{"id":2620,"date":"2019-09-19T15:56:00","date_gmt":"2019-09-19T07:56:00","guid":{"rendered":"https:\/\/addin.vc\/?p=2620"},"modified":"2022-12-28T11:35:19","modified_gmt":"2022-12-28T03:35:19","slug":"010-evaluation-of-vc-performance","status":"publish","type":"post","link":"https:\/\/addin.vc\/us\/brandon-view\/010-evaluation-of-vc-performance\/","title":{"rendered":"[\u5e03\u862d\u767b\u89c0\u9ede 010] \u5982\u4f55\u8861\u91cf VC \u7e3e\u6548"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>\u81ea\u5df1\u4e00\u4eba\u7368\u8655\u6642\uff0c\u8166\u4e2d\u5e38\u5e38\u6703\u6709\u8a31\u591a\u7684\u60f3\u6cd5\u8207\u5c0f\u5287\u5834\u767c\u751f\uff0c\u5927\u591a\u6642\u5019\u8a31\u591a\u60f3\u6cd5\u5c31\u9019\u6a23\u6d88\u901d\u800c\u53bb\uff0c\u6709\u4e9b\u5247\u662f\u8b8a\u6210\u5e03\u862d\u767b\u81ea\u5df1\u7684\u89c0\u9ede\u3002\u5f8c\u4f86\u89ba\u5f97\u9084\u662f\u8981\u628a\u9019\u4e9b\u5fae\u5c0f\u7684\u89c0\u5bdf\u8207\u60f3\u6cd5\u8a18\u9304\u4e0b\u4f86\uff0c\u624d\u80fd\u5920\u77e5\u9053\u81ea\u5df1\u9019\u4e9b\u5e74\u4f86\u601d\u60f3\u4e0a\u7684\u8f49\u8b8a\u3002<a href=\"https:\/\/addin.vc\/category\/founders-sharing\/\">\u00a0<\/a><a href=\"https:\/\/addin.vc\/category\/brandon-view\/\">[\u5e03\u862d\u767b\u89c0\u9ede]<\/a>\u00a0\u5c31\u662f\u56e0\u6b64\u800c\u751f\u7684\u5c08\u6b04\u3002\u9664\u4e86\u00a0<a href=\"https:\/\/addin.vc\/category\/founders-sharing\/\">\u00a0<\/a><a href=\"https:\/\/addin.vc\/category\/brandon-view\/\">[\u5e03\u862d\u767b\u89c0\u9ede]<\/a>\u00a0\u4ee5\u5916\uff0c\u9084\u6709\u00a0<a href=\"https:\/\/addin.vc\/category\/vc101\/\">[VC 101]<\/a>\u00a0\u8207\u00a0<a href=\"https:\/\/addin.vc\/category\/founders-sharing\/\">[\u5275\u696d\u8005\u9019\u6a23\u8aaa]<\/a>\u00a0\u4f86\u5206\u4eab\u4e0d\u540c\u985e\u5225\u7684\u770b\u6cd5\u3002<\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e4b\u524d\u8aaa\u4e86\u5f88\u591a\u95dc\u65bc VC \u600e\u9ebc\u770b\u5275\u696d\u5718\u968a\u7e3e\u6548\u7684\u6587\u7ae0\uff0c\u4eca\u5929\u6211\u5011\u53cd\u904e\u4f86\u770b\uff0c\u5176\u5be6 VC \u4e5f\u662f\u6709\u4ed6\u7684\u6295\u8cc7\u4eba (Limited Partner, LP)\uff0c\u4ed6\u7684\u6295\u8cc7\u4eba\u5927\u6982\u6703\u900f\u904e\u600e\u6a23\u7684\u6307\u6a19\u4f86\u770b VC \u7684\u6210\u7e3e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u7bc7\u6587\u7ae0\u7684\u8d77\u6e90\u662f\u56e0\u70ba\u524d\u5e7e\u5929\uff0c\u6211\u5728\u4e00\u500b\u6771\u5357\u4e9e VC \u7684\u7fa4\u7d44\u4e2d\uff0c\u770b\u5230\u6709\u4eba\u5206\u4eab\u4e86\u4e0b\u9762\u9019\u500b\u5716\uff0c\u88e1\u9762\u662f\u7f8e\u570b\u77e5\u540d\u5275\u6295 A16Z \u904e\u53bb\u5e7e\u500b Fund \u7684 Net IRR \u8207\u540c\u671f S&amp;P 500 Net IRR \u7684\u6bd4\u8f03\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec.jpeg\" alt=\"\" class=\"wp-image-2621 