Comment: The impact of new long-term vehicles with large liquid allocations
The life-cycle of a venture capital fund has been largely a fixed matter since the early days of venture capital funds. Investors committed to a fund that ran for around 10 years. The manager made multiple investments and sought to exit those investments before year 10. The exits were often through the investments listing on a stock exchange but also through sales to corporates in a trade sale or to a private equity or other investment vehicle.
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