在十多年来的第一次，风险投资正在经历重新养活。
During the second quarter of 2014, venture funds invested nearly $13 billion in more than 1,100 deals, according to PricewaterhouseCoopers — the highest level since the fourth quarter of 2000. But there has been a noticeable change in the industry’s investment behavior, notes Mark McCaffrey, a partner at PwC’s technology practice in San Jose, California. There are signs that the venture capital world is consolidating into a handful of very large funds focused mostly on late-stage investments, with an assortment of smaller funds that invest across the spectrum. The bigger funds are shifting their attention away from as yet unproven technologies and betting increasingly larger sums on more mature companies that are seeking to gain greater brand recognition and market share.
Yet despite venture capital’s increased momentum in recent months, the asset class is losing ground among a key group: large institutional investors such as养老基金andendowments。
As the venture industry consolidates and changes its investment behavior, it is looking more and more like its alternative counterparts. The California Public Employees’ Retirement System (CalPERS), which as of April 30 manages $290.5 billion in assets, since 2009 has made almost no significant commitments to venture capital funds. Instead, in an unprecedented situation, it is attempting to recover its capital from a $700 million health care fund in which it has been the sole investor.
“机构投资者仍然亚博赞助欧冠支持在多十年中建立了特许经营的企业资金，并在几十年内举行了一贯的策略，”基于纽约的私募股权公司的基石股票投资者的创始人和高级董事总经理罗伯特·克诺克斯表示。“因此，在数十亿美元中出现了一系列后期基金，”诺克斯说。
风险投资现在不到传统的15％替代资产如私募股权和房地产。当一个包括对冲基金在混合中，重新分类为绝对回报，风险投资的总蛋白馅饼的切片低于10％。风险投资资金，用于占多大于十年左右的主要投资者替代资产拨款的近50％，均处于进一步边缘化的危险。
Mark Suster, a partner at Los Angeles firm Upfront Ventures, estimates that nearly two thirds of limited partner capital is now concentrated in late-stage or full-cycle venture capital. Limited partners simply don’t want to invest in a portfolio of venture funds. They want to write a few large checks to a few funds. Just as important, they want a shorter time to return capital and the certainty of a win, even if it is at a lower multiple, Suster and others say.
它是风险投资的重要时间。据波士顿的机构和私人投资者的波士顿咨询公司委员会，截至2013年3月31日，截至3月31日的截至3月31日截至3月31日，截至2013年3月31日，截至2013年3月31日，截至3月31日。三年收益率为15.3％，与前一年的12.5％;五年收益率为14.1％，高于4.8％。十年指数在3月份的年度返回率为10％，自2009年自2009年以来首次在两位数的正面领土中，从2010年第三季度从-4.6％的低点恢复得很好。
Venture capital raised $16.4 billion this year through June, slightly less than the $17.1 billion raised in all of 2013. The largest of the funds during this period was Tiger Global Private Investment Partners, part of Chase Coleman’s New York hedge fund firm Tiger Global Management, which raised $1.5 billion. Palo Alto, California–based Norwest Venture Partners raised $1.2 billion for its NVP XII fund; Boston’s Bain Capital Ventures raised $650 million for its sixth fund; and Lightstone Ventures of Palo Alto raised $172 million for its first fund. The money raised by the five largest funds during the second quarter of 2014 accounted for 43 percent of new commitments. In the first quarter the top five venture capital funds accounted for 60 percent of the total raised.
诺维斯特伙伴的管理合作伙伴杰夫克勒表示，大型资金享有的成功是表现的职能。他说，他公司的最新基金有利于有一个主要投资者：韦尔斯法戈。1998年，旧金山的银行接管了明尼阿波利斯 - 总部Norwest Bank，该公司在20世纪60年代初期向中西部计算公司提供了种子资金时，该公司追溯其根源。
But large institutional investors also say they are more comfortable going with older funds with a proven team and strategy — no more than one or two large commitments — however unlike venture capital that might seem. Ironically, the traditional attributes of venture capital funds — to provide superior returns and transform the economy through innovation and problem solving — have gotten lost in the debate. Institutional investors seem unwilling to look closely and manage the risk of truly innovative venture funds. And venture capital funds have done a poor job of explaining risk and their role in an imaginative institutional asset portfolio.
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