Lazard T100 European Venture Growth Index
The Lazard T100 is a carefully curated list of 100 of the most interesting companies in Europe that we expect to undertake a venture growth style financing in the next 12-18 months. Within the T100, we aim to achieve breadth across sector and stage with businesses which have the potential to be truly disruptive, rapidly transform segments of the economy and to become market leaders in multi-billion industries. The T100 Indices are a series of vintages measuring the financial returns from investing in the financing rounds undertaken by those companies in any given year. We construct each vintage by simulating an equal weight investment into the investment rounds completed by constituents of the active T100 list in that year. We update the valuation of the individual companies at every new funding round or liquidity event in order to calculate the current value of the index.
Current active T100 list
The graphics below show the list of active companies in the T100 listed by sector and stage. Please click through to the sector pages to access further detail and full profiles of the companies by clicking on the logo
Key objectives of the T100 index
- Establish venture growth investments as an institutional asset class in Europe
- Provide exposure to some of Europe’s most interesting companies which are expected to use venture growth style financing
- Provide asset allocators with greater transparency and a measure of performance and quality
- Allow large European pension funds to consider allocating to the asset class
The idea behind the T100 is for it to be broadly representative of the institutionally investable venture & growth asset class, offering a breadth across sectors and stages. By institutionally investable, we mean that there is an identified opportunity to deploy meaningful amounts of capital in order to contribute to a diverse and successful asset allocation strategy for an institutional investor.
We segment the market into three stages and six sectors.
Segmentation by stage
Stage is segmented into Venture, Growth and Later Stage. The chart above provides an indication of how we define each stage. However, these definitions are not absolute and we retain flexibility to account for the following types of situation;
- Revenues are lower than those indicated but there is potential for growth in the future to significantly exceed that indicated
- Disruptive factors like Covid-19 have interrupted the normalised growth trajectory of the business
- The technology or market position being built could be highly strategic to a potential acquiror
Segmentation by sector
We segment the sectors into six; Consumer; DeepTech; FinTech; Healthcare; InfraTech and SaaS. While there are common attributes between companies in these sectors, the business models companies use can vary widely between sales to businesses (B2B), to consumers (B2C), sales of hardware and/or software, monetisation through advertising, or the marketplace model whereby the company provides a trusted platform to intermediate between buyers and sellers.
Entry & Exit criteria for the T100 active list
In order to qualify businesses into the T100, we rank them on four metrics:
- Market opportunity
- Leadership position
- Path to value creation
If companies meet the evaluation criteria for the T100, we request financial disclosures that relate to historic and expected headline financials. As noted earlier, while there is a typical growth profile for a potential T100 company at a certain stage,there are no steadfast rules and we retain the flexibility to include companies which may have a growth profile below ‘typical’ but where we see the potential prospect of exceeding typical growth rates in the future.
The active list of companies in T100 is under continuous review. When an active constituent completes a major funding round, it will form part of that year’s vintage of the index. New companies will join the active list as they emerge through earlier rounds of funding and companies will leave the list when they achieve exits, liquidity events or transition to a lower growth part of their life cycle.
All information has been received directly from the company or through publicly available sources
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