ApeVue 2024 Q1 in ReVue

ApeVue 2024 Q1 in ReVue

April 3, 2024

Hill Chart Shape

First, a note from our Founder & CEO

Hi Everyone,

We at ApeVue always like to put out objective content, and since there's been a substantial amount of anecdotal voices mulling between weakness and greatness for VC thus far in 2024, we hope our datasets continue to shed light on the institutional end of private company market activity.

Some of the most profound data points of interest for me personally were that institutional activity, measured by the sheer number of bids, offers, and trades, had doubled in terms of what ApeVue observed in Q1 2024 from Q4 2023.  On average, 1st Quarter activity is typically a seasonally strong few months, but the breadth of companies with activity also increased substantially. With increased activity, ApeVue data show that four of the last five months reflected a tightening of bid/offer spreads, now in the realm of levels not seen since 2021.

I am resolute that our data are making an impact in bringing new investors to market, and want to thank you as a reader and market participant for being a part of that broad and growing private market infrastructure.

Those are my vues,

Nick Fusco

ApeVue50 Index & Sectors 2024 Q1 Performance

Most Active Names Performance

ApeVue50 Privates versus Public Benchmarks/ETFs





Public v. Private (12mo)

The ApeVue50 tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.





Private Market: Sector Level

|| Sector-level analysis from December 31, 2023 to March 31, 2024

ApeVue50 index is up 5% and volatility of its ROI is 23%.

Financial sector has the highest volatility of ROI at 44%.

Payment sector has the highest ROI at 8%.

Entertainment sector has the lowest ROI at -2% and also has the lowest volatility of ROI at 9%.

Return on Investment (ROI)

The ROI is calculated as the change in the index from December 31, 2023, to March 31, 2024.

Volatility of Return on Investment (ROI)

The volatility of the ROI is calculated as the average movement of the ROI over the 90 days prior to March 31, 2024.

Quarterly Statistics

ApeVue highlights quarterly statistics from January 1, 2021, through March 31, 2024.

ApeVue50's Return on Investment (ROI)

Institutional Level Activity

ApeVue observed an almost 2-fold increase in institutional-level activity, defined as contributions at or above $1 million, in Q1 of 2024 compared to Q4 of 2023. This level of activity surpasses the depth seen in all quarters since 2021.

Bid and Ask Volume Ratio

Comparing Q1 of 2024 to Q4 of 2023, the total bid and ask volume decreased by $4 billion; however, the bid volume ratio increased by approximately 20%.

Bid and Ask Spread

The spread between bid and ask for Q1 of 2024 decreased slightly compared to Q4 of 2023, from 13.3% to 12.88%.

Selected Companies

ApeVue highlights companies based on their total volume and the change in ApeVue's composite price during Q1 of 2024.

Top and Bottom Five Companies in Total Bid and Ask Volume

The plot below displays the top five and bottom five companies based on the total bid and ask volume. Anthropic has the highest total volume at $1.7 billion, while Outreach has the lowest total volume at $8.2 million.

Bid and Ask Volume Ratio

The plot below illustrates the bid and ask volume ratio for the ten companies selected based on the highest and lowest total bid and ask volumes. While Anthropic's total bid and ask volume is the highest, 90% of the volume is attributed to ask orders. Among these ten companies, Stripe has the highest bid volume ratio at 55%. Conversely, FourKites has the highest ask volume ratio at 100%.

Change in ApeVue's Composite Price

The plot below shows the top five and bottom five companies in terms of the change in composite price between December 31, 2023, and March 31, 2024. The price for Rippling increased by 49%, whereas the price for Anthropic decreased by 40%.

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