2023年2月28日

急於退出的風險資本投資者願意接受二級市場高達50%的折價，因為ipo和收購等傳統的撤資方式變得更加困難。IPO市場關閉了，但二級市場對尋找退路的風投來說卻生機勃勃。這是Industry Ventures的說法，這位22歲的私募股權和風險投資老手過去曾在Facebook、Twitter和Airbnb等科技巨頭中撿到便宜，目前正在當地向潛在投資者展示一隻新基金。盡管國際基金在當地的訪問並不新鮮，但Industry Ventures的宣傳平台引起了Street Talk的興趣，因為它深入了解了通常隱秘的二級投資領域。這份長達25頁的報告描繪了風投公司的可怕處境，因為低利率的順風開始吹向另一個方向。該公司估計，在2020-2021年，希望減持頭寸的風險投資有限合夥人可以通過二級交易獲得高達該投資資產淨值的88%——當時Street Talk發現，大量科技企業帶著投資意向性文件和顧問離開，回來時估值超過1億美元。根據Industry Ventures的數據，目前售價已降至資產淨值的68%(即32%的折扣)，並有望在2023年進一步下滑至60%。該公司表示，其基金的投資平均有50%的折扣。平均二級出售已達到資產淨值的68%，為2009年以來的最低水平。這一平台上有海外的例子(Canva的標誌出現了，但沒有透露細節)，而不是澳大利亞的例子，但有趣的是，當Blackbird、AirTree和Square Peg等本土風投公司在SafteyCulture、Koala、Culture Amp等公司的投資上降溫時，更大的風投市場是如何運作的。 Industry Ventures also did an inventory check of sellers in VC land with the help of Pitchbook data. Lining the exits It reckons there are more than 4000 limited partners, another 1500-plus VC funds headed towards their scheduled terms, 150,000-plus founders and early employees and more than 9000 non-traditional VC investors (hedge funds, universities, family offices etc). Advertisement Simply waiting until market conditions improve for an IPO or a bid to land wasn’t an option for many of the sellers. For example, LPs may be forced to the exit by a portfolio rebalance and founders by life events such as buying a house. In short, there’s a bigger pool than ever of VC sellers. Locked out of IPOs and takeovers, they’re having to turn to secondary markets. Industry Ventures reckons it is getting shown $US10 billion worth of secondary deals a year, out of which it wants to pluck the best for its Industry Ventures Secondary X fund. Potential backers were told the firm would cut cheques of $US5 million to $US75 million to pick up allocations at 10 per cent to 50 per cent discounts. It’s going after later-stage companies that are making $US20 million to $US200 million revenue, growing at 30 per cent to 40 per cent a year and three to five years away from an M&A or IPO exit. Sydney-based placement agent Principle Advisory Services was understood to be making the introductions on behalf of Industry Ventures managing director Amir Malayery. Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter . Email Anthony at a.macdonald@afr.com Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au Save