Venture Capital, Secondaries, and European Market Trends
The theme of global economic divergence remained entrenched as 2015 came to a close. The U.S. and Eurozone held steady or improved with some credit tightening; while volatility in China and other emerging markets continued to upend global stock markets. With interest rates at all-time lows as central banks continue to implement accommodative monetary policies, investors looked to alternatives for long-term asset appreciation. This helped to make 2015 a strong fundraising year.
Other notable trends found in 2015 and those anticipated to see in 2016 include a strong state of fundraising, deal, and exit activity; record deal value in venture capital; another strong year for secondaries; and improving economic status in Europe with sights set high on deal activity, M&A exits, and fundraising.
Looking ahead in 2016, HarbourVest sees opportunity in several private markets sectors, particularly the secondary market, and believes that while the supply of capital will continue to remain strong, investors will be increasingly selective.
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