{"title":"Editor’s Letter","authors":"Hossein Kazemi","doi":"10.3905/jai.2021.24.2.001","DOIUrl":null,"url":null,"abstract":"The authors rule out several possible reasons for this lack of performance, concluding that increased flow of capital into the space in recent years and lack of investment opportunities may have led VC/PE managers to overpay for these portfolio companies. The contract typically entitles VC funds to receive preferred stock with additional cash flow rights, resulting in a higher return to VC funds than the yield to other stakeholders. [...]according to the author, the current post-money valuation method is an overvaluation of the true price of all outstanding securities.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2021.24.2.001","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
The authors rule out several possible reasons for this lack of performance, concluding that increased flow of capital into the space in recent years and lack of investment opportunities may have led VC/PE managers to overpay for these portfolio companies. The contract typically entitles VC funds to receive preferred stock with additional cash flow rights, resulting in a higher return to VC funds than the yield to other stakeholders. [...]according to the author, the current post-money valuation method is an overvaluation of the true price of all outstanding securities.
期刊介绍：
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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