PREQIN SPECIAL REPORT:
UP & AWAY: LAUNCHING A FIRST-
TIME VENTURE CAPITAL FUND
NOVEMBER 2017

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PREQIN SPECIAL REPORT: UP & AWAY: LAUNCHING A FIRST-TIME VENTURE CAPITAL FUND
p3
Conquering the Lack of Track Record
p4
Approaching Investors: Where to Start
p5
Pre-Launch Considerations
p7
Tips and Tricks for Fundraising
p10
Success Is Possible!
FOREWORD
Positive performance for venture capital funds in recent years has sparked attraction from investors, resulting in an increasing number
of first-time and spin-off managers entering the industry.
Competition is high among managers: the venture capital fundraising market is home to over 1,500 vehicles seeking institutional capital.
For less experienced managers, fundraising can be daunting investing successfully in this crowded venture capital market relies on
high levels of skill, extensive resources and strong networks. First-time managers may therefore be at a disadvantage in this competitive
fundraising environment, so it is crucial that their time is efficiently spent targeting the right investors with plans and preferences that
align with those of their fund.
While new or emerging managers may face additional challenges due to a lack of track record, Preqin's performance data shows that
first-time and spin-off venture capital funds of vintage 2010 or older have generated substantially higher median returns than funds
of experienced managers. Performance data can help make the case that first-time or spin-off funds could satisfy certain institutional
portfolios that account for higher levels of perceived risk, as well as help managers to verify a record of successful performance in
previous private capital roles.
Is gaining institutional support realistic with so many managers on the road? How can these less experienced managers build successful
relationships with new investors? What tools can first-time managers utilize to help raise capital efficiently and, more importantly,
successfully?
Despite the various challenges faced by first-time and spin-off managers, success is more than possible given the appropriate tools and
approach to institutional investors. In this report, we examine the recent successes of first-time venture capital managers and use Preqin
data to uncover some of the key factors managers should consider when raising institutional capital for the first time.
We hope that you find this report useful, and welcome any feedback you may have. For more information, please visit www.preqin.com
or contact info@preqin.com.
All rights reserved. The entire contents of Preqin Special Report: Up & Away: Launching a First-Time Venture Capital Fund, November 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any
electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Up & Away: Launching
a First-Time Venture Capital Fund, November 2017 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as
advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes
or refrains from making following its use of Preqin Special Report: Up & Away: Launching a First-Time Venture Capital Fund, November 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the
accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: Up & Away: Launching a First-Time Venture Capital Fund, November 2017 are accurate, reliable,
up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: Up & Away: Launching a First-Time Venture Capital
Fund, November 2017 or for any expense or other loss alleged to have arisen in any way with a reader's use of this publication.

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CONQUERING THE LACK OF
TRACK RECORD
As at September 2017, there are
more than 590 first-time or spin-off
venture capital fund managers raising
capital worldwide; up from 470 this time
last year, it is clear that competition is
growing among less experienced firms.
Nonetheless, these managers are also
competing for institutional capital against
more than 900 experienced managers in
the global venture capital market.
Typically, managers without a track record
face more obstacles when fundraising than
more experienced managers; however,
when comparing the returns generated by
2006-2014 vintage venture capital funds,
first-time managers generally outperform
the pool of experienced venture capital
managers (Fig. 1). The median net IRR
for 2006-2014 vintage first-time venture
capital funds (+12.9%) sits a full three
percentage points higher than that of
experienced managers (+9.9%), with risk
levels (measured by standard deviation of
net IRR) at 19.1% and 15.6% respectively.
The higher return profile has not come
without greater risk: Fig. 2 illustrates the
higher standard deviation generated by
inexperienced managers.
Investors with less restrictive investment
criteria and rules, such as family offices,
and a high level of confidence in their
selection ability may be willing to take
on this added risk in order to expose
themselves to potential higher returns.
More experienced investors with bigger
programs are often able to combine their
selection expertise with a large enough
portfolio to achieve diversification
and overcome the potential dangers
of investing with a small number of
untested managers, despite typically more
restrictive investment criteria.
Where a track record for a new entity is not
available, it is helpful to demonstrate the
past performance of managers while at
former roles, managing venture or private
capital. Citing verifiable net-to-LP returns,
including the IRR for previously managed
vehicles and multiples achieved for prior
investments, and referencing the deals
in which the new manager acted as lead
partner or assumed a board position, will
help to build credibility with LPs in lieu of a
traditional track record.
