Global Fund Banking Outlook - Silicon Valley Bank

Global Fund Banking OutlookEmerging trends and insights for the private equity and venture capital ecosystemsQ1 2021

It’s difficult to fathom that we are roughly one year out from the declaration that COVID-19 was a global pandemic. Despite living through a year that started out with so much uncertainty, the investment community and our clients have persevered.

2020 was a year of adaptation and change, including fundamental shifts to virtual fundraising and investment due diligence. While some struggled with the inability to meet in person, the vast majority were able to pivot quickly, leading to another trillion-dollar year for private capital dry powder. Deal volumes remained consistent with 2019 levels.

As we head into spring, there is a growing sense of optimism that we will soon return to normal, with the majority of respondents to our Q1 client survey indicating that they plan to adopt a hybrid work model going forward. In addition, investors will undoubtedly build on the increased productivity and efficiencies they gained from the switch to virtual. Looking ahead, we see great opportunity for our clients to become even more agile operators.

Jesse HurleyHead of Global Fund BankingSilicon Valley Bank

Introduction

2GLOBAL FUND BANKING OUTLOOK: Q1 2021

GLOBAL FUND BANKING OUTLOOK: Q1 2021 3

About SVB’s Investor Survey

Respondents by Firm Type Respondents by Firm Primary Location1

0%

5%

10%

15%

20%

Pre-

200

020

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

1520

1620

1720

1820

1920

20Respondents by Firm Year Founded

0%

5%

10%

15%

20%

25%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Respondents by Current Fund Number

Buyout34%

Venture Capital34%

Real Estate3%

Growth13%

Fund of Funds7%

Other6%

Secondary2%

Credit1%

Firm AUM2

Total Firms:

222Total AUM:

$654B

Notes: 1) Survey also includes respondents from Asia and EMEA. 2) Not all firms disclosed AUM.Sources: SVB Analysis and SVB March 2021 Survey Data.

1%

19%

Macro Trends: Private Equity on a Tear and the Future of Work Emerges

Fundraising: Limited Partners Undeterred by the COVID-19 Pandemic8Investing & Exits: Strong Investment Activity, but Exits Slump11

5

Global Fund Banking OutlookQ1 2021


5

Macro Trends Private Equity on a Tear and the Future of Work Emerges

GLOBAL FUND BANKING OUTLOOK: Q1 2021

52%

17%

11%

20%

0

2

4

6

8

10

12

14

16

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Secondaries

$1.8T $2.0T $2.2T $2.6T $2.8T

7.5%

7.0%

8.4%

7.8%

8.8%

2016 2017 2018 2019 2020

$1.4T

$525B

$270B$151B

$419B

Buyout

Venture

Growth

Other

11%

15%

20%18%

7%

OECD Countries With Long-Term Interest Rates Below Zero by Year1

US PE Investment and Market Performance by Sector

6

CAGRPE AUMJune 30 2020

2020 Dry Powder

$1.0T

30%

32%

20%

9%3%6%

By Vintage Year2 By Type

2020

2019

2018

20172016

Pre-2016

Buyout

Venture

Growth

Other

Private Equity Grows as Interest Rates Fall

Assets Under Management for US PE3US PE Dry Powder by Vintage Year and Type

PE AUM PE AUM as a Percentage of the Total Mkt. Cap of US Stocks4

15%

30%

17%

16%

9%4%

10% Index YTD 5 Year 10 Year 2020

Materials 9% 93% 144% 22%

Energy 30% -20% -37% -37%

Healthcare 2% 70% 252% 11%

Fin. Svcs. 16% 87% 155% -5%

B2C 3% 113% 332% 27%

Tech 1% 197% 400% 39%

S&P 500 7% 95% 199% 14%

Market Performance2

2015 2020

Tech B2B B2C Materials Fin. Svcs. HealthcareEnergy

Since the Great Recession, private equity (PE) firms have benefited from the low cost of capital and the consistent rise in public and private valuations.

The 10-year Treasury rate has risen over 230% from the lows of August and equities have consequently paused. However, PE firms are continuing to accelerate their investments, as they have the dry powder to take advantage of distressed assets and return them to form. During the 2002 and 2009 economic downturns, PE firms averaged internal rates of return (IRR) between 17% and 21%, a healthy premium to the 16% long-term PE average, according to Bain & Company’s 2021 Global Private Equity Report.

