Semaphore 2019 Confidence Survey

Semaphore Annual Confidence Survey

Semaphore is conducting its eleventh annual confidence survey of Private Equity and Venture Capital partners, principals and professionals supporting the industry. The purpose of this survey is to gather input from our industry friends and clients with the results to be published in the Semaphore Reporter, as well as to the subscribers of Fortune's Term Sheet. We look forward to the deal making that you expect in calendar year 2019, as well as your general confidence about the upcoming year across multiple subjects of interest.

The survey will take 2-3 minutes and respondent identity will not be reported to us.

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* 1. Choose one of the following descriptions that best represents you:

PE/buyout firm partner

VC firm partner

PE/buyout firm professional

VC firm professional

Limited Partner

Investment Banker

Operating Executive

Lawyer

Accountant

Third Party service provider

Other

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* 2. What is your gender identification?

Female

Male

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* 3. In 2018, what were the top three industries/sectors in which you made or
worked on deals?

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* 4. In 2019, what are the top three industries/sectors in which you expect to make or
work on deals?

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* 5. Please rate your confidence in the following for 2019:

	Not Confident	Not Very Confident	Neutral	Somewhat Confident	Confident
The national economy	The national economy Not Confident	The national economy Not Very Confident	The national economy Neutral	The national economy Somewhat Confident	The national economy Confident
The international economy	The international economy Not Confident	The international economy Not Very Confident	The international economy Neutral	The international economy Somewhat Confident	The international economy Confident
My own business	My own business Not Confident	My own business Not Very Confident	My own business Neutral	My own business Somewhat Confident	My own business Confident
My industry	My industry Not Confident	My industry Not Very Confident	My industry Neutral	My industry Somewhat Confident	My industry Confident
My principal competitor(s) business	My principal competitor(s) business Not Confident	My principal competitor(s) business Not Very Confident	My principal competitor(s) business Neutral	My principal competitor(s) business Somewhat Confident	My principal competitor(s) business Confident

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* 6. Please rate your confidence in the following:

	Not Confident	Not Very Confident	Neutral	Somewhat Confident	Confident	Not Applicable
Myself	Myself Not Confident	Myself Not Very Confident	Myself Neutral	Myself Somewhat Confident	Myself Confident	Myself Not Applicable
My immediate boss	My immediate boss Not Confident	My immediate boss Not Very Confident	My immediate boss Neutral	My immediate boss Somewhat Confident	My immediate boss Confident	My immediate boss Not Applicable
My CEO, Managing Partner, etc.	My CEO, Managing Partner, etc. Not Confident	My CEO, Managing Partner, etc. Not Very Confident	My CEO, Managing Partner, etc. Neutral	My CEO, Managing Partner, etc. Somewhat Confident	My CEO, Managing Partner, etc. Confident	My CEO, Managing Partner, etc. Not Applicable
My principal competitor(s) CEO, Managing Partner, etc.	My principal competitor(s) CEO, Managing Partner, etc. Not Confident	My principal competitor(s) CEO, Managing Partner, etc. Not Very Confident	My principal competitor(s) CEO, Managing Partner, etc. Neutral	My principal competitor(s) CEO, Managing Partner, etc. Somewhat Confident	My principal competitor(s) CEO, Managing Partner, etc. Confident	My principal competitor(s) CEO, Managing Partner, etc. Not Applicable
President Trump	President Trump Not Confident	President Trump Not Very Confident	President Trump Neutral	President Trump Somewhat Confident	President Trump Confident	President Trump Not Applicable
The Trump Economic Team	The Trump Economic Team Not Confident	The Trump Economic Team Not Very Confident	The Trump Economic Team Neutral	The Trump Economic Team Somewhat Confident	The Trump Economic Team Confident	The Trump Economic Team Not Applicable
Speaker of the House Pelosi	Speaker of the House Pelosi Not Confident	Speaker of the House Pelosi Not Very Confident	Speaker of the House Pelosi Neutral	Speaker of the House Pelosi Somewhat Confident	Speaker of the House Pelosi Confident	Speaker of the House Pelosi Not Applicable
Senate Majority Leader McConnell	Senate Majority Leader McConnell Not Confident	Senate Majority Leader McConnell Not Very Confident	Senate Majority Leader McConnell Neutral	Senate Majority Leader McConnell Somewhat Confident	Senate Majority Leader McConnell Confident	Senate Majority Leader McConnell Not Applicable
The US Congress	The US Congress Not Confident	The US Congress Not Very Confident	The US Congress Neutral	The US Congress Somewhat Confident	The US Congress Confident	The US Congress Not Applicable
US National Tax and Spending Policy	US National Tax and Spending Policy Not Confident	US National Tax and Spending Policy Not Very Confident	US National Tax and Spending Policy Neutral	US National Tax and Spending Policy Somewhat Confident	US National Tax and Spending Policy Confident	US National Tax and Spending Policy Not Applicable
My State's Governor/Legislature	My State's Governor/Legislature Not Confident	My State's Governor/Legislature Not Very Confident	My State's Governor/Legislature Neutral	My State's Governor/Legislature Somewhat Confident	My State's Governor/Legislature Confident	My State's Governor/Legislature Not Applicable
My National Government (if other than US)	My National Government (if other than US) Not Confident	My National Government (if other than US) Not Very Confident	My National Government (if other than US) Neutral	My National Government (if other than US) Somewhat Confident	My National Government (if other than US) Confident	My National Government (if other than US) Not Applicable

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* 7. In 2018 I earned:

Less personal income than 2017

More personal income than 2017

The same amount of personal income as in 2017

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* 8. In 2019 I expect to personally earn (in comparison to 2018):

More personal income

Less personal income

The same amount of personal income

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* 9. Did US personal income tax rate cuts advantage you in 2018?

Yes

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* 10. Did US corporate income tax rate cuts influence business and investment judgments you made in 2018?

Yes

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* 11. Should currently favorable tax treatment of Carried Interest income be eliminated in 2019?

Yes

Explain why or why not.

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* 12. Will currently favorable tax treatment of Carried Interest income be eliminated in 2019

Yes

Explain why or why not.

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* 13. Will President Trump remain in office at the end of this calendar year?

Yes

Explain why or why not.

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* 14. Does sexual misconduct, harassment and gender bias remain a problem in our industry?

Yes

Explain why or why not, and if so, how should it be addressed.

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* 15. Please tell us where you live.

State:

Country:

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* 1. Choose one of the following descriptions that best represents you:

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* 2. What is your gender identification?

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* 3. In 2018, what were the top three industries/sectors in which you made or worked on deals?

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* 4. In 2019, what are the top three industries/sectors in which you expect to make or work on deals?

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* 5. Please rate your confidence in the following for 2019:

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* 6. Please rate your confidence in the following:

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* 7. In 2018 I earned:

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* 8. In 2019 I expect to personally earn (in comparison to 2018):

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* 9. Did US personal income tax rate cuts advantage you in 2018?

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* 10. Did US corporate income tax rate cuts influence business and investment judgments you made in 2018?

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* 11. Should currently favorable tax treatment of Carried Interest income be eliminated in 2019?

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* 12. Will currently favorable tax treatment of Carried Interest income be eliminated in 2019

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* 13. Will President Trump remain in office at the end of this calendar year?

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* 14. Does sexual misconduct, harassment and gender bias remain a problem in our industry?

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* 15. Please tell us where you live.

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* 16. Please provide any commentary on our industry or interest you think appropriate.

* 3. In 2018, what were the top three industries/sectors in which you made or
worked on deals?

* 4. In 2019, what are the top three industries/sectors in which you expect to make or
work on deals?