Globalizing venture capital_VC insights and trends report_EY
创新投资软银的愿景基金案例
创新投资软银的愿景基金案例创新投资：软银的愿景基金案例创新，作为推动社会进步和经济发展的重要力量，一直是各行各业追求的目标。
在当今快速变化的科技时代，投资创新成为了各大企业和机构必不可少的一环。
而软银集团作为世界领先的投资公司之一，通过旗下的愿景基金Vision Fund，对创新领域进行大规模投资，为推动全球创新做出了卓越贡献。
软银愿景基金于2016年成立，是由软银集团投资的超级风险投资基金，致力于支持世界各地的高科技企业和项目。
其总规模高达1,000亿美元，目标是对颠覆性科技公司进行长期稳定的投资，推动科技创新与社会进步。
下面，我们将介绍几个软银愿景基金的经典案例，展示其对创新投资的愿景和实践。
1. Uber：颠覆出行方式的创新力量软银愿景基金在2018年投资了全球知名的出行平台Uber。
Uber的创新通过利用移动科技和共享经济模式，改变了人们的出行方式，并对整个交通行业带来了深刻影响。
软银的投资不仅帮助Uber实现了全球化扩张，还加速了Uber推动自动驾驶技术的研发，为未来出行方式的革新奠定了基础。
2. WeWork：重塑办公空间的全球领导者软银愿景基金在2017年对共享办公空间领域的领导者WeWork进行了重要的投资。
WeWork通过将办公空间共享和社交需求结合起来，打造了一个全新的办公生态系统。
软银的资金支持使得WeWork能够继续扩展全球业务，推动更多创业者和企业家共享创新空间，并为创新创业生态系统的发展注入了新的活力。
3. ARM：引领移动计算的创新先锋软银愿景基金在2016年以近330亿美元的高价收购了全球领先的芯片设计公司ARM。
ARM的技术在移动计算领域占据重要地位，其低功耗、高性能的芯片设计为整个移动设备行业带来了创新突破。
通过收购ARM，软银加强了其在技术领域的实力，并进一步推动了移动计算和智能科技的发展。
通过以上案例，我们可以看到软银愿景基金对创新投资的愿景和实践。
软银相信，通过投资创新企业和项目，可以推动科技的发展，改善人们的生活，并对整个社会产生积极影响。
全球著名私人股权基金及投资案例
第六章全球著名私人股权基金及投资案例第一节国际著名私人股权基金及投资案例当前国际上的私人股权投资机构大体可分为两类，一类是著名投资银行或国际机构下属的私人股权投资基金，如高盛公司(Goldman Sachs & Co.)、花旗集团（Citigroup）、国际金融公司（International Finance Corporation）的下属私人股权投资机构等；另一类则是专业私人股权投资基金，如凯雷集团（The Carlyle Group）、淡马锡（Temasek）、KKR（Kohlberg Kravis Roberts）、黑石集团（Blackstone Group）等。
以下将选取几个知名机构进行扼要介绍。
一、隶属于投资银行和国际机构的私人股权投资基金CCMP亚洲投资基金(CCMP Capital Asia)创建于1999年，公司前身是摩根大通亚洲投资基金(J.P. Morgan Partners Asia)，即摩根大通集团的私人股权投资部门。
2005年，该基金从摩根大通集团中独立出来，并更名为CCMP亚洲投资基金。
CCMP 亚洲投资基金主要在五大区域进行投资：大中华地区、澳大利亚、日本、韩国和新加坡，投资对象多为大中型消费行业、工业品制造行业和服务行业中的扩张型企业，同时也投资于并购市场。
该基金的投资战略是选择能产生良好现金流的业务模式、具有较高进入门槛或能够提供差异化技术或产品的领先企业，通过提高企业经营效率来创造企业价值并获得投资回报。
目前，其管理的基金规模已达27亿美元，主要投资人包括摩根大通集团旗下的全球基金、美欧著名养老基金、保险公司和亚洲富有家族的资金等。
CCMP已完成的投资涉及汽车、科技、环保、消费品、零售和服务业等多个行业，投资的企业包括：海太糖果公司（韩国）、空调国际（澳大利亚）、新西兰黄页公司、Vertaine控股有限公司（印度尼西亚）、Sensatan科技、武汉凯迪电力环保公司（中国）等。
风险投资行业中的LP,GP,VC,PE名词解析
在风险投资领域，根据投资规模一般可以将风险投资分为天使基金、VC（风险投资）、PE（私募股权投资）几个级别。
天使基金主要关注原创项目构思和小型初创项目，投资规模大多在300万元以下；风险投资关注初创时期企业长期投资，规模在1000万元以下；私募股权投资主要关注3年内可以上市的成熟型企业。
国外风投停止了业务的同时，国内刚成长起来的风险投资公司日子也不好过。
虽然已经募集到资金还要投到项目上去，但是，投资的项目已经明显发生了变化。
PE投资VC化，VC投资天使化的趋势已经有了苗头。
VC即venture capital,就风险投资PE即Private Equity，私募股权。
Limited Partnership（LP）通译为有限合伙。
有限合伙企业中又分LP指的是有限合伙人limited partner，就是出钱的,仅仅投资资本,但不参与公司管理GP指得是普通合伙人，general partner,就是负责投资管理的，两方面合起来就采用有限合伙的方式.Limited Partnership这种制度安排是由资金的所有者向贸易操作者提供资金，投资者按约定获取利润的一部分，但不承担超过出资之外的亏损；如果经营者不存在个人过错，投资者亦不得要求经营者对其投资损失承担赔偿责任。
20世纪以来，风险投资行为采用的主要组织形式即为有限合伙（LP），且通常以基金的形式存在。
投资人以出资为限对合伙企业债务承担有限责任，而基金管理人以普通合伙人的身份对基金进行管理并对合伙企业债务承担无限责任。
这样既能降低投资人的风险，又能促使基金管理人为基金的增值勤勉谨慎服务。
LP价值观决定VC效率看上去中国LP资本很活跃，但从投资理念层面而言，还是初级阶段。
成熟的创投市场，关键是看LP的投资理念。
它的价值观决定VC的工作效率及整个创投市场的前进方向。
真正的LP应要求财务回报越高越好在中国，目前称得上LP的，主要是一批民间资本与政府创业引导基金资本。
美国和中国十大风险投资公司排名
美国和国内十大风险投资公司排名美国十大风险投资公司排名排行榜中国境内著名风险投资公司排行榜1.IDG技术创业投资基金（最早引入中国的VC，也是迄今国内投资案例最多的VC，成功投资过腾讯，搜狐等公司）投资领域：软件产业电信通讯信息电子半导体芯片 IT服务网络设施生物科技保健养生2.软银中国创业投资有限公司（日本孙正义资本，投资过阿里巴巴，盛大等公司）软银赛富投资顾问有限公司是一家总部设在香港主导亚洲区域投资的企业，在中国、印度和韩国有分支机构。
软银赛富投资顾问有限公司目前已参与投资近20亿美元。
软银赛富投资顾问有限公司投资领域横跨几个高成长性部门，涵盖消费品&服务、技术、媒介、电信、金融服务、医疗保健、旅行和旅游业,和制造业。
软银赛富投资顾问有限公司致力服务于中国、印度、韩国、香港和台湾等地区。
投资团队集中在香港、中国（北京、上海、天津），印度（海得拉巴，新德里），和韩国（首尔）。
软银赛富投资顾问有限公司形成了的投资团队拥有丰富的投资经验。
