硅谷银行-2025企业风险投资现状（英）

September 2025ConfidentialCVC continues to evolve. CVCs strive for greater independence, fund early-stage investments and seek new sources of liquidity in secondary markets. The picture that emerges is that of an industry refining playbooks and building the capacity to execute across market cycles.”Corporate venture capital (CVC) is navigating changing fund strategies and corporate priorities as technologies like AI are reshaping investment theses. We explore these changes in the fifth edition of our State of CVC report by looking at the most active and engaged players in CVC. In 2025, investment activity reflects a more deliberate pace and approach to investing compared to the highs of previous years. Deal volume has rebounded from the lows of 2023 but remains below peak levels, signaling a move toward fewer, more targeted investments. CVCs are engaging companies sooner. Early-stage deals dominate, with two-thirds of CVC-backed deals occurring between seed and Series B. Liquidity and capital allocation strategies are also evolving. CVCs focused primarily on financial returns lead in reserving follow-on capital, while CVCs focused on strategic returns report greater difficulty supporting existing portfolio companies. On the liquidity front, secondaries are becoming a more common tool, with 57% of funds considering or already using them. Technology priorities are clear, with AI taking center stage. The share of CVCs investing in AI jumped from 55% last year to 69% in 2025. AI deals now represent an all-time high of 28% of all CVC-backed deals, cementing AI’s role as a core pillar of corporate innovation strategy.CVC dependence on the corporate parent remains a challenge, especially for newer funds. The most resilient CVCs are bridging this gap by spending more time educating their executive sponsors, half of whom lack familiarity with the investment process. This lack of understanding could be why CVCs are looking for more independence in their fund structure; one-quarter of CVCs are considering moving off balance sheets.CVC continues to evolve. CVCs strive for greater independence, fund early-stage investments and seek new sources of liquidity in secondary markets. The picture that emerges is that of an industry refining playbooks and building the capacity to execute across market cycles. Patrick EggenGeneral PartnerCounterpart VenturesMark GallagherHead of Investor CoverageSilicon Valley BankSTATE OF CVC 2025 |22025 CVC Survey Key FindingsMarket OverviewMandate and Managing DependencyInvestment ApproachTeam Dynamics AppendixSTATE OF CVC 2025 |3STATE OF CVC 2025 |3STATE OF CVC 2025 |4Bureaucratic drag is weighing CVCs down.Half of CVCs cite speed and efficiency as a challenge, followed closely by corporate prioritization and bureaucratic decision-making. These internal frictions slow execution and limit agility in competitive deal environments.STATE OF CVC 2025 |5Source: CVC survey, PitchBook Data, Inc. and SVB analysis.Jump