硅谷银行-2026年企业风险投资状况 State of CVC 2026 A Deep Dive Into the Dynamics of the Corporate Venture Capital Ecosystem

COUNTERPART

FirstCitizensINNOVATIONBANKING

FORMERLYSILICONVALLEYBANK

StateofCVC2026

ADeepDiveIntotheDynamicsoftheCorporateVentureCapitalEcosystem

September2026

ShowMetheValue,NotJusttheMoney

Thebest-positionedCVCsarewinningallocationsinthemostcompetitivedeals.They

outflanktraditionalfunds

byleveragingstrategicvalueandbrandcredibilityto

gainaccess.”

It'sthebestoftimes,andit'stheworstoftimesincorporate

venturecapital(CVC);itjustdependsonwhatmetricyoulookat.InoursixthyearofwritingtheStateofCVC,weunpackthose

metricsusingprimarysurveydatafromnearly200CVCfunds.Sowhat'shappeningin2026?CVCdealactivityisthelowestithasbeeninthelastnineyears,buttheaggregatesizeofthosedealshasalreadysurpassed2021'spriorrecord.Thisexactlymirrorstheglobalventurecapital(VC)marketthathasseen

dealsactivityhitaneight-yearlow,whilemassiveAldealsfromOpenAlandAnthropicpushcapitaldeploymentstonewhighs.Giventhesedynamics,themedianCVCroundsizehasmorethandoubledsince2024,yetthemedianchecksizethatCVCswritehasremainedflatatjust$3M.Thus,investorsare

increasinglymissingtheirtargetownershippercentages,evenasthosetargetsgetlower.

Ifafundcan'tcompeteonchecksize,itmustcompeteon

strategicvalueanddomainexpertise.Fromafounder's

perspective,CVCinvestmentcanbeapointofvalidationfortheproduct,andCVCscanalsoserveasachannelpartnerorearlycustomer.Yetevenastherelationshipwiththecorporateparent

allowsaccesstothemostcompetitivedeals,CVCscontinuetoseekmoreindependencefromtheirparent.Theyarechasingimproveddealpace,lessbureaucraticdecision-makingandlesstimespentmanagingthecorporateparent.Wecontinueto

witnessmorefundsattemptingtomoveoffbalancesheet.YetmanyfundsremainpersistentlydependentastheystruggletoeducatecorporateexecutivesonVCnorms.

AsAlmovesatbreakneckspeed,CVCfundscomplement

internalR&Defforts,andinsomecasesaretheprimary

mechanismforAlinnovationwithinthecorporateparent.

AgenticworkflowsandphysicalAlareexpectedprimarydriversofstrategicvalue.CorporateswithhighexposuretoAlare

generallyleaninginonCVC,andweseedealpacesamongthesefundsaccelerating.

CVCshaveadifficulttimebalancingadualmandate:strategicvalueandfinancialreturns.Thebest-positionedCVCsare

winningallocationsinthemostcompetitivedeals.Theyoutflanktraditionalfundsbyleveragingstrategicvalueandbrand

credibilitytogainaccess.

PatrickEggen

GeneralPartner

CounterpartVentures

patrick@counterpart.vc

MarkGallagher

HeadofInvestorCoverage

FirstCitizensInnovationBanking

mark.gallagher@

GOTOKEYTAKEAWAYS>

STATEOFCVC20262

Contents

04KeyFindings

08MarketOverview

13PurposeandDependency

17CVC'sAIThesis

20InvestmentProcess

COUNTERPART

FirstCitizens

INNOVATIONBANKING

ClickThroughtoKeyTakeaways

CVCdealactivityisatanine-yearlow,yetcapitalinvestedisontrackfora

recordhigh.

Jumptopage>

sponsorsdo98%moredealsandgenerate

CVCswithventure-literateexecutive

2xtheexits.

Jumptopage>

ThemedianCVCdealsizehasincreased2xsince2024,whilecheckssizeshave

remainedflat.

Jumptopage>

Theratioofexitstoinvestmentsjumpedto0.35andisapproachingthe0.40recordfrom2021.

Jumptopage>

Amongthe25bellwethers,thosethattake

limitedpartnership(LP)stakesholdamedianof12fundpositions,versusfourforthefield.Jumptopage>

53%offundssaytheycomplementinternalR&DandcorporateAl

partnerships.

