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The State of Corporate Venture Capital in 2024
Mark Gallagher, Patrick Eggen, Mikey Kalis, Abbie Wolf, Jake Ledbetter, CFA, Eli Oftedal, Anjalika Komatireddy
Key takeaways
Armed with 4 years of survey data, this edition of the State of Corporate Venture Capital explores the trends and benchmarks of CVC operation and investment, as told by global CVCs. Their responses reveal a continued commitment to the innovation economy despite the prolonged industry-wide slowdown. Highlights from the report include:
1 in 4
Active global CVCs participated in the report
Survey respondents represent $11.3 billion in annual investment and 8,000 PortCos, making this the most extensive survey of the CVC ecosystem.
19%
Of funds are bypassing investment committee review
Down from 38% in 2021, this reveals a growing trend toward corporate parent scrutiny.
23-point
Drop in the percentage of funds that led deals since 2021
This decrease was especially true among younger funds.
The data
This year's survey results include insights from one quarter of active global CVCs on managing corporate parents, investment approach and team dynamics.
Fund Maturity
Executive support is critical for fund survival
The more mature CVCs are, the more the executive sponsors understand VC.
As executive sponsors become more educated about VC, they tend to become more excited about and supportive of their CVCs.
Notes: Respondents could choose multiple options. Source: CVC survey and SVB analysis.
Fund Maturity
CVCs grow into independence
Mature and financial funds spend a lot less time managing relationships with their corporate parents than newbie or strategic funds.
Despite the extra time strategic funds spend with their corporate parents, 35% of strategic CVCs have a deal blocked by executives frequently or occasionally, compared to just 7% for financial CVCs.
Source: CVC survey and SVB analysis.
Tenure
Carry motivates investors to stay with a firm
Among funds that offer carry, approximately 35% of investors have been at the firm for 5 or more years. This compares with just 25% for those that don't offer carry.
Only 58% of top CVCs offer carry, making it a powerful differentiator for attracting top talent.
Source: CVC survey and SVB analysis. Note: Other category not shown that represents less than 1% of total responses. For this reason and as a result of rounding, totals may not equal 100%.
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