Thomson Reuters Corporation : VENTURE CAPITAL FUNDS RAISED $20.6 BILLION DURING 2012

   Thomson Reuters Corporation : VENTURE CAPITAL FUNDS RAISED $20.6 BILLION
                                 DURING 2012

        VC Industry Continues to Bifurcate Into Large and Small Funds

New York, January 7,  2013 - U.S. venture  capital firms raised $20.6  billion 
from 182  funds  during  full year  2012,  a  10 percent  increase  by  dollar 
commitments compared to full year 2011, and a three percent decline by  number 
of funds,  according  to Thomson  Reuters  and the  National  Venture  Capital 
Association (NVCA).  During  the fourth  quarter  of 2012,  42  U.S.  venture 
capital funds raised $3.3 billion. This level marks a 35 percent decrease  by 
dollar commitments and a  25 percent decrease by  number of funds compared  to 
the third quarter of 2012,  which saw 56 funds  raise $5.1 billion during  the 
period. The top five venture capital funds accounted for 55 percent of  total 
fundraising this quarter, on par with the third quarter of 2012. 

Year/Quarter Number of Funds Venture Capital ($M)
2008                     215             25,577.2
2009                     162             16,187.9
2010                     176             13,669.8
2011                     187             18,745.7
2012                     182             20,569.9
4Q'10                     50              3,712.2
1Q'11                     49              7,699.5
2Q'11                     48              2,713.3
3Q'11                     66              2,116.0
4Q'11                     54              6,217.0
1Q'12                     54              5,987.4
2Q'12                     46              6,203.7
3Q'12                     56              5,088.0
4Q'12                     42              3,290.8

       Source: Thomson Reuters and National Venture Capital Association

"The venture capital fundraising environment has settled into a 'new normal'
which is characterized by a barbell structure of larger funds which are stage
and industry agnostic on one end, and smaller, early stage, industry or region
specific funds on the other," said Mark Heesen, president of NVCA. "It is on
these two ends of the spectrum where capital is concentrating and successful
firms are raising follow-on funds. Simultaneously, new funds continue to enter
the asset class, almost exclusively at the smaller end of the spectrum. This
structure, coupled with increasingly discerning limited partners, has kept the
overall size of the venture industry below $25 billion each year since 2009, a
size that many believe to be optimal for successful investing and maximizing

There were 127 follow-on funds  and 55 new funds  raised during the full  year 
2012, a ratio of 2.3-to-1 of follow-on to new funds. During the fourth quarter
of 2012,  25  follow-on funds  and  17 new  funds  were raised,  a  ration  of 
1.5-to-1. The  largest  new  fund reporting  commitments  during  the  fourth 
quarter of  2012  was  from Raleigh,  North  Carolina-based  Novaquest  Pharma 
Opportunities Fund  III,  L.P. which  raised  $244.1 million  for  the  firm's 
inaugural fund.  A  "new"  fund is  defined  as  the first  fund  at  a  newly 
established firm, although the general partners of that firm may have previous
experience investing in venture capital. 

      No. of New No. of Follow-on Total
2008          49              166   215
2009          42              120   162
2010          61              115   176
2011          59              128   187
2012          55              127   182
4Q'10         21               29    50
1Q'11         15               34    49
2Q'11         17               31    48
3Q'11         21               45    66
4Q'11         15               39    54
1Q'12         15               39    54
2Q'12         14               32    46
3Q'12         17               39    56
4Q'12         17               25    42

       Source: Thomson Reuters and National Venture Capital Association

Fourth quarter  2012  venture  capital  fundraising was  led  by  Menlo  Park, 
California-based Sequoia Capital Global Growth  Fund, L.P., which raised  $700 
million and Portola  Valley, California-based  Venture Lending  & Leasing  VII 
LLC, which raised $373.1 million.

The   Thomson    Reuters/National   Venture    Capital   Association    sample 
includesU.S.-based venture capitalfunds. Classifications  are based on  the 
headquarterlocation  of  the  fund,   not  thelocation  ofventure   capital 
firm.The sample excludes fund of funds.

Effective November 1, 2010, Thomson Reuters venture capital fund data has been
updated in  order  to provide  more  consistent and  relevant  categories  for 
searching and reporting. As a result of these changes, there may be shifts in
historical fundraising statistics as  a result of  movements of funds  between 
primary market & nation samples and/or between fund stage categories.

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About National Venture Capital Association
Venture capitalists are committed to funding America's most innovative
entrepreneurs, working closely with them to transform breakthrough ideas into
emerging growth companies that drive U.S. job creation and economic growth.
According to a 2011 Global Insight study, venture-backed companies accounted
for 12 million jobs and $3.1 trillion in revenue in the United States in 2010.
As the voice of the U.S. venture capital community, the National Venture
Capital Association (NVCA) empowers its members and the entrepreneurs they
fund by advocating for policies that encourage innovation and reward long-term
investment. As the venture community's preeminent trade association, NVCA
serves as the definitive resource for venture capital data and unites its
nearly 400 members through a full range of professional services. For more
information about the NVCA, please visit


Emily Mendell

Lauren Herman
Thomson Reuters


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