并为其与合作企业建立的牢固伙伴关系而感到自豪。
投资领域： IT服务软件产业半导体芯片电信通讯硬件产业网络产业3.凯雷投资集团（美国著名PE，投资太平洋保险集团，徐工集团）投资领域： IT服务软件产业电信通讯网络产业信息电子半导体芯片4.红杉资本中国基金（美国著名互联网投资机构，投资过甲骨文，思科等公司）/红杉资本，红杉资本创始于1972年，共有18只基金，超过40亿美元总资本，总共投资超过500家公司，200多家成功上市，100多个通过兼并收购成功退出的案例。
5.高盛亚洲（著名券商，引领世界IPO潮流，投资双汇集团等）6.摩根士丹利（世界著名财团，投资蒙牛等）7.美国华平投资集团（投资哈药集团，国美电器等公司）/8.鼎晖资本（投资过南孚电池，蒙牛等企业）9.联想投资有限公司（国内著名资本）投资领域：软件产业 IT服务半导体芯片网络设施网络产业电信通讯10.浙江浙商创业投资股份有限公司(民企）/投资领域：关注（但不限于）电子信息、环保、医药化工、新能源、文化教育、生物科技、新媒体等行业及传统行业产生重大变革的优秀中小型企业。
经贸英语词汇
以下是一些常见的经贸英语词汇：- Economy 经济- Trade 贸易- Commerce 商业- Business 商业，生意- Market 市场- Supply and demand 供求- Profit 利润- Loss 损失- Inflation 通货膨胀- Unemployment 失业- Interest rate 利率- Exchange rate 汇率- Import 进口- Export 出口- Tariff 关税- Trade deficit 贸易逆差- Trade surplus 贸易顺差- Free trade 自由贸易- Protectionism 保护主义- Globalization 全球化- International trade 国际贸易- Economic growth 经济增长- Economic development 经济发展- Economic policy 经济政策- Fiscal policy 财政政策- Monetary policy 货币政策- Capital 资本- Investment 投资- Stock market 股票市场- Bond 债券- Entrepreneur 企业家- Corporation 公司- Partnership 合伙企业- Franchise 特许经营- Small business 小企业- Startup 创业公司- Merger and acquisition (M&A) 并购- Supply chain 供应链- Logistics 物流- Distribution 分销- Wholesale 批发- Retail 零售- E-commerce 电子商务- Digital economy 数字经济- Intellectual property (IP) 知识产权- Patent 专利- Trademark 商标- Copyright 版权- Licensing 许可证- Contract 合同- Negotiation 谈判- Bid 竞标- Auction 拍卖- Deal 交易- Invoice 发票- Payment 付款- Credit 信用- Debtor 债务人- Creditor 债权人- Bankruptcy 破产- Audit 审计- Accounting 会计- Budget 预算- Finance 金融- Venture capital (VC) 风险投资- Private equity (PE) 私募股权- Angel investor 天使投资人- Stock option 股票期权- Dividend 股息- Bonus 奖金- Salary 薪水- Wage 工资- Cost 成本- Price 价格- Profit margin 利润率-Markup 加价- Discount 折扣- Marketing 营销- Advertising 广告- Brand 品牌- Customer 顾客- Sales 销售- Market research 市场调研- Product development 产品开发- Quality control 质量控制- Packaging 包装- Distribution channel 分销渠道- Supply chain management (SCM) 供应链管理- Logistics management 物流管理- Inventory management 库存管理- Just-in-time (JIT) 准时制- Lean manufacturing 精益生产- Total quality management (TQM) 全面质量管理- Six Sigma 六西格玛- ISO 9000 国际标准化组织9000 系列标准- ERP 企业资源规划系统- CRM 客户关系管理系统- SCM 供应链管理系统- B2B 企业对企业电子商务- B2C 企业对消费者电子商务- C2C 消费者对消费者电子商务- Online payment 在线支付- Digital wallet 数字钱包- Cybersecurity 网络安全- Data protection 数据保护- Privacy 隐私- Encryption 加密- Cloud computing 云计算- Artificial intelligence (AI) 人工智能- Blockchain 区块链- Big data 大数据- Internet of Things (IoT) 物联网- 5G 第五代移动通信技术这些只是经贸英语词汇中的一部分，经贸领域非常广泛，涉及到众多专业和行业，因此还有很多其他的词汇和术语。
金融资产管理公司积极发展跨境业务,拓展海外市场
金融资产管理公司积极发展跨境业务，拓展海外市场English Answer:Financial Asset Management Companies Actively Developing Cross-border Business and Expanding Overseas Markets。