With the majority of first-time fund
managers raising relatively small vehicles,
it may be useful to highlight the potential
advantages that smaller funds can bring
as well as the opportunities unique to
micro venture capital. Managers that
achieve success are often those that can
communicate the virtues of both their
fund and the smaller first-time fund
landscape, rather than simply presenting
themselves as the potential superstar
brand name of the future.
0%
5%
10%
15%
20%
25%
200620072008200920102011201220132014First-Time
Funds
Non-First-
Time Funds
All Venture
Capital
Source: Preqin Venture Capital Online
Median Net IRR since InceptionFig. 1: Median Net IRRs of Venture Capital Funds by Vintage Year
0%
5%
10%
15%
20%
25%
8%
9%
10%
11%
12%
13%
14%
First-Time Funds
Non-First-Time Funds
All Venture Capital
Source: Preqin Venture Capital Online
Risk - Standard Deviation of Net IRRReturn - Median Net IRR
Fig. 2: Risk/Return Profile of Venture Capital Funds (Vintages 2006-2014)
First-time
managers
outperformed
experienced managers
for 2006-2014 vintage
venture capital funds
Vintage Year
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PREQIN SPECIAL REPORT: UP & AWAY: LAUNCHING A FIRST-TIME VENTURE CAPITAL FUND
APPROACHING INVESTORS:
WHERE TO START
Preqin's Venture Capital Online tracks
over 4,400 global investors actively
targeting or considering investing in
venture capital. More than half of those
investors have either committed to first-
time managers previously, or are open
to making commitments in the future.
Knowing who and where to target can
save time as well as money, which is
crucial in such a competitive environment.
Time wasted chasing dead-ends, such as
investors with explicit policies to not invest
in firms without a track record, could be
spent forming relationships with those
that are actively seeking new managers.
Preqin can be a useful tool for first-
time managers throughout the entire
fundraising cycle by helping to identify
the best prospects. Historically, North
America-based investors have been the
most active in first-time and spin-off funds;
1,159 North America-based investors are
known to have participated in such funds,
more than Asia (646) and Europe (507)
combined.
Foundations are the most active investor
type in first-time or spin-off venture capital
funds, with those based in North America
accounting for 79% of all foundations
active in these funds (Fig. 3). The second
most active investor type is private sector
pension funds, of which the largest
proportion (70%) is also based in North
America. Some of the largest foundations
and pension funds seek out first-time
managers through their emerging
manager programs, such as W.K. Kellogg
Foundation or New York State Common
Retirement Fund.
While North America-based investors
account for the largest proportion (40%) of
investors with active first-time or spin-off
mandates, this has declined from 51% in
September 2016 (Fig. 4). Contrastingly, a
greater proportion of both Europe- and
Asia-based investors are actively seeking
first-time or spin-off funds than this time
last year, having increased by six and five
percentage points respectively.
0
50
100
150
200
250
300
350
FoundationPrivate Pension FundFund of FundsPublic Pension FundCorporate InvestorEndowment PlanInsurance CompanyBankGovernment AgencyInvestment CompanyFamily OfficeAsset ManagerWealth ManagerSuperannuation SchemeInvestment BankSovereign Wealth FundAsia & Rest
of World
Europe
North
America
Source: Preqin Venture Capital Online
No. of InvestorsInvestor Type
Fig. 3: Venture Capital Investors with Active Mandates for and/or Past Investments in
First-Time Funds by Type and Location (As at September 2017)
51%
26%
23%
40%
32%
28%
0%
10%
20%
30%
40%
50%
60%
North America
Europe
Asia & Rest of World
Sep-16
Sep-17
Source: Preqin Venture Capital Online
Proportion of InvestorsInvestor Location
Fig. 4: Venture Capital Investors with Active First-Time or Spin-off Mandates by Investor
Location, 2016 vs. 2017
FUND SEARCHES AND MANDATES
Subscribers to Venture Capital Online can click here to view detailed profiles
of 727 institutional investors in venture capital actively searching for new
investments over the next 12 months with the Fund Searches and Mandates
feature.
Preqin tracks the future investment plans of investors in venture capital, allowing
subscribers to source investors actively seeking to invest capital.
