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风险投资常用术语中的英文解释(3)来源：日期：2008-07-0400:00:00阅读62次作者:NB-C-CAGR:CompoundAnnualGrowthRate.Theyearoveryeargrowthrateappliedtoaninvestmentorotheraspectofafirmusingabaseamount.CallOption:Therighttobuyasecurityatagivenprice（orrange）withinaspecifictimeperiod.Capital（orAssets）UnderManagement:Theamountofcapitalavailabletoafundmanagementteamforventureinvestments.CapitalCall:Alsoknownasadrawdown-Whenaventurecapitalfirmhasdecidedwhereitwouldliketoinvest,itwillapproachitsinvestorsinordertodrawdownthemoney.Themoneywillalreadyhavebeenpledgedtothefundbutthisistheactualactoftransferringthemoneysothatitreachestheinvestmenttarget.CapitalGains:Thedifferencebetweenanasset'spurchasepriceandsellingprice,whenthesellingpriceisgreater.Long-termcapitalgains（onassetsheldforayearorlonger）aretaxedatalowerratethanordinaryincome.CapitalizationTable:AlsocalledaCapTable,thisisatableshowingthetotalamountofthevarioussecuritiesissuedbyafirm.Thistypicallyincludestheamountofinvestmentobtainedfromeachsourceandthesecuritiesdistributed——e.g.commonandpreferredshares,options,warrants,etc.——andrespectivecapitalizationratios.Capitalize:Torecordanoutlayasanasset（asopposedtoanExpense）,whichissubjecttodepreciationoramortization.Captivefunds:Aventurecapitalfirmownedbyalargerfinancialinstitution,suchasabank.CarriedInterest:Theportionofanygainsrealizedbythefundtowhichthefundmanagersareentitled,generallywithouthavingtocontributecapitaltothefund.Carriedinterestpaymentsarecustomaryintheventurecapitalindustry,inordertocreateasignificanteconomicincentiveforventurecapitalfundmanagerstoachievecapitalgains.CashPosition:Theamountofcashavailabletoacompanyatagivenpointintime.ClaimDilutionAreductioninthelikelihoodthatoneormoreofthefirm'sclaimantswillbefullyrepaid,includingtimevalueofmoneyconsiderations.Catch-up:Thisisacommontermoftheprivateequitypartnershipagreement.Oncethegeneralpartnerprovidesitslimitedpartnerswiththeirpreferredreturn,ifany,itthentypicallyentersacatch-upperiodinwhichitreceivesthemajorityoralloftheprofitsuntiltheagreeduponprofit-split,asdeterminedbythecarriedinterest,isreached.Chapter11:ThepartoftheBankruptcyCodethatprovidesforreorganizationofabankruptcompany'sassets.Chapter7:ThepartoftheBankruptcyCodethatprovidesforliquidationofacompany'sassets.Chinesewall:Abarrieragainstinformationflowsbetweendifferentdivisionsoroperatinggroupswithinbanksandsecuritiesfirms.Examplesincludeapolicybarrierbetweenthetrustdepartmentfrommakinginvestmentdecisionsbasedonanysubstantiveinsideinformationthatmaycomeintothepossessionofotherbankdepartments.Thetermalsoreferstobarriersagainstinformationflowsbetweencorporatefinanceandequityresearchandtradingoperations.Clawback:Aclawbackobligationrepresentsthegeneralpartner'spromisethat,overthelifeofthefund,themanagerswillnotreceiveagreatershareofthefund'sdistributionsthantheybargainedfor.Generally,thismeansthatthegeneralpartnermaynotkeepdistributionsrepresentingmorethanaspecifiedpercentage（e.g.,20%）ofthefund'scumulativeprofits,ifany.Whentriggered,theclawbackwillrequirethatthegeneralpartnerreturntothefund'slimitedpartnersanamountequaltowhatisdeterminedtobeexcessdistributions.ClickhereformoredetailClosed-endFund:Atypeoffundthathasafixednumberofsharesoutstanding,whichareofferedduringaninitialsubscriptionperiod,similartoaninitialpublicoffering.Afterthesubscriptionperiodisclosed,thesharesaretradedonanexchangebetweeninvestors,likearegularstock.Themarketpriceofaclosed-endfundfluctuatesinresponsetoinvestordemandaswellaschangesinthevaluesofitsholdingsoritsNetAssetValue.Unlikeopen-endmutualfunds,closed-endfundsdonotstandreadytoissueandredeemsharesonacontinuousbasis.Closing:Aninvestmenteventoccurringaftertherequiredlegaldocumentsareimplementedbetweentheinvestorandacompanyandafterthecapitalistransferredinexchangeforcompanyownershipordebtobligation.Co-investment:Thesyndicationofaprivateequityfinancingroundoraninvestmentbyanindividuals（usuallygeneralpartners）alongsideaprivateequityfundinafinancinground.Co-SaleProvisionsorRights:Allowsinvestorstoselltheirsharesofstockinthesameproportionsandforthesametermsasthefounders,managers,orotherinvestors,shouldanyofthosepartiesreceiveanoffer.CollarAgreement:Agreeduponadjustmentsinthenumberofsharesofferedinastock-for-stockexchangetoaccountforpricefluctuationsbeforethecompletionofthedeal.CommittedCapital:Thetotaldollaramountofcapitalpledgedtoaprivateequityfund.CommittedFundsorRaisedFunds:Capitalcommittedbyinvestors.Cashtothemaximumofthesecommitmentsmayberequestedordrawndownbytheprivateequitymanagersusuallyonadeal-by-dealbasis.Thisamountisdifferentfrominvestedfundsforthreereasons.First,mostpartnershipswillinitiallyinvestonlybetween80%and95%ofcommittedfunds（possiblyevenless）.Second,itmaybenecessaryinearlyyearstodeducttheannualmanagementfeethatisusedtocoverthecostofoperationofafund.Third,paybacktoinvestorsusuallybeginsbeforethefinaldrawdownofcommitmentshastakenplace.Totheextentthatcapitalinvesteddoesnotequalcapitalcommitted,limitedpartnerswillhavetheirprivateequityreturnsdilutedbythemuchlowercashreturnsearnedontheuninv