Research Report | November 2016

The Rise of Unicorn Funds

Examining the Supply of Private Growth Capital

In our recent reports, we highlighted key trends and factors leading up to the proliferation of “Unicorns” and emergence of the new “Private Technology Growth” asset class. As a next step to analyze the market forces that could drive further proliferation of “Unicorns” coupled with greater investor allocations towards the new Private Technology Growth asset class which contains them, we explore answers to the following questions:

  1. How would you characterize the capital raising environment for the traditional venture capitalists and the other investors participating in the asset class since 2009?
  2. Are traditional LPs allocating a greater or smaller proportion of their capital to the new asset class?
  3. How much committed capital or “dry powder” do these funds currently have available to invest into the asset class?
  4. What do recent fundraising trends tell us about the health of the asset class and capital raising prospects for its companies?

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