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????對于“獨(dú)角獸”公司，其報(bào)告的核心觀點(diǎn)是晚期大額融資實(shí)際上代替了IPO。它同時(shí)承認(rèn)，這些公司需要外部“輸血”來維持。相比之下，金融危機(jī)以來早期融資的規(guī)模一直較為穩(wěn)定。

????該風(fēng)投公司認(rèn)為，這種情況意味著私募市場投資者正普遍意識到，2015年其投資組合實(shí)現(xiàn)的價(jià)值要遠(yuǎn)高于以往?？梢宰鳛樽糇C的是，共同基金和對沖基金等公開市場投資者也紛紛扎入一級市場以改善成本水平。

????As for the unicorns, Andreessen Horowitz essentially argues that all of these later-stage, high-dollar venture rounds are essentially substitutes for IPOs, which it acknowledges are on life support. The volume of early-stage funding, however, has remained somewhat stable since the financial crisis.

????What that means, according to the VC firm, is that private market investors are in line to recognize much more value from their 2015 portfolios than they were in past eras — as evidenced by public market investors like mutual funds and hedge funds dipping down to improve their cost bases.