First Annual Venture Capital Outlook: The Times Are A-Changing!? 2022 | CFA Society New York | 19 October 2022 |

Entrepreneurs are the foundation of capitalism. Venture capital is the largest financing source for these innovative builders and creators, helping turn their visions into reality and influencing the course of our future economy. Over the past decade, venture capital has expanded its influence and importance, matured its processes, and grown its market share and investor base. A once niche investment strategy, venture capital has become mainstream.

Given venture capital’s significant role in economic growth, what are the current macro headwinds’ potential disruptive consequences to the sector? What is the potential impact on the entrepreneur ecosystem? Is venture capital at an inflection point, and what does that mean for global macro stability and continued innovation? Or is it business as usual, cruise control is engaged? Big questions, with big repercussions.

Learning Outcomes:
- What are the key stages in the venture life cycle?
- From angel investing to IPO, today’s companies are spending more than twice as long as privately held vs. 90’s venture-backed firms; what are the reasons behind this, and what are the surrounding financial and legal issues.
- What is the likely impact on cooling IPOs and SPAC issuances?

• Where are the hubs of investor activity, and how is this evolving in a hybrid world?
- Where is all the money coming from and why?
- Why has there been a growth of non-traditional investors such as corporate venture teams, hedge funds, and private equity firms? FOMO? Need for higher returns to meet fiduciary obligations in a historically low-rate environment?
- Will economic headwinds impact AUM and fundraising in the future? How will dry powder already raised be affected? What is the likely impact on startups and innovation? And how will valuations be impacted?

• How is the universe of investments changed – such as significant growth in sectors such as crypto/web 3.0, healthcare tech, clean tech, electric vehicles, and artificial intelligence.
• What are the latest evolutions to venture capital?
- Discuss DEI, micro funds, debt financing, specialized vs. generalist firms, and capital consolidation in the largest and best-known funds given scale requirements from allocators.

2022 Speakers

Nisha Desai, CFA
Founding General Partner, Andav Capital

Nicolas Guillen
Co-founder, BaseCap

Shaun Johnson
Co-founder and General Partner, AIX Ventures

Steven D. Ryan, CFA
Co-lead, Emerging Companies & Venture Capital practice

Frank Tower
Director, Pacific Western Bank