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Preqin Quarterly Update: Venture Capital Q4 2022





Download the full Preqin Quarterly Update report and datapack. Exclusively for Insights+ subscribers.

quarterly update | insights+
Subdued activity as dampened investor appetite tilts toward emerging markets and earlier stage strategies

By Cameron Joyce, CFA and Michael Patterson

January 31st, 2023


Tighter financial conditions and general risk aversion continued to slow activity across the venture capital industry in the fourth quarter of 2022. Valuation multiples have been falling across both public and private markets, with venture capital positions arguably the most sensitive to higher interest rates and risk averse sentiment. As with the private equity market, we expect venture capital to remain in an adjustment period while portfolio valuations take time to mirror the declines in public markets.

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Fig. 1: Venture capital median net IRRs and quartile boundaries by vintage year, 2000 – 2019
Fig. 2: Global quarterly venture capital fundraising, Q1 2017 – Q4 2022
Fig. 3: Venture capital funds closed by time spent in market, 2017 – 2022
Fig. 4: Venture capital funds in market over time, January 2018 – January 2023
Fig. 5: Quarterly venture capital deals*, Q1 2017 – Q4 2022
Fig. 6: Quarterly venture capital-backed exits by type, Q1 2017 – Q4 2022
Fig. 7: Strategies targeted by venture capital investors over the next 12 months, Q4 2021 vs. Q4 2022
Fig. 8: Regions targeted by venture capital investors over the next 12 months, Q4 2021 vs. Q4 2022
Fig. 9: Venture capital: assets under management, 2011 – 2022
Affinity's 2023 Investment Predictions Report

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