J.P. 摩根银行业-2019年Q1美国中小型银行风险投资季报.pdfVIP

North America Equity Research 13 May 2019 U.S. Mid- and Small-Cap Banks 1Q19 Venture Capital Quarterly IPO Activity Robust With Several Decacorns On Tap; A Strong Start to 2019 But Deal Count Still Subdued With venture capital investments coming off a strong 4Q18 which brought the full U.S. Mid and Small Cap Banks year 2018 total to a record $100+ billion, 2019 kicked off the year with similar AC positive momentum. VC investments totaled $25 billion in 1Q19, representing an 8% Steven Alexopoulos, CFA increase over the prior-year quarter and positioning 2019 as a potential second (1-212) 622-6041 consecutive $100+ billion year for investment. With mega-sized rounds, however, still steven.alexopoulos@ dominating funding rounds, deal count remains under pressure. In fact, deal activity in Bloomberg JPMA ALEXOPOULOS GO 1Q19 fell 4% linked-quarter and 16% year-over-year to 1,279 deals, marking the Anthony Elian, CFA lowest level of deals since 1Q13. Turning to IPO activity, three decacorns (valuations (1-212) 622-5067 above $10 billion) including Uber, Lyft, and Pinterest have already debuted in 2019, anthony.elian@ with other decacorns, including WeWork, Palantir, and Airbnb potentially on tap to Alex Lau IPO later in 2019, setting the stage for a record year for IPO activity. Moreover, share (1-212) 622-3428 price performanc