$464B
$630B $634B
$298B
3,414
1,808
3,311
3,918
3,880
1,555
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Deal value ($B) # of deals closed *through 6/30/2016
U.S. PE-backed exit flow by year
37
$217B
$54B
$223B
$299B
$392B
$113B
870
384
1,0511,191 1,237
459
0
200
400
600
800
1,000
1,200
1,400
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Exit value ($B) # of exits *through 6/30/2016
U.S. private equity fundraising by year
38
$311B
$130B $127B
$206B $203B
$115B
347
182
231
334298
138
0
50
100
150
200
250
300
350
400
$0
$50
$100
$150
$200
$250
$300
$350
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Capital Raised ($B) # of Funds Closed *through 6/30/2016
U.S. private equity capital overhang by year
39
$428.0B
$546.2B$505.4B
$477.1B
$532.4B$565.4B
$0
$100
$200
$300
$400
$500
$600
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
2016
2015
2014
2013
2012
2011
2010
2009
2008
CUMULATIVE OVERHANG OVERHANG BY
VINTAGE
U.S. private equity capital overhang by year
40
3,623
4,3955,005
5,2755,666
6,0076,395
6,6947,045
7,445 7,580
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 16
2011 - 2016*
2006 - 2010
2000 - 2005
Pre 2000
Year of Investment
U.S. venture capital deal flow by year
41
$36B
$26B
$41B
$68B
$79B
$40B
4,236
4,411
7,967
10,425
10,173
3,967
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Deal value ($B) # of deals closed *through 6/30/2016
Median pre-money valuation ($M) by series
42
$1.5 $3.2
$4.9 $5.3 $5.9$7.3 $6.5
$12.2$14.2 $14.1
$21.5 $19.3
$33.4$40.1
$37.6
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Seed Series A Series B *through 8/1/2016
Median pre-money valuation ($M) by series
43
$45.9 $39.6
$59.8$77.3
$90.0$78.7 $65.8
$135.6
$176.9$200.0
$0
$50
$100
$150
$200
$250
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Series C Series D+ *through 8/1/2016
U.S. VC-backed exit flow by year
44
$43B
$15B
$54B
$84B
$50B
$24B
609476
867
1,030
956
329
0
200
400
600
800
1,000
1,200
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Exit value ($B) # of exits closed *through 6/30/2016*through 6/30/2016
U.S. VC-backed capital exited ($B) by exit type
45
19.230.8
18.512.8
22.6 27.3 29.6 25.6
69.4
36.922.6
3.4
7.7
0.61.3
3.66.0
21.6
9.2
10.7
8.1
1.21.3
4.5
2.20.6
3.03.6
2.9
2.6
3.9
4.8
0.4
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Buyout ($B) IPO ($B) Acquisition ($B) *through 6/30/2016
U.S. VC-backed exit count by exit type
46
399 459 400 418582 616
719 708 770 769
267
5987
11 10
44 47
62 85124 75
18
4963
48 48
65 62
86 92
136112
44
0
200
400
600
800
1,000
1,200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Buyout IPO Acquisition *through 6/30/2016
U.S. venture capital fundraising by year
47
$35B
$11B
$24B
$34B $36B
$23B179
112
187
260 246
134
0
50
100
150
200
250
300
$0
$5
$10
$15
$20
$25
$30
$35
$40
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Capital raised ($B) # of funds closed *through 6/30/2016*through 6/30/2016
U.S. venture capital deal flow by year w/corp. & CVC involvement
48
$11B
$6B
$12B
$24B
$34B
$21B688
483
865
1,311 1,333
579
0
200
400
600
800
1,000
1,200
1,400
$0
$5
$10
$15
$20
$25
$30
$35
$40
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Deal value ($B) # of deals closed *through 6/30/2016*through 6/30/2016
Median pre-money valuation ($M) by series w/corp. & CVC involvement
49
3.3
7.0 7.3 6.99.0 6.2
14.3 16.1 16.8
25.3 23.0
42.5 47.7 46.4
$0
$10
$20
$30
$40
$50
$60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Seed Series A Series B *through 8/1/2016
Median pre-money valuation ($M) by series w/corp. & CVC involvement
50
56.9 52.3
83.1111.6 100.8100.0 82.4
194.7230.0
255.0
$0
$50
$100
$150
$200
$250
$300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
Series C Series D+ *through 8/1/2016
# of unique corp./CVC investors participating in U.S. VC rounds by year
51
360
460 468
341 350391
443
576637
682
432
0
100
200
300
400
500
600
700
800
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016*
*through 6/30/2016*through 6/30/2016
J THELANDER CONSULTING
J.Thelander Consulting is headed by Jody K. Thelander, a compensation executive with more than twenty years ofprofessional experience. Jody has a keen understanding of business through a diversified background incompensation, sales and customer service. The Thelander Surveys and Reports have become a well-respectedand highly desired tool for compensation decision-makers in the private business sector.
