Is a VC Partnership Greater than the Sum of its Partners?

This paper investigates whether individual venture capitalists have
repeatable investment skill and to what extent their skill is
impacted by the VC firm where they work. The authors examines a unique
dataset that tracks the performance of individual venture capitalists'
investments across time and as they move between firms. The authors find
evidence of skill and exit style differences even among venture
partners investing at the same VC firm at the same time.

The study estimates suggest the partner's human capital is two
to five times more important than the VC firm's organizational
capital in explaining performance.

VENTURE CAPITAL INVESTMENTS DECLINE IN DOLLARS AND DEAL VOLUME IN Q1 2013

Increases in Software and Media Investing Temper Declines in Clean Technology and Life Sciences

Venture capitalists invested $5.9 billion in 863 deals in the first quarter of 2013, according to the MoneyTree™ Report from PricewaterhouseCoopers LLP (PwC) and the National Venture Capital Association (NVCA), based on data provided by Thomson Reuters. Quarterly venture capital (VC) investment activity fell 12 percent in terms of dollars and 15 percent in the number of deals compared to the fourth quarter of 2012 when $6.7 billion was invested in 1,013 deals.

The Life Sciences (biotechnology and medical device industries combined) and Clean Technology sectors both saw marked decreases in both dollars and number of deals in the first quarter. However, there was a notable percentage increases in dollars invested in the Media & Entertainment industry while the Software industry accounted for 40 percent of the dollars invested in the quarter.

“The bright spot in the first quarter was Software,” remarked Tracy T. Lefteroff, global managing partner of the venture capital practice at PwC US. "These capital-efficient companies that have shorter time frames to a liquidity event – whether that is M&A or IPO – continue to be attractive to an ever-shrinking pool of VC funds. Activity in both the IPO and M&A markets for Software companies is likely an encouraging factor for VCs and this dynamic could be spurring the greater focus, accordingly. The exact opposite is true for the Clean Technology sector. This capital-intensive sector is showing signs of reaching its limit in how much VCs can continue to support these companies without additional equity coming from outside sources.”

“Lower investment levels in the first quarter were driven by a number of factors, none of which were unexpected," said John Taylor, head of research for NVCA. "The venture industry has been raising less capital than it has been investing now for several years, and ultimately this dynamic flows through and manifests itself in lower investment levels overall. Additionally, we are seeing less money going into traditionally capital-intensive sectors such as clean tech and life sciences, especially in first-time deals. Lastly, the majority of deals are being done in the capital-efficient IT sector where rounds’ amounts are lower. We expect these overall trends to continue until exits and subsequent fundraising activities pick up, and dollars start to flow back into more venture funds.”

Industry Analysis

The Software industry received the highest level of funding for all industries, rising 8 percent from the prior quarter to $2.3 billion invested during the first quarter of 2013, marking the fourth consecutive quarter of more than $2 billion invested in the sector. The Software industry also counted the most deals in Q1 at 329; however, this represented an 18 percent decrease from the 399 rounds completed in the fourth quarter of 2012.

The Biotechnology industry was the second largest sector for dollars invested with $875 million going into 96 deals, falling 33 percent in dollars and 30 percent in deals from the prior quarter.

The Medical Devices and Equipment industry also experienced a decline, dropping 20 percent in Q1 to $509 million, while the number of deals dropped 10 percent to 71 deals.

Overall, investments in the Life Sciences sector (Biotechnology and Medical Devices) fell 28 percent in dollars and 23 percent in deals, which was the fewest number of deals since the first quarter of 2009.

Venture capitalists invested $1.4 billion into 231 Internet-specific companies during the first quarter of 2013. This investment level is 11 percent lower in dollars and 5 percent lower in deals than the fourth quarter of 2012 when $1.5 billion went into 243 deals. Two of the top ten deals for the quarter were in the Internet-specific category. ‘Internet-Specific’ is a discrete classification assigned to a company with a business model that is fundamentally dependent on the Internet, regardless of the company’s primary industry category.

The Clean Technology sector, which crosses traditional MoneyTree industries and comprises alternative energy, pollution and recycling, power supplies and conservation, declined 35 percent in dollars and 13 percent in deals from the prior quarter to $368 million going into 61 deals. The investment total is the lowest since the first quarter of 2006 when Clean Technology companies received $355 million. The relative decrease in Clean Technology investments was driven by the lack of any large deals in the sector during Q1.