Jumptopage>

62%ofCVCshaveusedorareconsideringusingsecondarymarkets.

Jumptopage>

Themedianfundthatreceivescarryis2.5xmoreindependentthanfundsthatdonotreceivecarry.

Jumptopage>

COUNTERPART

FirstCitizens

INNOVATIONBANKING

BenchmarkYourCVCFund

HowdoesyourCVCfundcomparewithitspeers?

CompareMyFundisaninteractive

benchmarkingtoolthatplacesyourfund

alongsidecomparablerespondentsfromthe

StateofCVC2026survey.Enterafewdetailstoseewhereyourfundalignswiththemarketandwhereittakesadifferentapproachacross

mandate,maturity,capitalsource,investmentprocessandportfoliostrategy.

Thetoolprovidesaclearpointofcomparisonandrunsentirelyinyourbrowser.The

informationyouenterisneversharedorstored.

Exploreyourfund'spositionintheCVClandscape.

STATEOFcvc2026·FIRSTCITIZENSINNOVATIONBANKING×coUNTERPARTVENTURES

CompareMyFundBENCHMARKEDAGAINSTTHE2026SURVEY2Inputsstylntisbrowsoe

23YourFund

Describeyourfund

Nopeergroupsetyet

PeerGroup

Thethreeanswersthatdecidewhichfundsyoursis

comparedwith.

Survey-wideview,acrossapproximately200respondents.

Bellwethers,afixedreferencegroupofleadingCVCs,aremarkedthroughout.SeeMethodologyforthecriteria.

HOWTHISWORKS

1.Setyourpeergroup.Parentindusty,

mandateandmaturitydeterminewhichfundsyoursismeasuredagainst.

2.Describeyourfund.Addscaleandchecksize,thenthe25furtherquestionsunderAddMoreDetail.Thesesharpenthecomparisonwithoutchangingyourpeergroup.

3.Reviewthetabs.Eachoneshowshow

venturefunds.

Questionsyouhavenotansweredusetheresponsegivenmostofteninthesurvey,soeveryviewispopulatedfromthestart.Youranswersreplacethoseasyougo.

yourfundcompareswithothercorporate

ParentIndustry①Select

Maturity⑥Select

Mandate⑤Select

EXPLORETHEBENCHMARKView1of6

01KeyFindings02MarketOverview03Purpose&Dependency04CVC&Al05lnvestmentProcesses06Methodology

Describeyourfundtoseehowitcomparesacross30measuresYourProfileataGlance

◎Thesethreesetyourpeergroup.Iftoofew

fundsmatch,thegroupwidensautomaticallyto

theclosestlargerone.

FundProfile

Scaleandchecksize.Theseplaceyourfundonthechartswithoutchangingyourpeergroup.

TeamSize⑤Select

FundSize①Select

AverageCheckSize①

Select

MarketOverview

Noneofthesequestionshavebeenansweredyet.

Purpose&DependencyNotansweredyet

Noneofthesequestionshavebeenansweredyet.

OpenPurpose&Dependency→

+AddMoreDetail

25optionalquestions.Eachstartsonthe

responsegivenmostofteninthesurvey,andthechartstreatitasunanswereduntilyousetityourself.Answeringmoresharpensthe

comparison.Noneofthemchangeyourpeergroup.

InvestmentProcessesNotansweredyet

Noneofthesequestionshavebeenansweredyet.

CVC&AlNotansweredyet

Noneofthesequestionshavebeenansweredyet.

OpenCVC&Al→

SResetProfile

Next:MarketOverview→

FirstCitizens

INNOVATIONBANKING

COUNTERPART

GOTOKEYTAKEAWAYS

STATEOFCVC2026

COUNTERPARTTIG

2026CVCSurveyKeyFindings

Meetthe2026Respondents

SpectrumofCVCFundStrategicFocus2

ShareofRespondentsbySelf-ReportedMandateScoreDistributionofMandateScores

20%

39%

40%

202120222023202420252026

Financial:20%offundsconsideronlyfinancialgain,behavingmoreliketraditionalVCfunds.

Hybrid:39%offundsareauniquelydefinedbalanceofstrategicandfinancialgoals.