lazyload\"><noscript><img decoding=\"async\" width=\"650\" height=\"785\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec.jpeg\" alt=\"\" class=\"wp-image-2621\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec.jpeg 650w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec-248x300.jpeg 248w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec-10x12.jpeg 10w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/37d996cb-5791-4e8d-9971-e496529f05ec-273x330.jpeg 273w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u6709\u4e9b\u4eba\u53ef\u80fd\u4e0d\u4e86\u89e3\u9019\u4e9b\u6578\u5b57\u7684\u610f\u7fa9\uff0c\u770b\u5230\u8d8a\u65b0\u5e74\u4efd\u7684\u57fa\u91d1\uff0cNet IRR \u8d8a\u5dee\uff0c\u5c31\u6703\u89ba\u5f97 A16Z \u662f\u4e0d\u662f\u505a\u5f97\u4e0d\u597d\uff0c\u4f46\u5be6\u969b\u4e0a\u4e0d\u662f\u9019\u6a23\u7684\uff0c\u56e0\u70ba Net IRR \u6703\u96a8\u8457\u57fa\u91d1\u7684\u5e74\u9650\u8d8a\u5927\uff0c\u57fa\u91d1\u8d8a\u6709\u6a5f\u6703\u5c07\u5176\u6295\u8cc7\u7684 Startups \u7372\u5229\u51fa\u5834\uff0c\u5c07\u8cfa\u56de\u7684\u9322\u5206\u914d\u56de\u7d66 LP\uff0c\u5c0d LP \u4f86\u8aaa\u958b\u59cb\u6709\u73fe\u91d1\u6d41\u5165\u5f8c\uff0cNet IRR \u624d\u6709\u6a5f\u6703\u8f49\u6b63\u3002\u6240\u4ee5\u5728\u57fa\u91d1\u7684\u524d\u5e7e\u5e74\u770b Net IRR \u662f\u6bd4\u8f03\u6c92\u6709\u610f\u7fa9\u7684\uff0c\u800c\u4e14\u4e0d\u540c\u57fa\u91d1\u6709\u4e0d\u540c\u7684\u6536\u53d6\u8cc7\u91d1 (Calling) \u6216\u8005\u662f\u904b\u7528\u8cc7\u91d1 (Deploying) \u7684\u6642\u7a0b\uff0c\u6240\u4ee5\u5728\u57fa\u91d1\u65e9\u671f\u6642\uff0c\u5f88\u96e3\u7528\u9019\u500b\u6578\u5b57\u4f86\u8ddf\u5176\u4ed6\u57fa\u91d1 Apple to Apple \u6bd4\u8f03\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u904e\u4e0a\u5716\u6709\u53e6\u5916\u4e00\u500b\u554f\u984c\u6703\u662f\uff1a\u300c\u6703\u4e0d\u6703\u6295\u8cc7 S&amp;P 500 \u662f\u500b\u66f4\u597d\u7684\u9078\u64c7\u300d\uff1f\u770b\u8d77\u4f86 Net IRR \u90fd\u6709 15-18%\uff0c\u96d6\u7136\u904e\u53bb\u7684\u5341\u5e74\u7f8e\u570b\u80a1\u5e02\u4e00\u76f4\u90fd\u662f\u5f80\u4e0a\u7684\u8da8\u52e2\uff0c\u6240\u4ee5 S&amp;P 500 \u7684\u7e3e\u6548\u4e5f\u4e0d\u6703\u592a\u5dee\uff0c\u4f46\u6211\u4e0d\u662f\u9019\u500b\u9818\u57df\u7684\u5c08\u5bb6\uff0c\u6211\u4e5f\u4e0d\u65b9\u4fbf\u591a\u505a\u8a55\u8ad6\u3002\u4f46\u55ae\u5c31\u4e0a\u5716\u4f86\u770b\uff0c\u5176\u5be6\u4ee5 A16Z \u9019\u985e\u4e16\u754c\u4e00\u6d41\u7684 VC\uff0c\u57fa\u91d1\u671f\u9650\u5df2\u8d85\u904e\u4e94\u5e74\u4f86\u770b\uff0cNet IRR \u662f\u4e0d\u6703\u8f38 S&amp;P 500 \u7684\u3002\u800c\u4e14 VC \u662f\u500b\u5f88 Power Law \u7684\u7522\u696d\uff0c\u901a\u5e38\u524d 25% \u90fd\u7b97\u662f\u883b\u53b2\u5bb3\u7684 