Not yet a subscriber? For more information, or to arrange a demonstration,
please visit: www.preqin.com/vco

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PRE-LAUNCH CONSIDERATIONS
While it is encouraging news that
over half of the 4,400 active venture
capital investors Preqin tracks do consider
first-time or spin-off funds, the question
remains for new managers: where do I
start?
Identifying investors that may be a good
fit for a fund based on past investment
activity, preferences and future mandates
is one of the primary qualifiers in any
fundraising process, and there are some
simple first steps that we suggest before
hitting the road.
LOCATION
Refining searches by investor geographic
preferences can reveal opportunities
with local investors that have mandates
for venture capital funds focused on
investments in their home region.
Managers should seek LPs that have a
remit for local development; for example,
government agencies Government
of Ontario and Oregon Growth Board
recently made commitments to Scale Up
Ventures Fund and Seven Peaks Venture
Fund I respectively, which are first-time
venture capital vehicles that focus on local
development.
PREVIOUS INVESTMENTS
Managers targeting investors that have
committed to vehicles like their own may
have more success. Preqin tracks over
375 first-time venture capital funds that
have held interim or final closes since the
beginning of the year (as at September
2017), with many of the investors that
are known to have committed to these
vehicles still actively seeking out new
opportunities.
Guardian Life Insurance, for example,
recently committed to Advantech Capital,
a first-time growth vehicle targeting
investments in the TMT, e-services,
and healthcare sectors in China. The
commitment is one of the 12-15 private
equity investments the insurance company
has planned for 2017.
SOCIAL IMPACT AND ESG FACTORS
Does your fund have a focus on social
impact/ESG factors? Managers raising
funds with a social impact ethos can
narrow their investor search accordingly.
Investors such as Ford Foundation and
TIAA are targeting impact funds which
seek to deploy capital in minority-
owned, women-owned, environmentally
friendly and socially responsible portfolio
companies.
FUNDS OF FUNDS
A departure from the traditional LP-GP
format, many funds of funds are highly
active in the venture capital industry.
Often looking to capitalize on first-time
fund upside potential, more than 250 fund
of funds managers across 34 countries
are considering or investing in first-time
venture capital managers. IIFL Private
Wealth Management, for instance, has
recently committed to Iron Pillar's maiden
India-focused vehicle, Iron Pillar Fund I, via
its fund of funds vehicle, IIFL Seed Ventures
Fund I.
26%
of investors using Preqin's Venture Capital
Online have local mandates.
250
funds of funds are considering or have
already invested in first-time venture
capital funds.
1,800+
investors are known to have committed
to first-time venture capital funds.
VENTURE CAPITAL ONLINE
Venture Capital Online isolates the key venture capital datasets from Private Equity Online to provide a dedicated, cost-
effective platform for those clients purely focused on venture capital. It provides the perfect solution for fund marketers
and investor relations professionals solely focused on venture capital funds, with detailed data on institutional investors,
fundraising, fund managers, fund terms and conditions, fund performance, deals and exits, service providers and more.
: info@preqin.com | : www.preqin.com/venturecapital
FIRST-TIME FUNDS ON VENTURE
CAPITAL ONLINE
Register for demo access to find out how Preqin's Venture Capital services can help your
business:
www.preqin.com/venturecapital
Source new investors for funds
Identify new investment opportunities
Conduct competitor and market analysis
Find potential deal opportunities
Develop new business

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Fig. 6: Sample Custom Benchmark: Asia-Focused First-Time Venture Capital Funds Targeting Telecoms, Media & Communications
(Vintages 2004-2014)
Benchmark
Called up (%)
Distributed (%) DPI
Remaining Value (%)
- RVPI
Net Multiple (X)
Net IRR (%)
Median
97.1
57.2
104.2
1.59
12.2
Weighted
95.1
71.7
115.3
1.87
14.5
Average (Mean)
89.4
86.2
107.1
1.93
20.3
Standard Deviation
15.7
122.2
96.2
1.70
21.4
Source: Preqin Venture Capital Online
TIPS AND TRICKS FOR
FUNDRAISING
CONTACT PREFERENCES
Once promising leads are identified,
contacting the potential investor directly
through the proper channels could
mean the difference between securing
a commitment and not getting past
voicemail. Whether contacting them
directly or through a consultant, it is
essential to be armed with the up-to-date
preferred methods of contacting investors.
