M&A and IPO activity
74
39
107
230
2005
118
93
83
339
2004
70
29
63
292
2003
103
24
52
316
2002
85
41
102
353
2001
96
264
338
36
2000
Size $m
Number
Size $m
Deals
IPOs
M&A
Source Venture Economics
Too many venture firms, and too much money to invest % asset allocation to a class. They can’t get into the tier 1s.