PitchBook-2023年三季度英国市场快照-英

UKMar

ket

SnapshotQ32023ContentsMarketoverviewCommentary23PitchBookData,Inc.JohnGabbertFounder,

CEONizar

Tarhuni

VicePresident,

InstitutionalResearch

andCitycomparisonHeatmap4Editorial5Dylan

Cox,CFAHead

ofPrivateMarketsResearchMacroactivity6EquitymarketsPrivatemarketsVCdealactivityVCexitactivityVCfundraisingactivityPEdealactivityPEexitactivityPEfundraisingactivityCreditmarkets7Institutional

Research

Group9AnalysisNavinaRajanSeniorAnalyst,

EMEA

Private

Capitalnavina.rajan@11131415171819DataCharlie

FarberSeniorData

AnalystOscarAllawayAssociate

Data

Analystpbinstitutionalresearch@Published

onNovember

22,

2023Forfurther

data

andmetrics

onUK

private

capital,

please

refer

toour

2023

UK

Private

Capital

Breakdown.Additional

country

snapshots

willbe

released

throughout

theyear.Germany

andFrance

data

inour

snapshot

series

canbefound

below:Q3

2023

Germany

Market

SnapshotQ2

2023

France

Market

SnapshotNote:AlldatainthisreportisasofSeptember30,2023,unlessnotedotherwise.1UK

MARKETSNAPSHOTMarket

overviewQ3

2023

quarterly

comparisonGDPgrowth0.0%CPIinflation6.7%Fixedrate5.3%FTSE100total

return2.2%FTSE100PEratio10.8xPubliclistings2MACROTRENDSEQUITYMARKETSVENTURECAPITALPRIVATEEQUITYChange

since

last

quarterDealvalue£5.3BExitvalue£0.8BCapitalraised£3.5BDealvalue£46.6BExitvalue£46.2BCapitalraised£37.6BNote:

Value

color

indicates

thedirectional

change

fromtheprevious

quarter.Capital

raised

represents

year-to-date

fundraising

throughSeptember

30,

2023.2

UKMARKET

SNAPSHOTCommentaryOur

CountrySnapshotseriesprovidesanoverviewofbothmacroeconomicandmicroeconomictrendsintheregion,coveringvariouscountriesacrossEurope.WelookathowbothpublicandprivatedatapointshavetrendedinQ3fortheUK.Hereiswhatwehighlight:MacroInothernewsAfter

monthsofstickymacroeconomic

datapointsand

low

visibility,

green

shootsmaybeappearingwhenitcomestothe

economiclandscapeinthe

UK.Much

of2023hasinvolved

trying

tocall

the

bottom

ofvaluations

declinesor

thepeakofinterestrates.Q3datashowscontinuedsignsof

cooling,with

ConsumerPriceIndexinflation

decliningto6.7%

andGDP

growth

to0.0%.However,interestratescontinued

totickhigher,withthe

bankrateat5.25%inthe

quarter,

and

the

impactofthis

continuesto

beevidentineconomic

datapoints.

More

recently,inOctober,inflation

decreased

further

tothelowestlevelsince2021,at

4.3%.

However,thisandprivateequitymarketstook

place.

Following

the

announcementsmadeinprivatemarkets,

theBritish

BusinessBank

(BBB)isnowdeveloping

investmentvehicles

whereinsuch

funds

can

co-invest

intohigh-growth

startups.

To

supportcash

flows,the

BBBhassaid

itwilloffer

thefundsaccesstosome

ofitsolderinvestmentswherereturns

and

distributions

maybemore

liquid.1Elsewhere,inQ3,

the

UKgovernment

alsolaunchedtheResearchVenturesCatalyst

fund.Theinvestment

amount

willbeupto£50million,

and

the

fundwillfocusonscience-based

technologies

inthe

early-stagepartofthemarket.Geographically,the

investmentareaappearstobetargetedtoLondon,

bringinginto

questionthe

regionaldiversitywithin

theindustry

andgovernmentsupport.2

Duringthequarter,

theTreasurySelectCommittee

published

areportonUKventure

capital,noting

thathigh-potential

firms

inotherUKregionsandnationsstrugglefor

access

to

capital.3,4

Whilst

weseeotherhubsdevelopinginisheretostay.ComparedwithQ2,the

pounddepreciatedagainst

the

dollarat£1.22GBP/USDinQ3.Public

equity

marketsTheFTSE100continues

tolagotherEuropean

indexes.