Jody speaks publicly on executive compensation, investment firm and corporate venture compensation topics, including events hosted by BayBio, BioHouston, Global Corporate Venturing, IBF, National Venture Capital Association, JPMorgan, Private Equity International and Stanford.
Jody earned a Bachelor of Science degree in Consumer Studies at the University of Vermont and a MastersDegree in Human Resources at Marymount University. Her career began in the fashion retailing industry withBritish Vogue, Ralph Lauren Womenswear, Bonwit Teller and Garfinkels in London, New York and Washington,DC. Jody also spent ten years in human resources with TRW Space and Defense both in Washington DC, and SanFrancisco, before starting her own firm.
Jody serves as a sustaining member of the Auxiliary Board for the San Francisco Ballet and the Modern Art Councilof the San Francisco Museum of Modern Art. She is the past chair of the Silicon Valley Leadership Committee forthe American Diabetes Association.
Jody K. Thelander
Elyse Hurtado
Elyse provides expertise in the collection, inspection and cleaning of data for the Thelander Surveys. Her proficiency in data analysis, visualization and statistical interpretation is a key component supporting decision-making for Thelander Consulting. Elyse received her Bachelor of Science degree in Psychology at Emory University. She continued her academic studies at the University of Miami, earning both a master’s and doctoral degrees there. During her doctoral training she specialized in epidemiology and statistics and also worked in collaboration with the Centers for Disease Control and Prevention. In addition to her work for Thelander Consulting, Elyse teaches at the University of Miami.
Colin Turek
Colin Turek heads client relations and business development. He has more than 10 years of experience with private companies in both San Francisco and New York. Colin expertise is in organizational operations, strategic growth, and human resource management. He has spent much of his career in private healthcare administration, serving most recently as the VP of Operations and Client Relations for a Bay Area based startup. In addition to his work at J. Thelander Consulting, Colin directs institutional advancement and development for YMA Fashion Scholarship Fund, a national non-profit dedicated to the fashion arts. He has been named “Top 40 Under 40” by the North Bay Business Journal, volunteers at Maitri AIDS Hospice, and is a current member of the New York City Ballet Young Patrons Circle. Colin earned a Bachelor of Arts in Social Justice at the University of Massachusetts, Amherst, and is currently obtaining his MBA at the State University of New York.
We customize data and offer trend analysis for your specific needs.
We offer consulting services tailored to your specific needs. We are readily available to consultand personally meet with you, your executive team and board of directors.
The intelligence gathered in our compensation surveys can be sliced by position, industry,funding level, financing, revenue or a combination of factors for your customized analysis andreports. Our services include, but are not limited to:
J. Thelander Consulting Services
• Executive/Investment Professional Compensation: conduct a competitiveanalysis for salary, bonus and other incentives using comparators within peergroups. We work with both the executives, investment professionals, HRand/or the compensation committee to present strategic and near-termcompensation issues.
• Equity/Carried Interest Programs: conduct a market analysis for seniorexecutives, and design a program with the competitive mix between cash andequity or carried interest.
• Employee Compensation: design salary ranges and grade level descriptorswith matching equity and/or carried interest percentages below the executivelevel.
Private Company Compensation Report includes current compensation data on base pay,bonus and equity compensation for positions within biotech, cleantech, healthcare services,medical device and tech companies, including:
• Executives, directors, managers, non-investor board members• More than 70 staff positions• In-depth clinical, engineering, research and admin areas
Private Company Merger & Acquisition Report includes information on carve-out plans,milestone incentives, bonus programs, liquidation preferences and anti-dilution clauses.