Eleven of the 17 MoneyTree sectors experienced decreases in dollars invested in the first quarter, including Industrial/Energy (63 percent decrease), IT Services (41 percent decrease), and Semiconductors (39 percent decrease). The Media & Entertainment sector experienced a 37 percent increase during the quarter, which was primarily due to a single large deal, the third largest in Q1.

Stage of Development

Seed stage investments rose 11 percent in dollars but fell 22 percent in deals with $178 million invested into 52 deals in the first quarter. Early stage investments fell 28 percent in dollars and 17 percent in deals with $1.5 billion going into 393 deals. Seed/Early stage deals accounted for 52 percent of total deal volume in Q1, compared to 54 percent in the fourth quarter of 2012.

The average Seed deal in the first quarter was $3.4 million, up from $2.4 million in the fourth quarter.

The average Early stage deal was $3.7 million in Q1, down from $4.2 million in the prior quarter.

Expansion stage dollars decreased 13 percent in the first quarter, with $2.0 billion going into 217 deals. Overall, Expansion stage deals accounted for 25 percent of venture deals in the first quarter, approximately the same as was seen in the fourth quarter of 2012. The average Expansion stage deal was $9.2 million, nearly identical to the prior quarter.

Investments in Later stage deals increased 2 percent in dollars but declined 9 percent in deals to $2.2 billion going into 201 rounds in the first quarter. Later stage deals accounted for 23 percent of total deal volume in Q1, compared to 22 percent in Q4 when $2.2 billion went into 220 deals.

The average Later stage deal in the first quarter was $11.1 million, which decreased slightly from $10.0 million in the prior quarter.

First-Time Financings

First-time financing (companies receiving venture capital for the first time) dollars decreased 20 percent to $903 million in Q1, the lowest level since the third quarter of 2009, while the number of companies fell 21 percent from the prior quarter to 263. First-time financings accounted for 15 percent of all dollars and 30 percent of all deals in the first quarter, compared to 17 percent of all dollars and 33 percent of all deals in the fourth quarter of 2012.

Companies in the Software industry received a major portion of first-time rounds in the first quarter, accounting for 63 percent of the dollars and 45 percent of the companies receiving funding in Q1.

The Life Sciences sector experienced a dramatic drop, falling 52 percent in dollars to $98 million from the prior quarter, which is the lowest quarterly amount since the third quarter of 1996 and only the fourth time in survey history that the total has fallen below $100 million in a single quarter. Only 20 Life Sciences companies received venture capital funding for the first time in Q1 of 2013, which is the fewest seen since Q2 of 1995.

The average first-time deal in the first quarter was $3.4 million, approximately the same as the prior quarter.

Seed/Early stage companies received the bulk of first-time investments, garnering 51 percent of the dollars and 79 percent of the deals in the first quarter of 2013.

Middle-Market Mergers & Acquisitions Holding Steady In 2013

The middle-market for Mergers & Acquisitions has significantly improved in the past two years according to The Babson College Middle-Market/Small Business Mergers & Acquisitions Survey conducted by the business school’s MBA students in the first quarter of 2013.
Yet according to the report, growth in 2013 will be flat versus 2012 because of a stalled economy, challenges in Washington around tax and estate issues, hesitation by business owners to relinquish, and the gradual recovery in the debt market.

The Babson Survey directed by Babson College Professor Kevin J. Mulvaney in collaboration with members of the Association for Corporate Growth (ACG) and Exit Planning Exchange (XPX), assesses and defines current trends that impact buyers and sellers of businesses. The survey population included leading national middle-market investment banks, large business brokerage firms, advisory professionals, and commercial bankers.

“The M&A environment for both small and mid-sized business exits or recapitalizations is stable and may improve in the coming years,” commented Mulvaney, “ It is a very good time for entrepreneur owners to begin planning for their capital event.”

Among the survey’s key findings:

Middle-market volume is strong; but small business M&A activity grows more slowly.

• The volume of middle-market deals is steady and a majority of respondents project a continuation of the current level through the rest of the year. Only 20% of respondents foresee volume increases as the year unfolds.
• Services industry sector remains the strongest with increased activity reported in e-commerce, health and medical services, and aerospace and related industries.
• The small business arena is growing more slowly (an average of 0.5 times increase in EBITDA valuation over 2012) with no expected rise this year in valuations.
• The environment for M&A activity is about the same as a year ago. Babson authors project an increase in the number of private equity buyers in the next eighteen months because of increased debt availability on more acceptable terms.
• Underperforming or weak companies are not viable deals and receive lowball offers and very little interest from financial buyers. The market is willing to pay a premium for revenue growth potential and predictable EBITDA performance.