It

isup5.5%

YTD

asofSeptember

30,

2023,and14.7%

overthe

last

year

almosthalfthe

performancecompared

totheDAX.

However,valuationsinthe

marketshowedsomesignsofnewpublic

listingsforUKfirms

occurred

inQ3;both

werePE-backed.However,listingactivityon

theLondon

StockExchange(LSE)stillposeslong-termlargerthanthatwitnessedinotherEuropean

countries.been

the

choicefor

prominent

techcompanies,suchasArm.Laura

Noonan

and

Josephine

Cumbo,

October

20,

2023.PrivateequityRegardingtop

LPcommitments

toprivate

markets,wenotesome

changestotheleaguetablescomparedto

Q2.AsofQ32023,

overthe

last

threeyears,BMOPrivateEquityTrusthashadthehighest

number

ofcommitments

toPEfundsinthe

UK,alongsideColumbia

ThreadneedleInvestments.Inthesameperiod,

BGFcontinues

to

havethe

highest

number

ofinvestments,

at

225.2."Game-Department

for

Science,

Innovation,

and

Technology,

The

RT

Hon

Michelle

Donelan

MP,3."Venture

Capital:

Nineteenth

Report

ofSession

2022-Treasury

Committee,

July

18,

2023.4.

See

page

18

for

more

data

on

regional

inequality

in

VC:

"Venture

Capital:

NineteenthReport

ofSession

2022-UKPE

dealmakingactivity

continuedto

increaseinQ3,

withasignificant

stepupcompared

withQ2.It

isasimilarstory

withexitactivity,

withthelistingofArmskewingQ3totalsupwards.Ofthe

topfive

exitsintheUKduring

thequarter,

twowerepublic

listings,withthe

otherbeing

thereversemerger(deSPAC)ofCorpAcq.FTSE100price/earningsratiobyquarter25xIn

Q3,the

topdeal

wasthe

buyoutof

WorldpaybyPE

firm

GTCR

for

£10.0billion.EGGroup

isthe

highest-valuedPE-backedcompanyinthe

UK,at

avaluation

of£15.1billion.

PEfundraising

continues

tobethebrightspotacrossEurope,

and

theUKisnodifferent,

withcapitalraisedthrough

Q3alreadynear

2022levels.Thishasbeen

supported

bymegafundclosesfrom

Permira

andKKR.21.0x19.9x20x15.9x15.2xVenturecapitalOverthe

last

threeyears,BritishPatient

Capitalhashad

the

highestcount

ofLPcommitments

to

VCfundsintheUK.In

the

sameperiod,

SFC

Capitalhashad

thehighest

number

ofinvestments,

at

330,increasingthe

cumulative

from

Q2.15x10x5x14.0x11.9x11.8x11.5x10.8x10.1x9.5xUKVC

dealmakingactivityalsocontinuedto

inflectinQ3,

having

beenontherisesinceQ1.Thisareaof

theventure

ecosystem

inthe

UKisshowing

theclearestsignsofrecovery.

InQ3,

the

highest-valueddeal

wasbydriverless

AIstartup,Conigital,withavalueof£500.0million.

