Thinking ahead to the next 12 months, what do you consider to be the greatest potential challenges for your VC fund? Thinking ahead to the next 12 months, what do you consider to be the greatest potential challenges for VC GPs? Challenges perceived by VCs Challenges perceived by LPs Fundraising environ… Exits / liquidity / distr… Fund performance Portfolio management Quality of deal flow Follow-on capital ma… Valuations of new inv… Investment competiti… Public market volatility Talent retention Motivating team Managing culture Cutting expenses 0 20 40 60 80 % of respondents Notes: VC and LP respondents only. Respondents who selected “None of Sources: the above” and “Other”’ are excluded from the data. Numbers do not add to 100 as respondents could choose multiple options. | 194