Semaphore Annual Confidence Survey 2025

Semaphore is conducting its 17th annual confidence survey of Private Equity, Venture Capital and Hedge Fund 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 2025, as well as your general confidence about the upcoming year across multiple subjects of interest.

The survey will take 3 - 4 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:

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* 2. What is your gender identification?

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* 3. In 2024, what were the top three industries/sectors in which you made or
worked on deals?

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* 4. In 2025, 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 2025:

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

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* 6. Please rate your confidence in the following:

  Not Confident Neutral Confident
Myself
My CEO, Managing Partner, etc.
My principal competitor(s) CEO, Managing Partner, etc.
President Biden
President-elect Trump
The Biden Economic Team
The Trump Economic Team
The Republican US House
The Republican US Senate
The US Congress
The Supreme Court
US National Tax and Spending Policy
My State's Governor/Legislature
My National Government (if other than US)

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* 7. In 2024 I earned (in comparison to 2023):

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* 8. In 2025 I expect to earn (in comparison to 2024):

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* 9. Should favorable tax treatment of Carried Interest income be eliminated?

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* 10. Should "Big Tech" platforms such as Amazon, Meta, and Alphabet be broken-up?

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

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* 12. Is structural racism an inherent problem in our industry?

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* 13. Does Elon Musk have undue influence on American domestic and foreign policy?

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

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* 15. Please tell us where you live.

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