Cremainsthe

highest-valuedcompanyinthe

region,atapost-money

valuation

of£29.8billion.Elsewhere,exitmarketscontinue

tobetepid,

and

fundraising

sitsat

50.7%

of2022levelsinthefirst

ninemonthsofthe

year.Ofthe

topfive

exitsintheUKsofar

thisyear,nonewerepublic

listings.0xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202120222023*3UK

MARKETSNAPSHOTCitycomparisonUnited

Kingdom

private

market

activity

heatmap

(2013-2023)*PEandVCcapitalraised(£B)VCfirst-timefinancingcountVCdealvalue(£B)VCexitvalue

PEdealvaluePEexitvalue(£B)MedianVCvaluation(£M)CityVCdealcountPEdealcount(£B)(£B)LondonCambridgeEdinburghManchesterBristol£101.0£7.9£1.616,0651,074798597449515£67.6£7.3£1.4£1.4£1.8£8.9£0.1£0.2£0.0£0.1£0.2£0.3£0.2£0.1£0.1£331.2£31.9£8.9£8.5£3.5£2.8£1.03,39191£266.7£45.2£4.9£13.3£3.7£106.5£2.7£0.4£0.1£11.2£11.1£4.8£6.3£8.3£17.7£4.7£6.0£3.9£6.8£2.7£12.3£6.6£5.6£3.84,5411891421509112730220757£1.8£2.7£4.7£0.8£0.5£1.0£0.9£0.6£0.6£0.5£0.4£0.2£0.4£1.7Oxford£3.4£0.8£9.7£15.7£0.5£1.161Glasgow34423026626228925219017122918410667£0.4£0.0£0.2£0.2£0.2£0.0£0.0£0.0£0.08472Leeds£15.9£15.2£0.6£2.2£5.9£3.6£3.4£1.5BirminghamCardiff6467Belfast606031NewcastleuponTyneReading83£6.5£2.7£6.0£0.412815293NottinghamLiverpool1513919376Note:Thislistislimitedtothe

citiesforwhichdataisavailable.Europe

private

market

activity

heatmap

(2013-2023)*PEandVCcapitalraised(£B)VCfirst-timefinancingcountVCdealvalue(£B)VCexitvalue

PEdealvaluePEexitvalue(£B)MedianVCvaluation(£M)CityVCdealcountPEdealcount(£B)(£B)LondonParis£101.0£32.3£33.6£26.9£19.6£6.916,0655,5423,4142,4332,5601,9591,9071,4321,4901,3291,4321,344981£67.6£8.4£27.8£31.2£25.7£3.0£4.6£0.8£10.7£4.8£4.9£6.2£1.3£331.2£108.2£15.3£53.3£3.03,3911,980445927101£266.7£82.1£22.9£23.4£2.6£106.5£41.9£24.0£9.8£22.0£5.4£1.7£11.2£8.24,5411,6041,146779855532Berlin£78.0£10.7£47.9£8.2StockholmTelAvivDublin£38.1£14.8£73.4£56.5£12.9£14.3£9.9484402695550405297345584233£28.6£11.4£59.6£37.2£15.1£8.0BarcelonaMadrid£6.6£6.4539487561£5.3£6.0£16.2£10.3£2.9£7.8AmsterdamMunichCopenhagenHelsinkiMilan£9.8£10.9£5.2£110.1£55.7£8.1397436421£4.9£4.3£9.2£5.0£4.8£4.1£5.9£40.6£13.2£10.7£40.8£16.6£13.7£13.0£6.2336MoscowOslo£3.51,252896£5.3634277£3.7£1.3439£1.3£20.3Note:Thisisacuratedlistof

