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State of terms in Venture Capital 2018 Benchmark

Assure Analytics Report
December 2018

The 2018 State of Terms in Venture Capital report is the first and most in-depth review of terms and structures that venture capital funds offer to prospective Limited Partners (LPs). Built on data pulled from fundraising presentations, LP Agreements, and Private Placement Memorandums, the report covers a wide range of topics — pairing fund statistics with expert commentary and insights. 

Why this report? 
The terms and structures of venture capital funds can vary widely and change over time. While the 2/20 model is widely assumed in Private Equity coverage, very little is published about the actual terms that funds choose. Venture firm GPs regularly ask each other about trends in terms, and LPs are often curious about how a current or prospective investment compares to its peers. The genesis of this report informed our approach to the State of the SPV, and ample other ground-breaking analytics around private investments. 

State of Terms in VC Benchmark - Hurdle Rate, Mgmt Fee, GP Commit as of 2018

This report has been downloaded thousands of times by VCs, LPs, and their coinvestors. Use cases include: understanding trends in venture capital; comparing specific VC funds to industry trends and patterns; assessing how existing or potential fund investments compare; accessing valuable historical data; and improving your own fund's structure, strategy, and documents. Of course, today the GP<>LP fund is just part of the VC legal stack, with 40% of VC investment vehicles being special purpose vehicles. In conjunction with this State of Terms, see How VCs use SPVs...and how vehicle terms compare

 


KEY
TOPICS

  • Management and Performance Fees
  • Fund Expenses
  • GP Commitments
  • Hurdle Rates
  • Clawbacks, Key Person Clauses, etc
  • Portfolio Construction
  • Management and Document Structuring

DOWNLOAD THE STATE OF TERMS IN VENTURE CAPITAL REPORT