PVCI, May 2004

The Thomson Venture Economics Post-Venture Capital Index (PVCI) is a market-valued index that measures the performance of public stocks of companies that have received venture capital or buyout financing. The index, which at present comprises 591 companies, seeks to track the universe of venture-backed stocks from the point of going public until publicly traded for 10 years, at which time they are removed from the index. The PVCI is calculated daily and does not take into account dividends. It began in January 1986 with an initialized index value of 100. As of May 31, its market capitalization was $485.6 billion, up 4.9% from $462.9 billion on April 30.

The PVCI defines “venture-backed” companies as public companies that have received financing from a U.S. venture capital firm or buyouts limited partnership prior to going public. Companies remain in the index for 10 years from their IPO date or until price data is no longer available. Companies are taken off the index if they are acquired, merged to form a new corporate entity or removed from a publicly traded exchange.