??? ??? ????? (? ?????? : Venture Capital fund, ????? ?????: VC ) ??? ??? ?????? ?????? , ??????? ????? ? ?????? ?? ????? ???? ("????? ??") ??? ????? ???????? ??? ??? ?????, ???? ?????? ? ?????? ?????? ????? ?? ??????. ????? ??? ????? ?? ??? ????? ?????? ?????? ????? ??? ????? ????? ?????? ???? ????? ? ???-?? .

???? ???? ?????? ?????? [ ????? ??? ???? | ????? ]

???? ?????? ????? ????? ? ????? , ??? ???? , ??????? ??????? ?? ?????? (???? ?????? ?????? - LP), ???? ????? ?????? ?? ???? ???? ?? ????? ??????? ???. ????? ??? ????? ?????? ?????? ??? ? ????? ???? , ?????? ??? ????? ??????? ????? ????? ????? ?? ?????. ??? ??, ????? ?????? ????? ??-??????? ?? ???? ?????, ?????? ????? ??? ????? ???? ????? ?????? ?????? ???? ?????? ?? ???? ????? (???? ? ????? ), ?????? ?? ?????? ??? ???????. ????, ?????? ??????? ??? ?????? ?????? ???? ??????? ???? "??????" ("Pre-Seed" ( ??? ?????? ) ???, ???? ???, ????? ?????? ???????? ?? ????? ?????????? ? ???'??? - ??? ????????, ?????, ?????? ????? ?? ?????????? ?? ????? ??? ?????? (??? ?-"Early Stage" ?????).

????? ???? (??????? ??????? - GP) ?? ???? ???? ?????? ???????? ????? ??????? ?????, ?? ?? ?????? ????? ??? ?? ?????? ??????? , ???????? ? ??????? . ???? ?????? ?? ?????? ??? ????? ??????, ?????? ???? ???????? ??? ?? ???? (Carried Interest).

???? ???? ??????? ?????? ??????? ????? ??? ?????? ??????? ??????, ?? ????? ????? ?????? ?????, ??? ?????? ??? ????? ???? ??????? ?? ????? ????? ??????? ????? ????? ??????. ?????, ????????? ?????? ?? ????? ??? ??????, ???????? ?? ??????? ?????? ???????? ??????? ??????, ?????? ?? ????? ??????? ?? ????? ??? ???? ???? ???? ??????, ??? ???? ?????? ?????? ?? ?????? (ROI) ????? ?? ????? ??. ?????? ???????, ????? ???? ???? ?????? ?? ?????? ?? ??? ????. ??? ?????? ??? ???? ????? ???? ???? ???? ????? ?????? (???????: Due Diligence) ????? ?????. ???? ???? ?????? ?????? ????? ? ?????? ????????? ?????? ?? ???????? ????? ?????? ?????? ?????? ????, ????????? ???? ?????? ???? ??????? .

???? ???? ?? ??? ??? ????? ???? ??? ??? ?? ??? ????, ???? ????? ?? ????? ??????, ????? ????????? ?????? ??? ?? ??????. ?????? ?? ????? ???? ?????? ?? ????, ?????? ???? ?? ???????? ?? ??? ????? ????? ???? ????? ????? ???? (?????? ????? ????? (Exit)), ????? ??????? ????? (????? ?????? ??????? ?? ?????? ??????? ??????? ????? ????) ?? ??????? ?????? (IPO). ???? ???? ????? ????? ?? ??? ???? ????? ?????? ?????? ?? ??????, ??? ????? ????? ???????? ??? ?????? ?? ????, ??????? ????? ???? ??? ??? ??? ??????, ????? ???? ??? ???? ????. ???? ?? ???? ??? ???? ????? ?? ????? ????? ?????? ?? ??????? ????? - ??? ??? ????? ???????? ???????. ?????? ?? ?????? ???? ??????, ???? ?????? ???????? ????? ?????? ???????? ?? ?????? ????????.

