[下载]安永的2004-05年度PE/VC行业报告
[b]Renewal and New Frontiers – Global Private Equity: Venture Capital Insights Annual Report[/b]
With global investment increasing for the first time since 2000, the venture capital industry is undergoing a significant period of transition characterized by increasing globalization, a focus on capital efficiency and the return of the Internet, according to "Renewal and New Frontiers – Global Private Equity: Venture Capital Insights Annual Report 2004–2005," a recently released publication by Ernst & Young.
“Today, the need to go global arrives much earlier in the life cycle of any venture-backed company. Going global from the outset allows companies to access top innovative talent wherever it is found, realize production efficiencies and tap the most promising markets,” Gil Forer, Global Director of Ernst & Young’s Venture Capital Advisory Group said.
“As competition grows, regions such as China, India and Eastern Europe are impossible to ignore. The growing consumer markets of the Far East—especially China—present increased opportunities. Indeed, a China strategy has become the top issue for every venture capital firm and corporate investor as the business case for investing in China continues to grow,” he continued.
2004 marked the beginning of a new venture capital cycle. The third annual "Venture Capital Insights Report" also found that the continued renewal of the industry has become more significant over 2004, and a positive first quarter of 2005 suggests that there will be another solid year around the globe.
The report found that the foundations for continued growth within this industry are based on four distinct areas:
- New investment opportunities in technology and life sciences in mature and emerging markets
- Final phases of bubble-related portfolio restructuring
- New wave of venture capital (VC) fundraising
- Globalization of both venture-backed companies and venture capital firms
[b]Highlights of the report include: [/b]
- An aggregate of $25.7 billion was invested in 3,222 deals in the United States, Europe and Israel in 2004, according to Ernst & Young/ Venture One research.
- Globalization was the key trend in 2004 and will continue. The following example will not be a rare scenario in the near future: creation of venture-backed companies structured to have R&D centers in China, India, Israel, Russia, and the United States, manufacturing facilities in China, India, Eastern Europe, and Vietnam, and management headquartered near the main customer markets — operating as a true global company from day one.
- Innovation is no longer the sole province of the established hotbeds such as Silicon Valley: innovation is now global, whether China, India or another one of the emerging technology hotbeds.
- 2004 was a building year in a new venture investment cycle around the globe. The continuing IPO window for venture-backed companies, successful fundraising, and increased investments — especially in the early stage rounds — are the main indicators of this new cycle.
- The IPO window that opened at the end of 2003 for mainly life science companies gained momentum in 2004 with milestone technology offerings such as Google and Salesforce.com.
- Fresh capital, positive capital markets and many new solid opportunities in the IT and life science sectors contributed to the increase in early-stage investments worldwide.
Public markets saw 21 IPOs by Chinese venture-backed companies raise $4.1 billion, four of which were among the top ten global technology IPOs last year.
- Venture capital firms raised more than $17 billion last year in the United States alone.
Venture capital will encounter new frontiers in business models as innovation is introduced directly to mass consumer markets instead of traditionally high-end enterprise customers.
- Current exit valuations have imposed narrower investment ranges, requiring the prudent use of capital.
- The emergence of new Internet-related technologies and applications has resulted in increased investments in these areas, a return of the Internet often dubbed by investors as the “Internet 2.0.” But the legacy of the previous Internet bubble is still with us. The ongoing contraction of the pool of privately held venture-backed companies demonstrates that the cleaning out of bubble-era portfolio companies is continuing.
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