The word "tourist" is not a label one hears applied to Fidelity
] too often.
| Abigail Johnson|
President, Chief Executive Officer
A new report shows that Fidelity and several other giant mutual fund firms are playing a big role in a space traditionally dominated by Silicon Valley venture capitalists. That report, the 2016 VC Unicorn Report
, was just released
by Seattle-based Pitchbook
and picked up by Business Insider
and the Silicon Valley Business Journal
Per Pitchbook's report, the Boston Behemoth is invested in 24 so-called "unicorns" (late-stage, still-privately-held startups with valuations of at least $1 billion), more than any one else, be they mutual fund firm or venture capital firm. Other mutual fund players on the list include: T. Rowe Price
], 5th (invested in 17 unicorns); subadvisor Wellington Management
], tied for 7th (14 unicorns); Goldman Sachs
], 9th (13 unicorns); BlackRock
], tied for 29th (7 unicorns); and the Hartford
] and Morgan Stanley
], both ranked 41st (6 unicorns each).
, senior analyst at Pitchbook, calls mutual fund firms "tourist investors" in startup space. The Pitchbook folks describe a big increase in fundsters' interest in startups, noting that mutual funds worldwide invested a record-breaking $23.7 billion in venture capital deals in 2015, up 66 percent from 2014.
"VC-backed companies," Black states, are "more attractive than ever to tourist investors like mutual funds."
Neil Anderson, Managing Editor
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