citiesselectedforcomparisonpurposes.4UK

MARKETSNAPSHOTHeatmapMacroeconomic

activity

heatmap2020202120222023*Q2SegmentQ3£507.616.8%0.5%-2.9%-1.1%4.9%3.4%0.1%99.1Q4£514.51.4%0.6%-2.2%1.5%Q1£509.3-1.0%0.7%0.8%4.6%4.9%8.9%0.1%Q2£546.67.3%2.5%6.3%4.2%4.7%13.2%0.1%Q3£556.01.7%Q4£564.41.5%Q1£567.40.5%7.0%14.0%4.6%3.7%8.0%0.8%97.9Q2£567.90.1%9.4%19.3%7.0%3.8%6.4%1.3%Q3£567.4-0.1%10.1%24.4%5.1%Q4£568.20.1%10.5%21.2%5.9%3.7%8.1%Q1£570.00.3%10.1%16.1%6.0%3.9%2.8%4.3%98.4Q3£571.00.0%6.7%-2.8%8.4%4.2%-0.1%5.3%98.5RealGDPvalue(£B)RealGDPQoQgrowthCPI(allitems)£571.00.2%7.9%7.0%6.2%4.2%1.2%3.1%5.4%12.3%5.9%4.0%8.1%PPI9.6%8.9%4.3%11.4%0.1%WagegrowthUnemploymentrate5.2%7.0%0.1%99.93.6%8.5%2.3%96.3ResidentialPropertyPricesUKBankRateConsumerconfidenceBusinessconfidence10-yearbondyield3-monthyield0.3%99.33.5%97.35.0%98.3100.6100.80.8%0.1%101.4102.10.9%0.1%100.6102.40.8%0.1%97.199.199.7102.40.8%0.2%£1.35101.81.5%101.32.4%1.6%100.63.5%2.9%£1.11100.63.5%3.8%£1.21100.83.6%4.3%£1.24100.24.4%5.1%99.70.3%0.1%£1.290.3%0.0%£1.374.4%5.5%£1.221.0%£1.32GBPtoUSD£1.38£1.38£1.35£1.22£1.27ScorecardPE

and

VC

long-term

and

short-term

scores*SegmentCount

%oftotalLong-termscoreShort-termscore

Value(£B)

%oftotalLong-termscoreShort-termscoreVCdealsPre-seed/seedEarlystageLatestage59016419918344100%28%34%31%7%-1.03-0.73£5.3£0.4£1.4100%7%-0.21-1.21-1.71-1.640.211.29-0.73-0.650.05-1.130.13-0.57-0.84-0.6926%44%22%100%100%12%-0.29-0.25-0.98£2.3VenturegrowthVCexits£1.20.39-1.282.61-0.2738100%

-0.27£0.8£46.6£38.4£8.2£46.2-0.810.550.51PEdeals32626858100%82%18%2.452.190.710.660.390.340.16Buyout2.620.55-1.30Growth/expansionPEexits3%-0.1154100%

-0.52100%-0.38Note:ScoresrepresentZ-score

normalizeddeviationsfromafull20-yearperiodlineartrendlineanda12-monthexponential

movingaverage.5UK

MARKETSNAPSHOTMacroactivityContributionsto

quarterlyGDP

growth(annualrate

of

change)Contributionsto

HICPinflationrate

(annualrate

of

change)Other

goods&

servicesRestaurants&

hotelsRecreation&

cultureTransport1.0%0.7%0.5%10%9%0.7%8%0.5%6.3%0.2%0.2%0.2%7%6%5%4%3%2%1%0.1%0.1%0%Furniture&

householdgoodsHousing&

householdservices-0.2%-0.5%-1.0%-0.3%-0.3%Clothing

&

footwear-0.6%-0.6%Jul-23Alcohol&

tobaccoSep-22Nov-22ServicesJan-23Mar-23May-23Sep-23*

0%Food&

nonalcoholicbeveragesCPIH

12-monthinflationrateSep-21

Jan-22

May-22

Sep-22

Jan-23

May-23

Sep-23*ProductionConstructionGDP

growthUKCPIcomparedwithselect

G7andEUannualinflationratesBankratesversusfixedmortgage(75%LTV)12%7%5.9%5.8%5.3%5.2%10%8%6%4%2%6%5%4%3%2%1%6.3%4.9%4.9%4.5%3.7%0%0%-2%Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23*Sep-20Mar-21UKSep-21FranceMar-22Sep-22Mar-23EU27Sep-23*USGermanyBank

rate2Yrate3Y

rate5Y

rateUnemploymentrateandwage

growth(annualrate

of

change)10-year

government

bondyields*10%ItalyGreece4.31%3.98%3.96%8%6%7.9%4.3%UK4%2%Spain3.41%France2.94%2.73%NetherlandsGermanySweden0%-2%2.34%2.32%Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23*Switzerland0.85%Unemployment