Still, the COVID-19 pandemic and subsequent recovery has altered the investment model. Moving forward, we believe firms will be more focused on operational transformation than ever before.

Notes: 1) OECD (Organisation for Economic Co-operation and Development) defines long-term interest rates as government bonds maturing in 10 years. 2) Market performance is measured as of March 26, 2021. Returns for Materials, Energy, Healthcare, Financial Services, and Tech are calculated by using the most relevant SPX Spiders (SPDR). B2C is measured via the Consumer Discretionary (XLY) ETF and B2B is measured within the technology vertical. 3) Data as of June 30, 2020. 4) Estimated based on December 31, 2020, data. Sources: Preqin, OECD, Wilshire Associates and SVB Analysis. GLOBAL FUND BANKING OUTLOOK: Q1 2021

34%

23%

16%7%12%

2%6%

Num

ber o

f Cou

ntrie

s

US PE Investment

50%

90%

28%

7

The Future of Work for Private Equity

For the PE industry, the value of being office-based was clear: This model helped establish stronger relationships with clients and better trained the next generation.

The COVID-19 pandemic drove an immediate shift in the way we work. This forced experiment led management teams across the country to reconsider their operating models going forward.

We now observe four prominent work models. In remote-only, employees are remote full-time and likely geographically distributed. With remote-first, remote is the primary option and select employees are office-based. In a hybrid model, employees work remotely one to four days a week. Finally, some firms will return to the office as before.

Many respondents are still determining new office policies, including when they will return to travel. For some, it has been business as usual since the worst of the COVID-19 pandemic passed.

Future of Work Model Preference1 New Office Policies2

New Office Locations for Employee Relocation3 Return to Travel and Frequency4

1%

2%

9%

14%

15%

16%

18%

24%

Private plane travel

Temperature checks

Expense ride-share journeys

Proof of vaccination

Private offices only

To be decided

Expense COVID-19 tests

Other

0% 5% 10% 15% 20% 25% 30%

Hybrid model56%

Planning return to office

22%

Already in office14%

Remote-first4%

Remote-only4%

In 6 months47%

Already traveling again

38%

In 12 months14%

No more travel1%

In 24 months0%

No75%

Yes13%

Undecided9%

No, but planning to do so4%

75th Percentile

25th Percentile

Median

Travel Reduction Compared to 2019

Notes: 1) Q: What are your firm’s plans for employee work model? 2) Q: For employees returning to the office, which of the following are new policies for your firm? 3) Q: Has your firm opened new geographies or filed in new states to allow employees to relocate? 4) Q: When will teams start traveling (domestically and internationally) again and by what percentage will travel be reduced compared to 2019?Sources: SVB Analysis and SVB Survey Data. GLOBAL FUND BANKING OUTLOOK: Q1 2021

FundraisingLimited Partners Undeterred by the COVID-19 Pandemic


Fundraising Steady as Firms Adapt

Client responses to our survey indicate that while many experienced a slow start to fundraising in the COVID-19 era, their efforts are now going strong. Video conferencing has been the key enabler of this strength, though it does not fully replace in-person meetings. While there have been more conversions, they lack depth.

New limited partners (LPs) typically prefer to meet in person. With that option off the table, many preferred reupping with existing general partners (GPs) rather than engaging new ones. Many are contemplating increasing their commitment sizes relative to prior funds.

For their part, many GPs raised bigger fundsand found interest very strong. By contrast, newer funds and emerging managers found it more difficult to engage new LPs.

PE Fundraising by Global Region Raised Without Meeting LPs in Person1

US PE Fund Size by YearPercentage Increase in Size Between Current Fund Number and Prior Fund2

43%

30%25%

30%

13%

64%

43%49%

52% 52%

II III IV V VI

Current Fund Number

Notes: 1) Q: Have you been able to raise without meeting LPs in person? 2) Analysis from 2010 to 2020. 3) Comprises Buyout and Growth funds only. Sources: Preqin, SVB Analysis and SVB Survey Data.