Strategic:40%offundsinvest

primarilyforinsightorvalueadd

relatedtothecorporateparent’sgoals.

12-34-56-78-910

19%

49%

17%

50%

19%

43%

20%

38%

16%

37%

Financial

(8-10)

Strategic

Hybrid

(4-7)

(1-3)

27%

30%

15%

12%

10%

42%

47%

38%

32%

33%

5%

SurveyParticipation1

193

1,400+

InvestmentsMadeintheLast12Months,IncludingFollow-Ons

CVCFundsRepresentingtheLargestandMost

ActiveCVCsGlobally

$10B+

TotalDeployedAnnually

25Bellwether4Funds

TheCVCBellwetherCohortsetsthebarforbestpractices.

Whileindividualfirmsarenotdisclosed,these25elite

CVCsweregenerallyselectedbasedonthreecriteria:

Deployment

50+InvestmentsSinceInception

FundSize

$200M+

AssetsUnderManagement

Reputation

inCVC

Community

BellwethersInvestMore,ExitMoreandRunBiggerTeams

MedianValues,BellwetherFundsAgainstAllOtherRespondents

BellwetherFunds

OtherRespondents

20

12

7

6

55

4

1

Exits,Last12Months

NewInvestmentsPerYear

MandateScore,

1-10

TeamSize

SpectrumofCVCFundbyMaturity3

ShareofRespondentsbySelf-ReportedMaturity

Newbie:25%offundsarejustbeginning

25%

Middle:44%offunds

havebeenactiveforafewyearsandhave

gainedsomeexperienceintheCVCspace.

Mature:31%of

fundsarewell-

establishedand

haveatrackrecordofsuccessful

investments.

theirjourneyinCVC.

44%

31%

Notes:1)Analysisincludes193uniquerespondents;209submittedresponsestothe2026CVCsurvey.2)Mandatescoresareself-reportedona1-10scale,fromfullystrategictofullyfinancial.3)Firmsself-reportoneofthreematuritystages;maturityisnotbasedonfirmage.The2026sampleisyoungerthanthe2025sample(8%newbie,43%middle,49%mature);YoYcomparisonsshouldbeinterpretedaccordingly.4)Bellwetherfundsareafixed25-nameroster

selectedbysize,deploymentandreputation,andareincludedwithinthematurityandmandatesegments.

Source:2026CVCsurveyandFirstCitizensInnovationBankinganalysis.

GOTOKEYTAKEAWAYS>

STATEOFCVC20267

FirstCitizens

INNOVATIONBANKING

COUNTERPART

MarketOverview

NeMiMa

wbieddle ture

72%

AMoreFocusedGeographicStrategyAmong2026Respondents

RegionsInvestedinandShareofFundsbyNumberofRegions1

US

96%

20252026

34%23%

12%

65%

51%

15%

EU

64%

Japan

China

11%

Israel

37%

20%

MiddleEast

15%

India

16%

ASEAN2

18%

LatinAmerica

1Region2Regions3orMoreRegions

Africa

5%

21%

Australia

22%

AILeadsbyaDistance,andNothingElseComesClose

ShareofRespondentsNamingEachVerticalasInvestmentInterest,Top103

AI&MLSaaS

FinTech

AdvancedMfgRobotics&DronesCybersecurity

ClimateTechSupplyChainTech ManufacturingIndustrials

43%

35%

35%

35%

30%

30%

26%

24%

21%

ExperienceChangesWhatKeepsYouUp

ShareofEachMaturityGroupNamingEachMacroFactor,Top84

GeopoliticalRiskExitMarkets

USPolicyChanges

SupplyChainsLaborMarkets

InterestRates

Inflation

Tariffs

0%10%20%30%40%50%60%70%

Notes:1)Mapvaluesaretheshareofrespondentsthatinvestineachregion.Respondentscouldnamemorethanoneregion,sosharesdo

nottotal100%2)ASEANistheforAssociationofSoutheastAsianNations3)Respondentscouldthanertical

acronym

namemoreonev.

.

.

GOTOKEYTAKEAWAYS>

Verticalsarerankedonthe2026share.4)Respondentscouldnamemorethanonefactor.Source:2026CVCsurveyandFirstCitizensInnovationBankinganalysis.

