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PwC US Moneytree Survey Q4 2002

Venture investment levels almost halved from $41.3bn in 2001 to $21.2bn in 2002. Investment levels are now below the total for 1998, when $21.6bn was invested in new companies, according to the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree Survey.

There was also bad news for first-time financings, as the number of companies receiving start-up financing fell 35 per cent to just 756 in the US. Venture capitalists were concentrating on keeping their portfolio companies by paying greater attention to follow-on financing.

Copyright © 2003 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.

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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.