好調な米国VC 投資

今米国は、サブプライム問題に端を発した混乱から、住宅価格・株価などが大幅に下落し,不況になる可能性が日に日に高まっています。　その中で健闘しているのがVC業界です。

1月19日（日）、今日のSF Chronicle紙によると、2007年のVC投資は＄２９．４Bで、ITバブルの頂点2001年の＄４０．６Bには及びませんが、過去6年で最高の値を示したそうです。2006年の投資額は＄２６．６Bで、１１％の増加です。

National Venture Capital Associationの年末のアンケート調査によると、経済が混乱している中でも、今年2008年の投資も増加するという見方が５５％を占めています。この強気の根拠として2007年の資金調達額が、去年の9％増、＄３４．７Bという数字と、現在ホットな投資対象分野が不況に強い（recession resistance）分野であることを挙げています。その分野とは、健康医療・バイオ関連、インターネット、クリーン・テクノロジーなどです。

（ただし、Business Week誌の記事の中で誰かが言っていましたが、金融・不動産・石油・コモディティー・中国などへの投資がピークアウトした今この分野しか選択肢がないのだという皮肉な見方もあります。）

詳しくは以下の英文記事をお読みください。

Venture capital hits 6-year high
Many investments aren't too vulnerable to recession
Michael Liedtke, Associated Press
Saturday, January 19, 2008

Venture capital investments in U.S. startups climbed to a six-year high of $29.4 billion in 2007, raising hope that ample money will still be available to back promising ideas even if the staggering economy falls into a recession.

The amount of venture capital spread across 3,813 deals represents the industry's busiest year since $40.6 billion went into nearly 4,500 U.S. startups in 2001, according to data scheduled for release today by Thomson Financial, PricewaterhouseCoopers and the National Venture Capital Association.
The $29.4 billion invested last year marked an 11 percent increase from $26.6 billion in 2006.

In 2001, venture capitalists were actually curtailing their investments after the dot-com economy pushed the U.S. economy into its last recession.
Although many experts believe another recession is imminent, venture capitalists say there is little reason to believe their investment pace will slacken this year.
In a show of confidence, venture capitalists raised $34.7 billion for future investments during 2007, a 9 percent increase from the previous year.
The industry's optimism stems from a belief that many of today's hottest concepts either are recession-resistant or are developing money-saving products that may have even more appeal during an economic downturn.

The investment areas spurring the optimistic outlook include: health care and biotech; the Internet; and technology aimed at developing alternative energy, reducing pollution and promoting conservation.
Combined, these sectors attracted nearly $16 billion in venture capital investments last year, accounting for more than half of the total activity.

While focusing on specialties less susceptible to economic downturns, venture capitalists have been increasing their investments more gradually in recent years. During the dot-com boom, high-tech financiers had routinely entrusted millions of dollars to young Internet entrepreneurs who had never run profitable businesses.
The newer, more disciplined approach makes it less likely there will be a dramatic about-face like the one that occurred after venture capitalists invested nearly $160 billion in 1999 and 2000. After that flurry, venture capital investments fell for the next three years before bottoming out at $19.7 billion in 2003.

Internet startups appear better positioned to weather any economic turbulence because the advertisers that generate most online profit appear likely to keep shifting their spending from television, print and radio to the Web even if there is a recession.
Venture capitalists invested $4.6 billion in Internet deals last year, a 12 percent increase from $4.1 billion in 2006.
Venture capital investments in clean technology that is focused on alternative energy and reducing pollution from fossil fuels totaled $2.2 billion, a 47 percent increase from $1.5 billion in 2006.

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/19/BUIRUHRT3.DTL
This article appeared on page C - 1 of the San Francisco Chronicle