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PitchBook Analyst Note: US VC Manager Style Drift

Q2 2021

PitchBook Analyst Note: US VC Manager Style Drift

June 9, 2021

PitchBook Analyst Note: US VC Manager Style Drift
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How venture capitalists adapt to the times

In the high-risk, high-reward game of staking startups, venture capitalists have shown a willingness to rewrite their playbook—changing their industry focus and oscillating between more or less specialized approaches. Our latest analyst note dives into how VC manager style has drifted over the last 15 years. Key takeaways include:
 
  • Veteran venture investors have become increasingly split between highly specialized and generalist firms, with fewer managers taking the more moderate targeted approach.
  • New GPs tend to specialize, oftentimes leveraging the networks and industry know-how that they developed in past roles.
  • In recent years, specialist firms have dominated in terms of overall fundraising, bringing in $100 billion across 678 funds. Leading biotech investors, in particular, have become more specialized.