ApeVue - 2023 Year in Review & 2024 Outlook

ApeVue50 Index & Sectors YTD Performance

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Returns for Private Markets (%YTD):

SaaS = +31.63%

Data = +21.72%

ApeVue50 = +19.81%

Payments = +67.7%

Security = -9.33%

2023 Private Secondary Market Year in Review

by Co-Founder & CPO at Apevue, Roman Kalyuzhny

2023 was a topsy-turvy year for private markets, with a turbulent start that culminated in the collapse of Silicon Valley Bank, further exacerbating the decline in valuations from their late 2021 / early 2022 peak.

However, as the year wore on the market appeared to turn a corner, ApeVue observed increased bid-side activity from our broker consortium, and a growing upward trend across a number of sectors. The ApeVue50 benchmark turned decisively positive by July and gained momentum in Q3 & Q4, ending the year strongly and indicating a resurgence of cautious optimism in VC-backed private market secondaries.

‍Private Market: Sector Level

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Quarterly Review

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‍Top 10 Companies with Largest Bid + Ask Volume

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Market Highlights

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ApeVue50 vs Public Companies

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Founder’s Note: What to Look for in 2024

by Founder & CEO at Apevue, Nick Fusco

Private markets are going to be more relevant than ever in 2024.

The ApeVue (aka “A Private Equity View”) mission has always been to add never-before-seen contextual data and analytics across the private markets, which started with private VC-backed companies in 2021.

In 2024, the landscape continues to evolve, thankfully with a rising tide lifting most ships from the choppy seas that are seemingly behind us. Nonetheless, we are left with a landscape that is significantly more interconnected as the IPO pipeline thaws.

Lessons learned, VC investors and founders understand cap table waterfalls implications better today than ever; pricing divides between common, preferred, and enterprise valuations became a reality for many last year. Moving forward, that clarity will be fleeting as the complexities of new pref stacks, structures, and alternate debt deals fuel the market.

Private credit markets are intensifying, but a shifting rate environment continues to upend the IPO potential for many. For some unviable IPOs, the trend of staying private longer can persist via strategic plays as well. Public companies yearning for growth and influence are competing for ownership across the private landscape, so I dually expect M&A desks to be hot this year.

The growing interconnections between private and public sectors, exemplified by partnerships like OpenAI and Microsoft or Figma with/without Adobe, are significantly influencing all major markets. Innovation is rapidly taking place in private startups, as seen with Crypto/DeFi in the 2010s and now AI in the 2020s. While the infrastructure largely remains with the “Magnificent 7”, this year's growth could be pivotal for the most promising private market players.

ApeVue will be here for independent data and services across all fronts. We remain resolute that to provide high-quality information to navigate growing market complexities, a vendor should be independent from trading, not abuse their status as a trusted information provider, and back up information with context.

Looking forward to bringing clearer vues on all fronts.