The pension voted to bump up its allocation to venture FoFs and trims its direct fund investments.
Areas of the healthcare industry will likely be triggered into action, spurring innovation, as bottlenecks in the system become increasingly clear amid covid-19, says the venture and growth-equity investor.
Summit Europe Fund II was up 32.5% during the quarter and Trinity Venture XII was up 8.2%.
VCs are focused on their current portfolio and open to hear pitches. Just don't expect a ton of new deals.
The pension's portfolio has lost billions in value as the public markets have struggled due to the covid-19 pandemic.
VC funds well into the fundraising process should be able to hold first or final closes, but most new efforts will be put on hold, says Kelly DePonte of Probitas Partners.
Venture funds should sell for about 60 percent of their net asset value today versus about 78 percent of NAV in December, according to a poll by Setter Capital.
The asset class has changed and matured so much in the last 12 years that this recession will bring different challenges and spark new solutions. Plus, the secondaries market is more robust now.
We think it’s crucial that we maintain a close dialogue at this time, to understand people’s thinking on how the industry can best deal with the crisis, share best practices and draw on their feedback.
Although most venture-backed companies are still learning how the coronavirus pandemic impacts their business, Viola's study shows a growing number are affected.