Morgan Stanley-Thematics Venture Vision Bargaining Power-106727679

MFebruary27,202402:00PMGMTGlobalFoundationThematicsMorganStanley&Co.Internationalplc++44207425-0840+44207425-9902VentureVision:BargainingEdwardStanleyPowerEquityStrategistForthefirsttimeinseveralyears,privatemarketsarebeginningEdward.Stanley@morganstanley.comtolookmoredisciplinedthanpublicones.Bargainingpowerhasshiftedfromfounderstoinvestors;fromprivatetopublicMatiasOvrumthemesandfromemployeestoemployers.EquityStrategistSIGNUPHERE-ExpertCallonAIinMaterialScience-3pmUK,29thFebruary-Matias.Ovrum@morganstanley.comCEOofOrbitalMaterials….HowcanAIacceleratebattery,renewablesandcomputingmaterialbreakthroughs?OurVentureVisionweeklieslookat(1)early-stagecross-themefundingpatterns;(2)(1)Bargainingpowershiftsfromfounderstoinvestorsrelativevaluationsbetweenthemes;(3)publicversusprivatevaluations;(4)theresultinganomalieswithincertainthemes.Pleaseletusknowifyouwouldlikeourexceldatabaseof>45,000VCdealscategorisedbytheme,country,valueanddate.Wealsosendthisfileasaweeklydistributionifyouwouldliketoreceiveitregularly.Seehereforourglobalmarketsynopsis.SeehereforourlongeranalysisonthestateoftheVCmarket,particularlyasitrelatestonon-USVentureandinnovationacceleration.Typically1in10capitalraisesbyprivatecompaniesoccursatadownround–i.ealowerequityvaluationthanitslastprimaryfundinground.In2021,thisdroppedto1in20companiesexperiencing...