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(2)幂律分布更多样。像之前我们解释的那样,传统VC的回报主要靠前1%的公司,正因为只有1%的公司能成功,传统VC的回报率也遵循幂律。就是说,只有少数VC能成功,大多数VC最后还是铩羽而归。所以和其他资产类别相比,传统VC的业绩差异更大,这对LP来说是一种风险。 相比之下,颠覆型VC的目标不是一步登天,理论上回报方差会比传统VC低,风险更小。 最大的问题是:现在是LP投资颠覆型VC的好时候吗?是不是太早了?LP选择颠覆型VC有三个障碍: 其次是Deal sourcing,或者说,

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