n Vallev A Division of First Citizens Bank Trends Impacting Private Markets Global Fund Banking Outlook Report H2 2025 As we look ahead to the remainder of 2025, one thing is clear: The conversation in private markets has shifted. Not long ago, the focus was squarely on interest rates and inflation. While rates may be top of mind again as the Fed starts cutting, over the past few months, tariffs and trade policies have dominated discussions with fund managers. Tariffs have reached levels not seen in a centu ...

美国葡萄酒产业2026 年现状 由 Rob McMillan 执行副总裁兼创始 人 硅谷银行葡萄酒部门撰写 | 内容 | | --- | 1 引言 3 2 执行摘要 4 3 对去年的预测进行回顾 5 4 美国葡萄酒产业年度SVB调查 5 成功指南 22 6 美国葡萄酒需求、修正和长度31 7 财务表现趋势 & 基准 40 8 技术附录44 美国葡萄酒产业2026现状 2 9 引言 26年连续，硅谷银行发布国家状态 美国葡萄酒产业报告，为酒庄、种植者、分销商、贷款人、教育者提供 媒体，以及更广泛的供应链，清晰地了解葡萄酒产业目前所处的位置，我们是如何到达这里的， 以及未来将有何发展。 这份报告不仅仅是一项学术练习。它的目的是充分利用葡萄酒行业中一些最富有经验的内部人 士的见解，提供一种无与伦比、数据驱动的行业风险、机遇和现实的理解。但我们从未停止改 进的尝试，今年您将注意到一个反映行业需求的变化。 从2018年的报告开始，我们开始向行业发出即将到来的需求修正的预警，这将需要做出回应。 当时业务状况其他方面都很好，所以这类预测并没有受到欢迎。但是，作为思想领袖，我们应 该走在趋势的前面。现在我们已经到了这里，没有 ...

Investment Rating - The report highlights a resilient venture capital (VC) landscape, particularly in sectors like artificial intelligence (AI), cybersecurity, and fintech, despite global challenges [3][83]. Core Insights - AI has emerged as a transformative force in the innovation economy, capturing a significant share of investment and accounting for one-third of all VC funding globally [92][157]. - Cybersecurity has become increasingly critical due to the rise of AI and digital vulnerabilities, leading to heightened demand and investment in the sector, particularly in Israel [29][157]. - Fintech is reshaping financial inclusion in emerging markets by providing digital payment solutions that bypass traditional banking systems, with notable examples being Brazil's Pix and India's UPI [51][144]. Summary by Sections Introduction - The report captures the pulse of global VC, focusing on the resilience of founders and investors amid challenges [3]. Cybersecurity - The global cybersecurity VC deal count reached 1,600 with investments totaling $24 billion, indicating strong interest despite a general downturn in other sectors [21]. - Israel is highlighted as a key hub for cybersecurity innovation, benefiting from a sophisticated ecosystem and strong investor interest [50]. AI - AI's share of global VC investment has spiked, with the US dominating the market, holding half of all AI-related deals [47][109]. - The shift towards application-layer AI solutions is notable in emerging markets, where startups focus on integrating AI into industry-specific applications [92][136]. Fintech - Fintech is driving a regional transformation, particularly in Latin America, where companies like Nubank are reshaping the financial landscape [67][140]. - The report emphasizes the role of digital payment platforms in enhancing financial inclusion for underbanked populations, with significant growth in mobile money transactions [24][51].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Federal Open Market Committee (FOMC) has cut the federal funds rate by 50 basis points, indicating a more dovish outlook for future rate cuts [3][5] - The U.S. GDP growth for Q2 2024 was reported at 3.0%, significantly above the market consensus of 2.0%, reflecting a strong economy [7] - Inflation is on a downward trend, with the consumer price index (CPI) at 2.4% year-over-year as of September 2024, down from 3.0% in June 2024 [20] - Business sentiment has declined further below average, particularly in manufacturing, while services have shown signs of strengthening [29] Domestic Economy - Job growth averaged approximately 186,000 per month in Q3 2024, with the unemployment rate fluctuating between 4.1% and 4.3% [12] - Retail sales, excluding vehicles, remained flat from Q2 2024 to Q3 2024, indicating a slowdown in consumer spending [17] - The housing market is experiencing a slump in sales despite an increase in existing home supply, attributed to high median home prices [25] Foreign Exchange - The interest rate advantage of the USD compared to developed economy currencies is expected to narrow, putting downward pressure on the USD [8][39] Central Banks and Monetary Policy - The FOMC has revised its dot plot to reflect further rate cuts through 2025, indicating a shift towards a more aggressive easing policy [4][6] - The Fed's preferred inflation indicator, core personal consumption expenditures (PCE), rose to 2.7% year-over-year in August 2024, down from 3.8% in August 2023 [6][20] Corporate Bond Market - Gross issuance of investment-grade (IG) bonds reached a record $200 billion in September 2024, with year-to-date issuance already exceeding totals from 2023 and 2022 [57] - Credit performance has improved, with both investment-grade and high-yield credit spreads ending Q3 2024 marginally tighter [9] Economic Forecasts - The report projects U.S. real GDP growth of 2.6% in 2024, with core PCE expected to be 2.7% [49] - Unemployment rates are projected to rise slightly to 4.4% in 2025 before decreasing to 4.3% in 2026 [49]