VC\uff0c\u4f60\u53ef\u4ee5\u770b\u5230 VC Quartile \u90a3\u4e00\u6b04\uff0c\u57fa\u672c\u4e0a\u53ea\u8981\u6709\u524d 50% \u7e3e\u6548\u5c31\u6703\u6bd4 S&amp;P 500 \u4f86\u5f97\u597d\uff0c\u524d 25% \u7684\u5927\u6982\u5c31\u6703\u6709\u975e\u5e38\u597d\u7684\u5831\u916c\uff0cThird Quartile \u5927\u6982\u5c31\u662f\u7565\u5dee\u65bc S&amp;P 500\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8861\u91cf VC \u7e3e\u6548\u5e38\u898b\u7684\u6307\u6a19\uff1aTVPI\u3001DPI\u3001RPI<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5176\u5be6\u5927\u591a\u7684 VC \u90fd\u6703\u5448\u73fe TVPI\u3001DPI \u8207 RPI \u4f86\u8b93 LP \u4e86\u89e3\u57fa\u91d1\u7684\u7e3e\u6548\u3002\u5728\u9019\u4e4b\u524d\u5148\u89e3\u91cb\u5e7e\u500b\u540d\u8a5e<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PIC\uff1aPaid-in Capital<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c31\u662f LP \u6295\u8cc7\u7d66\u57fa\u91d1\u7684\u9322\u3002\u5e38\u898b\u7684\u7528\u6cd5\u9084\u6709 Called Capital \u8207 Contributed Capital\u3002\u8209\u4f8b\u4f86\u8aaa\uff0c\u5982\u679c\u6709\u500b LP \u627f\u8afe\u8981\u6295\u8cc7 Addin Ventures USD 5M\uff0cAddin Ventures \u6703\u8ddf LP \u7d04\u5b9a\u597d\uff0c\u770b\u662f\u4e00\u6b21\u6027\u62ff\u9084\u662f\u5206\u5e7e\u6279\u53bb\u62ff\u9019\u500b\u9322\uff0c\u6240\u4ee5\u5c31\u6703\u6709 Capital Call \u7522\u751f (\u628a\u9322 Call \u9032\u4f86\u7684\u611f\u89ba)\u3002b\u5982\u679c\u662f\u5206\u5169\u6b21\uff0c\u90a3\u53ef\u80fd\u5c31\u662f\u6bcf\u6b21\u5404 Call \u500b USD 2.5M\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Distributions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u88e1\u6307\u7684\u662f\u4f60\u5c07\u6295\u8cc7\u5f8c\u7372\u5229\u7684\u9322\uff0c\u5206\u914d\u56de\u53bb\u7d66 LP \u7684\u91d1\u984d\uff0c\u9019\u5c31\u662f\u4e0a\u9762\u8aaa\u7684\uff0c\u96a8\u8457\u57fa\u91d1\u5e74\u9650\u8d8a\u4e45\uff0c\u4f60\u6295\u8cc7\u7684 Startups \u8d8a\u4f86\u8d8a\u6210\u719f\uff0c\u53ef\u80fd\u662f IPO\u3001\u88ab\u4f75\u8cfc\u6216\u8005\u662f VC \u9032\u884c\u8001\u80a1\u4ea4\u6613\u51fa\u5834\u5f8c\uff0cDistributions \u7684\u91d1\u984d\u624d\u6709\u6a5f\u6703\u8d8a\u4f86\u8d8a\u591a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Residual Value<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c31\u662f\u8a72\u57fa\u91d1\u7576\u4e0b\u9084\u5269\u9918\u7684\u50f9\u503c\uff0c\u50f9\u503c\u4f86\u81ea\u65bc\u624b\u4e0a\u7684\u73fe\u91d1\u52a0\u4e0a\u7576\u6642\u624b\u4e0a\u6301\u6709 Portfolios \u80a1\u7968\u7684\u63a8\u4f30\u50f9\u503c\u3002\u4f8b\u5982\uff1a\u4f60\u624b\u4e0a\u7684\u6295\u8cc7\u6848\u76ee\u524d\u52a0\u7e3d\u8d77\u4f86\u7684\u4f30\u503c\u70ba USD 10M\uff0c\u624b\u4e0a\u9084\u5269\u4e0b USD 3M \u7684\u73fe\u91d1\uff0c\u90a3\u5927\u81f4\u4e0a\u4f60\u6709\u7684 Residual Value \u5c31\u662f USD 13M\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Total Value<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u500b Fund \u6240\u5177\u6709\u7684\u7e3d\u50f9\u503c\uff0c\u4e3b\u8981\u5c31\u662f Distribution \u8207 Residual Value \u7684\u7e3d\u548c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u9762\u4e09\u8005\u7684\u95dc\u4fc2\uff0c\u516c\u5f0f\u5c31\u6703\u662f<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Total Value = Distributions + Residual Value<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u9762\u7684\u6578\u5b57\u6bd4\u8f03\u50cf\u662f\u7d55\u5c0d\u6578\u5b57\uff0c\u5982\u679c\u5927\u5bb6\u540c\u6642\u9664\u4ee5 Paid-in Capital\uff0c\u90a3\u516c\u5f0f\u5c31\u6703\u662f<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Total Value\/Paid-in Capital<br>= Distributions\/Paid-in Capital + Residual Value\/Paid-in Capital<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e5f\u5c31\u53ef\u4ee5\u5c0e\u51fa<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">TVPI = DPI + RVPI<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e09\u8005\u7684\u5b9a\u7fa9\u5982\u4e0b\uff1a<br>TVPI\uff1aTotal Value to Paid-in-Capital\uff0c\u57fa\u91d1\u7e3d\u50f9\u503c\u662f\u7576\u521d LP \u672c\u91d1\u7684\u5e7e\u500d\u3002<br>DPI\uff1aDistributions to Paid-in-Capital\uff0cLP \u62ff\u56de\u7684\u50f9\u503c\u662f\u7576\u521d LP \u672c\u91d1\u7684\u5e7e\u500d\u3002<br>RVPI\uff1aResidual Value to Paid-in-Capital\uff0c\u57fa\u91d1\u6709\u7684\u5269\u9918\u50f9\u503c\u662f\u7576\u521d LP \u672c\u91d1\u7684\u5e7e\u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f9e\u5b9a\u7fa9\u4e0a\u5f88\u597d\u53bb\u7406\u89e3\uff0c\u5047\u8a2d LP \u7d66\u4f60\u7684 PIC \u662f\u7576\u4f5c\u57fa\u6e96\uff0c\u90a3 DPI \u7684\u610f\u601d\u5c31\u662f\u4f60\u9084\u7d66\u4e86 LP \u5e7e\u500d (\u6216\u8005\u662f\u5e7e\u5206\u4e4b\u5e7e) \u7684\u9322\uff0cRVPI \u5c31\u662f\u57fa\u91d1\u5269\u9918\u7684\u50f9\u503c\u5927\u6982\u662f LP \u7576\u521d\u6295\u8cc7\u91d1\u984d\u7684\u5e7e\u500d (\u6216\u8005\u662f\u5e7e\u5206\u4e4b\u5e7e)\uff0cTVPI \u5247\u662f\u57fa\u91d1\u7e3d\u50f9\u503c\u662f LP \u7576\u521d\u6295\u8cc7\u91d1\u984d\u7684\u5e7e\u500d (\u6216\u8005\u662f\u5e7e\u5206\u4e4b\u5e7e)\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TVPI\u3001DPI \u8207 RVPI \u6307\u6a19\u7684\u597d\u8655<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u53ef\u4ee5\u6bd4\u8f03\u7c21\u55ae\u7406\u89e3\u8a72\u57fa\u91d1\u7684\u7e3e\u6548\uff0c\u5047\u8a2d DPI = 0.5X \u7684\u8a71\uff0c\u90a3\u5c31\u4ee3\u8868\u9019\u500b\u57fa\u91d1\u5df2\u7d93\u9000\u9084\u4e86\u4e00\u534a\u7684\u9322\uff0cDPI = 1X \u5c31\u4ee3\u8868 LP \u628a\u672c\u91d1\u62ff\u56de\u53bb\u4e86\u3002\u8209\u4f8b\u4f86\u8aaa\uff0c\u6709\u500b\u57fa\u91d1\u7684 DPI = 0.5X\uff0cRVPI = 2.5X\uff0c\u6240\u4ee5 TVPI = 3X\u3002\u767d\u8a71\u6587\u5c31\u662f\u8aaa\u9019\u500b\u57fa\u91d1\u5df2\u7d93\u9084\u4e86\u4e00\u534a\u7684\u672c\u91d1\u7d66 LP \u4e86\uff0c\u76ee\u524d\u624b\u4e0a\u6709\u7684\u73fe\u91d1\u8ddf\u80a1\u7968\u50f9\u503c\u63a8\u4f30\u662f\u7576\u521d\u672c\u91d1\u7684 2.5X\uff0c\u6240\u4ee5\u6574\u500b\u57fa\u91d1\u76ee\u524d\u5927\u6982\u662f\u6709 3X \u7684\u5831\u916c\u3002\u4f46\u9019\u4ef6\u4e8b\u60c5\u6bd4\u8f03\u865b\u7684\u5c31\u662f RVPI\uff0c\u56e0\u70ba\u4ed6\u662f\u500b\u63a8\u4f30\u503c\uff0c\u5c31\u7b97\u4f60\u7684\u5718\u968a\u6709\u6301\u7e8c\u52df\u8cc7\uff0c\u4f30\u503c\u5f80\u4e0a\u5347\uff0c\u4f46\u90a3\u4e5f\u4e0d\u4fdd\u8b49\u4f60\u6700\u5f8c\u53ef\u4ee5\u5728\u5e02\u5834\u4e0a\u4ee5\u90a3\u500b\u50f9\u683c\u8ce3\u6389\uff0c\u60f3\u60f3 Wework\uff0c\u4f60\u5c31\u77e5\u9053\u4ec0\u9ebc\u662f\u7d19\u4e0a\u5bcc\u8cb4\u4e86\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TVPI\u3001DPI \u8207 RVPI \u6307\u6a19\u7684\u7f3a\u9ede<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f60\u53ef\u80fd\u770b\u4e0d\u51fa\u57fa\u91d1\u7684\u6642\u9593\u50f9\u503c\uff0c\u56e0\u70ba\u4ed6\u662f\u4e09\u5e74 3X \u9084\u662f\u516b\u5e74 3X \u662f\u5f88\u4e0d\u4e00\u6a23\u7684\uff0c\u6240\u4ee5\u8a31\u591a\u4eba\u624d\u6703\u7528\u6700\u4e00\u958b\u59cb\u7684 IRR \u4f86\u5c07\u6642\u9593\u8003\u91cf\u9032\u53bb\u3002\u4e0d\u904e\u6211\u8a8d\u70ba\u5169\u8005\u500b\u95dc\u4fc2\u662f\u5f88\u50cf\u7684\u3002\u8d8a\u521d\u671f DPI \u4e00\u5b9a\u6c92\u6709\uff0c\u5e7e\u5e74\u5f8c\u624d\u6709\u6a5f\u6703\u6162\u6162\u51fa\u73fe\uff0c\u4f46\u81f3\u5c11\u4ed6\u662f\u5be6\u7684\u3002\u8d8a\u521d\u671f TVPI \u6703\u5148\u4e0b\u6ed1\uff0c\u9806\u5229\u7684\u8a71\u5f8c\u9762\u6703\u518d\u4e0a\u5347\uff0c\u56e0\u70ba\u524d\u5e7e\u5e74\u90fd\u5728\u6295\u8cc7\uff0c\u73fe\u91d1\u4e5f\u6703\u56e0\u70ba\u652f\u4ed8\u4e86\u7ba1\u7406\u8cbb\u800c\u8b93 RVPI \u5c0f\u65bc 1X\uff0c\u4e0d\u904e\u5982\u679c Portfolio \u516c\u53f8\u7684\u4f30\u503c\u6709\u6f32\u8d77\u4f86\uff0c\u90a3 RVPI \u5c31\u6703\u958b\u59cb\u56de\u5347\uff0c\u6240\u4ee5\u521d\u671f\u7684 TVPI \u6703\u51fa\u73fe\u4e00\u500b J-curve\uff0c\u8a73\u7d30\u7684\u72c0\u6cc1\u53ef\u4ee5\u53c3\u8003\u4e0b\u5217\u793a\u610f\u7684\u5716\u8868\uff1a<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-1024x108.png\" alt=\"\" class=\"wp-image-2622 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"108\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-1024x108.png\" alt=\"\" class=\"wp-image-2622\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-1024x108.png 