美國創投基金募資策略之個案研究

Abstract

創投資金的順利募集，是每家創投管顧公司持續營運的根本要件。由於創投基金募集過程屬於私募性質，相關資訊取得不易，因此以往與創投基金相關之研究多以創投基金投資績效，及投入資金承受風險與獲利之關聯性等為主題，鮮少以創投募資策略為研究主題。 本文首先以2000年網路投資泡沫化後，全球及美國創投產業現況，及各創投基金募資狀況進行探討；再以個案研究的方式研究2008年底發生金融海嘯後，四個成功完成資金募集的美國創投基金之募資策略：針對其基金公司之經理人、公司特色、及投資策略等資訊，歸納出這些創投基金於整體金融環境困頓的時期，依然能獲得投資人青睞而完成資金募集的要因。 本研究歸納出這些創投基金的共同特點，包括：具有優秀的專業背景及經歷、具特色的投資風格、扮演積極投資人角色及明確的投資策略等。經由探討這些成功完成募資的案例，提出在全球金融環境尚未全面恢復的未來數年，創投產業的發展將加速朝向全球化、在地化、結盟化、差異化、及專業化五個方向發展的論點。冀望本研究之探討過程及產生之結論，能對於國內創投基金於進行新資金募集時的策略擬定，能有所裨益。

Fundraising activities are essential for founding a new venture capital fund for every venture capital management company; the difficulty of raising a new fund can be used as an index to measure the prosperity of the industry. It is somewhat more difficult to acquire related information since fundraising activities of venture capitals are private in nature. Previous studies related to venture capitals have primarily focused on the performance of funds, and the correlation between risk and profitability, resulting in a lack of studies in the area of fundraising strategy for venture capital funds. The purpose of this study is to discuss the development of venture capital funds through the survey of U.S. and global venture capital industry and of the status of various fundraising activities after the dot-com crash. By analyzing four successful fundraising cases in the U.S. that completed fundraising immediately after the financial tsunami of 2008, some common characteristics crucial to successful fundraising under the influence of the economic crisis were identified among these companies, including the background of fund managers, the characteristics of the venture capital companies, and investment strategies. The study identified the following traits among the venture funds, including the expertise and the experience for the investment fields, unique eyes for investments, eager and enthusiastic about the investments, and clear investment strategies. Five main development directions have been listed in the conclusion with regards to the development of the venture capital industry under the economic downturn. Theses five development trends are globalization, localization, alliance, differentiation, and professionalism. It is hoped that the study will serve to help new venture capital funds in Taiwan in establishing fundraising strategies.