50% of respondents indicate they may slow down their pace, 35% thought it would be the same pace as 2015 and only 16% expect 2016 to be robust How would you generally describe your investment mindset heading into 2016? “I’d rather fund when the dust settles “Unless a deal is amazing I’m likely to slow my pace a bit” “Seeing tons of great deal flow and expect this to be 1% a solid year” 4% 16% “I don’t feel compelled to do deals” 43% 35% “2016 about the same pace as my last several years” 21 Source: Upfront Survey Jan 2016, 158 VCs.