Some institutional investors employ
consultants that screen all incoming
proposals, certain investors utilize a single
general consultant, while others have
several asset class-specialized consultants.
Cambridge Associates, for example, serves
as the general consultant to Maine Public
Employees' Retirement System, University
of Michigan Endowment and Charles
Stewart Mott Foundation. Employees'
Retirement System of Texas and Maryland
State Retirement and Pension System
both utilize asset class specialist Altius
Associates, for its expertise in private
equity and venture capital.
CORNERSTONE INVESTORS
Securing one or more cornerstone
investors (reputable investors making
substantial early commitments) lends
inexperienced managers considerable
credibility among other investors, and can
go a long way towards fundraising success.
As time is of the essence for fundraising
managers, starting conversations with
influential investors early is key to gaining
momentum as quickly as possible.
Managers can identify potential
cornerstone investors by seeking investors
open to making commitments to funds
that meet their preference criteria prior
to the first close, as well as reviewing the
market to establish which investors have
recently committed to a first-time fund
ahead of its first close. Preqin Venture
Capital Online tracks over 750 investors
that invest in first-time and spin-off funds
and consider investing in a fund before its
initial close.
Questa Capital Partners I and Karma
Ventures I have both been successful in
securing cornerstone investors within
the past six months. San Francisco-based
Questa Capital Partners secured almost
half ($100mn) of its $250mn target
at the first close, including a $50mn
commitment from University of Texas
Investment Management Company; and
Karma Ventures received cornerstone
investments from European Investment
Fund, LHV Asset Management and
Ambient Sound Investments for its early
stage debut fund, surpassing its initial
target of $55mn by the second close (Fig.
5).
Fig. 5: Sample Cornerstone Investors in First-Time Venture Capital Funds, 2017 YTD (As at September 2017)
Fund
Firm
Target
Size ($mn)
Fund Status
Cornerstone Investor(s)
Karma Ventures I
Karma Ventures
55
Second Close
European Investment Fund, LHV Asset Management,
Ambient Sound Investments
Anthemis Venture Fund I
Anthemis Group
100
Second Close
UniCredit Group, European Investment Fund, IMI Fondi Chiusi
Questa Capital Partners I
Questa Capital Management
250
First Close
University of Texas Investment Management Company
Dymon Asia Ventures
Dymon Asia Ventures
50
Second Close
Digital Ventures, Siam Commercial Bank
Fireside Ventures Fund I
Fireside Ventures
47
First Close
Premji Invest, Sharrp Ventures
Source: Preqin Venture Capital Online
INVESTORS OPEN TO FIRST-TIME
VENTURE CAPITAL FUNDS
Use a General ConsultantUse a VC/PE Consultant25%
15%
750 investors are
interested in first-
time venture capital
funds and first-close
commitments
Preqin Ltd. 2017 / www.preqin.com
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PREQIN SPECIAL REPORT: UP & AWAY: LAUNCHING A FIRST-TIME VENTURE CAPITAL FUND
BENCHMARK PERFORMANCE
Using Preqin's venture capital performance
data, custom benchmarks can be created
to provide context by tracking the
historical performance of similar funds that
have invested in a given industry or region.
Custom benchmarks can be used to spark
a potential LP's interest in an industry-
specific fund: they can demonstrate that,
despite limited exposure, the industry
has great potential and a strong track
record by creating a benchmark to mirror
the average performance of similar funds
by industry and/or geographic focus.
This data-driven approach could lend a
strong argument to a manager looking to
capitalize on an industry or region's strong
track record and potential for success in
future. For instance, Fig. 6 shows a custom
benchmark for Asia-focused first time
venture capital funds targeting telecoms,
media & communications of vintages 2004-
2014. The benchmark was created with
funds sized $500mn and under, a typical
range for first-time vehicles, and reveals an
average net IRR of over 20%.
DEAL SOURCING
Preqin's Venture Capital Online tracks
over 125,000 venture capital transactions,
including co-investments, exits, IPO
pipelines and more. First-time fund
managers can utilize this data to evaluate
the market, discover trends and pinpoint
future opportunities for their funds. They
can also keep tabs on their peers, and view
investments made by fellow first-time
and spin-off funds. Through reviewing
the activity of peers, managers can gain
a better perspective of the potential
deals that can be sourced for their funds,
which can provide further context and
encouragement to prospective LPs. A
significant amount of first-time funds have
sourced deals which turned into unicorns
and household names, such as Softbank
China Venture Capital Fund I's early pre-
Series A investment in Alibaba Group.