US Europe Asia Other Yes No

Private Equity3 Venture Capital

9

Fund Count

0% 20% 40% 60% 80% 100%

Secondary

Credit

Real Estate

Fund of Funds

Other

Growth

Venture Capital

Buyout

$258B $312B $290B$439B

$366B

$110B$126B $219B

$104B$169B

$248B$236B

$203B $160B$92B

$22B$22B

$19B $30B$22B

2,7132,904

2,432

2,011 1,684

2016 2017 2018 2019 2020

$360M

$180M$285M

$133M

$500M

$98M

$420M

$100M

$750M

$553M

$940M

$387M

$2.1B

$465M

$1.3B

$370M

$111M $96M $62M $24M$200M

$22M $109M $10M

GrowthBuyout

2017 2018 2019 2020

75th Percentile

25th Percentile

Median


2.4 2.32.0

0.00.51.01.52.02.53.03.54.04.55.0

0.00.51.01.52.02.53.03.54.04.55.0

Buyout Growth VentureCapital

2016 2017 2018 2019 20200.00.51.01.52.02.53.03.54.04.55.0

99971017578

139155

130155145

Timing Is Key for PE

Time Between Funds Raised1 and Future Timing2

US PE Fund Average Time to Close by Year4 Fundraising Cycle Changed and Why5

2016 2017 2018 2019 2020

Yes43%

No42%

Unsure15%

Getting favorable terms

Other

Pressure to build dry powder

To complete on deal size

More opportunities available

Capital deployment is accelerating

Growth Funds Buyout Funds Percent of Target Size RaisedGrowth Fund Count Buyout Fund Count

103% 107%117% 112% 94% 114%

120% 117%103% 128%

10

Surprisingly, GPs took about the same time to raise a fund in 2020 as they did in 2019, despite lockdowns and travel restrictions. From Q3 onward, time to raise reduced rapidly. GPs expect this trend to continue, with the planned time between raises lower than it has been for the last five years. However, this shift may also be due to the overall increase in the time to close a fund.

In an uncertain macro backdrop, LPs committed far more cash to large funds than they did to their smaller counterparts, as measured by the average LP commitment to all new funds that raised in the second half of 2020 that SVB banks.

This dynamic created a challenging fundraising environment for emerging managers, and first-time managers had their lowest fundraising efforts since 2013. However, their percentage of funds raised was proportional to the previous five years.

In 2021, as vaccine allocations increase, travel restrictions ease and investors relocate back to their offices, we anticipate fundraising will return to pre-COVID-19 levels. GPs and LPs will have both the skill set and the Rolodex to raise virtually, as well as the benefit of traditional, face-to-face meetings.

Median75th Percentile

25th Percentile

1%

2%

5%

15%

35%

43%

202020182017 20192016

Year

s

$6.8M

$9.7M

$11.1M

$17.2M

$35.2M

$M $20M $40M

Average LP Commitment by Fund Size3

Notes: 1) Represents the amount of time spent raising capital for US firms. 2) Q: How many months is your firm planning between fundraises going forward? 3) Data includes new funds that raised in H2 2020 that SVB banks. 4) Average number of months between one fund closing and the subsequent fund closing. 5) Q: Has your firm’s anticipated fundraising cycle accelerated and/or capital needs increased and what is driving this increase?Sources: Preqin, SVB Analysis and SVB Survey Data.

Planned Time in the FutureBuyout Growth Venture


3.8 3.73.3 3.4

4.1

3.32.7 2.5

2.9 3.02.6 2.5

2.8 2.6 2.5

$500M-$1B

$1B-$5B

>$5B

$250M-$500M

$100M-$250M

24 (mos)16 (mos)14 (mos)14 (mos)

18 (mos)

13 (mos)10 (mos)9 (mos)9 (mos)

15 (mos)

11

Investing & ExitsStrong Investment Activity, but Exits Slump


PE Investment by Global Region

Notes: 1) Type of deal based on deal type, not investor strategy. Data is US PE deals from 2019 to 2020. 2) Trailing three months indexed to 100 as of January 1, 2020. Sources: PitchBook, SVB Analysis and SVB Survey Data.