rate

Wage

growth6UK

MARKET

SNAPSHOTEquitymarketsperformanceSelectmajorindexestotalreturn*Selectmajorindexestwo-yearprice

returnFTSE

10030%20%10%YTD:+5.5%|1-year:+14.7%|3-year:+4.4%+15.7%+14.6%DAX

40YTD:+10.5%|1-year:+27.0%|3-year:+5.5%+2.8%+0.8%-1.0%0%Euronext

Paris

CAC40-10%-20%-30%YTD:+12.6%|1-year:+26.7%|3-year:+8.0%STOXXEurope

600YTD:+6.0%|1-year:+16.1%|3-year:+3.4%Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23*FTSE100EuronextParisCAC40S&P500DAX40STOXXEurope600S&P

500YTD:+13.1%|1-year:+21.6%|3-year:+11.4%Note:Three-yearreturnsareannualized.FTSE350totalreturnbysector*FTSE100price/earningsratiobyquarter25xYTDSeptember21.0x19.9x20x15.9x15.2x14.0x15x+8.0%+0.1%+7.9%11.8x11.9x11.5x+3.2%10.8x10.1x-1.0%-0.8%

-1.5%9.5x10x5x-6.0%-12.9%0xQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202120222023*FTSE350pricereturnbysector(rebasedin2021)60%50%40%30%20%10%+46.1%+31.2%+13.3%+8.2%+4.9%0%-10%-20%-30%-40%-50%-17.2%-18.6%-23.4%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-2*3BasicmaterialsIndustrialsConsumer

goodsHealthcareConsumer

servicesUtilitiesFinancialsTechnology7UK

MARKETSNAPSHOTEquitymarketsvaluationsM&AversusFTSE100EV/EBITDAmultiples18x16x14.8x14x12x10x8x12.7x9.4x12.6x8.2x12.0x8.5x11.9x11.6x8.1x11.7x9.1x11.5x9.9x11.5x8.5x10.7x8.2x10.8x9.2x10.9x6x7.0x4x2x0x20132014201520162017201820192020202120222023*Buyout/LBOFTSE100FTSE100EV/EBITDAmultiple

bysector*Quarterlypubliclistingcountbybacking

status2018UtilitiesHealthcare21.9x10.2x10.2x1614121086Industrials99398Consumer

defensiveTechnology8.4x7.1x6.5x5.4x4.5x136123Consumer

cyclicalCommunicationservices3344112244432220BasicmaterialsEnergyQ1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q33.2x5x202020212022PE-backed2023*VC-backed0x10x15x20x25xLargestPE-andVC-backedpubliclistingssince2021*CompanyDateListing

typeExchange:TickerNAS:ARMLON:WISELON:ROONYS:PSFENYS:CZOONYS:IHSBackingPEValuation

(£B)IndustryARMSeptember14,2023

IPO£48.7£10.2£8.8£6.5£6.0£5.9£5.1IThardwareSoftwareWiseJuly7,2021IPOVCDeliverooMarch31,2021March31,2021August27,2021October14,2021March24,2021January29,2021IPOVCConsumerproducts&servicesSoftwarePaysafeReversemergerReversemergerIPOPECazooGroupIHSTowersArrivalVCTransportationPEIThardwareReversemergerIPONAS:ARVLLON:DOCSLON:ONTVCTransportationDr.MartensOxfordNanoporeTechnologiesBridgepointAdvisersPE£4.2£3.9£3.4Consumerproducts&servicesIThardwareSeptember30,2021

IPOJuly21,2021

IPOVCLON:BPTPEFinancialservices8UK

MARKETSNAPSHOTPrivatemarketsPrivate

market

AUM(£B)

by

asset

class£1,200£1,000£800£600£400£200£0Co-investmentFundsoffundsSecondariesReal

estateReal

assetsDebtVenture

capitalPrivate

equity20132014201520162017201820192020202120222023*Rollingfour-quarteraverage

private

capitalfundraisingactivity£35100898282908070605040302010080808080£30£25£20£15£10£57876757574757572534845Q143Q3£0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q220192020202120222023*Capitalraised