Fig. 7: Sample Deals Invested in by First-Time Venture Capital Funds, 2017 YTD (As at September 2017)
Fund
Portfolio Company
Deal Size
($mn)
Stage
Location
Industry
Stellaris Fund I
930 Technologies Private Limited
1
Seed
India
Internet
Elephant Partners I
A Cloud Guru Ltd.
7
Series A/Round 1
UK
Other IT
Urban Innovation Fund I
APANA, Inc.
4
Series A/Round 1
US
Software & Related
Medicxi Ventures I
ApcinteX Limited
18
Series A/Round 1
UK
Healthcare
Target Global Early Stage Fund I
Auto1 Group GmbH
83
Series E/Round 5
Germany
Internet
Phyto Partners I, Salveo Fund I
Wurk
2
Seed
US
Software & Related
Las Olas VC I
Wine Plum, Inc.
9
Series A/Round 1
US
Other IT
Huasheng Capital Fund I
Beijing Yixiao Technology Development Co., Ltd.
350
Series D/Round 4
UK
Telecoms
Section 32 Fund I
Auris Surgical Robotics Inc.
280
Series D/Round 4
US
Software & Related
Seaya Ventures Fund
Maxi Mobility Spain, SL
100
Series D/Round 4
US
Software & Related
Source: Preqin Venture Capital Online
Fig. 8: Sample Unicorns Invested in by First-Time Venture Capital Funds, 2000-2016
Fund
Unicorn
Deal Size ($mn)
Stage
Deal Date
Industry
Softbank China Venture Capital Fund I
Alibaba Group
20
Unspecified Round
Oct-00
Internet
Autotech Fund I
Lyft, Inc.
752
Series F/Round 6
Jan-16
Telecoms
DST Global I
Facebook, Inc.
200
Series D/Round 4
Dec-10
Internet
Capital Today China Growth Fund
JD.com
10
Series A/Round 1
Aug-07
Internet
Valar Ventures Fund
Legend Pictures, LLC
128
Unspecified Round
Apr-12
Telecoms
Baseline Ventures Growth Fund
Social Finance
4
Series A/Round 1
Sept-11
Business Services
Beijing Jingguofa Equity Investment Fund I
Ready-Go
452
Series A/Round 1
Aug-16
Internet
Source: Preqin Venture Capital Online
Custom
benchmarks
can be used to spark a
potential LP's interest by
demonstrating strong
past performance in a
given industry or region

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PLACEMENT AGENTS?
Among the many questions facing first-
time managers when raising capital is
whether to use a placement agent. As well
as assisting managers in many aspects
of fundraising, they will primarily tap
into their extensive networks to deliver
potential investors and add credibility to
new managers. Placement agents can also
help to create marketing materials, which
adds value to the overall expenditure.
There are 263 placement agents active
within venture capital, of which 49% will
work with first-time and spin-off fund
managers, compared to 45% in September
2016.
With Venture Capital Online, managers
can conduct research and due diligence
on service providers across a wide range
of criteria, including fund type expertise,
geographic focus, fund size and more.
Utilizing these criteria, along with the
ability to easily filter by total number and
value of funds closed and currently raising,
managers can find a placement agent to
best meet their needs. For example, one of
four known funds currently being raised
by Fern Creek Ventures is Stellaris Fund I,
which has secured $50mn of its $100mn
target for early stage investments in Asian
start-ups. Fern Creek has previously helped
to close at least one other early stage first-
time venture capital fund and at least one
Asia-focused general venture capital fund
since 2016.
Thirty-six first-time managers currently
raising venture capital funds have
disclosed to Preqin that they are working
with placement agents: just over 58%
of these funds have held at least a first
close, compared to 38% of first-time
venture capital funds that are not using a
placement agent. Health Velocity Capital
I, the debut fund from Health Velocity
Capital, has successfully raised $76mn of
its $150mn target by its first close with
placement agent Sparring Partners.
While the fees charged by placement
agents can be significant (up to 3% is not
unheard of for a first-time fund), the value
of the time saved and potential for an
on-target close can make this a worthwhile
investment. Many of Preqin's clients choose
to employ a hybrid approach, such as
seeking the services of a placement agent
in less familiar regions while conducting
their own fundraising process for allocators
closer to home.