Investment Recovers From COVID-19

During the pandemic, due diligence became much more thorough and formal. Many relied on consultants, industry experts and members of their network to kick the tires on targets. For sought-after companies, diligence happened much earlier in the process, even before exclusivity was in place. Firms also added a layer of due diligence to evaluate the impact of COVID-19 on revenue and operations. A few GPs added environmental, social and governance (ESG) criteria to the review process.

Of course, building rapport with management was more difficult without the ability to meet face to face. Investment teams had to get comfortable moving forward on opportunities without meeting the management team in person.

Still, the most common reason for not closing on a deal was high valuations/pricing (74% of respondents).

Verticals With the Highest Deal Growth1 US PE Deal Activity Index2

$253B$211B $241B $243B

$172B

$55B$58B

$90B $67B

$82B

$20B$31B

$24B$19B

$28B

$328B$300B

$354B$329B

$282B

4,866

5,195

5,936 5,865

5,535

2016 2017 2018 2019 2020

405060708090100110120130

FebJanDecNovOctSepAugJulJunMayAprMarFebJan

20212020

COVID-19 Declared Global Pandemic

US PE Investment by Investor Type

Agtech 150%Climate Tech 109%

Life Sciences 94%Cleantech 81%

Oncology 80%Cryptocurrency 56%

Insuretech 44%Digital Health 43%

Cybersecurity 39%Mobility Tech 12%

Buyout Deals Growth Deals

Buyout Other Growth

EdTech 200%Oncology 113%

Life Sciences 77%Foodtech 76%

Digital Health 74%Fintech 69%

Manufacturing 67%Supply Chain Tech 50%

Healthtech 48%Agtech 38%

12

Deal Count

$328B $300B$354B $329B $282B

$46B $92B

$129B$96B

$101B$26B

$45B

$80B

$30B$45B$19B

$34B

$31B

$40B$23B$418B

$472B

$593B$495B

$452B

6,1586,575

7,411 7,3466,916

2016 2017 2018 2019 2020

US Europe Asia Other Deal Count


24%68%

29%

31%

26%

$14B $20B $29B $38B $58B

2016 2017 2018 2019 2020

555

645 849

979

1,072

66% 63%

56%56% 55%

37% 41%49% 52% 52%

$24B

$13B

$10B

$5B$6B

PE Investment in US VC-Backed Companies1

Notes: 1) Number of deals including a growth/buyout fund divided by the number of PE deals in US VC-backed companies. 2) For PE deals in US VC-backed companies. 3) Q: Does your firm use any of the following strategies and what is the primary driver of the strategy?Sources: PitchBook, SVB Analysis and SVB Survey Data.

PE Investors Creep Into Venture Capital

The line between PE and venture capital (VC) continues to blur. While PE firms investing alongside VCs once represented a small portion of PE activity, it has now become more common (on an absolute deal basis). The buyout fund participation rate has gradually declined as VC-backed company valuations have risen, as buyout funds are more price sensitive. At the same time, PE growth funds have increased their level of participation.

The healthcare sector garnered a lot of PE attention, with both deals and dollars jumping significantly in 2020. Tech continued to attract PE, though investment growth outpaced growth in the number of deals due to the PE focus on late-stage deals. When indexed to 2016, PE investment in late-stage deals increased approximately 65%, while investment in early-stage deals fell after a 2018 spike.

Perhaps related, many in the industry used co-investing to capitalize on additional (larger) market opportunities. PE firms also used opportunity and continuation funds to hold on to strong performing investments.

US PE Investment in VC Deals(Indexed to 2016)

13

Capital Invested by Sector (2020)

Deal Count by Sector (2020)

