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首页> 外文期刊>Business week >THE VCS DON'T WANT YOUR MONEY ANYMORE
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THE VCS DON'T WANT YOUR MONEY ANYMORE

机译：VCS不再需要您的钱

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Venture capitalists have a problem that most anyone would envy: too much money. During the boom times, vc funds, which finance startup companies, reaped staggering profits, and an embarrassment of riches from grateful investors. What a difference a bear market makes. Now, most vc funds are underwater and quality investment pickings are slim. Foundations, pension funds, and endowments―the limited partners, or clients, of vc funds―are getting really edgy. What's more, nobody is in the mood to tie up money for the five years or more it takes typically for a high-risk venture to bear fruit. That has set in motion an unprecedented retreat by the VCs. They are shrinking their billion-dollar funds, giving back money and forfeiting management fees. It's not that they're cutting refund checks, but rather releasing investors from their contractual commitments to fork over more money for future investments. "It's the moral equivalent of a refund check," says Kirk Walden, national director of venture-capital research at Pricewaterhouse-Coopers.
机译：风险资本家有一个让大多数人羡慕的问题：太多的钱。在繁荣时期，为初创公司提供资金的风险投资基金获得了惊人的利润，而感激的投资者却使自己的财富陷入尴尬境地。熊市有何不同？现在，大多数风险投资基金都在水下，优质的投资选择也很少。基金会，养老基金和捐赠基金（风险投资基金的有限合伙人或客户）正变得前卫。更重要的是，没有人愿意花钱在高风险企业取得成果所需的五年或以上的时间里。这推动了风投们前所未有的撤退。他们正在缩减其数十亿美元的资金，退还资金并没收管理费。这并不是说他们削减了退款支票，而是让投资者从合同承诺中释放了更多的资金用于未来投资。普华永道（Pricewaterhouse-Coopers）风险投资研究国家主管柯克·沃尔登（Kirk Walden）说：“这在道德上等同于退款支票。”

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