Private Company Change of Control, Severance & 409A Report includes information onchange of control agreements, severance programs, single/double trigger acceleration.
Private Company Year End Salary & Option Refresh Report includes information on salaryincreases, bonuses and refresh programs.
Thelander Reports and Surveys
The Thelander CVC Compensation Report includes information on corporate venture firms, covering base pay, bonus and carried interest for positions including:
• CVC unit leader senior investment professionals, CFO, legal counsel, investment/programmanager, and analyst/associate• Specifics on board members and observer seats
The CVC Bonus Report includes information on bonus amounts, bonus factors, carried interest and board positions.
The Thelander-PitchBook Investment Firm Compensation Report includes information on buyout, hedge-fund, private equity and venture capital firms and covers salary, carried interest, capital structures and succession planning for positions including:
• Investment professionals, operating partners, finance and operations
Thelander Reports and Surveys
Private Company Compensation Report includes current compensation data on base pay,bonus and equity compensation for positions within biotech, cleantech, healthcare services,medical device and tech companies, including:
• Executives, directors, managers, non-investor board members• More than 70 staff positions• In-depth clinical, engineering, research and admin areas
Private Company Merger & Acquisition Report includes information on carve-out plans,milestone incentives, bonus programs, liquidation preferences and anti-dilution clauses.
Private Company Change of Control, Severance & 409A Report includes information onchange of control agreements, severance programs, single/double trigger acceleration.
Private Company Year End Salary & Option Refresh Report includes information on salaryincreases, bonuses and refresh programs.
Thelander Reports and Surveys
INVESTMENT FIRMPARTIAL LIST OF PARTICIPANTS
Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (A – C)
500 Startups5am VenturesAAMAAVP BiosystemsACE Venture CapitalAdvanced Capital LimitedAdvanced Technology VenturesAdvantage Capital PartnersAdvent InternationalAffinity CapitalAGIC GroupAlcentraAlcion Ventures LPAllianceAlpha Venture PartnersAltaris CapitalAndreessen HorowitzAnzu PartnersApple Tree PartnersAravaipa Ventures Arboretum VenturesArborview
Arrowhead MezzanineArtiman VenturesAscend Investment PartnersAscension VenturesAster CapitalATB CapitalAtlantic PacificAudax GroupAvalon VenturesAXA Strategic VenturesAzure Capital PartnersBaird CapitalBalance pointBarenberg Capital PartnersBaxter VenturesBay Grove CapitalBay Hills CapitalBDC CapitalBE Investment-PartnersBeechbrook CapitalBelvedere CapitalBeringer FinanceBertram Capital
BetaworksBirch Hill Equity PartnersBlackford CapitalBlackRock Blu Venture InvestorsBlue Chip Venture CompanyBlue Heron CapitalBlue Point CapitalBoathouse CapitalBoston Ventures ManagementBPEABPOCBrass Ring CapitalBregal PartnersBrentwood AssociatesBridge BankBrown VenturesBurlington CapitalCaerus VenturesCAI Capital ManagementCalvert Street Capital PartnersCanaan PartnersCap Bridge
60
Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (C – G)
Capitala Investment GroupCathay CapitalCBSCDCCDK VenturesCDPQCharles River VenturesChart CapitalCharter Capital PartnersClaremont Creek VenturesClaridgeClarion CapitalClarus VenturesClayton, Dubilier & RiceClean Energy TrustClear VenturesColiseum CapitalCommerce Street CapitalConstellation CapitalCorridor CapitalCortec GroupCovaronCPPIB
