投資回報率216倍：這是有史以來最賺錢的風投基金嗎？
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????大家能說出歷史上表現(xiàn)最好的風險投資基金嗎？ ????以前我一直覺得這樣的基金應該出現(xiàn)在互聯(lián)網(wǎng)泡沫時期，或是參與了谷歌或Facebook的早期投資。然而，種子基金Lowercase Ventures Fund I的一位有限合伙人昨天向我透露了一些機密文件。這只于2010年完成840萬美元融資的基金目前投資了租車服務公司Uber、分布式應用開發(fā)平臺Docker、制作用戶體驗優(yōu)化軟件的Optimizely以及美容美發(fā)預約網(wǎng)站StyleSeat；已經(jīng)退出的投資對象則有圖片共享服務供應商Instagram（已被Facebook收購）和社交網(wǎng)站Twitter。 ????就回報倍數(shù)而言，它可能是表現(xiàn)最好的風投基金。 ????截至2014年第三季度末，該基金未付股款的回報率為3.47倍；同時，其“凈值增長了76.19倍”。不過，第三季度這個時間節(jié)點很重要，因為第三季度的數(shù)據(jù)并未體現(xiàn)該基金在第四季度因Uber融資而帶來的大幅增值，Uber最近完成了新一輪融資，估值達到了約400億美元。 ????如果用Uber新的公平市價——每股133美元——代替上述文件中的每股62.05美元，該基金的承諾資本整體回報率就會達到令人驚嘆的216倍。按美元計算，它以區(qū)區(qū)不足600萬美元認繳資金換來了近13億美元的收益（包括約2300萬美元現(xiàn)金以及退出公司的可售股份） ????最后，據(jù)我所知，這還沒有計算尚未入賬的管理費。 ????我曾向另類資產(chǎn)信息供應商Preqin索要歷史上表現(xiàn)最好的風投基金名單，但在他們提供的數(shù)據(jù)中，沒有哪只基金的總回報率（當然，是未實現(xiàn)回報）接近Lowercase Ventures Fund I（包括那些互聯(lián)網(wǎng)泡沫時期的基金）。當然，有些基金的現(xiàn)金回報更多，特別是在股權出資承諾的起步點更高的情況下。如果大家知道回報率更高的風投基金，請務必通知我。 ????Lowercase Capital創(chuàng)始合伙人克里斯?薩卡拒絕就此發(fā)表評論，這很可能是因為這些文件里所提到的一則警告——“口風不緊會導致回報率下降”。（財富中文網(wǎng)） ????譯者：Charlie ????審稿：李翔 |
????Can you name the best-performing venture capital fund in history? ????My guesses would have been something from the dotcom era or a fund that got in early with Google GOOG 0.32% or Facebook FB 2.66% . But yesterday I was leaked some confidential documents from a limited partner in Lowercase Ventures Fund I, an $8.4 million seed fund that closed back in 2010. Active portfolio companies include Uber, Docker, Optimizely and StyleSeat, while exited deals include Instagram (sold to Facebook) and Twitter TWTR 4.86% . ????This would appear to be the winner, at least from a return multiple perspective. ????Through Q3, the fund had returned 3.47x of called capital and was “sitting on an additional 76.19x net value.” But that Q3 timing is important, because it does not reflect the massive Q4 appreciation that would have occurred after Uber’s most recent financing at around a $40 billion valuation. ????If you update Uber’s fair market value from the $62.05 per share mark in the Lowercase doc to the new $133 per share figure, the fund’s overall return multiple on committed capital climbs to a whopping 216x. Or, in real dollars, nearly $1.3 billion on just under $6 million in call-downs (including approximately $23 million in cash and stock distributions for exited companies). ????Finally, from what I can tell, there are no management fees currently being paid. ????I asked the folks at data provider Preqin to send over their list of top-performing VC funds in history, and they don’t have anything that has (admittedly unrealized) gross multiples close to this (including from the dotcom era). There are certainly funds that have returned more hard cash — particularly given that equity commitments were much larger to begin with — but if you do know of something with better multiples, please be sure to let me know. ????Lowercase founder and partner Chris Sacca declined comment, likely because the docs include a warning about how “l(fā)oose lips sink returns.” |
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