KUHN CAPITAL Monday, March 19, 2018
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VC Portfolio Valuations Still in the Dumps

According to an informal poll conducted by The Financial Times, venture capital portfolios are still trading at heavy discounts in the secondary market. Secondary investors report seeing venture portfolios discounted from 20% to 90% of carried value - but most seem to be trading at discounts ranging from 35% to 60%.

The report went on to say:

"A recent survey by PriceWaterhouseCoopers suggested new venture investment had at least bottomed out after declining sharply for over a year. Similarly, a survey of venture capitalists attitudes, compiled by Deloitte & Touche, indicated that venture capitalists were no longer increasing the amount of time spent with troubled investments.

But, based on the prices they are paying, secondary investors clearly seem to feel that there is worse to come. Many are watching closely to see how much the year-end figures, due to be published soon, will be marked down."

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