风险投资需要缩小尺寸，或者它将继续停滞不前

The venture capital business model is broken, says the Kauffman Foundation. And the only fix may be to return to the past — to small, focused funds that are local in nature and creative in their strategy.

企业资本基金根本没有交付，专家现在争论。2012年6月30日的风险基金的十年退款平均为5.3％，而Dow Jones工业平均水平的6.0％，纳斯达克综合的7.2％报告，剑桥协会追踪替代资产绩效。对于管理人员获得2％的管理费和20％的利润，资本被锁定了多达十年的资产阶级，回报是不可接受的，Kauffman和其他人表示。与对冲基金和私募股权基金等其他替代资产相比，风险投资率往往是一个贫困的第三个。

在其报告中，“我们已经遇到了敌人......他是我们，”堪萨斯城的Kauffman基金会，拥有超过20年的投资经验，近100个风险资金资金投资，说风险投资者超越了他们的重要性和价值。在对自己的投资组合进行全面分析后，Kauffman发现了一种持续的膨胀早期回报模式，然后用于提高后续资金。分析还表明，在承诺资本超过5亿美元的资金历史绩效。

They point out that the risk has gone out of venture capital. The staple of legendary venture capitalists such as Arthur Rock, Georges Doriot and John Doerr was built on investing in companies such as Apple, Digital Equipment and Amazon — companies exploring the frontiers of change, companies too complex for spreadsheets to predict. Today, “we have discarded a century of can-do ambition built on rapid advances in technology and replaced it with a cautiousness far too satisfied with incremental improvements,” wrote Paypal founder Peter Thiel and former world chess champion Garry Kasparov in a recent editorial in the金融时报》。

另一个批评是风险投资资金太大。给风险​亚博赞助欧冠​投资者的机构投资者他们的钱过于自满，而且欠缺。和奖励完全与性能不同步。整个激励系统是刚才，纽约投资银行家Joe Cohen表示，作为Cowen＆Co.的管理合伙人在20世纪80年代和1990年代的营业伙伴，帮助采取了许多冒险的公司。考虑，基金的大型资金常常持续2％的费用来汇价2％的费用 - 基金的费用越大，实际上表现很少。

Kauffman Foundation说，对于生产竞争力的竞争回报，资产类必须收缩。科恩和其他人认为，投资风险投资的机构投资者需要符合其实际表现的风险基亚博赞助欧冠金和风险资本家的赔偿。减少池的大小可能会减少将获得融资的公司数量，但它将提高资本回报，该机构投资者本人和纽约的资产经理纽约的融合伙伴的管理合作伙伴表示亚博赞助欧冠。

Raucci believes that the basic tenets of venture capital are intact and that the asset class still is one of the few ways to finance a culture of risk and innovation. But the concentration of capital — geographically and thematically — has inflated prices to the point that it is difficult to deliver profit consistently to investors. The opportunities are lie aboard, or looking at areas within the U.S. that haven’t been plowed over, says Raucci.

The Kauffman Foundation’s biggest criticism is leveled at institutional investors themselves. Institutional investors such as endowments and pension funds have distanced themselves from the task of selecting venture capital by relying on data crunchers such as Cambridge Associates and fund-of-funds to make the selections. The process has become bureaucratic and has been taken over by quants, with the emphasis on investing in big funds and neglecting outliers, especially innovative and creative small funds.

“我们认为LPS有责任在Kauffman Foundation的首席投资官员Harold Bradley说，”LPS有责任来解决投资模式中的破损。“有些内部人士哭泣，没有足够的风险资金被转向早期公司，“他补充道。但直到有限的合作伙伴对小型资金变得更加敏感，了解如何准确评价其潜力，误放大将继续。

Many small funds, in spite of their track record, say they simply can’t get through. New York’s Milestone Venture Partners’ Fund II (MVP II) has been among the best in the industry, big or small. MVP II’s internal rate of return was 16.9 percent, compared to the -0.33 percent median return for 2001 funds as reported by Cambridge Associates. More important, MVP II’s performance against a public market equivalent (PME) as proposed by Kaufman has been extraordinary. Against the Russell 2000, an index of small cap companies, which showed a gain of about 4 percent, MVP II’s returns, net of all fees, were in excess of 17 percent.

Still, Milestone has had a difficult time reaching the pension funds and endowments. “For many institutional investors we are too small a fund,” explains Goodman. Others continue to insist that Milestone hasn’t got a succession plan in place and hasn’t a reliable deal flow. Many others simply fail to understand the value of the Milestone portfolio and its potential. Adds Goodman, “We believe that the opportunities for venture investors to finance young information technology companies with great growth potential have never been better.”

Milestone is experimenting with new models of developing and financing digital health companies. It recently joined the New York Digital Health Accelerator (NYDHA), a collaboration of New York area healthcare companies, providers and service organizations to fund early stage digital health ideas. The accelerator selects and finances projects for nine months, during which time the projects receive direct access to customers and feedback from the nearly two dozen healthcare provider organizations that are in New York. At the end of nine months the projects will be considered for additional venture financing by funds such as Milestone.