A Division of First Citizens Bank on Vallev Trends Impacting Private Equity and Venture Capital Global Fund Banking Outlook Report H2 2024 Introduction Fund CFOs express optimism and embrace innovation As the year began, we asked fund Chief Financial Officers (CFOs) about their 2024 outlook. Somewhat surprisingly, we were met with optimism. Few projected further deterioration in fundraising conditions or continued markdowns in venture capital (VC) and growth funds that typified 2023. Looking back over the f ...

SVID n Valley A Division of First Citizens Bank State of the Markets SVB's Innovation Economy Outlook H2 2024 Contents 2 3 Letter From the Authors 4 Investor Perspectives 6 Macro 11 VC Fundraising 17 VC Investment 24 VC-Backed Tech Financial Trends 30 Exits STATE OF THE MARKETS H2 2024 The New R&R: Recalibration and Recovery | --- | |-------| | | | | | | The innovation economy is looking for some much-needed R&R — recovery and recalibration. There's been evidence of both in 2024. First, on the recovery fron ...

Quarterly Economic Report 3rd Quarter 2024 SVB Asset Management views on economic and market factors affecting global markets and business health Click to edit Master title style Quarterly Economic Report Published in Q3 2024 | Data for Q2 2024 3 Overview 4 Domestic Economy 10 Foreign Exchange 13 Central Banks and Monetary Policy 17 Corporate Bond Market 21 Markets and Performance Key Takeaways Overview • The Federal Open Market Committee (FOMC) continued to hold the fed funds rate steady at a range of 5.25 ...

| --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | allev | | | | A Division of First Citizens Bank | | | | Report Preview Healthcare | | | | Investments and Exits | | | | Mid-Year Report 2024 | | | | Biopharma \| Healthtech \| Dx/Tools \| Device Reach out to your SVB point of contact to gain access to the full version of the report. | | | | Published August 6, 2024 | ...

| --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | First Citizens Bank | | | | | | | | | | | | | | | | | | | | | 2024 Direct-to-Consumer Wine Survey: Report, Results and Benchmarks | | | | | | | Produced by: Rob McMillan Project Manager: Paul Dugoni | | | | | | The Evolution of DTC Over the past fifty years, each decade has brought with it at least one significant milestone in the wine business ...

Investment Rating - The report indicates a resilient outlook for climate tech despite near-term capital challenges, suggesting a favorable long-term investment environment [4][31]. Core Insights - Climate tech is positioned for long-term adoption as it becomes cheaper to develop renewable energy compared to maintaining fossil fuel generation, with 88% of global carbon emissions now covered by net zero goals [4][6]. - The Inflation Reduction Act (IRA) is significantly impacting climate tech unit economics, with a 156% year-over-year increase in clean manufacturing investment in 2023 [6][22]. - There is a growing focus on hard-to-abate emissions sources, with venture capital activity in industrial materials and recycling increasing by 3% since 2021 [7][99]. - The climate tech sector is experiencing a decline in overall venture capital investment, but it has outperformed the broader market, with only a 14% drop in deal activity compared to 27% in the overall market [4][42]. - The report highlights a backlog of climate tech companies approaching exit opportunities, with 97 unicorns globally, although exit windows remain largely closed due to market conditions [8][22]. Macro - The impacts of climate change are increasingly visible, and solutions are supported by advantageous policies [10]. - The report notes a significant increase in disaster events in the US, with a 6.7x rise since the 1980s, indicating the urgency for climate solutions [14]. Capital - Climate tech fundraising has remained robust, with 86% of limited partners expressing interest in the sector, mitigating the funding downturn [32][33]. - The report indicates that climate tech VC investment has settled at levels similar to 2020, outperforming overall US VC fundraising [32][33]. - The IRA has expanded the Department of Energy's loan capacity significantly, leading to a spike in loan applications for clean energy projects [23][26]. Financial Benchmarks - Climate tech companies are increasingly focusing on profitability, with 76% of software companies and 65% of hardware companies reporting improvements in EBITDA margins year-over-year [64][65]. - The report highlights that climate tech hardware companies face longer go-to-market cycles and higher costs compared to software companies, impacting their revenue growth [59][60]. Sector Deep Dives - The electrification of homes, cars, and factories is essential for achieving net zero goals, with electricity generation expected to increase by nearly 60% by 2050 [87][88]. - Heavy industries, which account for about 24% of global emissions, are beginning to adopt climate tech solutions, with significant VC investment directed towards green cement and steel [99][100][112].