今年申请的反思－供大家商榷

sushi

“风险基金算投行的一部分”， 不会吧，版主您也不能这么误导人民群众啊，

如果说 投行、保险公司、大型企业都有自己的funds倒是还可以， 投行的funds一般会叫某某private equity, 如morgan stanly private equity, Goldman Saches Private Equity, CSFB private equity,大型企业的就叫某某direct investment或某某Capital , 如Intel Capital, AIG Direct Investment 等等但是VC/PE领域绝大多数是独立的专门进行各种类型PE投资的公司，自1946年前后美国首次出现VC以来，一路发展，它们本身已经构成了一个自成体系的industry,怎么能说“风险基金算投行的一部分”呢。

sushi

Goldman  Sachs

funnytiger

sushi，

我是把金融业的最高阶的职业归在一起， 不实说风险投资跟投资银行完全一样。

我在美国搞过startup, 其实风险基金在投资方面给投资银行的操作有很多的相似处， 只是投资对象不同， venture capital是种子， 第一期时的投资， 投行是第二期， 第三期/IPO的投资. 当然投行的领域要比风投广泛的多

[此贴子已经被作者于2003-5-15 1:39:33编辑过]

sushi

Dear 版主，

“只是投资对象不同， venture capital是种子， 第一期时的投资， 投行是第二期， 第三期/IPO的投资” ，您这里说的其实是'stage'， 而不是‘投资对象’， ‘投资对象’应该是‘preferred/focused industry',

而且，对'stage'的分类不是简单的’第一、二、三期‘这么分的， IB 多投'late stage' 是对的，但是如果您的’第一期‘ 指的是’first round'的的话， 那么一些公司直到'3rd round funding'的时候都不能说是到了'late stage'， 怎么能说’投行是第二期’呢

For your reference (注， 这里还没有包括Angel Investors 和serial investors):

How It Breaks Down

There are many kinds of players in the VC world, from traditional VC firms to funds operated by publicly owned corporations. Some are tightly focused—by stage of investment, region, or type of industry—but most have a much broader focus. Here's a rough breakdown of the industry:

Private VC Firms (Early- to Mid-Stage)
Firms in this segment follow the classic VC model: Find an entrepreneur with a great idea and business plan, sprinkle with cash, bake for several years, and sell for a hefty chunk of change. Early-stage (or seed) investments are the riskiest, since many start-ups tank. Still, they often provide the highest returns since investors coming in early can pay a lower price for a given share of equity. In the 1990s, as many traditional VC firms started to focus on middle- and late-stage investments, seed financing increasingly became the province of newer firms and angel investors—entrepreneurs or corporate executives who've made it big and have money to spend.

Private VC Firms (Mid- to Late Stage)
These firms, many of which also operate at the seed level, provide funds to companies that are already established—those that have a product, sufficient employees, and perhaps even revenues. At these stages, firms inject more capital into the company to help it become profitable so that it will attract enough interest to either be acquired by a larger company or go public.

Growth Buyout Funds
Some VCs have moved into growth buyouts of larger private companies or divisions of public companies. These funds invest larger amounts of capital—up to $100 million—in exchange for a significant minority or majority position in the company. By focusing on stable, growing (and often profitable) companies, buyout funds don't have to wait long before they can cash in on the company's IPO or sale. There's less risk—unless market factors cause the delay of an IPO, for example. The funded company and its earlier investors benefit from having a prestigious late-stage investor add credibility on Wall Street come IPO time.

Financial-Services Firms
Where there's money, of course you'll find I-bankers. Banks such as Morgan Stanley and Citicorp will invest in the later stages. The aim is pretty much the same as that of the VCs: to make a killing through either an IPO or an acquisition.

Corporate Funds
As opposed to private funds, whose primary goal is monetary gain, corporate funds have the added goal of strategically investing in companies whose business relates in some way to the corporation's own. For example, Microsoft invested in Qwest Communications, a telecom company that is building a fiber-optic network, to help it deliver NT-based software.

attic

sushi, what "angel investors" mean in your articles?

Thanks!

funnytiger

Let us don't lose the focus on helping baobaobear here. I will answer the questions and confusion here. but if you don't agree with me, please open a new thread. Thank you


angle fund is for pre-first round funding. we usally call it rich dad's fund, because most likely only your dad is willing to invest in your startup in that early stage.

depends on your startup, some startup may not even draw IB attention at third round. but as long as they can get fundings, who cares.

but for some hot startup, IB will even get into first round if they have to. but in most common senario, they will only consider startup after second round, which angle investor want to give up their shares or they believe with IB dedicated executive team, that startup will be more ready for IPO. It all depends, and trust me, in terms of making money, there is no book or guideline on it.

I work for IB industry, they don't have pure guideline on what they should invest, tax shelter, hedging, morgage, you name it, they have it.

sushi

FYI
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Angel Investors - just locating one is half the battle

It is estimated that one-seventh of the 300,000 + start/early growth firms in the US receive funding from angel investors. This translates into over $20 billion of investment over approximately 50,000 deals each year.

This private investment group exceeds venture capital sources which are estimated at $5 - $7 billion spread over 1,000 venture investments each year.

Profile of an Angel Investor

Prefers to invest within one day of travel
Typically well educated
Tends to invest in a group
Range of investment: $10,000 - $1,000,000
Average investment - $10,000 - $250,000
Makes one investment every two years

sushi

Dear 版主，

You brought the 'VC &IB' up, remember? ;0)

Being a 版主 doesn't guarantee a YES to whatever you say.

FYI - I worked for IB and I work for VC - since you keep claiming that you have start-up + IB experiences, I see no reason for me not to return the favor ;0)

attic

Thank you sushi for your explanation.

I love to see your guys' discussion, which makes me, and I think many others, learn a lot.

南方都市报

You are all wrong:

All the participants in the securities markets can be divided into 2 groups--sell side and buy side.  Sell side is selling securities to the public or institutions while buy side is buying securities.  Therefore I-banker is on the sell side and funds, whatever funds, are on the buy side.  Funds and IB are 2 opposite sides of secuirities markets.  They are different!!!