In recent years, financial asset management companies have been actively developing cross-border business and expanding their overseas markets. This trend is driven by various factors such as globalization, increasing demand for diversification, and the potential for higher returns in foreign markets.Firstly, with the process of globalization, financial asset management companies have recognized the importance of expanding their presence in overseas markets. This allows them to tap into new opportunities and diversify their risks. By venturing into international markets, these companies can access a broader range of investment options and attract a larger pool of investors.Secondly, the demand for diversification has been steadily increasing among investors. In today's interconnected world, investment portfolios that are concentrated in a single market or asset class are seen as risky. Investors are now seeking to spread their investments across different regions and industries to mitigate risks and achieve better returns. Financial asset management companies, therefore, need to cater to this demand by offering diverse investment products in foreign markets.Furthermore, the potential for higher returns in foreign markets is another driver for the expansion of cross-border business. As developed markets become more saturated, financial asset management companies are looking towards emerging markets for growth opportunities. These markets often offer higher growth rates and the potential for substantial returns. By expanding their operations internationally, these companies can access these markets and capitalize on the growth potential.In order to successfully develop cross-border business and expand overseas markets, financial asset management companies need to adopt certain strategies. Firstly, they need to conduct thorough market research and understand the local regulations, cultural nuances, and investment preferences of the target markets. This will help them tailor their products and services to meet the specific needs of investors in those markets.Secondly, effective communication and relationship building with local partners are crucial. Collaborating with local financial institutions, advisors, and regulators can help navigate the complexities of foreign markets and establish a strong presence. Building trust and credibility with local stakeholders is essential for long-term success.Additionally, leveraging technology and digital platforms can greatly facilitate the expansion of cross-border business. Online trading platforms, mobile applications, and data analytics can enhance the efficiency and reach of financial asset management companies in foreign markets. These technological advancements enable companies to provide better customer experiences and real-time investment solutions.In conclusion, financial asset management companies are actively developing cross-border business and expanding their overseas markets. This is driven by globalization, the demand for diversification, and the potential for higher returns. By adopting effective strategies such as market research, relationship building, and leveraging technology, these companies can successfully tap into new opportunities and meet the evolving needs of investors in foreign markets.中文回答：金融资产管理公司积极发展跨境业务，拓展海外市场。
估值37.5亿美元,看看这头独角兽的秘密账本(双语)
估值37.5亿美元，看看这头独角兽的秘密账本（双语）身处行业寒冬，多家业内公司选择主动公布财务数据展示实力，想从表现低迷的同行之中脱颖而出。
信息技术与网络网络安全业务公司Tanium最近也公布了数据。
风险资本数据库Pitchbook显示，私人投资者对Tanium最新估值为37.5亿美元。