(£B)Fund

countPE-backed

company

counts3,000VC-backed

company

counts12,0002,5002,0001,5001,00050010,0008,0006,0004,0002,00002021-20232015-20202009-20142000-2008Pre-2000Venture

growthLate-stage

VCEarly-stage

VCPre-seed/seed09UK

MARKET

SNAPSHOTFundperformanceEurope

one-year

horizon

IRRs

by

asset

class15-year

horizon

IRR201820192020202120222023*15-yearGrowth/expansion19.3%Growth/expansion19.5%Venturecapital35.4%Venturecapital56.5%Oil&gas31.6%Infrastructure5.5%Growth/expansion14.7%Venturecapital17.8%Venturecapital16.9%Growth/expansion35.2%Growth/expansion52.2%Infrastructure9.5%Buyout5.1%Secondaries12.0%Fundsoffunds16.2%Buyout16.1%Fundsoffunds23.2%Secondaries46.4%Realestate7.0%Privatecapital3.3%Buyout11.8%Secondaries14.2%Privatecapital11.6%Buyout21.0%Fundsoffunds46.3%Secondaries4.9%Privatedebt2.1%Venturecapital10.9%Infrastructure11.9%Fundsoffunds11.6%Privatecapital15.3%Buyout44.9%Privatedebt4.3%Secondaries2.1%Privatecapital10.4%Buyout10.9%Secondaries9.7%Secondaries12.3%Oil&gas44.1%Privatecapital0.1%Growth/expansion1.3%Fundsoffunds9.5%Privatecapital10.8%Privatedebt8.1%Infrastructure8.2%Privatecapital38.2%Buyout-1.1%Fundsoffunds1.1%Infrastructure9.1%Realestate7.6%Realestate8.0%Realestate4.3%Realestate27.6%Fundsoffunds-5.6%Venturecapital1.0%Privatedebt8.1%Privatedebt5.7%Infrastructure6.4%Privatedebt3.2%Privatedebt16.7%Growth/expansion-7.1%Realestate0.5%Realestate6.9%Oil&gas4.3%Oil&gas-11.9%Oil&gas-20.6%Infrastructure15.8%Venturecapital-17.8%Oil&gas-2.8%Oil&gas5.6%ToplimitedpartnersbycommitmentstoUKVCfunds(2020-2023)*ToplimitedpartnersbycommitmentstoUKPEfunds(2020-2023)*Limited

partnerBritishPatientCapitalCommitment

countHQ

locationLimited

partnerCommitment

countHQ

locationUnitedKingdomUnitedStates17138UnitedKingdomLuxembourgNorwayBMOPrivateEquityTrust1212111111EuropeanInvestmentFundKommunalLandspensjonskasseBritishBusinessBankColumbiaThreadneedleInvestmentsabrdnPrivateEquityOpportunitiesTrustCaliforniaStateTeachers'RetirementClwydPensionFundUnitedKingdomUnitedStates7UnitedKingdomUnitedKingdomBigSocietyCapital5UnitedKingdomTopinvestorsbyVCinvestmentcountinUK(2020-2023)*TopinvestorsbyVCinvestmentcountinUK(2020-2023)*InvestorInvestment

countHQ

locationUnitedKingdomUnitedStatesInvestorInvestment

countHQ

locationSFCCapital330193182181BGF22514510989UnitedKingdomUnitedKingdomUnitedKingdomUnitedKingdomUnitedKingdomPlugandPlayTechCenterScottishEnterpriseMerciaAssetManagementOctopusVenturesLDCInflexionPrivateEquityPartnersAugustEquityUnitedKingdomUnitedKingdomUnitedKingdom172Hg8510