Buyers demand high ‘seller assistance’ for smaller companies

• The percentage of seller assistance (earn outs, deferred money, etc.) continues to be high. The smaller the company (on a $1-100MM survey scale) the higher the demands for seller assistance from the buyer.
• Good news for sellers – the deferred component of the purchase price has dropped from an average of 30% to 20%. The survey also found that sellers are beginning to dig in their heals demanding a larger component of cash up front.
Timeframe to complete deals lengthens
• Due diligence by buyers who have concerns about a sluggish economy and perceived challenges to building revenue will increase deal-making timeframes by a month (formerly 6-9 months). Strategic buyers are also organizing more outside expertise than ever before to prepare their due diligence reports.
• Sellers need patience and must be prepared with information and the ability to respond quickly to buyer requests to increase chances of closing deals within six months. Like buyers, seller success is dependent on acquiring the right legal and deal-making expertise.
• It is still a seller’s market for quality companies. Whether selling or restructuring capital, sellers must develop a knowledgeable game plan to evaluate options and potential deal partners.

Financing for Buyers continues to grow and terms are more acceptable

• More financial lenders are making loans with terms that represent a fair balance between what the lender and borrower feel is acceptable.
• The Babson survey projects an increase in the number of opportunities for every type of middle-market financing. This is good news for private equity buyers when balancing leverage versus equity contributions for new M&A deals.
• For smaller deals, there has been a strong rebound in SBA loans especially from community banks, that will help contribute to the growth of small business deals moving forward.
• Surprisingly, the survey found an increase in the percentage of equity needed by qualified buyers of small businesses. This had been a minimum of 20% but some experts see an increase to a minimum of 25%. The increased equity demands from lenders may have contributed to the slow growth of small business sales.
• Middle-market stability is reflected in increased pressure on pricing for financial institutions involved in M&A deals. Yields on mezzanine debt dropped to 12-14% from historical averages of 15-20% and financing costs declined as the volume of financial buyer deals increased.

Moderate Recovery Continues in 2012 for U.S. Angel Investor Market

The angel investor market in 2012 continued the upward trend started in 2010 in investment dollars and in the number of investments, albeit at a moderate pace, according to the 2012 Angel Market Analysis released by the Center for Venture Research at the University of New Hampshire.

Total investments in 2012 were $22.9 billion, an increase of 1.8 percent over 2011 when investments totaled $22.5 billion. A total of 67,030 entrepreneurial ventures received angel funding in 2012, an increase of 1.2 percent over 2011 investments, and the number of active investors in 2012 was 268,160 individuals, a decline of 15.8 percent from 2011.

“The small increase in both total dollars and the number of investments resulted in a deal size for 2012 that was virtually unchanged from 2011. These data indicate that while fewer angels were active investors in 2012, those who did invest have increased their individual investments substantially, from $70,690 in 2011 to $85,435 in 2012, an increase of 20.9 percent,” according to Jeffrey Sohl, director of the UNH Center for Venture Research at the Peter T. Paul College of Business and Economics.
“It is possible that given the robust returns in the public equity markets, some angels may have reallocated their portfolios and reduced their angel investing activity but those angels that continued to invest remained quite active,” Sohl said.

Software remained the top sector position with 23 percent of total angel investments in 2012, followed by healthcare services/medical devices and equipment (14 percent), retail (12 percent), biotech (11 percent), industrial/energy (7 percent), and media (7 percent).

Angels decreased their investments of seed and start-up capital, with 35 percent of 2012 angel investments in the seed and start-up stage, down from 42 percent in 2011 and matching seed and start-up investing in 2010 (31 percent). Angels also exhibited a decreased interest in early stage investing with 33 percent of investments in the early stage, down from 40 percent in 2011. Expansion financing exhibited a significant increase to 29 percent of deals, up from 15 percent in 2011.
“Investment activity was evenly divided between new, first sequence, investments and follow-on investments, the same as in 2011. This decrease in seed/start-up stage is of concern since that is the stage of need for our nation’s entrepreneurs,” Sohl said.

