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PitchBook Analyst Note: Do VC Industry Specialists Outperform?

Q1 2022

PitchBook Analyst Note: Do VC Industry Specialists Outperform?

March 17, 2022

PitchBook Analyst Note: Do VC Industry Specialists Outperform?
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Do industry specialists have an edge in US VC fund performance?

VCs frequently cite their industry expertise as a source of alpha, but does specialization really lead to outperformance? Our latest analyst note, part of a series on private manager style, explores whether such specialization provides an edge in VC fund performance.

Our analysts examined a sample of 451 US-based VC funds with vintage years between 1996 and 2015, including vehicles in the VC-heavy industries of tech and healthcare. The findings provide LPs with insights into how they can think about industry specialization when performing fund due diligence.


Table of contents
Key takeaways 1
Previous research 1
Introduction 2
Data 3
Findings: Part 1 3
Findings: Part 2 5
Conclusion 8
Appendix 8