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投资理财 - 风险投资

恩颐投资:风投界最大的秘密

Dan Primack 2011年11月09日

恩颐投资没有明星员工。这家公司低调而神秘,一切用业绩说话。

    恩颐投资还有一支基金,投资处于各个阶段、各个地区和各个行业的公司,投资重点根据宏观趋势而变化。虽然与此同时,很多同行们开始发行了多只规模较小的基金。Accel Partners风险投资公司目前管理着一支早期基金,一支成长型基金,一支中国基金,一支印度基金和一支欧洲基金。恩颐投资负责投资者关系的合伙人苏珊•金认为,这只基金的灵活性很有好处。“【2006年】我们最开始发行NEA 12时,”她说,“我们曾认为我们应多投能源公司……但由于能源公司的估值变得非常高,最终我们没有投那么多。假如当时我们单独发行了一支5亿美元的能源基金,结果要么是无法完成投资,要么会在投资时倍感压力。”

    虽然目前恩颐投资旗下都是大型基金,但公司也已开始关注小公司:推出的一个种子项目NEA Seed最低投资额仅为50,000美元,希望能投资于创业初期的消费者互联网公司。

    恩颐投资的风投家们能否延续过去的出色成绩?Groupon的表现当然有影响。但对恩颐投资来说,一次热门的IPO可不是全部——尽管他们不会在Twitter上这么说。

    NEA also has maintained a single fund that invests across company stage, geography, and industry sector, oscillating its focus depending on macro trends. This is at a time when many of its peers have raised multiple smaller vehicles. Accel Partners currently is managing an early-stage fund, a growth fund, a China fund, an India fund, and a Europe fund. Suzanne King, NEA partner in charge of investor relations, thinks the flexible nature of the fund helps. "When we first raised NEA 12 [in 2006]," she says, "we thought we'd have more in ... energy companies than we ultimately had because valuations got very heated. If we'd gone out and raised a $500 million energy-only fund, we either wouldn't have been able to invest it or would have felt pressure to do deals we otherwise weren't comfortable with."

    Although NEA's funds are huge, the company has also gone small, launching a seed program, NEA Seed, that can invest as little as $50,000 in hopes of getting in early with consumer Internet companies.

    Can the venture capitalist keep its track record going? Groupon's performance will certainly make a difference. But there's more to NEA than one hot IPO -- even if they don't tweet about it.

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