???? ????? ??? ????? [ ????? ??? ???? | ????? ]

????? ?????? ?'???????' ??????? ?? ?? ????? ????? ????, ???? ?? ????? ?????? ????? ???? ????? ??? ????? ???????? (Corporate VC), ^[1] ??????? ???? ?????? ????????? ?????? ??????? ???? ??????? ?? ?????? ????? ?? ??????? ?????; '??? ?? ?????' (Fund of Funds), ??????? ?????? ??? ????? ??????; ????? ??? ????? ???????? (Government VC); '????? ?????' (Micro VCs) ???????? ??????? ????? ???? ?????? ??????? ????. ??? ??, ??? ????? ??? ?????? ?????? ????? ?????? ??????? (Private Equity), ???????? ?????? ?????? ????, ???? ??? ????? ??????? ???? ?????.

???????? [ ????? ??? ???? | ????? ]

????? ??? ?????? ???? ?????? ? ????? ????? ???? ??? ????? ????? ?????? . ??? ????? ??? ?????? ???????? ????? ???? 1946, ????? ????? ????? ?? ????? ????? ? ????? ????? ?? ?????? ????????: ARDC) American Research and Development Company) ?-J.H. Whitney & Company (?? ??? ?'?? ??? ????? ????? ?????). ?????? ??? ??????? ???? ?????? ?????? ?????? ????????, ?????? ?? ????? ???? ?? ????? ?????? ???? ?????????.

??? ???? ???? ?-70 ???? ?????? ????? ?????? ????? ??????? ?????? ?????? ????? ????? ? ????????? ?? ?????? . ???? ?????? ????? ??????? ???? ?? ????? ? ??? ???????? , ????????? ?? ???'???? ???? ??????, ?????? ???? ??????? ??????????? ??????? ?? ????? ?????. ??? 1978 ????? ???? ??????? ?? ???? ??? ??????? ?? ??? ?????? ??? ?????? ? ????? ??? ????? $750 ??????. ?? ????? ??? ?????? ?????? ????? ???? 1974 (ERISA), ???? ?? ????? ????? ?????? ?????? ??????? ?????? ??????? ???? ?????? ?????? ??????. ???? 1978 ?????? ??? ?????? ERISA ??????? ?????? ???? ?????? ????? ?????? ??? ??????.

?????? ???????? ?? ?????? ????? ???? ????? ?-70 ???????? ????? ?-80 ???????? ?? ???? ?-20 ????? ???? ????? ????. ???? ????? ?????? ?????? ?????, ???? ?????? ????? ??? ?????? ???? ??-650 ?????. ????? ?????? ????? ????? ??? ??????, ???? ?????? ?? ??? ????? ??? ??? ?? ?-11% ????? ????? ? ?-$28 ?????? ?-$31 ??????. ?????? ????? ??????? ???? ???? ????? ??? ???? ??????? ?? ???? ?-20 ??? ?????? ????????? ??? ??????? ??????, ?????? ????? ??????? ?????? ??????? ??????? ??? ????? ??? ???? ???? 1987.

?????????? ????????? ?? ?????? ????? ????? ????? ???? ????-??? ( 1995 - 2000 ), ?? ?? ?? ??? ???????? ?????? ??????? ??????? ???? ???????? ?????, ???? ????? ???? ????? ?????? ?????? ???? ?????? ?????????. ??? ???? 2004 ???? ?????? ???????, ?? ??????? ?????? ????? ????????? ??? ?????? ??? ?????? ?????? ?????? ?????.

???? 2008 ?????? ?????? ?????????? 28.8 ??????? ?????? ?-2550 ?????. 13.4 ??????? ?????? ?????? ????? ??? ?-1416 ?????? ?? ??? ????? ???? ?????? ?????, ????? ? ???? , ?????? , ? ??? ?? ????? . ^[2] ?- 2007 ????? ?????? ????? ?????? ???? ????? , ? ???? ??????? ??????? ???? ???????? ???????? ??? ??? ?????? ???????? ?????.

