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PitchBook Analyst Note: VC Returns by Series Part I

3Q 2019

PitchBook Analyst Note: VC Returns by Series Part I

September 26, 2019

PitchBook Analyst Note: VC Returns by Series Part I
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In this first exploration in deal-level returns delineated by series, PitchBook analysts investigate how the entry point of investors affects eventual returns. As the VC market exploded in size, there has been an increasing divergence between the early and late stages, therefore commanding fundamentally different risk and return expectations. This note examines failure rates at each series to quantify a more full risk profile of investing at each level of maturity and determine how much those failures dampen true returns. Our analysts also describe how intensifying competition in VC may force investors to carve out more profitable niche investing spaces.