風(fēng)險投資創(chuàng)新與金融的結(jié)合(2)-文庫吧資料
2024-10-22 06:04本頁面
【正文】 : background ? The existence of intermediaries b/w GP,LP ? Angels investing $230 billion ? Venture Capital Partnerships ? why families would like this idea: – tax benefits: 39% ine tax, but 28% capital gain tax, 14% if invested into small business and long term – federal inheritance taxes, 50% on individuals $18 million assets. Gifts to children $ 10,000/year, generationskipping tax to grandchildren $1 million ? 1992, 3% of the families with $1million assets control 44% of US household financial assets Fox venture Partners ? A $100 million fund: fund of fund concept ? sources of fund: wealthy families ? have to mit at least $2 million ? why vc like this idea: – 1. The LPs may be valuable information source – 2. Avoiding vc dependent too heavily on institutional investors – 3. Less restrictive terms from families – 4. Want to involve in subsequent round of investments Fox Venture Partners ? FVP intended to invest $5 MM each in 20 funds – 35% well known funds – 40% specified by region or industry – 20% new funds – 5% international funds ? this is different from buyout funds ($20 MM in minimum) ? 1994, billion in PE, $32 billion in VC, the rest: 5% mezzanine, 2% distressed debt purchase ? 362 fund in PE, among them, 194 VC FVP: history of fund of fund ? Gatekeepers managed $18 billion of PE funds, about 18% of the total ? they provide advisory services to some clients ? they serve as linkage between the VCs and the startups ? providing the first screening for the venture capital firms, charge a service fees Fox Venture Partners ? The resistance from the wealthy families: – 1. Information asymmetries, the one who need the service may not appreciate it. – 2. Agency problems, family financial managers… – 3. Lack of resources, not using a lead investor, limited resource to market the ide
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