STATEOFCVC20269

GlobalReach,ShorterList

CVCsarestillinvestingglobally,butfewerfundsare

tryingtocoverthefullmap.Theshareinvestingacrossthreeormoreregionsfellnotablyamongthisyear’s

surveyrespondents,whilethesharefocusedona

singleregionrosebyhalf.TheUSremainscloseto

universalat96%,andtheEUistheonlyotherregionreachedbyamajorityoffunds.Globalreachisholding,butbroadgeographiccoverageisgivingwaytomore

focusedregionalstrategies.

Partofthatconcentrationfollowsthetechnology.AI

andmachinelearning(ML)leadbyawidemargin,namedbyroughlysevenfundsin10,andthe

deepestAIecosystemssitintheUS.Geographyisnotonlyatechnologystory,though.Chinahas

world-classAIcapabilitybutattractsinvestmentfromonly11%ofrespondents,whichsuggeststhat

geopoliticalandpolicyconsiderationsweighasheavilyastechnicalopportunity.

Wherefundslookforriskdependsonhowlongthey'vebeeninvesting.Comparedwithmaturefunds,newer

fundsfocusmoreonUSpolicy,labormarketsand

inflation.Maturefundsplacegreaterweighton

geopoliticalrisk,exitmarketsandtariffsthanyoungerfunds.Thepatternsuggestsashiftfromassessingtheconditionsformakinginvestmentstomanagingportfolioexposureandplanningforliquidity.

$117B

$134B

$126B

$198B

$263B

$239B

$425B

$286B

$197B

$235B

$306B

$515B

$13.0M

$6.0M

$5.7M

$5.4M

$4.8M

$3.0M

11.0

9.1

11.4

10.1

4.6

4.6

3.9

4.3

4.1

3.9

CVCsintheBiggestDeals

Corporate-BackedShareofAllVenture,byDealCountandby

RidingtheAIHigh

CapitalInvestedinCorporate-BackedRoundsandDealCount,

ThroughAugust2026,PitchBookData,Inc.2Capital,PitchBookData,Inc.3

$150B

CVCShareofVCDealsCVCShareofVCCapital

CVCCapitalInvestedCVCDeals

2026Projection

15.4K14.8K

9.0K

6.4K7.2K7.7K

11.7K10.5K

10.3K

9.2K

9.5K

SurgeDueinParttoLargeRounds,Including73%

OpenAIandAnthropic($217BTotal)

52%56%46%49%56%52%52%50%48%54%56%

8.4K

5.6K

19%21%21%22%22%23%25%25%24%23%21%21%

11.8

10.5

201520162017201820192020202120222023202420252026

A$3MCheckina$13MRound

MarketMedianDealSizeAgainstSurveyMedianCheckSize4

MarketMedianCVCDealSize,PitchBookData,Inc.SurveyMeanCVCCheckSize

SurveyMedianCVCCheckSize

$8.0M

$7.0M

$5.3M$5.6M

$5.1M$4.9M$5.2M

$4.0M$4.0M

$3.0M$3.0M$3.0M

202120222023202420252026

201520162017201820192020202120222023202420252026

TheGapSitsWiththeAmbitious

ShareofRespondentsbyOwnershipBand,AchievedAgainstTarget

MeanTargetOwnership%ofThoseWhoTargetedThatBandMeanActualOwnership%ofThoseWhoTargetedThatBand

Aiming

Under10%

2024

Aiming10%

orMore

2024

Aiming

Under10%

2025

Aiming10%

orMore

2025

Aiming

Under10%

2026

Aiming10%

orMore

2026

Notes:1)Estimatedcorporatecontributionisbasedonmeanreportedchecksize,corporate-backedroundsandtotalVCinvested.2)PitchBookDataInc.,dataasof8/31/2026;2026capitalanddealcountareannualizedprojections,excludingOpenAIandAnthropicfinancings.3)CVCsharereflectsthefullvalueofroundswithCVCparticipation,notCVCinvestmentalone.4)Marketmediansreflectcorporate-backedrounds;survey

GOTOKEYTAKEAWAYS>

statisticsreflectrespondingfunds.

Source:2026CVCsurvey,PitchBookData,Inc.andFirstCitizensInnovationBankinganalysis.