Crestline InvestorsCrow Holdings CapitalDDJ Capital ManagementDeerfieldDelphi VenturesDelta-v CapitalDem PartnersDesjardins Venture CapitalDos Rios PartnersDraper Fisher JurvetsonDuff and PhelpsDunrath CapitalDW Healthcare PartnersEarlybirdEBSCO CapitalEdison PartnersEIGEIM CapitalElement PartnersEMC CorpEmeram Capital PartnersEmerging Growth EquitiesEMR Capital
EPIC Private EquityEquicapitaEscalate CapitalEtalonEvercoreEvergreen Pacific PartnersEvolution Capital PartnersFA Technology VenturesFalcon Investment AdvisorsFFL PartnersFidelis FinancialFifth Third BankFirst RepublicFive Points CapitalFlint CapitalFocus VenturesForbion Capital PartnersFoundation Capital PartnersFrazier ManagementFrost Data CapitalGalaxy Venture Capital
61
Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (G – L)
Generation PropertiesGeneva Glen CapitalGilder Office for GrowthGlobal Environment FundGlobal Gate CapitalGrace MatthewsGraham PartnersGreat Hill PartnersGreenbriar Equity GroupGreenspring AssociatesGrowthPoint Technology PartnersGryphon InvestorsGTCRH.I.G. CapitalHaddington VenturesHalladorHamilton LaneHamilton RobinsonHarbourVest PartnersHarren Equity PartnersHarvest PartnersHBM HoldingsHCAP Partners
HCPHeritage GroupHighland Capital PartnersHLM Venture PartnersHQ CapitalHull Street EnergyHypatia Capital GroupIcebreaker Venturesi-Hatch VenturesIlluminate VentureIndustrial Growth PartnersIndustry CapitalInformation Venture PartnersInnogestInsignia CapitalIntellectual VenturesIntervale CapitalIVPJapan Asia InvestmentJobviteJPB PartnersJRJ GroupJuggernaut Capital Partners
Juniper CapitalJZ PartnersK1 Investment ManagementKatana Oil and Gas FundKCB MangementKelly Investment GroupKenzie Lane ServicesKKRKnightsbridge AdvisersKovitz Investment GroupKPS Capital PartnersLaird Norton CompanyLas Olas Venture CapitalLDD PartnersLemnos LabsLGT Impact VenturesLineage CapitalLinzor CapitalLionBirdLionheart Industrial GroupLloyd Capital PartnersLongworth Venture PartnersLouisiana Funds
62
Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (L – P)
Lubar & CoLyra Growth PartnersM34 CapitalMAI CapitalMainsail PartnersMape Advisory GroupMarwit CapitalMaven VenturesMC PartnersMDAT Focus FundMDV ManagementMedCare FundsMeidlinger PartnersMicroVest capital ManagementMillstone Capital AdvisorsMitsui Global InvestmentMJM ConsultingModerne VenturesMohr Davidow VenturesMonasheesMorgenthalerMountain Group PartnersMt. Weather Capital
Napier Park Financial PartnersNavis CapitalNaya VenturesNEANew Enterprise AssociatesNew Markets Venture PartnersNewGen Venture PartnersNewSpring VenturesNext World CapitalNexum VenturesNGP Energy Technology PartnersNonamiNorthern TrustNorwest Venture PartnersNovo VenturesNRD Capital ManagementOne StoneOne, IncONSET VenturesOPICOpus CapitalOsage University PartnersOxford Bioscience Partners
Paladin Capital GroupPamlico CapitalPappas VenturesPark Lane VenturesPartners for GrowthPartners GroupPatriot Financial PartnersPCH Holdings GroupPeak Rock CapitalPeak VenturesPegasus Capital AdvisorsPenta Mezzanine FundPerformance Equity ManagementPeriscope EquityPetra Capital PartnersPlatinum Equity AdvisorsPrecision Capital AdvisorsPrettybrook PartnersPride CapitalPrivate Capital NetworkProductivity MediaProfit DevelopmentProspector Equity Capital
63
Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (P – T)
PTV Healthcare CapitalPulmuone Principal InvestmentsQuadrangle GroupQuadria CapitalQuadriviumQuestMark PartnersRadius VenturesRBCRealCap StrategiesRenaissance Venture Capital FundResilience Capital PartnersRethink EducationRev1 VenturesRevolution GrowthRiver Cities Capital FundsRiverlake PartnersRiverside PartnersRivervest Venture PartnersRLMcCall Capital ManagementRocket VenturesRosewood Private InvestmentsRound Hill CapitalRoute 66 Ventures
