2021 Global CVC Benchmarking Survey
By Counterpart Ventures & Silicon Valley Bank
Your Information
Your Name
*
First Name
Last Name
Email
*
example@example.com
Name of Corporate Venture Capital Fund
Home or Office Address
Street Address
Street Address Line 2
City
State
Zip Code
Please Select
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
The Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Cocos (Keeling) Islands
Colombia
Comoros
Congo
Cook Islands
Costa Rica
Cote d'Ivoire
Croatia
Cuba
Curaçao
Cyprus
Czech Republic
Democratic Republic of the Congo
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Polynesia
Gabon
The Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran
Iraq
Ireland
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Kiribati
North Korea
South Korea
Kosovo
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Myanmar
Nagorno-Karabakh
Namibia
Nauru
Nepal
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Turkish Republic of Northern Cyprus
Northern Mariana
Norway
Oman
Pakistan
Palau
Palestine
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Puerto Rico
Qatar
Republic of the Congo
Romania
Russia
Rwanda
Saint Barthelemy
Saint Helena
Saint Kitts and Nevis
Saint Lucia
Saint Martin
Saint Pierre and Miquelon
Saint Vincent and the Grenadines
Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
Somaliland
South Africa
South Ossetia
South Sudan
Spain
Sri Lanka
Sudan
Suriname
Svalbard
eSwatini
Sweden
Switzerland
Syria
Taiwan
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tokelau
Tonga
Transnistria Pridnestrovie
Trinidad and Tobago
Tristan da Cunha
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Vatican City
Venezuela
Vietnam
British Virgin Islands
Isle of Man
US Virgin Islands
Wallis and Futuna
Western Sahara
Yemen
Zambia
Zimbabwe
Other
Country
Fund Formation & Mandate
From which source of funds do you invest?
Single LP dedicated fund
Evergreen balance sheet
External LP fund
Other
If your fund is investing off balance sheet, have you explored moving it off balance sheet in the last 12 months?
Yes
No
If yes, why?
Is your fund focused on strategic or financial returns? Rank your current mandate on a scale of 1-10
*
Strategic
1
2
3
4
5
6
7
8
9
Financial
10
1 is Strategic, 10 is Financial
What % of time is spent on internal management of corporate mothership? (IE - strategic LP management)
*
< 20%
20-40%
40-60%
> 60%
What level of business unit engagement is required for an investment?
*
None
Some
Significant
Other
Related to your strategic mandate, what is the key goal which your executive sponsor aims to achieve from CVC investments?
Sensor to understand emerging + future trends and new markets
Augment existing business and/or accelerate the commercialization with business unit or R&D
Source potential M&A target
Other
Investment Approach
Who does the CVC team report to?
*
What is your fund's stage sweet spot?
*
Pre-Seed & Seed
Early Stage (Series A & B)
Late Stage & Growth (Series C, D & Beyond)
Stage Agnostic
What is your current fund size? ($M)
*
What is your estimated investment allocation ($) per annum?
*
If possible, how was the above allocation determined?
No formula
% of R&D
% of FCF
Other
What is your fund's average check size? ($M)
*
How many new investments have you made since inception?
*
How many new investments are you making each year?
*
How many active companies are in your portfolio?
*
How many exits has the CVC team had over the past 12 months?
*
Which verticals does the CVC fund invest in?
*
Do you take board seats?
*
Yes
No
In what % of deals?
*
Do you take board observer seats?
*
Yes
No
In what % of deals?
*
Do you lead deals?
*
Yes
No
In what % of deals?
*
Do you take LP positions?
*
Yes
No
If yes, how much have you committed?
And what were the major reasons behind making an LP investment?
What is your average ownership % or target ownership?
*
Do you set up formal capital reserves for follow-on investments?
*
Yes
No
Ad hoc basis
What % of the overall CVC headcount is dedicated to value-add for portfolio companies?
*
< 10%
10-25%
25-50%
> 50%
...And what do you think is the right % to ensure the fund is delivering on its strategic mandate?
How many investments (expressed as a percentage of total investments) have led to a strategic outcome?
*
Do you have any DEI (Diversity, Equity, Inclusion) targets for investments? If yes, please elaborate
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Metrics & Performance
What annual metrics do you report to senior management?
*
What is the most practical and realistically achievable KPI to measure progress on strategic value creation?
*
R&D savings
Reduction in time to market
Incremental revenue lift
Other
If "Other" please elaborate...
Do you have the proper internal infrastructure to calculate IRR with comfort?
*
Yes
No
At a high level, what is the CVC fund's IRR over the last decade?
*
< 10%
10-15%
15-20%
20-25%
25-30%
> 30%
N/A
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Decision Making & Process
Do you need executive IC approval to make majority of investment decisions?
*
Yes
No
Can you skip executive IC if investment amount is below a threshold? (i.e < $500k)
*
Yes
No
If Yes, what is the amount? ($M)
How often does your IC meet?
*
Who sits on your IC?
*
What, on average, is the speed of the process from 1st meeting to investment commitment?
*
< 30 days
1-2 months
2-3 months
3-4 months
> 4 months
Do you use in-house legal or hire an external firm?
*
In-house
Hire external
Other
How helpful is in-house legal?
Unreasonable & creates roadblocks
1
2
3
4
Facilitator & business savvy
5
1 is Unreasonable & creates roadblocks, 5 is Facilitator & business savvy
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Team Composition & Compensation
How many people are on your team?
*
What % are investors?
*
Do investors receive carry?
*
Yes
No
If yes, at which level?
*
General Partner
Partner
Principal
Associate
Analyst
Other
If no, what is the push-back from corporate? Are there other compensation tools you use for retention? (i.e "shadow carry")
*
What % of your team members joined from within the organization? (as opposed to external hire)
*
What % of investors in the fund identify as female or a minority?
*
What is the av. tenure of investors in your fund?
*
< 1 year
1-3 years
3-5 years
5-10 years
> 10 years
If someone departs the CVC fund where do they tend to go?
*
Another CVC fund
Another traditional VC fund
Operator/startup role
Retirement
Other
Does your fund have a DEI (Diversity, Equality, Inclusion) mandate?
*
Yes
No
What is the profile of the Head of your CVC group?
Current tenure as CVC Head? (years)
*
Years of professional experience?
*
External or internal hire?
*
External
Internal
Gender
Male
Female
Holds an MBA?
*
Yes
No
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Team Continuity
What is the current level of executive sponsorship?
*
1
2
3
4
5
6
7
8
9
10
1= group is likely to go away, 5= group is reevalauted every 5 years, 10=group is super protected by C-suite and strong conviction level
If your CFO departed tomorrow, what is the probability that your group would survive?
*
Duck for cover
1
2
3
4
No issues!
5
1 is Duck for cover, 5 is No issues!
What is the level of respect or NPS score of your CVC unit within your organization?
*
Low
1
2
3
4
5
6
7
8
9
High
10
1 is Low, 10 is High
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Future
Have any of your investment focus areas changed as a result of the pandemic?
*
Yes
No
If yes, how?
What evolving tech trend excites you the most?
Over the last 12 months has your deal pace slowed, increased or remained consistent?
*
Slowed
Increased
Remained Consistent
Are you becoming more strategic or more independent from the parent organization?
*
More strategic
More independent
Staying the same
What do you see as the biggest industry challenge for all CVCs?
What has been an unintended consequence of launching/running your fund?
You made it!
Thank you so much for completing the first annual global Corporate Venture Capital Survey by Counterpart Ventures & Silicon Valley Bank.
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