STATEOFCVC202610

BiggerPies,

SmallerSlices

Corporateventureisreturningwithmorecapitaland

renewedconvictioninhigh-growthcompanies.ThroughAugust,investmentincorporate-backedroundshadput2026ontrackforanewannualhigh,supportedbylandmarkfinancingsincludingOpenAI’s$122B

roundandAnthropic’s$65Band$30Brounds.Dealactivityisconcentratinginlargerfinancings,withroughly8,400transactionsexpectedthisyear.

Corporatescontinuetoparticipateinaboutoneinfive

venturedeals,consistentwiththepastdecade.Rounds

involvingacorporateinvestornowaccountfornearly

three-quartersofventuredollars,upfromroughlyhalfinprioryears.Basedonthe$5MaverageCVCcheck

reportedinthe2026CVCsurvey,weestimatethatCVCssuppliedapproximately4%oftotalVCthisyear.Their

contribution,however,extendsbeyondthecheck.1

CVCsprovidestrategicinsight,corporaterelationships

andpotentialaccesstocustomersandmarketsalongsidetheircapital.

Asroundshavegrown,fundshavecontinuedtomanageexposurecarefully.Themediancorporate-backedroundhasnearlydoubledsince2021,from$7Mto$13M,whileCVCchecksremainata$3Mmedianand$5Mmean.

Fundstargetingdouble-digitstakesreport10.1%

ownershipagainstan11.4%target,whilesmaller-positionstrategieslandclosertoplan.

TheMiddleoftheStackGivesWay

ShareofCorporate-BackedVentureDealsbyStage,PitchBookData,Inc.1

Seed-StageShareEarly-StageShareLater-StageShare

32%

31%

32%

35%

38%

43%

42%

41%

44%

45%

48%

48%

48%

47%

48%

45%

40%

35%

35%

36%

32%

32%

31%

33%

24%

25%

24%

23%

21%

21%

21%

22%

22%

21%

20%

20%

201520162017201820192020202120222023202420252026

MandatesDecideWheretheMoneyGoes

ShareofCapitalAllocatedtoCore,AdjacentandNewDomains,bySegment3

CoreAdjacentNewDomains

CVC

PrimaryGoal

Strategic

Hybrid

Financial

33%

33%

40%

47%

20%

26%

52%

34%

15%

38%38%24%

Bellwether

SeriesAandBRemaintheCommonGround

ShareofRespondentsbyStageSweetSpot,2026CVCSurvey2

StageAgnosticLater-Stage&Growth

EarlyStage(A&B)

Pre-Seed&Seed

21%

9%

8%

65%

6%

18%

9%

12%

7%

11%

7%

11%

7%

68%

68%

72%

74%

72%

12%

13%

10%

6%

9%

7%

202120222023202420252026

SpeedingUpandSplittingUp

ShareofFundsChangingInvestmentPaceandStageFocusinthePastYear,bySegment4

Maturity

Level

Newbie

Middle

Mature

Strategic

Hybrid

Financial

14%

27%

24%

38%

40%

29%

21%

34%

20%

22%

29%

16%

23%

16%

18%20%

19%18%

14%34%

8%21%

20%24%

31%28%

32%8%

CVC

PrimaryGoal

Bellwether

MovedMoved

EarlierLater

SlowedSpedUp

TheMarketShifted;FundsSplit.

CVCsaremovingtowardlater-stageroundsanda

narrowerstagefocus.Seed-stagedealsremainnearone-fifthofcorporate-backedtransactions,while

later-stageroundsnowaccountfornearlyhalfof

activity,reflectinginvestors’preferencefor

companieswithmoreevidenceoftractioninalessforgivingmarket.

SeriesAandBremainthecommon-stagesweetspot,whiletheshareofstage-agnosticfundshasnearly

halvedsince2021.CVCsareconvergingarounda

narrowersegmentofthemarket,evenasthatsegmenthasbeenlosingshareoverall.

Institutionalmandatescontinuetodeterminewhere

capitalgoes.Strategicfundsallocateroughlyhalfoftheircapitaltotheparent’scorebusiness,whilefinancial

fundsdirectmoretowardadjacentmarketsandnewdomains,investing1.7xmoreinnewdomainsthanstrategicfunds.

Fundsdivergemostclearlyonspeedanddirection.