Tanium首席执行官兼联合创始人奥利恩•辛达维向《财富》杂志独家透露了财务数据。
他说：“总有客户要求我们解释为什么三年、五年和十年内如何发展更大更好。
他们想先确认这项技术能持续存在，否则不愿投资并应用。
”辛达维分享了一些具体的数据，以显示Tanium的实力和苦苦挣扎的同行不一样。
他告诉《财富》，公司上一个财年“营业收入远超2亿美元”，同比增长70%。
他补充说，去年Tanium经常性收入增长80%以上，达到2.3亿美元左右。
辛达维还称：“营运现金流方面有大量现金流入。
”目前现金流规模超过2000万美元，比上年同期约增加了四倍。
由于现金流较大，Tanium持有现金也大量增加。
辛达维此前接受采访时透露，截至去年年末，公司的现金及现金等价物突破了3亿美元。
这一数据可能让潜在投资者满意，因为流动性没有迫切需求，但可能继续募集几轮私人投资，给员工兑现持股的选择。
辛达维说，Tanium去年第四季度已实现盈利，不过仍在积极投资开拓业务。
“我预计未来会保持盈利。
”“投资者已经厌烦投资不可能赚钱的企业，”辛达维称，“抢椅子游戏的音乐一结束，很多公司就玩不下去了。
”辛达维常提到客户留存率。
他说，去年平均来看，Tanium几乎没有客户流失，客户留存率几近100%。
他接着说，“客户续签率达到150%”，这意味着“假设去年一位客户在我们身上花了一美元，明年他会花1.5美元。
”具体到Tanium公司，高续签率通常表现为，客户购买了Tanium的核心产品后追加购买一些高价的“模块”或者功能，方便工程师管理IT基础设施。
辛达维最后谈到之前想让公司公开上市的愿望。
英语作文-金融资产管理公司积极发展跨境业务,拓展海外市场
英语作文-金融资产管理公司积极发展跨境业务，拓展海外市场In recent years, financial asset management companies have been actively developing cross-border business and expanding into overseas markets. This trend is driven by the increasing globalization of the financial industry and the growing demand for diversified investment opportunities. In this article, we will explore the reasons behind this phenomenon and discuss the benefits and challenges of expanding cross-border business for financial asset management companies.One of the main reasons why financial asset management companies are actively developing cross-border business is the pursuit of higher returns. By expanding into overseas markets, these companies can tap into new investment opportunities and diversify their portfolios. This is particularly important in today's globalized economy, where market conditions and investment landscapes can vary significantly across different countries and regions. By investing in a diverse range of assets, financial asset management companies can mitigate risks and potentially achieve higher returns for their clients.Another driving force behind the expansion of cross-border business is the increasing demand from clients for international investment options. As individuals and institutions become more globally connected, they seek investment opportunities beyond their domestic markets. By offering cross-border investment products and services, financial asset management companies can cater to this demand and provide their clients with access to a wider range of investment opportunities. This not only enhances the company's competitiveness but also strengthens its relationship with clients by meeting their evolving needs.Furthermore, expanding into overseas markets can also help financial asset management companies enhance their brand reputation and global presence. By establishing a presence in key international financial centers, these companies can gaincredibility and visibility on a global scale. This can attract new clients and business partners, as well as foster collaborations with local financial institutions and regulatory bodies. Additionally, a strong global presence can also provide companies with valuable insights into international market trends and regulatory developments, enabling them to better navigate the complexities of cross-border business.However, expanding