投資回報(bào)率216倍：這是有史以來最賺錢的風(fēng)投基金嗎？
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????大家能說出歷史上表現(xiàn)最好的風(fēng)險(xiǎn)投資基金嗎？ ????以前我一直覺得這樣的基金應(yīng)該出現(xiàn)在互聯(lián)網(wǎng)泡沫時(shí)期，或是參與了谷歌或Facebook的早期投資。然而，種子基金Lowercase Ventures Fund I的一位有限合伙人昨天向我透露了一些機(jī)密文件。這只于2010年完成840萬美元融資的基金目前投資了租車服務(wù)公司Uber、分布式應(yīng)用開發(fā)平臺(tái)Docker、制作用戶體驗(yàn)優(yōu)化軟件的Optimizely以及美容美發(fā)預(yù)約網(wǎng)站StyleSeat；已經(jīng)退出的投資對(duì)象則有圖片共享服務(wù)供應(yīng)商Instagram（已被Facebook收購(gòu)）和社交網(wǎng)站Twitter。 ????就回報(bào)倍數(shù)而言，它可能是表現(xiàn)最好的風(fēng)投基金。 ????截至2014年第三季度末，該基金未付股款的回報(bào)率為3.47倍；同時(shí)，其“凈值增長(zhǎng)了76.19倍”。不過，第三季度這個(gè)時(shí)間節(jié)點(diǎn)很重要，因?yàn)榈谌径鹊臄?shù)據(jù)并未體現(xiàn)該基金在第四季度因Uber融資而帶來的大幅增值，Uber最近完成了新一輪融資，估值達(dá)到了約400億美元。 ????如果用Uber新的公平市價(jià)——每股133美元——代替上述文件中的每股62.05美元，該基金的承諾資本整體回報(bào)率就會(huì)達(dá)到令人驚嘆的216倍。按美元計(jì)算，它以區(qū)區(qū)不足600萬美元認(rèn)繳資金換來了近13億美元的收益（包括約2300萬美元現(xiàn)金以及退出公司的可售股份） ????最后，據(jù)我所知，這還沒有計(jì)算尚未入賬的管理費(fèi)。 ????我曾向另類資產(chǎn)信息供應(yīng)商Preqin索要?dú)v史上表現(xiàn)最好的風(fēng)投基金名單，但在他們提供的數(shù)據(jù)中，沒有哪只基金的總回報(bào)率（當(dāng)然，是未實(shí)現(xiàn)回報(bào)）接近Lowercase Ventures Fund I（包括那些互聯(lián)網(wǎng)泡沫時(shí)期的基金）。當(dāng)然，有些基金的現(xiàn)金回報(bào)更多，特別是在股權(quán)出資承諾的起步點(diǎn)更高的情況下。如果大家知道回報(bào)率更高的風(fēng)投基金，請(qǐng)務(wù)必通知我。 ????Lowercase Capital創(chuàng)始合伙人克里斯?薩卡拒絕就此發(fā)表評(píng)論，這很可能是因?yàn)檫@些文件里所提到的一則警告——“口風(fēng)不緊會(huì)導(dǎo)致回報(bào)率下降”。（財(cái)富中文網(wǎng)） ????譯者：Charlie ????審稿：李翔 |
????Can you name the best-performing venture capital fund in history? ????My guesses would have been something from the dotcom era or a fund that got in early with Google GOOG 0.32% or Facebook FB 2.66% . But yesterday I was leaked some confidential documents from a limited partner in Lowercase Ventures Fund I, an $8.4 million seed fund that closed back in 2010. Active portfolio companies include Uber, Docker, Optimizely and StyleSeat, while exited deals include Instagram (sold to Facebook) and Twitter TWTR 4.86% . ????This would appear to be the winner, at least from a return multiple perspective. ????Through Q3, the fund had returned 3.47x of called capital and was “sitting on an additional 76.19x net value.” But that Q3 timing is important, because it does not reflect the massive Q4 appreciation that would have occurred after Uber’s most recent financing at around a $40 billion valuation. ????If you update Uber’s fair market value from the $62.05 per share mark in the Lowercase doc to the new $133 per share figure, the fund’s overall return multiple on committed capital climbs to a whopping 216x. Or, in real dollars, nearly $1.3 billion on just under $6 million in call-downs (including approximately $23 million in cash and stock distributions for exited companies). ????Finally, from what I can tell, there are no management fees currently being paid. ????I asked the folks at data provider Preqin to send over their list of top-performing VC funds in history, and they don’t have anything that has (admittedly unrealized) gross multiples close to this (including from the dotcom era). There are certainly funds that have returned more hard cash — particularly given that equity commitments were much larger to begin with — but if you do know of something with better multiples, please be sure to let me know. ????Lowercase founder and partner Chris Sacca declined comment, likely because the docs include a warning about how “l(fā)oose lips sink returns.” |
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