2019-2020 Change

212%-23%

-12%

133%

59%

32%-6%

-16%

48%

9%

2019-2020 Change

Alternative Strategies Used and Reason3

PE Allocations by Sector2

3%

12%

27%

58%

0% 20% 40% 60% 80%

Capital Invested ($B) Number of DealsGrowth Fund Participation Rate1

Buyout Fund Participation Rate1

Using growth/opportunity funds to invest in later-stage rounds

None of the strategies stated

Co-investing

Using continuation funds to hold investments longer into the future

OtherBusiness Products and ServicesConsumer Products and Services

Healthcare

Information Technology

Investor interest

Size of investments

To capitalize on additional market opportunities

Hold on to strong performing investments

Other

426

260

192

12074

Co-investingGrowth/opportunity/continuation funds


Late-Stage VC Deals Early-Stage VC Deals

80

90

100

110

120

130

140

150

160

20202019201820172016

1.4x1.9x 1.8x

2.1x1.7x

0.6x 0.9x 0.8x 0.8x 0.8x

2.7x3.1x

3.5x

4.8x 4.8x

2016 2017 2018 2019 2020

EV/EBITDA Multiples for US LBOs

A Dip in Benchmarks Gives Investors Hope

Sources: PitchBook, Refinitiv and SVB Analysis.

EV/Revenue Multiples for US LBOs

14

For US leveraged buyouts (LBOs), the range of debt-to-equity ratios increased in 2020, suggesting firms were using more debt (leverage). This shift makes sense as interest rates were at historical lows, helping to offset the rising cost of equity. Debt-to-EBITDA ratios have declined over the past few years, signifying better target fundamentals, as the COVID-19 pandemic forced companies to shore up their balance sheets and extend their cash runways.

Simultaneously, the multiples that PE firms pay for private companies have risen consistently. The median revenue multiple grew 50% from 2016 to 2019, while the median EBITDA multiple grew 46% over the same period.

This past year provided the market an opportunity to invest at a slight discount to 2019. However, as recovery continues and the US fully reopens, the opportunity is likely to be short-lived.

9.2x10.9x 10.8x

13.4x

8.7x

2.3x

6.3x4.2x

6.8x

-0.2x

18.3x

14.8x16.8x

18.1x

14.3x

2016 2017 2018 2019 2020

0.6x0.6x0.8x

0.6x0.6x

2.0x

1.6x1.4x

1.7x

1.6x

0.3x0.2x0.4x

0.2x0.2x

20202019201820172016

4.1x

5.1x5.8x

5.0x4.3x

0.9x

3.7x 3.6x 3.6x2.8x

7.9x

6.8x

8.4x

6.8x 6.4x

2016 2017 2018 2019 2020

Debt-to-Equity Ratios for US LBOs Debt-to-EBITDA Ratios for US LBOs

Key:

Median Revenue $70M $100M $67M $100M $21M Median

EBITDA $18M $34M $25M $26M $20M

75th Percentile

25th Percentile

Median


1233

47 57

248

0

50

100

150

200

250

300

$0

$10

$20

$30

$40

$50

$60

$70

$80

2016 2017 2018 2019 2020*

US PE Exits by Type1

Notes: 1) “Other” represents secondary buyouts, management buyouts, merger of equals and reverse mergers. 2) 2021 data as of April 6, 2021. 3) Q: Have you experienced earlier-than-expected liquidity events and what are the reason(s) for earlier-than-expected liquidity events? 4) 2020 data through September.Sources: SPACInsider, PitchBook, Preqin, SVB Analysis and SVB Survey Data.

Total PE Exits Fall, but Signs of Improvement

2020 was a tale of two halves. The pandemic slowed exit velocity in the first half of the year. However, as the public markets rebounded, so did PE-backed exits. US PE exits accelerated by 30%, and exit value increased by 95% from H1 2020 to H2 2020.

IPOs surged as investor demand for growth combined with improved sector/company performance (especially in the technology sector).

Within the exit ecosystem, special purpose acquisition companies (SPACs) have become viable mechanisms for bringing private companies to market. The lower cost of execution vs. IPOs, the speed to market, the investor assurance and the higher sale prices have made them attractive options. Already, the number of SPAC transactions in 2021 has surpassed 2020, which had been a record year.

Currently, the investment flywheel is in full effect. As earlier-than-anticipated liquidity events occur for GPs and LPs, distributions will increase, giving LPs more capital to allocate to GPs for future investments.

