编者的信

IF 0.4 Q4 BUSINESS, FINANCE

Journal of Alternative Investments Pub Date : 2021-09-30 DOI:10.3905/jai.2021.24.2.001

Hossein Kazemi

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引用次数: 0

摘要

作者排除了这种业绩不佳的几个可能原因，得出的结论是，近年来流入该领域的资本增加，以及缺乏投资机会，可能导致VC/PE经理为这些投资组合公司支付了过高的费用。该合同通常赋予风险投资基金获得具有额外现金流权的优先股的权利，从而使风险投资基金的回报率高于其他利益相关者的收益率。[…]根据作者的说法，目前的货币后估值方法是对所有流通证券真实价格的高估。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Editor’s Letter

The authors rule out several possible reasons for this lack of performance, concluding that increased flow of capital into the space in recent years and lack of investment opportunities may have led VC/PE managers to overpay for these portfolio companies. The contract typically entitles VC funds to receive preferred stock with additional cash flow rights, resulting in a higher return to VC funds than the yield to other stakeholders. [...]according to the author, the current post-money valuation method is an overvaluation of the true price of all outstanding securities.

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来源期刊

Journal of Alternative Investments BUSINESS, FINANCE-

CiteScore

1.50

自引率

14.30%

发文量

期刊介绍： The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices