Qubit: JP Morgan Alternatives Guide Q2 2023
Venture funds all over the world are marking down their portfolio company investments.
The venture capital 10-year return dispersion dropped from 34.8% at the top end six months ago to 25.6% today, the bottom end broke through negative territory at negative 2.5%
Venture returns went from a phenomenal annual return of 57.5% in 2020 and 48.9% in 2021 to a negative 18.4% in 2022
Venture assets are priced at 68% of NAV on secondary markets
Finally, the ratio of venture investments over exit activity increased from an average of 10.8x over the last ten years to 17.1x this year
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