（阿浦研究院｜人大金融交易协会）
导言：
在投资市场中，私人资本占比不断上升，风险投资盛行，但由此给个人和企业带来的风险却是不可预料的。
经济词汇：
Venture capital（VC）——风险投资
Initial public offering（IPO）——首次公开募股
Vision fund——愿景基金
知识补充：
风险投资（VC）：简称风投，又译称为创业投资，主要是指向初创企业提供资金支持并取得该公司股份的一种融资方式。
软银集团（Softbank）在1981年在日本创立并于1994年在日本上市，是一家综合性的风险投资公司，主要致力IT产业的投资，包括网络和电信。软银在全球投资过的公司已超过600家，在全球主要的300多家 IT公司拥有多数股份。24国集团（G24）——亚、非、拉发展中国家为在国际货币制度改革中协调立场、增强团结而结成的国际性组织；
卡斯铂 (Casper)：Casper创立于2013年，采用直接面向消费者（Direct-to-Consumer）的电商运营模式，是以一张床垫起家，并始终专注于改善用户睡眠环境的创新企业；
摩根大通(JPMorgan Chase)：2000年12月由J．P．摩根公司和大通-曼哈顿公司合并而成，是美国主要的商业银行。业界称西摩或小摩，中国人习惯称之为“摩根银行”，总部在美国纽约，总资产2.5万亿美元，总存款高达1.5万亿美元，占美国存款总额的25%，分行6000多家，是美国最大金融服务机构之一。
重点句型：
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.
句型解释：该句主语为句子“A different way to capture the scale of the private party”，表语为“to look at the quartet of Wall Street firms…”,在其中，由that引导的定语从句修饰“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.
句型解释：“a loss- making firm that sells mattresses on the web”作为同位语补充说明前面的“This week Casper”,此外，在该句“announced”后面的宾语从句中含有一个定语从句“it is seeking at IPO”，先行词为“value”,省略了关系代词。
翻译文段：
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)的数据显示，在截至2019年底的五年中，全球私人资本池(包括私人股本和私人债务，以及未上市的房地产和对冲基金资产)增长了44%。另一种衡量私人投资规模的方法是观察四家专门为客户管理私人投资的华尔街公司——阿波罗(Apollo)、百仕通(Blackstone)、凯雷(Carlyle)和科尔伯格·克莱维斯·罗伯特公司（KKR）。在过去的五年中，他们的总管理资产增长了76%，达到1.3万亿美元。他们长期专注于收购和房地产。最近，他们在私人债务市场也有所增长——他们基金的信贷总额达到4700亿美元。
2.风险投资(VC)，私人世界的另一部分，正处于狂热之中。软银(SoftBank)的愿景基金(Vision Fund)是由沙特阿拉伯主权财富基金支持的一个1000亿美元的私人资本载体，该基金已将资金注入时髦的、未上市的初创企业。其他机构也竞相为硅谷最耀眼的新星开出巨额支票。其中一些押注已经出错。在公开市场投资者对其估值望而却步后，WeWork——一家从神化到无用的共享办公公司——不得不在2019年取消了首次公开募股(IPO)。本周，在网上销售床垫的亏损企业卡斯珀(Casper)宣布，其首次公开发行(IPO)的估值低于上一轮融资时的11亿美元。
扩展阅读：
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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