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1、13/13PrivateEquityandVentureCapitalGlossaryofTermsWehaveprovidedaglossarytohelpyouunderstandimportantprivateequityandventurecapitalterms.Usethedefinitionstoaidlearningandhelpyouunderstandhowtheindustryoperates.Acquisition-Theprocessoftakingoveracontrollinginterestinanothercompany.Acquisitional
2、sodescribesanydealwherethebidderendsupwith50percentormoreofthecompanytakenover.Acquisitionfinance-Companiesoftenneedtouseexternalfinancetofundanacquisition.Thiscanbeintheformofbankdebtand/orequity,suchasashareissue.Advisoryboard-Anadvisoryboardiscommonamongsmallercompanies.Itislessformalthanth
3、eboardofdirectors.Itusuallyconsistsofpeople,chosenbythecompanyfounders,whoseexperience,knowledgeandinfluencecanbenefitthegrowthanddirectionofthebusiness.Theboardwillmeetperiodicallybutdoesnothaveanylegalresponsibilitiesinregardtothecompany.Alternativeassets-Thistermdescribesnon-traditionalasse
4、tclasses.Theyincludeprivateequity,venturecapital,hedgefundsandrealestate.Alternativeassetsaregenerallymoreriskythantraditionalassets,buttheyshould,intheory,generatehigherreturnsforinvestors.Angelinvestor-SeebusinessangelsAsset-Anythingownedbyanindividual,abusinessorfinancialinstitutionthathasa
5、presentorfuturevaluei.e.canbeturnedintocash.Inaccountingterms,anassetissomethingoffutureeconomicbenefitobtainedasaresultofprevioustransactions.Tangibleassetscanbelandandbuildings,fixturesandfittings;examplesofintangibleassetsaregoodwill,patentsandcopyrights.Assetallocation-Thepercentagebreakdo
6、wnofaninvestmentportfolio.Thisshowshowtheinvestmentisdividedamongdifferentassetclasses.Theseclassesincludeshares,bonds,property,cashandoverseasinvestments.Institutionsstructuretheirallocationtobalanceriskandensuretheyhaveadiversifiedportfolio.Theassetclassesproducearangeofreturns-forexample,bo
7、ndsprovidealowbutsteadyreturn,equitiesahigherbutriskierreturn.Cashhasaguaranteedreturn.Effectiveassetallocationmaximisesreturnswhilecoveringliabilities.13/13BacktotopBalancedfund-Afundthatspreadsitsinvestmentsbetweenvarioustypesofassets