cross-border business is not without its challenges. One of the main challenges is the need to navigate complex regulatory frameworks and comply with local laws and regulations. Each country has its own set of rules and requirements for financial services, and companies must ensure that they are in full compliance to avoid legal and reputational risks. This often requires significant investment in legal and compliance resources, as well as a deep understanding of local market dynamics and regulatory practices.Another challenge is the cultural and language barriers that companies may encounter when operating in foreign markets. Building relationships and effectively communicating with clients, business partners, and regulators in different cultural contexts can be a daunting task. It requires cultural sensitivity, language proficiency, and the ability to adapt to local business customs and practices. Companies that can successfully overcome these challenges can gain a competitive edge and establish strong relationships with clients and partners in overseas markets.In conclusion, the active development of cross-border business by financial asset management companies is driven by the pursuit of higher returns, the increasing demand for international investment options, and the desire to enhance brand reputation and global presence. While there are challenges associated with expanding into overseas markets, the potential benefits are significant. By carefully navigating regulatory frameworks, overcoming cultural barriers, and seizing new investment opportunities, financial asset management companies can position themselves for success in the global marketplace.。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Global venture capital insights and trends report 2011 3
Globalizing venture capital
Global venture capital insights and trends report
Foreword
Amid the fragile economic recovery and highly volatile capital markets of 2011, the venture capital (VC) sector is becoming increasingly globalized. A shift toward the emerging markets can be seen in geographic VC patterns and the growth of new global VC hotbeds. Although the United States will likely remain at the leading edge of VC-backed innovation for many years to come, US VC fund-raising continues its decade-long decline. Elsewhere, in China, India and other emerging markets, vibrant innovation hotbeds and entrepreneurial talents are arising, and investors are focused on less risky, later-stage deals, at least for now. Although unrealistic valuations may dampen future returns, China’s VC industry reached record heights in 2011 and will soon surpass Europe as the second-largest venture hub for fund-raising in the world. Both China’s and India’s strong VC industries are expected to continue their rapid growth and development as they capitalize on strong GDP growth, growing domestic consumption and a dynamic entrepreneurial ecosystem. At the same time, due to Europe’s sovereign debt crisis and its muted medium-term growth potential, Europe’s VC industry has lost some of its