The Continued Growth of Venture Buyouts – an Updated Perspective

在博客中 经过 Kemper Ahl和Lindsay Sharma


2018年末,Industr新万博苹果客户端下载y Ventures发布了white paper关于软件并购格局的演变,以及针对风险支持技术公司的一类新的小型、以技术为重点的并购基金的出现。我们的主要论断之一是,规模较小、垂直化的SAAS业务特别适合收购退出。


Over the last two years, we have seen these trends play out firsthand, as we launched a new strategy around this thesis and have been deploying capital against this large and growing opportunity set. Given the recent growth that we’ve seen in the small tech buyout landscape and the large number of relevant venture-backed buyout candidates, we wanted to share a few observations that we found particularly relevant, especially in the context of COVID-19’s impact on the venture capital ecosystem.

The Growing Venture Buyout Market


According to Pitchbook, “VC-to-PE buyouts not only account for a rising percentage of PE deals, but also of VC exits. Between 2000 and 2019, the number of VC-to-PE buyouts has grown at a CAGR of 18.1%, compared to overall buyouts at 9.5%. During that time, PE buyouts went from accounting for 2.4% of VC exits to 19.2%.”[1]

在我们看来,我们只看到这个市场的机会继续在未来几年继续规模。根据Preqin的说法,截至2019年第三季度,2,468个风险资金的未实现价值有94.8亿美元,截至2019年第三季度狗万买球下载[2]。This trapped value will require a release valve as LPs become less receptive to extensions in less certain economic environments. Through our leading secondary franchise, we have already seen many secondaries change hands in older funds — and in many cases participated in those deals — but those transactions only represent a small portion of this value, and we anticipate that many of the underlying companies will need to seek acquirers in the immediate future. Another trend that we have noticed through our secondary activities has been the disproportionate increase in the sale of companies in tail end funds to buyout relative to buyer exits in the broader venture ecosystem.

Furthermore, there are over 6,000 active venture-backed companies that haven’t raised a round in more than five years and haven’t exited, according to Pitchbook[3]。We anticipate that a large portion of these businesses have achieved profitability based on their operational lives, and many likely represent attractive opportunities for nimble buyout funds.

COVID-19 is Accelerating the Trend Toward Venture Buyouts

在2020年的前三个季度的前三个季度冒险流动性越来越大,在此期间,我们看到福利退出的累积价值下降了35%,截至2019年第三季度。冒险支持的IPO值 - 最大的风险流动性流动性过去10年 - 在同一时期内比例下降(38%)。与此同时,风险收购的价值下降了28%更为温和。[4]

When exit activity was at its lowest during Q2 2020, venture liquidity overall was down 76% by value, while the value of venture buyouts had declined by only 18%[4]. 尽管在2020年第4季度独角兽发行量激增的情况下,IPO市场无疑出现了大幅反弹,但事实证明,私募股权是风投支持业务在这场大流行期间更具弹性的退出途径,这主要是由私募股权支持战略公司的附加活动推动的。

我们在冒险中看到了Covid-19驱动的趋势,进一步提升了私募股权买家的风险投资支持软件公司的吸引力。特别是,许多这些企业都试图向他们的P&LS和资产负债表展示,以延长其跑道在某种资金环境中。在一个surveyof VC funds conducted by Industry Ventures in April, 92% of respondents reported seeing headcount reductions at their portfolio companies, with the majority weighing cuts between 11% and 30%.

According to Keybanc[5]此外,萨斯公司拥有超过500万美元的arr计划在许多案例中规划超过7%的7%,以牺牲增长的许多情况。与原始计划相比,同样的企业队伍减少了近50%的预测。该调查还发现,35%的人头减少驱动的储蓄举措是针对销售团队的目标。令人惊讶的是,这些企业在新预订中看到了有意义的放缓,这是从2019年开始的36%到2020年下降到14%。


Naturally, many of the venture-backed businesses that have prioritized cash preservation over growth will fall off the growth curve required to achieve an outsized exit for their venture capital shareholders. Companies will still seek funding to drive expansion, but many are becoming less attractive to VCs looking for hyper-growth businesses. That said, we believe these companies are achieving profitability faster and with better margin profiles, rendering them more attractive to buyout funds.

利用风险投资于市场上的较小结束 - 投资于2500万美元的VC资金回合的美元相对于2019年,2020年投资10%,其美元增长14%的投资于2500万美元[4]-我们预计,许多正在优化盈利能力(而非增长)的企业,将找到拥有较小收购基金的房子。

在某些情况下,选择风险投资支持的企业也受益于与扇区相关的Covid Tailwinds,他们对已经开始倾向于某些Covid-Winning主题,行业和垂直的私募股权买家的吸引力。随着大流行发挥出来的,我们已经看到了在某些行业的兴趣中显着增加,包括金融气和数字付款,在线教育,电子商务和网络安全,其中包括长期尾风,如下所示。



事实上,“三大”科技并购基金——Vista Equity、Thoma Bravo和Silver Lake的融资额占科技型基金整体融资总额的比例已经开始下降,如下图所示。这源于这样一个事实:多面手现在正在募集专注于技术的基金,中层技术专家正在继续扩大规模,进入这一领域的小型收购基金数量继续增长。

This consistent increase in the incumbent tech buyout investors’ fund sizes has driven many to launch smaller strategies to address the lower end of the market. In some cases, those new strategies have begun to graduate from the lower end of the market themselves as their fund sizes scale. In more recent years, we have seen teams spin out of the larger firms to address the opportunity set within small tech buyout. Below we have compiled some data looking at the fund size progression at larger tech-focused firms, along with some of their lower market-focused strategies, and recent spinouts:

由Covid-19行动或加速的趋势进一步加快了新专业技术资金的出现,其策略在某种环境中吸引了更多的资本。科技部门继续加入大幅度LP兴趣,技术买断资金占2020年所有PE资本闭合的22.5%,该资本闭合于2020年,该资本闭幕性明显高于五年平均值14.1%。[6]Below is a sample of some of these smaller specialist investors who are filling the void at the lower end of the market:

这些更小、更专业化的高科技为主的基金have been a more dominant force in 2020 than in the past decade. While this trend has been accelerated by a unique and unprecedented set of circumstances, it is nevertheless one we believe will continue well into the future. Looking ahead, we expect the burgeoning cadre of small, specialist tech investors with fresh dry powder at their disposal to drive increased venture buyout activity for many years to come.

请联系Lindsay Sharma(或kemper ahl(,任何问题或您想收到本文的硬拷贝。

1. Pitchbook 2019 Annual Report
42020年第4季度PitchBook NVCA Venture Monitor
5. Keybanc 2020 Private Saas Company Survey, August, 2020
6.投票手册:PE Tech Funds II,2020年10月






The Continued Growth of Venture Buyouts – an Updated Perspective

简介2018年末,Industry Ventures发新万博苹果客户端下载布了一份白皮书,内容涉及软件收购格局的演变,以及针对风险投资支持的科技公司的一类新的小型、以科技为重点的收购基金的出现。我们的主要论断之一是,规模较小、垂直化的SAAS业务特别适合收购退出。有鉴于此,我们…