UK

MARKETSNAPSHOTVCdealactivityVCdealactivitybyquarter£14£121,4001,2001,00080060040020001,1461,0571,0201,0061,002955908£10£8£6£4£2£0863872842

829838847816

820794

781761731731713

704590Q3Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22020Dealvalue(£B)Q3Q4Q1Q22021DealcountQ3Q4Q1Q2Q3Q4Q1Q22018201920222023*QuarterlyshareofVCdealvaluebystageQuarterlyshareofVCdealvaluebysector100%90%80%70%60%50%40%30%20%10%0%100%90%80%70%60%50%40%30%20%10%0%Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3Q1

Q2Q3Q4

Q1

Q2Q3

Q4

Q1

Q2Q3Q4

Q1

Q2Q3

Q4

Q1

Q2Q3Q4

Q1

Q2Q3201820192020202120222023*2018B2C2019202020212022IT2023*MaterialsPre-seed/seedEarly-stageVCLate-stageVCVenturegrowthB2BEnergyFinanceHealthcareTopfive

VCdealsbydealvalueinQ32023*CompanyDateDeal

value

(£M)

Deal

typeStock

TypeIndustry

groupTransportationSoftwareIndustry

codeAutomotiveConigitalSeptember11July1£500.0£412.1£200.0£197.3£178.3Late-stageVCSeriesAN/AElectricSheepFieldEarly-stageVCEarly-stageVCLate-stageVCLate-stageVCMultimedia&designsoftwareEnergyinfrastructureJuly4N/AEnergyservicesSoftwareBuilder.aiJuly6SeriesD+SeriesCSoftwaredevelopmentapplicationsApolloTherapeuticsAugust30Pharmaceuticals&biotechnology

DrugdiscoveryTopfive

VC-backedcompanies

bypost-moneyvaluation*CompanyCRevolutLast

deal

dateDeal

value

(£M)

Valuation

(£M)Deal

typeIndustry

groupSoftwareIndustry

codeJanuary12,2022

£745.2£29,807.4£23,561.5£10,508.5£6,844.8£6,325.6Later-stageVCVenturegrowthLater-stageVCVenturegrowthVenturegrowthFinancialsoftwareFinancialsoftwareFinancialsoftwareOtherhardwareJuly1,2021£571.2£367.8£504.5£216.9SoftwareBSumUpMarch17,2022June23,2022August8,2021SoftwareComputerhardwareSoftwareRapydFinancialsoftware11

UK

MARKETSNAPSHOTVCdealactivityQuarterlymedianVCpre-moneyvaluation(£M)bystage£40£35£30£25£20£15£10£5£26.8£9.6£4.3£4.1£0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201820192020202120222023*Pre-seed/seedEarly-stageVCLate-stageVCVenturegrowthQuarterlynontraditionalinvestorVCdealactivitybytype422378£8£745040035030025020015010050378

373352346312£6291294287274231270262255£5£4£3£2£1234233228208

210206Q4214195Q1£00Q2Q3Q4Q1Q2Q3Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201820192020202120222023*CVCdealvalue(£B)Other

nontraditionalinvestordealvalue(£B)NontraditionalinvestordealcountAggregateunicornvalueandcountFirst-time

financingVCdealactivitybyquarter£160£140£120£100£803530252015105£1.0£0.9£0.8£0.7£0.6£0.5£0.4£0.3£0.2£0.1£0.03503002502001501005029£602782019£4041433210£20£0811565100*2015

2016

2017

2018

2019

2020

2021

2022

2023Aggregateunicornvalue(£B)

Activeunicorns

NewunicorncountQ1

Q2

Q3Q4

Q1

Q2

Q3Q4

Q1

Q2

Q3Q4

Q1

Q2

Q3Q4

Q1

Q2

Q3Q4

Q1

Q2

Q320182019202020212022Dealcount2023*Dealvalue(£B)12

UK

MARKETSNAPSHOTVCexitactivityVCexitactivitybyquarter£3081908070605040302010075707071£25676360£205144414140383938£15£10£535353131313124Q1£0Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201820192020Exitvalue