Financialandbellwetherfundsaremostlikelyto

accelerateandmoveearlier.Maturefundspickeduppacebutshiftedlater,whilenewerandstrategicfundsaremorelikelytoslowdown.Acloserlookatthedatarevealsthatbalance-sheetfundswithparentsexposedtoAIsupplychainsorinfrastructurealsotendedto

speedup,suggestingthatdirectAIexposureisaddingurgencytoinvestmentdecisions.

GOTOKEYTAKEAWAYS>

Notes:1)Thedenominatorisventure-stagedcorporate-backeddeals,meaningseed,earlystageandlaterstage.PitchBookDataInc.,dataasof8/31/2026.2)Computedbasedon2026CVCsurveydata.Respondentscouldnameonestageonly.3)Figuresarethemeanallocationwithineachsegment.4)Fundsreportingnochangearenotshown,sothetwosidesofeachbardonottotal100%.Bellwetherfundsarealsocountedwithinthematurityandmandatesegments.

STATEOFCVC202611

Source:2026CVCsurvey,PitchBookData,Inc.andFirstCitizensInnovationBankinganalysis.

RainintheLiquidityDesert

Lastyear'sreportcalledthisaliquiditydesert.Thisyear,thefirstsignsofrainarehere.Relativetothepaceof

newinvestment,theaveragefundgeneratedroughlyoneexitforeverythreenewinvestmentsin2026,upfromaboutoneinfouratthe2023low.Althoughtheratioremainsbelow2021levels,itscontinuedrecoverypointstoamarketsteadilyrebuildingliquidity.

Therecoveryisgainingtraction,butitisnotyetevenlydistributed.Halfof2026respondentsreportedtwoor

moreexitsinthepast12months,whilethreein10

reportednone.Fundmaturityexplainsmuchofthe

divide:63%ofnewerfundsreportednoexits,comparedwithjust3%ofmaturefunds.

Astraditionalexitmarketsrecover,secondariesareattractinggreaterattentionasacomplementary

sourceofliquidity.Fewerfundsnowrulethemout,andmoreareactivelyconsideringthem.Adoptionremains

measured,however.Ofthefundsconsideringa

secondaryin2024,mostwerestillevaluatingtheoptiontwoyearslater,whileonly6%reportedusingone.

Fornow,secondaryactivityisconcentratedamongfundswithmatureportfoliosandfinancialmandates,where

assetsaremorelikelytobereadyforsale.Secondariescannotreplacearobustexitmarket,buttheyare

becomingamorecredibleandflexibletoolformanagingliquidityacrosstheCVClifecycle.

COUNTERPART

FirstCitizens

INNOVATIONBANKING

Used

20%Secondary

42%

38%

2026

Market

Considered,NotUsed

DidNot

Consider

22%

35%

44%

2025

23%

6%

71%

Only6%offundsthatsaidthey

wereconsidering

thesecondarymarket

in2024reported

usingitin2026.

PaybackIsComing

MeanExitsinthePast12MonthsperNewInvestmentaYear¹

MeanExitsMeanNewInvestments

0.40

0.37

0.32

0.26

8.77.7

3.13.3

1.82.32.2

7.97.27.07.2

0.35

0.28

202120222023202420252026

FewerFundsAreRulingSecondariesOut

SecondaryMarketStatusbySurveyYear²

15%

37%

48%

2024

CVC

AMarketofHavesandHave-Nots

ShareofRespondentsbyNumberofExitsinthePast12Months

0

19%

2-3

4orMore21%

Only3%ofmaturefunds30%reportzeroexits,vs.

41%ofstrategicfundsand18%offinancial

firms.

30%

FinancialsMoreLikelyToUseSecondaries

ShareofFundsinEachSegmentThatHaveUsedtheSecondaryMarket³

10%ofallstrategicfundsused

Strategic

10%thesecondarymarketin2026.

Hybrid

21%

Financial

38%

Bellwether44%

Notes:1)Theplottedratioisthemeanofeachfund'sownexitsdividedbyitsownnewinvestments.Itisnottheratioofthetwomeansshownas

bars.2)Statusisself-reported.The2024cohortpanelcoversthe31fundsthatreportedconsideringasecondaryin2024andansweredagainin

GOTOKEYTAKEAWAYS

STATEOFCVC2026

2026.3)Figuresaretheshareoffundswithineachsegment,nottheshareofsecondarymarketusersthatfallineachsegment.

