Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (36/37)

73 LPs surveyed, part 1 Fund type Fund size 30 28 20 18 23 16 14 20 11 10 7 10 9 5 4 4 3 4 0 0 Foundation or Fund of Family Discretionary Insurance Other $0-250M $250-750M$750M-1.5B $1.5-5B $5-10B $10B+ Blank Endowment Funds Office Advisor Company Which of the following best describes your focus on VC? Survey respondent geography 50 30 28 42 22 25 19 15 11 10 6 4 2 2 0 0 Only VC Mostly VC Very diverse Not much VC NorCal SoCal NE US Other US ROW Blank 36 Source: Upfront Survey Jan 2016.

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Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't Page 35 Page 37