【史上最全】创业投资圈专业术语
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2016-07-13
—— Angel VC PE IB
AngelInvestment
5-100
10 -30 5
VentureCapital
100
200 -1000
200 -1000 10 ~20 3-5
VC Carlyle Group (Newbridge Capital) (QuantumFund) (Black Stone) IDG Sequoia Capital
Private Equity
5000 ~ 20
2~3
IB InvestmentBanking
8
Goldman Sachs MorganStanley Merrill Lynch
M&A
M&A Mergersand Acquisitions 】 M&A
Mergers
】
Acquisitions
“ ” · ·
M&A PE VC 。
(PE) PE VC VC 】 VC PE
GP LP
GeneralPartner GP
GP LP PE Private Equity HedgeFund Venture Capital GP GP
LimitedPartner LP
GP ——
—— LP
LP GP GP LP “ LP GP ”
Management Fee
2%-3% Carried Interest 20%-30%
GP
2/20 —— 2
managementfee 20 2/20 2008 LP1 600
A LP1 100 LP1 【 A 600 ×2 +100 ×20 =32 LP1 68
A 32 2 2 20
DueDiligence DD
DD TS Termsheet TS
Anti-dilutionProvision
Rightof first refusal
B A
A
B
Drag-AlongRight)
“ ” “ ”
Tag-AlongRights
Co-SaleRights Drag Along Right
LiquidationPreference
、 【 。 【
ValuationAdjustment Mechanism VAM
PE P/E P/E PE PE PE PE 5000 8 P/E 4 PE 10% 4000 3000 8 2.4 PE 10% 2400 4000-2400 =1600
PE PE
PE PE PE
BP ~
Business Plan
Busniness Model
。】 。】
Roadshow
“ ”
IPO !
!
!
!