Angel investments continue to be a significant contributor to job growth with the creation of 274,800 new jobs in the United States in 2012, or 4.1 jobs per angel investment. The average angel deal size in 2012 was $341,800 and the average equity received was 12.7 percent with a deal valuation of $2.7 million.

Silicon Valley Venture Capitalists’ Confidence Up for Third Consecutive Quarter

The Silicon Valley Venture Capitalist Confidence Index® for the first quarter of 2013, based on a March 2013 survey of 30 San Francisco Bay Area venture capitalists, registered 3.73 on a 5 point scale (with 5 indicating high confidence and 1 indicating low confidence). This quarter’s index is up from the previous quarter’s confidence reading of 3.63, and marks the third consecutive upward move in VC confidence.

This is the 37th consecutive quarterly survey and research report, providing unique quantitative and qualitative trend data and analysis on the confidence of Silicon Valley venture capitalists in the future high-growth entrepreneurial environment. Mark Cannice, department chair and professor of entrepreneurship and innovation with the University of San Francisco (USF) School of Management, authors the research study each quarter.

In this latest report, Cannice finds a depressed exit market for venture-backed firms in the first quarter of 2013 was not enough to reverse the positive overall trend in confidence of Silicon Valley venture capitalists. For example, Bill Reichert of Garage Technology Ventures shared, “We’ve waited through the chilling effect of the troubled IPOs of Zynga and Groupon. There is less frothiness in social, local, mobile, and gaming. Calmer heads seem to be prevailing, and the overall market is up.” Mark Platshon of Birchmere Ventures struck an optimistic chord saying, “The Valley will always reinvent itself or change to build new approaches.”

However, not all venture capitalists who responded to the Q1 survey agreed with the view of a more munificent environment. For example, Igor Sill of Geneva Venture Management argued, “Despite signs of an improving economy and new found stock market optimism, I sense considerable concern over the impact of governmental policy on the venture capital industry.” Bob Ackerman of Allegis Capital added, “While innovation is alive and well, costs are up, staffing is a major challenge, and early-stage capital formation is clearly under pressure in some sectors of the market.”

Professor Cannice concluded the report with, “While the forces of creative destruction (Schumpeter) apply to the industries that finance innovation and new venture creation as well as to the enterprises that are financed, the impact of these structural shifts on the overall productivity and competitiveness of wide swaths of American business is difficult to predict.”

Complete Silicon Valley Venture Capitalist Confidence Index® for the first quarter of 2013.

Venture capital firms that invest in women-led businesses see positive returns

Venture capital firms that invest in women-led businesses see positive returns, says a new report issued today by the U.S. Small Business Administration (SBA) Office of Advocacy. The report, called Venture Capital, Social Capital, and the Funding of Women-led Businesses, focuses on women entrepreneurs' access to equity funding and how social networks influence venture capital firms' decisions to invest. In the report, the authors, Joy Godesiabois and Lawrence Plummer, find that social capital ("who you know and how you know them") affects funding of women-led firms in different, sometimes conflicting ways.

Venture capital firms tend to invest with familiar social networks that may not include women entrepreneurs. Yet this study shows that when venture capital firms do invest in women-led businesses, they generally improve their bottom line. And venture capital firms that regularly invest as a group in the same businesses tend to invest more often in businesses led by women entrepreneurs, according to the report.

"As investors look for new opportunities, and as we focus on ways to grow our economy, we should look to women entrepreneurs for a good share of new growth," said Dr. Winslow Sargeant, Chief Counsel for Advocacy. "Policies that encourage venture capital networks to be more inclusive will create the environment for new high-growth innovative businesses."

Private Equity and Venture Capital Investments in ex U.S. Developed and Emerging Markets Posted Positive Returns in Q3 2012, Bouncing Back From a Negative Second Quarter,

Private equity and venture capital funds that invest primarily in companies located outside the U.S., in both developed and emerging markets, generated positive returns during the quarter ending September 30, 2012. While trailing the performance of international public equity indices during the period, both alternative asset groups improved significantly from negative results in the second quarter, according to global institutional investment advisor Cambridge Associates LLC (C|A).

The Cambridge Associates LLC Global ex U.S. Developed Markets Private Equity and Venture Capital Index earned 3.1% in the third quarter, up 4.6% over the prior quarter. For the first three quarters of 2012, the index was up 9.1%. The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index rose 2.6% in the third period, a 5.3% quarter-over-quarter improvement; year to date, the index earned 6.2%. Returns for both the developed and emerging markets indices are calculated in U.S. dollars.