(£B)2021Exitcount20222023*QuarterlyshareofVCexitvaluebytypeQuarterlyshareofVCexitvaluebysector100%90%80%70%60%50%40%30%20%10%0%100%90%80%70%60%50%40%30%20%10%0%Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3Q1

Q2Q3Q4

Q1

Q2Q3

Q4

Q1

Q2Q3Q4

Q1

Q2Q3

Q4

Q1

Q2Q3Q4

Q1

Q2Q3201820192020Buyout202120222023*2018B2C2019202020212022IT2023*MaterialsAcquisitionPubliclistingB2BEnergyFinanceHealthcareTopfive

VC-backedexitsbyexitvaluein2023*CompanyInstaDeepYgEia3DateExitvalue

(£M)£640.4Deal

typeM&AIndustry

groupSoftwareIndustry

codeJuly31June9May31January6July13Business/productivitysoftwareLaboratoryservices(healthcare)Informationservices(B2C)Financialsoftware£631.4M&AHealthcareservicesMediaVelocityBlackSocialWaveKantox£343.9M&A£144.0M&ASoftware£120.0Buyout/LBOSoftwareFinancialsoftwareTopfive

VC-backedpubliclistingsbyexitvalue(2021-2023)*CompanyDateExitvalue

(£M)£10,193.9£7,100.9Exit

typeIPOIndustry

groupSoftwareIndustry

codeWiseJuly7,2021FinancialsoftwareRestaurants,hotels&leisureAutomotiveDeliverooMarch31,2021August27,2021March24,2021September30,2021IPORestaurants,hotels&leisureTransportationCazooGroup£4,638.1ReversemergerReversemergerIPOArrival£4,173.8CommercialtransportationComputerhardwareRoadOxfordNanoporeTechnologies£3,534.6Electronicequipment&instruments13

UK

MARKETSNAPSHOTVCfundraisingactivityVCfundraising

activityShareofVCcapitalraisedbysizebucket£12140120100806040200100%90%80%70%60%50%40%30%20%10%0%119£109691£87774£6£4£2£032£3.7£7.72019£5.72020£10.32021£6.92022£3.5201820192020202120222023*20182023*<£50M£50M-£100M£100M-£250M£1B+Capitalraised(£B)Fundcount£250M-£500M

£500M-£1BVCAUM(£B)VCdrypowder(£B)byvintage£100£90£80£70£60£50£40£30£20Total20232022202120202019201820172016£18£16£16.3£15.4£13.6£14.7£13.2£13.0£12.7£14£12£9.9£78£16£10£81

£77£6.9£8£6£4£2£0Overhang

byvintage£6.3£50£13£42£15£34£26£13£24£10£19£7£15£6£12£10£7£0£15£13£142013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023*2014

2015

2016

2017

2018

2019

2020

2021

2022

20*23DrypowderRemainingvalueTopfive

closedVCfundsin2023*FundClose

dateCapital

raised

(£M)

Fund

typeInvestorFund

cityLondonLondonLondonLondonLondonHighlandEuropeTechGrowthV

January23£882.8£498.0£294.3£257.5£217.7Venture-generalHighlandEuropeDawnCapitalDawnCapitalVSeptember25February27July6Early-stageVCHedosophiaPartnersVNotionCapitalVVenture-generalEarly-stageVCHedosophiaNotion(London)McWinCapitalPartnersMcWinFoodEcosystemFund

January1Venture-generalTopfive

openVCfunds*FundOpen

dateMarch28,2022

£830.7N/A

£348.8Capital

raised

(£M)

Fund

typeInvestorFund

cityLondonLondonLondonLondonLondonAtomicoVIEarly-stageVCLater-stageVCVenture-generalVenture-generalEarly-stageVCAtomicoGPBullhoundFundVIEightRoadsEuropeanTechMouroCapitalIGPBullhoundEightRoadsMouroCapitalOctopusEnergyOctober5,2021

£328.3January15,2019

£236.0OctopusEnergyDevelopment

A