{"componentChunkName":"component---src-templates-standalone-chart-js","path":"/chart/321-1225","webpackCompilationHash":"11045d0660149df5e0bd","result":{"data":{"soetArticle":{"entityId":24,"blocks":[{"__typename":"ChartBlock","entityType":"ChartBlock","priority":0,"chartId":321,"titleNumber":"04.1.1","disableDataLabels":true,"disableLegend":false,"decimalPoints":1,"insight":"It's hard to point to a single reason why the level of interest in European tech has increased in the way it has over the past five years. But it would be foolish to look past the hard data. The fact is that European VC returns are now globally competitive and that has caused LPs to wake up. On a one-, three- and five-year horizon, Cambridge Associates data, the most widely cited benchmark of venture capital performance, shows that its index for European VC performance is either on par or significantly outperforming indices for both US VC and, importantly, European Private Equity.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"As of 30 June 2019, $","prefix":"","sources":["cambridge-associates"],"stacking":"none","suffix":"%","title":"Horizon pooled return (net) by fund index, June 2019","type":"column","yAxisLabel":"Horizon Pooled Net Return (%)","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"groups":[{"id":1225,"name":"Default","categories":["25 year","20 year","15 year","10 year","5 year","3 year","1 year"],"series":[{"name":"Europe Developed Venture Capital Index ($)","data":[8.1,8.9,9.9,13,13.8,21,23.5],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Cambridge Associates US Venture Capital Index ","data":[34.2,13.6,11.5,14.5,14,15.5,21.8],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"Europe Developed Private Equity Index ($)","data":[15.8,15,14.8,13.8,10.9,19.5,12.8],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"MSCI Europe Index ($)","data":[7,4.1,5.4,7,1.3,9.1,1.9],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null}]}]},{"__typename":"QuoteBlock"},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":2,"chartId":196,"titleNumber":"04.1.3","disableDataLabels":false,"disableLegend":false,"decimalPoints":0,"insight":"2018 was another record year with European VCs raising more than $13B, and fundraising activity in the first six months of 2019 (>$7.5B) indicates that the full year total for 2019 could go on to surpass that level. Larger funds of greater than €250M represent over 40% of capital raised in 2018.","insightBlock":{"title":"Funds > €100M","stat":"66%","description":"of all VC funds raised in 2018 are from funds with a size of >€100M."},"width":"large","note":"H1 2019 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1.1367, the rate on 30 June 2019.","prefix":"","sources":["invest-europe"],"stacking":"normal","suffix":"","title":"VC funds raised ($M) and number of VC funds closed per year by fund size (€M)","type":"column","yAxisLabel":"Funds raised ($M) / # of funds closed","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"groups":[{"id":1956,"name":"Funds raised","categories":["2015","2016","2017","2018","H1 2019"],"series":[{"name":"<€25M ","data":[509,432,603,1060,256],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€25-50M ","data":[540,1004,1296,1075,661],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€50-100M ","data":[1582,2086,1961,2238,1038],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€100-250M ","data":[2041,3080,3895,3246,2596],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":">€250M","data":[2981,3712,3922,5361,3134],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null}]},{"id":1957,"name":"Funds closed","categories":["2015","2016","2017","2018","H1 2019"],"series":[{"name":"<€25M","data":[72,64,73,104,35],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€25-50M","data":[25,32,46,39,28],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€50-100M","data":[30,37,36,41,20],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":"€100-250M","data":[25,28,35,29,23],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null},{"name":">€250M","data":[8,10,13,16,10],"type":null,"yAxis":null,"zIndex":null,"stack":null,"yAxisLabels":null,"layoutAlgorithm":null}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":3,"chartId":198,"titleNumber":"04.1.4","disableDataLabels":false,"disableLegend":false,"decimalPoints":0,"insight":"The overall median fund size at final closing reached $53M in the first six months of 2019, continuing the gradual increase in average fund size in Europe over the past five years.","insightBlock":{"title":"Average VC fund size","stat":"$53M","description":"Size of median VC fund closed in Europe in H1 2019"},"width":"large","note":"H1 2019 figures are preliminary. 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On a European-wide basis, the mean VC fund has a final closing at $45M.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1.1367, the rate on 30 June 2019.","prefix":"$","sources":["invest-europe"],"stacking":"none","suffix":"M","title":"Median and mean fund size ($M) at final closing by year by sub-region, 2014-H1 2019","type":"bar","yAxisLabel":"Fund size ($M) at final closing","yAxisLabel2":"","xAxisLabel":"","groupSeries":false,"showRegression":false,"colorAxisRange":[],"disableDataDownload":false,"lineSeriesPrefix":"","lineSeriesSuffix":"","lineSeriesDecimalPoints":0,"tableWrap":false,"groups":[{"id":817,"name":"Default","categories":["UK & Ireland","DACH","All Europe","France & Benelux","Southern Europe","CEE","Nordics"],"series":[{"name":"Median","data":[117,101,46,45,28,20,17],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""},{"name":"Mean","data":[186,156,98,73,41,27,65],"type":"","yAxis":0,"zIndex":1,"stack":"","yAxisLabels":null,"layoutAlgorithm":""}]}]},{"__typename":"ChartBlock","entityType":"ChartBlock","priority":5,"chartId":211,"titleNumber":"04.1.6","disableDataLabels":false,"disableLegend":false,"decimalPoints":1,"insight":"The median size of first-time VC funds closed in Europe hit $62.5m in the first half of 2019. This is up nearly 3x on median fund sizes from five years ago. The increased fund size is a reflection of the sophistication of new generation first-time fund managers in Europe, as well as a necessary response to the increased round sizes in European early-stage venture.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"H1 2019 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. 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They are followed by corporate investors and private individuals as the next two largest LP types.","insightBlock":{"title":"Government agencies","stat":"$9B","description":"Funds allocated by government agencies to European VCs since 2014"},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. 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They contributed just short of $1B to European VCs in 2018, a material increase on the average commitment of just $395M per year for the period between 2014 and 2017. The emergence of fund of funds with a mandate for European VC is also notable. Fund of funds contributed $1.2B in 2018, more than any other LP type except government agencies.","insightBlock":{"title":"Pension funds","stat":"$902M","description":"Size of total investment by pension funds in European VC in 2018 (a record)"},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. 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By contrast, European VC funds are still overwhelmingly backed by European investors. There are, however, clear signs of the geographic diversification of the European VC LP base as international interest in the asset class grows. Non-European investors accounted for 20% of commitments to European VCs in 2018 versus an average of 10% for the period 2014-2017.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. 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This is reflected in a 5x increase in funds committed from US-based LPs in 2018 versus 2017. There is also an increase, though much smaller, in LP commitments from Asia.","insightBlock":{"title":"US LP interest in European VC","stat":"5x","description":"Increase in commitments to European VC funds from US LPs in 2018"},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. 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Since the beginning of 2018, more than a $100B has been raised by Buyout funds versus around $20B raised by European VC funds. That said, the gap is closing. In the first six months of 2019, the difference was 3.7x versus 7x as recently as 2017.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"H1 2019 figures are preliminary. Taken from the European Data Cooperative, developed by Invest Europe. 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While government agencies allocate a greater share of their dollar commitments into European VCs, pension funds allocated a 3% share of the combined commitment to European Buyout and VC funds to the region's venture capital funds. Sovereign wealth funds and insurance companies also allocated at single-digit percentage levels into European VC.","insightBlock":{"title":"","stat":"","description":""},"width":"large","note":"Taken from the European Data Cooperative, developed by Invest Europe. Excludes Unclassified. 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