VC's hope to find out what their startup investments are worth, and how they'll navigate the next year.
As a second year since the venture capital market downturn comes to a close, limited partners are heading into several weeks of annual updates from their portfolio funds. They're hoping to find out what their startup investments are worth and how they'll navigate the next year.
Axios chatted with three limited partners, who agreed to share their perspectives without being named.Since the downturn began almost two years ago, the free flow of cash and astronomical startup valuations have been replaced by tight belts, slow check writing and valuation cuts.LPs are expecting thorough information about portfolio markdowns, whether they should expect more, and the future of those whose valuations are holding steady.
"Dialogue last year was a lot about burn rate in the portfolio.… The dialogue this year is more nuanced and taking it to the next level," says one investor from a large private asset allocator."Everybody that I'm talking to has one company that they're really excited about from an operations perspective, but terrified about from a financing perspective," the head of a fund-of-funds tells me.
With funding continuing to be harder for startups, there's a growing concern that even solid businesses will soon struggle to raise new cash. "I worry you'll see those A- and B+ companies not be able to raise," he adds.The same investor was also a bit surprised to hear predictions that the venture market won't thaw until 2025 — not 2024 as many hoped for a while.
Meanwhile, an investor from a large pension institution notes that he's comfortable only with three funds in his portfolio deploying significant cash into AI startups, while the rest make him nervous. " just dropping term sheets into anything ending with .ai.", meeting the founders of the startups they've backed, and catching up with fellow limited partners are their favorite part of attending annual general meetings.
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