The Venture Capital Industry in Q2, 2001 An Overview（二）.docVIP

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The Venture Capital Industry in Q2, 2001 An Overview（二）.doc

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The Venture Capital Industry in Q2, 2001 An Overview（二）

Canada’s Venture Capital Industry in 2003: An Overview Investment activity in Canada’s venture capital industry continued to decline in 2003, with disbursements totaling $1.5 billion at December 31st, down by a substantial 41% from $2.5 billion in 2002. Consequently, Canadian VC activity hit its lowest ebb since the current slowdown began in early 2001, reflecting rates of capital invested that now approximate those last seen in 1998. Despite the reduction in amounts invested, the number of company financings kept a steadier pace, with a total of 616 Canadian businesses receiving VC, or only 10% shy of the 681 firms in the previous year. In the fourth quarter of 2003, VC dollars totaling $532 million flowed to 228 companies. While this level of disbursements was up by 39% from the $382 million of the third quarter, the final three months tend to be the most active all year, and activity in Q4 2003 was still at some distance from Q4 2002, when $763 million was recorded. The modest year-over-year decline in the number of VC-backed companies, relative to dollars invested, points to the lack of “mega-deals” in 2003 that previously dominated industry trends. In fact, there were only 43 deals sized $10 million or greater this time around, as compared to 71 such transactions in 2002. The Canadian story of slower VC industry activity had its parallel in the United States (US). The American industry disbursed $US 18.2 billion in 2003, which represents a 15% decline from the $US 21.4 billion of the year before (Thomson Venture Economics). As in Canada, year-end results in the US benefited from growth in Q4 capital invested. Also like Canada, US rates of capital invested now approximate those last seen in 1998. Regarding Canadian VC industry supply, there were significant outflows of capital in 2003, matched by a tough fund-raising climate. As a result, while capital under management, totaling $22.4 billion, was essentially unchanged between 2002 and this past year,