Venture capital

Latest Stories

Looking for Value in Add-Ons

By Justin Kaplan | November 3, 2016

In previous posts, I have discussed the rising valuations and increased use of equity to finance deals in the U.S. private equity markets. This week’s chart shows yet another trend that has emerged as valuations continue to rise. Add-on acquisitions have been on an upward trajectory since approximately 2006 and have reached a decade high as a percent of buyout transactions, reaching 64% in 2016.

Cybercrime Continues to Drive Security Spending

By Trevor M. Williams | September 8, 2016

At the beginning of 2016, many skeptics were questioning whether we were witnessing a cybersecurity bubble as a number of security-related stocks took a beating. Those concerns were overblown.

Insurance Technology Investing Heating Up

By Trevor M. Williams | May 5, 2016

As is the case in many other industries, technology is changing the way insurance-related business is done across the product spectrum – medical, property/casualty and life. Continued advances in software and… Read More

Competition Heating Up for Automobile Technology

By Trevor M. Williams | April 7, 2016

This excitement surrounding Tesla’s announcement of its Model 3 highlights an automotive arms race that is starting to heat up. According to CB Insights, in 2015, investors deployed $409 million of venture capital in auto tech companies across a record 41 deals.

Is Technology Entering a Bubble?

By Trevor M. Williams | November 5, 2015

According to venture capital data aggregator CB Insights, there are currently 143 “unicorns” (private companies valued at $1 billion or above) worldwide, with a combined value of $509 billion. Eighty… Read More

The “Mutualization” of Late-Stage Venture Capital Valuations

By Trevor M. Williams | June 25, 2015

Mutual funds are increasingly competing with, and in many cases pushing out, venture capital (VC) firms from later-stage financing rounds of private tech companies.

Venture Capital Investors Could Benefit from Reduced Corporate R&D Spending

By Trevor M. Williams | April 30, 2015

Corporations are shifting money once devoted to in-house R&D towards corporate venture funds that invest in start-ups with promising technologies.

Do Late-Stage Valuations and IPO Count have a Cause and Effect Relationship?

By Trevor M. Williams | April 2, 2015

Median late-stage (series D and later) venture capital-backed technology company valuations have risen steadily from approximately $47 million in 2009 to $207.7 million in 2014.

Will 2015 Continue to be a Seller’s Market?

By Trevor M. Williams | February 5, 2015

Through the end of 2014, the ratio of private equity exits (for example, IPO or sale) to private equity investments reached a 10-year high. We’ve clearly been in what we’d consider to be a seller’s market.

The Value of Investing in Top Quartile VC Funds

By Trevor M. Williams | January 8, 2015

Much has been said about the value of investing in top quartile venture capital funds. Empirically, the numbers bear this out.

Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.


This material is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.  This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.

Copyright © 2014 Penn Mutual. All Rights Reserved. All trademarks are the property of their respective owners.

Read Less...