Source:2026CVCsurveyandFirstCitizensInnovationBankinganalysis.

FirstCitizens

INNOVATIONBANKING

COUNTERPART

PurposeandDependency

SenseandSensor-bility:ExecsValueIt

OnethingmostCVCsagreeonisthatpartoftheirjobistoaccelerategrowthandinnovation.Thisistrue

acrossallfundmandates,fromstrategictofinancial.

Butwhetherthisisthetopprioritydependsonthe

mandate.AmongstrategicCVCs,46%saytheirtop

reasonforexistenceistobuildrelationshipswith

partnersandtargets(actasatechnologysensor),while49%offinancialfirmssaythereasonfortheirexistenceissolelytogeneratefinancialreturns(financial

sensibility).Often,though,acceleratinggrowthand

innovationrequiresabitofboth—callitsensor-bility.

ThisthroughlinegenerallyalignswiththekeystrategicgoaloftheexecutivesponsorfortheCVC:52%of

fundssaytheexecutive’sgoalistoaugmentthe

existingbusiness,and37%sayit’sasensorfor

emergingtechnologytrends.Takentogether,thesetwogoalsclearlyhighlighttheimportanceofCVCsfindingandinvestinginnewtechnologieswiththepotentialtobenefitthebusiness.

StrategicvalueisimportantevenformanyfinancialCVCs.NearlyhalfoffinancialCVCfundssaythat

generatingstrategicvalueisatop-threereasonfortheirexistence.Whenaskedhowsuccessfully

financialfundsdeliveronthispromiseofstrategicvalue,44%saidtheydosoexceptionally.Butonaself-gradedtest,everyonepasses.

AcceleratingGrowthandInnovationIsCommonAcrossCVCMandates

EvenamongfinancialCVCs,acceleratinggrowthand

innovationisthetopgoal.

BuildingpartnershipsissignificantlymoreimportanttostrategicCVCs.

TopThreeReasonsforCVC’sExistencebyFundMandate

PercentageofFundsRanking:

1st

3rd

2nd

Funds

All

19%41%28%

34%20%26%

10%24%31%

30%8%3%

7%7%11%

AccelerateGrowth

andInnovation

AccessTechand

Partnerships

GenerateStrategicValue

BuildRelationshipswithPartnersorTargetsGenerateFinancialReturnsOnly

Strategic

16%36%36%

26%18%29%

26%7%4%

18%28%26%

13%12%4%

26%46%

31%13%26%

36%10%

42%24%

31%9%3%

22%46%

21%8%

10%49%

27%

23%

19%45%

Financial

Hybrid

18%

1%

FinancialFundsStillDeliverStrategicValue

SuccessofFundsatDeliveringStrategicValuebyFundMandate1

ExceptionallyModeratelyPoorly

58%

53%

47%

44%44%

38%

13%

4%

Strategic

Hybrid

Financial

OtherM&A

SensorforEmergingTrends

AugmentExistingBusiness

WhatStrategicValueLooksLiketoExecs

TheKeyStrategicGoalExecutivesWantCVCToAchievebyFundMandate

%

39%

62%

68%

54%

18%

3%

22%

13%

8%

8%

Strategic

Hybrid

Financial

GOTOKEYTAKEAWAYS>

Notes:1)Scoredona1-10scaleandcategorizedbyexceptionally:1-3,moderately:4-7,poorly:8-10.

STATEOFCVC202614

Source:2026CVCsurveyandFirstCitizensInnovationBankinganalysis.

ProblemstheCVCFacesbyIndependenceandMandate

AverageIndependence

ScorebyNumberof

ProblemstheCVCFaces1

ShareofFundsThatCitedatLeastThreeProblems

51%

Strategic

Hybrid

Financial

5.1

4.4

1Problem

2Problems

3+Problems

36%

26%

3.4

CVCsWantIndependence

WhatCVCsSayWouldImprovetheFund

MoreIndepenreoneFromParent

Other

BroaderInvestmentScopeCarryfortheFullTeamFasterIC2Process

LargerFundSizeDifferentReportingLine

27%