RVPSafeguard ScientificsSageview CapitalSandbridge CapitalSapphire VenturesSaratoga Investment CorpSavile CapitalSC VenturesSchlumbergerSeacor CapitalSearchlight CapitalSEDCO HoldingSEPSequel HoldingsSequoia CapitalSeraphim CapitalSFW Capital PartnersSilicon Valley BankSilver Oak Services PartnersSilver Sail CapitalSingtel Innov8Sistema JSFCSkyview Capital
Social Capital PartnersSorenson CapitalSouthfield CapitalSpindletop CapitalSpire CapitalSpray Venture PartnersSpringRock VenturesSpur Capital PartnersSquare 1SsrayStartup Capital VenturesStarVest PartnersStrait Lane Capital PartnersSumo CapitalSun Mergers and AcquisitionsSunrise Communications AGSVBSverica Capital ManagementSyngenta VenturesTAG Energy PartnersTaiga CapitalTailwind Capital
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Thelander - PitchBook 2016 Investment Firm SurveyPartial List of Participant Firms (T – Y)
Tandem ExpansionTarkas VenturesTechne VenturesTelia CompanyThe Blackstone GroupThe Cynosure GroupThe Gores GroupThe White Oak GroupThird Lake CapitalThird Rock VenturesThomas H. Lee PartnersTigerlabs VenturesTOC Equity PartnersTPGTresalia CapitalTriangle Peak PartnersTrinity Capital InvestmentTrinity HuntUKTIUpdata PartnersVenrockVenture ValkryieVentureast Capital
Veritas CapitalVersant VenturesVillage VenturesVirginia Life Sciences InvestmentsWaarde CapitalWaud Capital PartnersWayPoint Capital PartnersWebster CapitalWellington PartnersWhite Oak Global AdvisorsWicks GroupWillowridge PartnersWilson VenturesWind Point PartnersWindjammer CapitalWingate PartnersWinona Capital ManagementWM PartnersWTIWynnchurch CapitalXSeed CapitalYaletown Venture PartnersYangtze Capital Management
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CVCPARTIAL LIST OF PARTICIPANTS
Thelander-PitchBook 2016 CVC SurveyPartial List of Participant Companies (A – L)
360ipABB Technology VenturesAllianzAllstate VenturesAmex VenturesApplied VenturesAscension Healthcare VenturesAssurantAster CapitalAT&TBASF Venture CapitalBaxter Healthcare VenturesBBG VenturesBBVA VenturesBDC CapitalBilfinger Venture Capital GmbHBlue CrossBMW i-VenturesBosch VenturesBPCambia Health
Cap BridgeCaterpillarCentricaChina Oceanwide HoldingsCiscoCitibank VenturesCitrixCME GroupComcast VenturesCross Pacific CapitalCSAA InsuranceCummminsDENSO International AmericaDSMDuPont VenturesEMC CorpEmpiriclyEvonik Venture CapitalFirst DataGCIGE Ventures
GoogleHearst Health Venture FundHenkelHitachiHyundai VenturesIAGIcebreaker VenturesIkeaIndependence Blue CrossIntel CapitalIntuitInvenergy FF LPIU / Distill VenturesJetBlue VenturesJohnson & Johnson InnovationJuniper NetworksKaiser Permanente VenturesKansas Bioscience AuthorityLevel 3 CommunicationsLiberty Global
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Thelander-PitchBook 2016 CVC Survey Partial List of Participant Companies (L - Z)
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Liberty Mutual InvestmentsLockheed MartinLowe's CompaniesMAHLEMcKesson VenturesMetLifeMGVMicrosoftMonsantoMotorola SolutionsMunich RENielsen VenturesNikeNovartis Venture FundNRW.BANKPacific NationalPatagoniaPetroleum Listing ServicesPfizerPortico Benefit ServicesQualcomm
Rebel Venture FundReinventure GroupRoche Venture FundRogers Venture PartnersSalesforceSamsung SanDiskSchibstedSchlumbergerScotrenewables Tidal PowerSecond Century VenturesSempra Energy UtilitiesShell Technology VenturesSiemensSingtel Innov8 VenturesSolvaySpringRock VenturesSR OneStarkey Hearing TechnologiesSVB CapitalSVC
Swisscom VenturesSyngentaTakeda VenturesTEL VCTelefonica VenturesTelia CompanyTelus VenturesDow Chemical CompanyTipatticTouchdown VenturesTrans Pacific Technology FundTRST-Venture of AmericaUKTIVerizonWalgreensWest CapitalXIN CenterXSipYamahaZaffre InvestmentsZebra
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