1024w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-300x32.png 300w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-768x81.png 768w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-1536x162.png 1536w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-18x2.png 18w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20-1150x121.png 1150w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534810.35.20.png 1610w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-1024x632.png\" alt=\"\" class=\"wp-image-2623 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"632\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-1024x632.png\" alt=\"\" class=\"wp-image-2623\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-1024x632.png 1024w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-300x185.png 300w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-768x474.png 768w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-18x12.png 18w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1-534x330.png 534w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-19-\u4e0b\u534811.00.15-1.png 1506w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u5e7e\u9ede\u89c0\u5bdf\u8ddf\u770b\u6cd5\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>VC \u7684\u7e3e\u6548\u770b\u524d\u5e7e\u5e74\u771f\u7684\u4e0d\u6e96\uff0c\u901a\u5e38\u8981\u6709\u500b\u4e94\u5e74\u4ee5\u4e0a\u624d\u6703\u8d8a\u4f86\u8d8a\u63a5\u8fd1\u6700\u5f8c\u7684\u7d50\u679c\u3002<\/li>\n\n\n\n<li>VC \u7684\u6210\u7e3e\u901a\u5e38\u8981\u7528\u540c\u6a23\u7684\u5e74\u4efd\u300cVintage\u300d\u4f86\u6bd4\u8f03\uff0c\u624d\u6bd4\u8f03\u80fd Apple to Apple\uff0c\u901a\u5e38\u4e5f\u6703\u770b\u5206\u4f48\uff0c\u770b\u4f60\u662f\u524d 25%\u300150%\u300175% \u9084\u662f\u6700\u5f8c\u7684 25%\u3002<\/li>\n\n\n\n<li>\u521d\u671f\u771f\u7684\u53ea\u80fd\u5148\u770b TVPI\uff0c\u56e0\u70ba\u81f3\u5c11\u4f60\u4f30\u7b97\u7684 RVPI \u5927\u591a\u6578\u662f\u4ee5\u5176 portfolios \u6700\u8fd1\u7684\u4f30\u503c\u4f86\u8a08\u7b97\uff0c\u704c\u6c34\u7684\u6bd4\u4f8b\u4e0d\u6703\u592a\u591a\uff0c\u53ea\u662f\u80fd\u5426\u6700\u5f8c\u5be6\u73fe\u662f\u500b\u554f\u984c\u3002\u4e0d\u904e\u9577\u671f\u5c31\u771f\u7684\u662f\u770b DPI\uff0c\u5c0d LP \u4f86\u8aaa\uff0c\u90a3\u624d\u662f\u771f\u91d1\u5be6\u9280\u7684\u843d\u888b\u3002<\/li>\n\n\n\n<li>\u540c\u6a23\u7684 IRR \u4e5f\u662f\u500b\u53ef\u4ee5\u89c0\u5bdf\u7684\u6307\u6a19\uff0c\u4e0d\u904e\u4ed6\u4e5f\u662f\u8d8a\u5f8c\u671f\u770b\u8d8a\u6e96\uff0c\u524d\u9762\u5e7e\u5e74\u53ef\u80fd\u5c31\u6c92\u6709\u53c3\u8003\u7684\u610f\u7fa9\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4e0a\u8ff0\u7684\u6307\u6a19\u662f\u8861\u91cf VC \u6210\u6548\u597d\u58de\u7684\u95dc\u9375\uff0c\u90a3 VC \u4e5f\u5e0c\u671b\u505a\u51fa\u597d\u7684 