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PwC US Moneytree Survey Q3 2002

The third quarter brought no good news for the US venture community. Investment activity fell 26 per cent on the previous quarter to its lowest level for four years, according to the latest MoneyTree Survey from PricewaterhouseCoopers/Venture Economics/National Venture Capital Association.

First-time financings also fell to 159 transactions from 214 in the previous quarter. And the life sciences sector, which until now has remained steady, also suffered an enormous decline of 52 per cent on Q2. Software was the only sector that held up relatively well, with a drop of just ten per cent. Telecoms and networking both dropped by more than 30 per cent.

Copyright © 2002 PricewaterhouseCoopers

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NVCA represents over 450 venture capital and private equity organisations. NVCA's mission is to foster the understanding of the importance of venture capital to the vitality of the US and global economies, to stimulate the flow of equity capital to emerging growth companies by representing the public policy interests of the venture capital and private equity communities at all levels of government, to maintain high professional standards, facilitate networking opportunities and to provide research data and professional development for its members.

PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organisation. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, we help our clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world.

For over 40 years, Venture Economics has been tracking the venture capital and buyouts industry. Since 1961, it has been a recognised source for comprehensive analysis of investment activity and performance of the private equity industry. Venture Economics maintains long-standing relationships within the private equity investment community, in-depth industry knowledge, and proprietary research techniques. Private equity managers and institutional investors alike consider Venture Economics information to be the industry standard. For more information about Venture Economics, please visit www.ventureeconomics.com.