PitchBook Analyst Note: A Lack of Pathway From US CVC Investments to an Eventual M&A

The CVC paradox: High investment activity, low acquisition rates by corporate sponsors

Corporate venture capital has been an undisputed force in the US venture ecosystem. Since 2014 it has accounted for more than 46% of total VC deal value and 21% of deal count. Yet despite having deployed massive capital, CVCs haven’t converted many of their portfolio companies into acquisitions.

PitchBook’s latest analyst note examines 25 years of CVC activity, exploring the reasons why M&A may not be the end goal for many of these investors. Senior analyst Kaidi Gao lays out some of the strategic and financial considerations for these investors and how a changing M&A landscape may impact potential CVC-backed acquisitions in 2025 and beyond.

Table of contents

Key takeaways 1
Introduction and methodology 2
Why US CVC investments have not led to many M&As 4
Case studies 9
Outlook 12

Download Report



Are you an emerging Organisation?
We are Here To support You

Have additional questions?

Feel free to contact us under community@eban.org, and we will be more than happy to answer all of your questions.

Regular Price for Angel Networks
1.500€ per year
Price for Emerging Networks
1.000€ per year*
*Networks with less than 200 members or less than 10M invested per year
Regular Price for Angel Federations
2.500€ per year
Price for Emerging Federations
1.500€ per year*
*Federations with less than 200 affiliated angels or less than 3 BANs, VCs, or syndicates be part of their network
Regular Price for Early Stage Funds
2.500€ per year
Price for Emerging Early Stage Funds
1.500€ per year*
*Early Stage Funds with less than 20M AUM
Regular Price for Funding Platforms
2.500€ per year
Price for Emerging Funding Platforms
1.500€ per year*
*Platforms with less than 20M Euros of transactions made