LONDON : Sovereign wealth and public pension funds are piling into venture capital mega-deals beyond Silicon Valley even as frothy valuations raise fears of overheating among a surging number of unicorns.
While the U.S. represented almost half of all capital flows by sovereign investors into venture capital in 2020, it accounted for only a third of the deals seen in 2021, according to Global SWF, with China and India sucking in more flows to capture 40per cent of the 2021 total. In a deal typical of recent trends, Indian cloud kitchen company Rebel Foods this month raised US$175 million in a Series F funding round, led by Qatar Investment Authority .
Graphic: Sovereign wealth funds stampede into venture capital, https://graphics.reuters.com/SWF-VC/lgvdwlkzkpo/chart_eikon.jpgSovereign funds' interest, along with that of other, newer market entrants like private equity firms, hedge funds and mutual funds, has fuelled a venture capital boom, stoking worries about rich valuations.
State-owned investors see unicorns as a way to generate outsize returns in a low interest rate environment. U.S. venture capital consistently outperformed broader equity market indexes over the three, five, 10, 15 and 20 year periods, Cambridge Associates data shows.
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