Traction \u7d66 LP \u6216\u8005\u662f\u4e4b\u5f8c\u7684 Potential LP \u770b\u3002\u8ddf VC \u770b\u5275\u696d\u8005\u4e00\u6a23\uff0c\u5be6\u529b\u8aaa\u8a71\uff0c\u6240\u4ee5\u6709\u597d\u7684 DPI \u624d\u662f\u771f\u7684\uff0c\u4f46\u5728 DPI \u9084\u6c92\u771f\u6b63\u767c\u751f\u6642\uff0c\u90a3\u5c31\u662f\u770b TVPI\uff0c\u7279\u5225\u662f RVPI \u7684\u90e8\u5206\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u6709\u4e9b VC \u53ef\u80fd\u5c31\u5e0c\u671b\u81ea\u5df1 Portfolios \u7684\u4f30\u503c\u53ef\u4ee5\u8d8a\u9ad8\uff0c\u90a3 RVPI \u5c31\u6703\u8d8a\u597d\u770b\uff0c\u4f46\u6211\u7684\u770b\u6cd5\u8ddf\u6211\u5011\u7d66 Startups \u7684\u4e00\u6a23 (<a href=\"https:\/\/addin.vc\/vc101\/high-valuation-is-not-a-good-thing\/\" title=\"\">\u53c3\u8003 [VC 101] \u516c\u53f8\u662f\u5426\u4f30\u503c\u8d8a\u9ad8\u8d8a\u597d\uff1f<\/a>)\uff0c\u4f30\u503c\u5408\u7406\u5c31\u597d\uff0c\u56e0\u70ba\u51fa\u4f86\u8d70\uff0c\u9072\u65e9\u8981\u9084\u7684\u3002\u6240\u4ee5\u6709\u4e9b VC \u6703\u76e1\u91cf\u4e0d\u8981\u5728\u4e0b\u4e00\u8f2a\u6301\u7e8c Lead\uff0c\u628a\u4f30\u503c\u505a\u51fa\u4f86\uff0c\u56e0\u70ba\u81ea\u5df1\u7d66\u81ea\u5df1\u4e0b\u4e00\u8f2a\u7684\u4f30\u503c\uff0c\u96e3\u514d\u4e0d\u5920\u771f\u5be6\uff0c\u5982\u679c\u662f\u5225\u7684\u6295\u8cc7\u4eba\u7d66\u7684\uff0c\u90a3\u9084\u771f\u5be6\u4e00\u4e9b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u6709\u4e9b\u6295\u8cc7\u4eba\u7684\u6295\u8cc7\u54f2\u5b78\u5247\u662f\uff0c\u6211\u770b\u597d\u9019\u500b\u5718\u968a\uff0c\u6240\u4ee5\u904e\u4e86\u4e00\u8f2a\u6211\u771f\u7684\u89ba\u5f97\u5f88\u597d\uff0c\u90a3\u6c92\u6709\u5fc5\u8f03\u5206\u7d66\u5225\u4eba\uff0c\u6211\u7e7c\u7e8c\u652f\u6301\u4e0b\u53bb\uff0c\u6709\u6642\u5019\u770b\u5230\u7d05\u6749\u8cc7\u672c\u7684\u6295\u8cc7\u65b9\u5f0f\u96b1\u7d04\u6709\u9019\u5473\u9053\uff0c\u7576\u7136\u4e5f\u53ef\u80fd\u662f\u6b66\u529b\u5c55\u793a\uff1a\u300c\u9019\u500b Startups \u662f\u6211\u652f\u6301\u7684\u300d\uff0c\u6211\u5f8c\u9762\u6709\u5f88\u591a\u9322\u53ef\u4ee5\u652f\u6301\u4ed6\u6253\u8cc7\u91d1\u6230\u7684\u610f\u5473\u5728\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png\" alt=\"\" class=\"wp-image-2357 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"310\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png\" alt=\"\" class=\"wp-image-2357\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png 1024w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-300x91.png 300w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-768x233.png 768w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1536x465.png 1536w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-18x5.png 18w, 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