VCs spending more time seeking liquidity The impact of a slow exit landscape for investors is an elongation of the expected timeline of liquidity events, and therefore a delay in projected distributions. Meanwhile, the ongoing liquidity crunch for LPs creates heightened pressure on VC GPs to deliver distribution. This change in sentiment around the pressure to deliver distributions is re昀氀ected in VCs spending more time to proactively ‘engineer’ liquidity opportunities, through secondary sales, continuation funds, or other means. According to VC survey respondents, almost half have spent more time over the past 12 months proactively exploring these opportunities. Just 2% of VC respondents had deprioritised this compared to a year ago, with responses consistent across all stage focuses. Has your fund spent more or less time proactively exploring liquidity event opportunities (e.g. selling secondaries, setting up a continuation fund, etc) so far in 2023 compared to last year? Significantly more time 100 Some more time No change Some less time 80 Significantly less time 60 40 20 0 Early stage Growth stage Total Notes: VC respondents only. Numbers may not add up to 100 due to Sources: rounding. The acquisition of InstaDeep by BioNTech allows us to aim higher and build things in a more long term perspective. Karim Beguir Co-Founder & CEO, InstaDeep As a startup, you’re always focused on generating revenue and managing investors, but now, this has meant our sense of urgency is focused around Deep Tech innovation and addressing global challenges. When I co-found- ed the company, the goal was to build AI that bene昀椀ted everyone, and the backing and support of BioNTech allows us to take things to the next level. | 222