2023 Global CVC Benchmarking Survey
By Counterpart Ventures & SVB
Welcome statement
This survey is 100% anonymous. We do not disclose names of CVC funds that participate nor the individuals that complete the survey. This is the third year we are completing this survey and have proudly kept it anonymous since we started. We share the results of this survey in a report to provide CVCs with a benchmark on the state of the industry. In previous years, the data published in our report has been supplemented with broader Pitchbook market data. This year Pitchbook have offered the Counterpart and SVB team dedicated support to produce the report. Please note, Pitchbook will not be provided with access to the entire source data created via this survey and any information provided will be fully anonymized. If you have any questions or concerns, please reach out to a member of the Counterpart Ventures team.
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Basic Information
Your Name
*
First Name
Last Name
Email
*
Name of Corporate Venture Capital Fund
*
Industry of your Corporation
*
Please Select
Technology
Banking & Finance
Healthcare
Life Sciences
Media & Entertainment
Automotive/Transport
Industrials, Manufacturing, Chemicals
Energy & Resources
Sports
Food & Beverage
Real Estate, Construction, Property
Other
Where is the Corporation HQ?
*
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
In what year was the CVC fund launched?
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Fund Formation & Mandate
From which source of funds do you invest?
*
Single LP Dedicated Fund
Evergreen Balance Sheet Fund
Multi-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
What are the key drivers motivating to moving your fund off balance sheet?
*
Independence from corporate mothership
Broadening the investment scope
Compensation for the team
Due to conflict with the corporate mothership
Other
What is the current status?
*
Completed
In Progress
Meeting resistance
Unsuccessful
What were the biggest challenges to overcome?
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
Rank the CVC group's level of independence from its corporate parent 1-5
*
Closely Aligned
1
2
3
4
Complete Autonomy
5
1 is Closely Aligned, 5 is Complete Autonomy
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
In it's capacity today, what would you say are the main reasons for your CVC fund's existence?
FOMO
Drive new top-line revenue for the firm
Protect the core assets and market share
Sensor function: invest in adjacent markets and access to next generation technology
Pure financial rationale with some strategic benefits
Other
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Investment Approach
Who does the CVC team report to? (you can select multiple)
*
CEO
CFO
Chief Strategy Officer
CTO
Corp Dev and M&A
Other
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? (AUM $M)
*
Mark "0" if you do not have a dedicated fund.
What is your estimated investment allocation ($) 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?
If yes, how many funds are you an LP in?
*
If yes, are you looking to alter your LP investments?
*
Increase the number of LP checks we write.
No, we will remain consistent.
We will not continue to invest as an LP.
Other
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
Has it become harder to do follow-on investments in the current environment?
*
Yes
No
How many investments (expressed as a percentage of total investments) have led to a strategic outcome?
*
What percent of portfolio companies have commercial contracts with the parent company?
What % of the overall CVC headcount is dedicated to value-add for portfolio companies?
*
< 10%
10-25%
25-50%
> 50%
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Metrics, Performance & Market Conditions
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
New business unit creation
Other
If "Other" please elaborate...
On a scale of 1-10 how would you evaluate your efforts at delivering strategic value?
*
Poor
1
2
3
4
5
6
7
8
9
Excellent
10
1 is Poor, 10 is Excellent
Do you have the proper internal infrastructure to calculate IRR with comfort?
*
Yes
No
Have any of your portfolio companies taken mark-downs in the last 12 months?
*
Yes
No
What % of your portfolio companies have taken mark-downs?
How many of your portfolio companies do you anticipate will take down or flat rounds in the next 12 months?
*
None
Some
Many
All
Over the last 12 months has your deal pace slowed, increased or remained consistent?
*
Slowed
Increased
Remained Consistent
How many new investments have you made in H1 2023 compared to H1 2022? (do not include follow-in deals)
*
Please express as "5/3" or "2/1" if you have completed 5 compared to 3 last year, or 2 compared to 1 last year.
Have you decided internally to orphan any portfolio companies that are struggling?
Yes
No
“Compared to 2022, is the bar higher (valuation sensitivity, capital exposure, strategic fit) for new investments?
*
Remains the same
The bar is slightly higher
The bar is significantly higher
Other
What evolving tech trend excites you the most?
Generative AI
Web3
Metaverse
Electrification/Decarbonization
Crypto
Blockchain
Robotics
Other
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Decision Making & Process
Do you need executive Investment Committee (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
Are you becoming more strategic or more independent from the parent organization?
*
More strategic
More independent
Staying the same
How often have you had a deal blocked by a senior executive outside the CVC team?
Rarely
Occasionally
Frequently
Other
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Team Composition & Compensation
How many people are on your team?
*
What % are investors?
*
Is your team fully remote?
*
Yes
No
Hybrid
If you have an office, how often would you say you visit?
*
1 day p/week
2-3 days p/week
5 days p/week
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
Head of CVC Profile
Current tenure as CVC Head? (years)
*
How many years of professional experience?
*
External or internal hire?
*
External
Internal
Gender
Male
Female
Where is the CVC Head based?
*
At the organization's HQ
In the SF Bay Area
Working remotely
Other
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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 reevaluated 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
On a scale of 1-10 how sophisticated would you say your executive sponsor is when it comes to venture capital?
*
Knows very little
1
2
3
4
5
6
7
8
9
Very astute
10
1 is Knows very little, 10 is Very astute
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Completed!
You made it
Thank you so much for completing the annual Corporate Venture Capital Survey by Counterpart Ventures & SVB. We are incredibly grateful for your participation in this important survey. The final report will be distributed at the Counter IV Conference on October 19th in San Francisco. Please make sure you are registered on the Counter Club to attend this event: https://counterclub.vc.
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