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PitchBook Analyst Note: Venture Funds in Times of Crisis

Q2 2020

PitchBook Analyst Note: Venture Funds in Times of Crisis

April 28, 2020

PitchBook Analyst Note: Venture Funds in Times of Crisis
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In this latest COVID-19-related research note, our analysts examine venture funds in past crises to provide a roadmap for how institutional investors should plan for this one. Many VCs have been relying on new fundraises to support follow-on financings. We expect many VC funds will shift their focus to supporting existing portfolio companies and adjusting their reserve capital during this crisis. In addition, we believe older vintages are more at risk than they were during the global financial crisis, because they are taking longer to liquidate and therefore are retaining more unrealized value.