（阿浦研究院｜人大金融交易協會）
導言：
在投資市場中，私人資本佔比不斷上升，風險投資盛行，但由此給個人和企業帶來的風險卻是不可預料的。
經濟詞彙：
Venture capital（VC）——風險投資
Initial public offering（IPO）——首次公開募股
Vision fund——願景基金
知識補充：
風險投資（VC）：簡稱風投，又譯稱為創業投資，主要是指向初創企業提供資金支持並取得該公司股份的一種融資方式。
軟銀集團（Softbank）在1981年在日本創立並於1994年在日本上市，是一家綜合性的風險投資公司，主要致力IT產業的投資，包括網絡和電信。軟銀在全球投資過的公司已超過600家，在全球主要的300多家 IT公司擁有多數股份。24國集團（G24）——亞、非、拉發展中國家為在國際貨幣制度改革中協調立場、增強團結而結成的國際性組織；
卡斯鉑 (Casper)：Casper創立於2013年，採用直接面向消費者（Direct-to-Consumer）的電商運營模式，是以一張床墊起家，並始終專注於改善用戶睡眠環境的創新企業；
摩根大通(JPMorgan Chase)：2000年12月由J．P．摩根公司和大通-曼哈頓公司合併而成，是美國主要的商業銀行。業界稱西摩或小摩，中國人習慣稱之為“摩根銀行”，總部在美國紐約，總資產2.5萬億美元，總存款高達1.5萬億美元，佔美國存款總額的25%，分行6000多家，是美國最大金融服務機構之一。
重點句型：
1.A different way to capture the scale of the private party is to look at the quartet of Wall Street firms that specialise in managing private investments for clients—Apollo, Blackstone, Carlyle and KKR.
句型解釋：該句主語為句子“A different way to capture the scale of the private party”，表語為“to look at the quartet of Wall Street firms…”,在其中，由that引導的定語從句修飾“firms”；
2. This week Casper, a loss- making firm that sells mattresses on the web, announced that the value it is seeking at IPO is below its $1.1bn valuation at its previous funding round.
句型解釋：“a loss- making firm that sells mattresses on the web”作為同位語補充說明前面的“This week Casper”,此外，在該句“announced”後面的賓語從句中含有一個定語從句“it is seeking at IPO”，先行詞為“value”,省略了關係代詞。
翻譯文段：
1.Worldwide, pools of private capital, including private equity and private debt, as well as unlisted real-estate and hedge-fund assets, grew by 44% in the five years to the end of 2019, according to JPMorgan Chase. A different way to capture the scale of the private party is to look at the quartet of Wall Street firms that specialise in managing private investments for clients—Apollo, Blackstone, Carlyle and KKR. Their total managed assets have risen by 76% in the past five years, to $1.3trn. They have long specialised in buy-outs and property. More recently they have grown in private-debt markets, too—in total their funds’ credit holdings have hit $470bn.
3.Venture capital (VC), another part of the private universe, is feverish. SoftBank’s Vision Fund, a $100bn private-capital vehicle backed by Saudi Arabia’s sovereign-wealth fund, has funnelled cash into fashionable, unlisted startups. Other institutions have vied with it to write big cheques for Silicon Valley’s brightest new stars. Already some of these bets have gone awry. WeWork, an office-sharing deity-turned-dud, had to cancel an Initial Public Offering (IPO) in 2019 after public-market investors balked at its valuation. This week Casper, a loss- making firm that sells mattresses on the web, announced that the value it is seeking at IPO is below its $1.1bn valuation at its previous funding round.
1.摩根大通(JPMorgan Chase)的數據顯示，在截至2019年底的五年中，全球私人資本池(包括私人股本和私人債務，以及未上市的房地產和對沖基金資產)增長了44%。另一種衡量私人投資規模的方法是觀察四家專門為客戶管理私人投資的華爾街公司——阿波羅(Apollo)、百仕通(Blackstone)、凱雷(Carlyle)和科爾伯格·克萊維斯·羅伯特公司（KKR）。在過去的五年中，他們的總管理資產增長了76%，達到1.3萬億美元。他們長期專注於收購和房地產。最近，他們在私人債務市場也有所增長——他們基金的信貸總額達到4700億美元。
2.風險投資(VC)，私人世界的另一部分，正處於狂熱之中。軟銀(SoftBank)的願景基金(Vision Fund)是由沙特阿拉伯主權財富基金支持的一個1000億美元的私人資本載體，該基金已將資金注入時髦的、未上市的初創企業。其他機構也競相為硅谷最耀眼的新星開出鉅額支票。其中一些押注已經出錯。在公開市場投資者對其估值望而卻步後，WeWork——一家從神化到無用的共享辦公公司——不得不在2019年取消了首次公開募股(IPO)。本週，在網上銷售床墊的虧損企業卡斯珀(Casper)宣佈，其首次公開發行(IPO)的估值低於上一輪融資時的11億美元。
擴展閱讀：
Venture capital (VC): venture capital, also known as venture capital, is a method of financing a startup by providing financial support and taking equity in the company. Venture capital is a form of private equity investment. A venture capital firm is a professional investment firm formed by a group of people with knowledge and experience in technology and finance. It provides capital to those who need it through direct investment to acquire equity in the investment company. Most vc funds to invest in new ventures or unlisted companies (though the present laws and regulations on aggressive easing capital USES), not for the purpose of business investment company, is only provide funds and professional knowledge and experience, to assist in the invested companies to obtain greater profits for the purpose, so is the pursuit of long-term profits high-risk business.
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