碰男华经海贸多大号 高级商务英语阅读 Some venture firms are successful by creating synergies between the various companies they have invested in;for example one company that has a great software product,but does not have adequate distribution technology may be paired with another company or its management in the venture portfolio that has better distribution technology. Length of Investment Venture capitalists will help companies grow,but they eventually seek to exit the investment in three to seven years.An early stage investment make take seven to ten years to mature,while a later stage investment many only take a few years,so the appetite for the investment life cycle must be congruent with the limited partnerships'appetite for liquidity.The venture investment is neither a short term nor a liquid investment,but an investment that must be made with careful diligence and expertise. Types of Firms There are several types of venture capital firms,but most mainstream firms invest their capital through funds organized as limited partnerships in which the venture capital firm serves as the general partner.The most common type of venture firm is an independent venture firm that has no affiliations with any other financial institution.These are called"private independent firms".Venture firms may also be affiliates or subsidiaries of a commercial bank,investment bank or insurance company and make investments on behalf of outside investors or the parent firm's clients.Still other firms may be subsidiaries of non-financial,industrial corporations making investments on behalf of the parent itself.These latter firms are typically called "direct investors"or "corporate venture investors." Other organizations may include government affiliated investment programs that help start up companies either through state,local or federal programs.One common vehicle is the Small Business Investment Company or SBIC program administered by the Small Business Administration,in which a venture capital firm may augment its own funds with federal funds and leverage its investment in qualified investee companies. While the predominant form of organization is the limited partnership,in recent years the tax code 第8页共14页高级商务英语阅读 Some venture firms are successful by creating synergies between the various companies they have invested in; for example one company that has a great software product, but does not have adequate distribution technology may be paired with another company or its management in the venture portfolio that has better distribution technology. Length of Investment Venture capitalists will help companies grow, but they eventually seek to exit the investment in three to seven years. An early stage investment make take seven to ten years to mature, while a later stage investment many only take a few years, so the appetite for the investment life cycle must be congruent with the limited partnerships’ appetite for liquidity. The venture investment is neither a short term nor a liquid investment, but an investment that must be made with careful diligence and expertise. Types of Firms There are several types of venture capital firms, but most mainstream firms invest their capital through funds organized as limited partnerships in which the venture capital firm serves as the general partner. The most common type of venture firm is an independent venture firm that has no affiliations with any other financial institution. These are called "private independent firms". Venture firms may also be affiliates or subsidiaries of a commercial bank, investment bank or insurance company and make investments on behalf of outside investors or the parent firm’s clients. Still other firms may be subsidiaries of non-financial, industrial corporations making investments on behalf of the parent itself. These latter firms are typically called "direct investors" or "corporate venture investors." Other organizations may include government affiliated investment programs that help start up companies either through state, local or federal programs. One common vehicle is the Small Business Investment Company or SBIC program administered by the Small Business Administration, in which a venture capital firm may augment its own funds with federal funds and leverage its investment in qualified investee companies. While the predominant form of organization is the limited partnership, in recent years the tax code 第 8 页 共 14 页