45%
49%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Sep-16
Sep-17
Source: Preqin Venture Capital Online
Proportion of Placement AgentsFig. 9: Placement Agents that Work with First-Time Venture Capital Fund Managers,
2016 vs. 2017
58%
38%
0%
10%
20%
30%
40%
50%
60%
Placement Agent
Used
Placement Agent
Not Used
Source: Preqin Venture Capital Online
Fig. 10: First-Time Venture Capital Funds in Market that Have Held at Least a First Close
by Placement Agent Use
Proportion of FundsPlacement agents
can utilize their
extensive networks
to deliver potential
investors and provide
added credibility to new
managers
Preqin Ltd. 2017 / www.preqin.com
10
PREQIN SPECIAL REPORT: UP & AWAY: LAUNCHING A FIRST-TIME VENTURE CAPITAL FUND
SUCCESS IS POSSIBLE!
Over 31% (114) of the venture capital
funds that have reached a final
close this year have been first-time funds,
compared to 25% in the same period last
year. The final sizes of first-time funds
closed this year range from a high of
$1.5bn, secured by Mubadala Capital
Fund I, to much smaller funds of $1mn, as
secured by Cannonball Secrets. Over the
past five years (2012-2016), an average
of 203 first-time funds have raised an
aggregate $17bn per year.
There are 594 first-time or spin-off venture
capital funds in market (as at September
2017), seeking a total of $83bn in capital.
Of these, over a third (38%) have held
at least a first close, including Yissum's
Agrinnovation fund, managed by Target
Global, which secured $4mn of its $6mn
target from investors including Australia-
based single-family office Victor Smorgon
Group.
While this is encouraging news, the fact
remains that the fundraising market is
extremely crowded, and many managers
currently in market will struggle to
achieve success in the face of such intense
competitive noise. Fundraising can be
lengthy, and time is the manager's most
precious commodity of all. First-time fund
managers should start their process as
early as possible, strategically identify
the best prospects, and capitalize on
all available data and resources to form
partnerships in the most intelligent way.
The sooner that fundraising success can
be achieved, the sooner the real work can
begin
187
205
161
194
216
210
217
209
180
201
114
0
5
10
15
20
25
30
35
0
50
100
150
200
250
20072008200920102011201220132014201520162017YTDNo. of Funds Closed
Aggregate Capital Raised ($bn)
Source: Preqin Venture Capital Online
No. of Funds ClosedYear of Final Close
Fig. 11: Annual First-Time Venture Capital Fundraising, 2007 - 2017 YTD
(As at September 2017)
Fig. 12: Sample First-Time Venture Capital Funds Closed in the Past 12 Months (As at September 2017)
Fund
Firm
Type
Fund Size
($mn)
Final Close
Date
Known Investor(s)
Mubadala Capital Fund I
Mubadala Capital
Venture Capital
(All Stages)
1,500
Mar-17
Ardian
Asia-Germany Industrial
Promotion Capital Fund I
AGIC Capital
Growth
1,000
Dec-16
China Investment Corporation
Asia Climate Partners
Asia Climate Partners
Growth
447
May-17
Asian Development Bank, ORIX Corporation,
Department for International Development
Centana Growth Partners
Fund I
Centana Growth
Partners
Growth
296
Jun-17
Los Angeles Fire and Police Pension System,
American Family Insurance, Baltimore Fire &
Police Employees' Retirement System
Taxim Capital Partners I
Taxim Capital
Growth
223
May-17
International Finance Corporation, European
Bank for Reconstruction and Development
Daphni Purple
Daphni
Early Stage
165
Oct-16
BPIFrance, Nokia, MAIF, Swen Capital Partners,
PRO BTP
Ezdehar Egypt Mid-Cap Fund
Ezdehar Management
Growth
100
May-17
European Bank for Reconstruction and
Development, CDC Group
Source: Preqin Venture Capital Online
Aggregate Capital Raised ($bn)First-time fund
managers should
start as early as possible,
strategically identifying
the best prospects
and capitalizing on
all available data and
resources
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PREQIN SPECIAL REPORT:
UP & AWAY: LAUNCHING A FIRST-TIME
VENTURE CAPITAL FUND
NOVEMBER 2017

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