The following table shows the performance of both C|A benchmarks versus comparable public market indices over a variety of time horizons ending on September 30, 2012.

Global ex U.S. Developed and Emerging Markets Private Equity and Venture Capital Indices
Returns (%) in U.S. Dollars
Periods ending September 30, 2012
For the periods ending September 30, 2012		Qtr.		Year to Date		1 Year		3 Years		5 Years		10 Years		15 Years		20 Years
Ex U.S. Developed Markets PE and VC		3.1		9.1		9.0		12.1		1.5		14.6		13.7		13.4
Emerging Markets PE and VC		2.6		6.2		7.1		12.7		6.9		11.8		7.9		7.7
Other Indices
MSCI EAFE		6.9		10.1		13.8		2.1		-5.2		8.2		3.4		5.5
MSCI Emerging Markets		7.9		12.3		17.3		6.0		-1.0		17.4		7.5		8.9

Sources: Cambridge Associates LLC, MSCI Inc., and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties. Returns for time periods shorter than a year are not annualized.

Both the developed and the emerging markets indices outperformed their public equity counterparts, the MSCI EAFE and the MSCI Emerging Markets indices, over the longest investment periods in the table, the 15- and 20-year marks. 

The Five Largest Vintages in the Developed Markets Index, and the Four Largest in the Emerging Markets Index, all had Positive Returns for the Quarter

Funds launched in 2008 were the best performers of the five significantly-sized vintages (i.e. those accounting for at least 5% of the index's value) in the developed markets index, earning 6.4% for the third quarter. All five (vintage years 2004 - 2008) rose during the quarter. The largest vintage in the index, the group of funds launched in 2006 and representing 29.4% of the index's value, returned 2.3%, the lowest of the top five.

In the emerging markets index, only four vintages were significantly sized, but all four earned positive returns for the period -- a complete reversal from the previous quarter, when all posted negative returns. Of the four, the 2006 and 2007 vintages each gained 3.5%, while the 2005 and 2008 vintages each earned 2.3%. The 2007 vintage remained the largest in the index and represented 36.7% of its total value.

Capital Calls and Distributions Rose in the Developed Markets Index; in the Emerging Markets Index, Distributions also Increased, but Contributions Fell

Fund managers in the developed markets index summoned more cash from their investors during the third quarter than in the second -- about $7.9 billion, a 29.4% increase. Nearly 67% of the total capital called during the quarter came from investors in three vintage years: 2007, 2008, and 2011. Fund managers also increased distributions, to $14.7 billion. This was a 65.0% jump over the prior period and marked the sixth time in the last seven quarters in which distributions outpaced contributions. About 75% of the distributions during the quarter went to the limited partners of funds raised in 2005, 2006, and 2007.

Contributions in the emerging markets index during the third quarter fell 5.7%, to $3.8 billion. Almost 83% of this amount came from four vintages: 2007, 2011, 2010, and 2006. Investors in funds in the emerging markets index saw a 91.7% increase in distributions in the third quarter, to $2.1 billion, though this followed a second period in which distributions were at their lowest quarterly level in three years. Vintage years 2005 and 2007 together accounted for 60% of all distributions during the quarter. 

"Fund managers in both indices gave us the biggest jump in distributions that we've seen in some time," said Miriam Schmitter, Managing Director. "In each case, the bulk of the distributions were driven by a small number of vintages -- the 2005 through 2007 vintage year funds in the developed markets index and the 2005 and 2007 vintages in the emerging markets index. The exit environment in Europe has been healthy, supported by recovering debt markets." 

Healthcare was the Top Earning Large Sector in the Developed Markets Index, while Financial Services Led the Way among the Largest Sectors in the Emerging Markets Index

Healthcare companies in the developed markets index generated a 5.1% return for the third quarter, which was the best of the seven significantly-sized sectors. Of the seven, only one sector, media, had a negative result for the quarter, and it fell only 0.1%. During the quarter, consumer and healthcare companies attracted the first and second largest amounts of investment capital, a combined 43% of the total.