????? ?????? ?? ????? ??? ?????? ?? ???? ??????? ?????????? ????: ????? , ????? , ?????? ????? , ??????? , ???? , ?????? , ???????????? , ?????? ????? ? ????????? . ?????? ?? ????? ??????? ??????? ???????? ????: ?????? ?????? ??????????? ?????? ( ?????? ), ?????? ????.

?????? ???? ????? ?????? [ ????? ??? ???? | ????? ]

??? ????? ? ??? ????? ??????

??? ??? ?????? ??????? ??????, "??? ????", ????? ???? 1985 ?? ??? ????? ????????? ???? ?? ????, ???? ??? ????? ?????, ?? ????????? ? ??? ???? , ????? ??? ????? ???? ????. ^[3] ???? ?????? ?????? EFI ?? ??? ???? ? ???????? ?????????? ?????? ????. ^[4]

???? 1990 , ????? ?????? "????", ????? ?????? ?????? ????? ??? ????? ?????? ????? ??????, ??????? ???? ?????? ???????? ???? ?????? ???? ?-80% ???????? ????. ^[5] ?????? ??????? ????? 4 ????? ??? ?????: "?????", "?????", "???? ??"?" ?"????" ?????? ? ????? ??????? ??? ??? ???? . ^[6]

?????? ??? ????? ???? ?????? ??????, ??? ????? 1992 ?- 1994 , ???? ??????? ????? ?? " ?????? ????? " ?????? ????? ????? ?? ???? ???"? , ??? ????? ???? ?? ??? ????? ??? ????? ? ????? ?????????? ???? ?????? ???????? ?????? ?????? ?????? ?????? ?????? ?????? ???? ????? ?????? ???? ??????? ?????. ^[7]

??? ?????? ??????? ???????? ?????? ^[8] ???? ???? ????? ?? NVP , ?????? , JVP , ?????? , ????? , ???? ???'?? , ?????? ????? ?????? , ????? , TLV Partners , Aleph. ????? ?????? ????? ???? ?? ????? ????? ???? ???????? ???? ?????? ??????? ^[9] . ??? ?? ?????? ?????? ????? ???? ????, ????? ?????????, ???????? ????? ???? ??????, ???? ??? ???? , ??????? ?????? ????. ????? ???????? ?? ??????? ??? ???? ?? ???'??? (??????? ??????) ???????, ??? ????????? ?? ????? ?????? ???????? ???? ??? ?????? ???????? ???? ????? ??????.

??? ?? [ ????? ??? ???? | ????? ]

• ???? ?????????
• ???'?
• ????? ?? ?????? ??? ????? ??????
• ??????? ????
• LGD
• ???-??

?????? ????? [ ????? ??? ???? | ????? ]

• ???? ??? ????? ?????, ?????? ?? ???? ???? - ?????? ?? ??????? ???????? , ?????? ????? , 2018, ???? "???? ?? ???? ??????-??", ??' 266?271

??????? ???????? [ ????? ??? ???? | ????? ]

???? ?????? ????? ??? ??? ????? ? ??????????

• ???? ?????, ?????? ???? ?????: ??? ??? ???? ???? ?? ????-??? , ???? TheMarker ‏, 15 ?????? 2015
• ???? ?????, ???? ?????? ???? , ???? TheMarker ‏, 11 ??????? 2016
• ???? ?????? , ?????? ????? , ???? TheMarker ‏, 4 ????? 2018
• ????? ???, ?? ????? ?????? ???? ????? ?? ?????? ?? ???? ?????????? , ???? TheMarker ‏, 12 ???? 2024
• ??? ???? , ?? ??? ? ?????? ???????

????? ?????? [ ????? ??? ???? | ????? ]