US PE Capital Inflows and Outflows4

SPAC Transactions by Year2

Yes42%

No53%

Unsure5%

M&A IPO Buyout

Distribution Contribution Net Capital Distributed

1%

5%

13%

25%

25%

31%

Company performance

High-performing sector

Buyer demand

SPAC

Amount of dry powder in the market

Other

15

Other1 Capital Raised ($B) New SPACs Created

508630782

135106

132189

200

214 365491

547

2018 2019 2020

268240

9738

10683

227138

H1 2020

H2 2020

Earlier Than Anticipated Liquidity and Why3


2021

299

$97B

-$228B-$271B

-$320B -$359B

-$242B

$351B $328B $339B $320B

$209B

$123B$57B -$18B

-$39B -$33B

2016 2017 2018 2019 202020202016 2017 2018 2019

2020

Additional Comments From Your PeersSelected thoughts from survey respondents

Working Remotely• Back-to-office and travel strategies are still very much in

flux. We don’t yet have firm plans for either.

• Our general partnership feels strongly that physical proximity is important to the apprenticeship model of developing new investors. We are starting to build a track record that enables virtual LP relations and fundraising, but still hope to nurture in-person relationships in future fundraises.

• When it is safe to travel again, we will meet as a team in some frequency at various locations since we are now working remotely.

• Looking forward to seeing everyone in person again!

Investing• We didn’t know how the lockdown would impact the economy

and investing, just like we don’t know how the exit from lockdown will play out. Don’t panic, stay flexible and stick to the basics: Invest for the long run in good companies/founders at reasonable valuations.

• We have a greater focus on the cybersecurity space.

• The secondaries space is seeing a higher volume of GP-led restructurings compared to the traditional LP portfolios.

Additional Feedback

Reach out to your relationship manager if you have questions or feedback. Visit us online for more information.


https://www.svb.com/global-fund-banking/pe-fund-banking

1. This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable but which has not been independently verified by us, and, as such, we do not represent the information is accurate or complete. The information should not be viewed as tax, accounting, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment, or to engage in any other transaction.

2. All credit products and loans are subject to underwriting, credit, and collateral approval. All information contained herein is for informational and reference purposes only and no guarantee is expressed or implied. Rates, terms, programs and underwriting policies subject to change without notice. This is not a commitment to lend. Terms and conditions apply.

3. SVB Private Bank is a division of Silicon Valley Bank. Banking and loan products and services are offered by Silicon Valley Bank. Loans and credit cards are subject to credit and/or collateral approval. Financing is available and varies by state. Restrictions may apply.

4. SVB Leerink LLC is a member of SVB Financial Group. Products and/or services offered by SVB Leerink LLC are not insured by the FDIC or any other federal government agency and are not guaranteed by Silicon Valley Bank or its affiliates. SVB Leerink LLC is a member of FINRA and SIPC.

5. To execute your wealth plan we work with third party unaffiliated specialist in the areas of Tax, Insurance and Trust & Legal Services. Founders Circle Capital is a third party and not affiliated with SVB or SVB Wealth Advisory, Inc. Silicon Valley Bank does not have a direct relationship with Founders Circle Capital (FCC) and has no responsibility or affiliation. Silicon Valley Bank, as a member of SVB Financial Group, has an indirect financial interest in Founders Circle Capital (“FCC”) and, as a result, has an indirect interest in making client referrals to FCC. FCC is a registered investment adviser and is not a bank or member of the Federal Reserve System.

6. All companies listed throughout this document, outside of Silicon Valley Bank, and the related entities, non-bank affiliates and subsidiaries listed on this 'Disclaimer' page are an independent third parties and are not affiliated with SVB Financial Group.

7. Wealth planning and investment and stock option strategies are provided through SVB Wealth Advisory, Inc., a registered investment advisor, and non-bank affiliate of Silicon Valley Bank.

8. Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal and other advisors and only make investment decisions on the basis of your own objectives, experience and resources.

9. SVB Asset Management, a registered investment advisor, is a non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group. SVB Securities is a non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group. Member FINRA and SIPC. SVB Wealth Advisory is a registered investment advisor, non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group.

Investment Products:

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Disclaimers

Are not insured by the FDIC or anyother federal government agency

Are not deposits of orguaranteed by a bank May lose value

See complete disclaimers on previous page.

© 2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).

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Global Fund Banking Outlook - Silicon Valley Bank

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