robustness. Globally, companies are staying private longer, due to large corporations seeking proven business models prior to an acquisition and investors that prefer companies with a proven profitability path both before and after the IPO. As angel investors have become major investors in early-stage start-ups, particularly in the US, the competition has nudged VCs toward later-stage, high-growth ventures. Broadly speaking, the more mature VC markets of the US and Europe favor earlier–stage investments, while the emerging markets of China and India generally prefer later-stage companies. In China and India, IPOs represent the vast majority of exits for VC-backed companies. But in the US, Europe and Israel, the main exit route for VC-backed companies is acquisitions (M&A), representing more than 90% of all exits. Furthermore, VC firms are also selling companies to private equity firms as a third path to liquidity. Contrary to the popular perception that global VC investment has been concentrated primarily in the frothy digital media sector, VC funding has been quite evenly spread across sectors and life-cycle stages and has progressed at a reasonable pace. Worldwide, the VC universe continues to shrink as limited partners focus on top performers or forego VC altogether. However, the sector’s continued long-term consolidation is viewed as good for the sector, with fewer players investing smaller amounts in companies that will reach profitability faster than they do today. Large corporations striving to maintain market leadership are partnering with VC firms to access external innovation and a pipeline of new products and services. This report explores these themes in our articles and interviews, including: •• Interviews with top VC investors and entrepreneurs from around the globe •• “Paradigm shifts in venture capital,” our keynote article with insights on VC investment, IPO, M&A and valuations, based on data from 2005 to 2011 •• Key trends in the global digital media and biotechnology sectors and from global corporate venturing •• An in-depth analysis of the key global VC hotbeds of the US, China, Europe, India and Israel We hope you find Globalizing venture capital, our ninth annual report on venture capital, to be a source of valuable insight. We look forward to working together with you on the global challenges and opportunities that lie ahead.
Americas
15 18
14 Global VC hotbeds
United States VC trends VC interviews: Lawrence Lenihan, FirstMark Capital, and Jeffrey Glass, Bain Capital Ventures Entrepreneur interview: Barry Silbert, SecondMarket 20 Brazil 21 VC interview: Clovis Meurer, CRP Companhia de Participações
Asia
22 25 26 28 29 30 33 34 36 37 China VC trends VC interview: Gary Rieschel, Qiming Venture Partners India VC trends VC interview: Sudhir Sethi, IDG Ventures India Japan VC interview: Toshihisa Adachi, Itochu Technology Ventures/JVCA Europe VC trends VC interview: Simon Cook, DFJ Esprit LLP Israel VC trends VC interview: Daniel Cohen, Gemini Israel Funds Russia VC interview: Yan Ryazantsev, Russian Venture Company/OJSC