All five of the significantly-sized sectors in the emerging markets index had positive returns for the quarter. Financial services topped the list with a 6.2% return, followed by a 4.2% return for healthcare. Manufacturing was the poorest performing large sector, rising 1.6%. Companies in the consumer sector, which represented almost a quarter (23.9%) of the index's value, received 37% of the total invested capital during the quarter, the largest of any individual sector in the index and the fourth consecutive quarter in which consumer companies were the leading recipients of investment dollars.

Companies in the U.S. were the Best Performers among the Largest Regions in the Developed Markets Index, though Companies in Japan Led overall

The U.K. remained the largest regional component of the developed markets index during the third quarter, representing 13.9% of the index's value; companies in the U.K. returned 3.6% for the period. The U.S. was the performance leader among the five largest regions by investment value in the index, returning 4.5%. The other three top regions were Sweden and Germany, each of which returned 3.5%, and France, which rose 1.7%. Companies in Japan, however, were the top performers in the index overall, earning 15.9%.

In the emerging markets index, only three regions represented more than 5.0% of the index: Mainland China, India, and South Korea. China was the single largest region in the index, accounting for 35.6% of its value, and it turned in a negative performance for the quarter, falling 1.4%. India represented 10.7% of the index and had by far the best quarter of the top three regions, earning 9.0% for the quarter. South Korean companies generated a 2.0% return and represented 5.6% of the index.

Western Europe and Emerging Asia Continued to Attract the Bulk of Investment Capital

Fund managers in the developed markets index ploughed more than 63% of their investment dollars into companies located in Western Europe, which, while following a long-established trend, was 15% less than the historical average. Companies in the U.S. and Australia attracted the second and third largest amounts of investment capital, respectively, in the index.

Companies located in emerging Asia were the biggest beneficiaries of investment capital in the emerging markets index, collecting 76% of the total for the quarter.

For further details on the performance of the C|A developed and emerging markets indices for Q3 2012, please click here.

About the Indices

Cambridge Associates derives its Global ex U.S. Developed Markets Private Equity and Venture Capital benchmark from the financial information contained in its proprietary database of global ex U.S. and emerging markets private equity and venture capital funds. As of September 30, 2012, the database comprised 694 funds formed from 1986 to 2012 with a value of about $251 billion. By way of comparison, ten years ago at September 30, 2002, the benchmark index included 318 funds whose value was roughly $39 billion.

Cambridge Associates derives its Emerging Markets Private Equity and Venture Capital benchmark from the financial information contained in its proprietary database of emerging markets venture capital and private equity funds. As of September 30, 2012, the database comprised 417 funds formed from 1986 to 2012 with a value of roughly $98 billion. By way of comparison, as of September 30, 2002, the benchmark index included 150 funds whose value was about $13 billion.

The pooled returns represent the net end-to-end rates of return calculated on the aggregate of all cash flows and market values as reported to Cambridge Associates by the funds' general partners in their quarterly and annual audited financial reports. These returns are net of management fees, expenses, and performance fees that take the form of a carried interest.

About Cambridge Associates

Founded in 1973, Cambridge Associates is a provider of independent investment advice and research to institutional investors and private clients worldwide. Today the firm serves over 900 global investors and delivers a range of services, including investment consulting, outsourced investment solutions, research and tools (Research Navigator(SM) and Benchmark Calculator), and performance monitoring, across asset classes. The firm compiles the performance results for more than 5,000 private partnerships and their more than 65,000 portfolio company investments to publish proprietary private investments. Cambridge Associates has more than 1,000 employees serving its client base globally and maintains offices in Arlington, VA; Boston; Dallas; Menlo Park, CA; London; Singapore; Sydney; and Beijing. Cambridge Associates consists of five global investment consulting affiliates that are all under common ownership and control. For more information about Cambridge Associates, please visit www.cambridgeassociates.com.

Cambridge Associates has been selected to provide data and to develop and maintain customized industry benchmarks for a number of prominent industry associations, including the Institutional Limited Partners Association (ILPA), Australian Private Equity & Venture Capital Association Limited (AVCAL); the African Venture Capital Association (AVCA); the Hong Kong Venture Capital and Private Equity Association (HKVCA); the Indian Private Equity and Venture Capital Association (IVCA); the New Zealand Private Equity & Venture Capital Association Inc. (NZVCA); the Asia Pacific Real Estate Association (APREA); and the National Venture Capital Association (NVCA). Cambridge also provides data and analysis to the Emerging Markets Private Equity Association (EMPEA).