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????這并不是大家的幻想。風(fēng)投資本家正在向初創(chuàng)公司投入更多的資金,，而且越來(lái)越多,。他們手中還擁有大量新基金來(lái)支持他們的投資活動(dòng)。

????以下是2014年第二季度綜述：

????風(fēng)投資本交易

????風(fēng)投資本家2014年第二季度支出了215億美元,，這個(gè)數(shù)字創(chuàng)造了2000年第一季度（根據(jù)PitchBook的數(shù)據(jù)）以來(lái)的歷史新高,。此外，這個(gè)數(shù)字較2013年第二季度的128億美元增長(zhǎng)了68%,。然而,，更有意思的是，2013年接受風(fēng)投資金的公司的數(shù)量更多（2,110家對(duì)1,590家）,。事實(shí)上,，交易數(shù)量已連續(xù)第四個(gè)季度出現(xiàn)下滑，但總投資額卻已經(jīng)是連續(xù)第四個(gè)季度上揚(yáng),。

????No, it’s not your imagination. Venture capitalists are paying more for startups. Much more. And they also have a lot of new funds from which to invest.

????Here’s the Q2 2014 roundup:

????VC deals

????Venture capitalists disbursed $21.5 billion in Q2 2014, which is the largest such number since Q1 2000 (according to PitchBook). Moreover, it’s 68% higher than the $12.8 billion invested in Q2 2013. What’s interesting, however, is that more companies were funded in the year-earlier period (2,110 vs. 1,590). In fact, the number of deals has dropped for four consecutive quarters, while the amount of total investment has risen for four consecutive quarters.

????風(fēng)投資本估價(jià)

????（根據(jù)PitchBook的數(shù)據(jù)）所有交易的投資前估價(jià)中值從2013年第二季度的1,380萬(wàn)美元上升到了2014年第二季度驚人的2,460萬(wàn)美元。雖然最高的增長(zhǎng)出現(xiàn)于后期階段的投資當(dāng)中,，但風(fēng)投資本生命周期的每一個(gè)環(huán)節(jié)都承受了巨大的上行壓力,。

????VC valuations

????Median pre-money valuations for all deals climbed from $13.8 million in Q2 2013 to a whopping $24.6 million in Q2 2014 (according to PitchBook) The largest increase was in later-stage deals, but every single part of the VC lifecycle experienced substantial upward pressures.

????風(fēng)投資本籌資

????PitchBook的數(shù)據(jù)顯示，2014年第二季度,，76支風(fēng)投基金交割了139億美元的資金,。相對(duì)于2013年第二季度49支基金60億美元的籌資金額來(lái)說(shuō)，這個(gè)增長(zhǎng)幅度很驚人,，即便與2014年第一季度的110億美元相比亦是如此,。唯一的問(wèn)題在于，4家公司瓜分了第二季度籌資總額的近三分之一,，而這反映了數(shù)十億美元風(fēng)投基金的回歸,。有7支基金新加入籌資大軍；85%的基金達(dá)到了籌資目標(biāo),；籌資從推出到完成的平均時(shí)間為15.4個(gè)月,。

????VC fundraising

????76 venture capital funds closed on $13.9 billion in Q2 2014, according to PitchBook. That’s a whopping increase over the 49 funds raising $6 billion in Q2 2013, and even over the 70 funds raising $11 billion in Q1 2014. The only caveat is that nearly one-third of the Q2 capital raise came from just four firms – reflecting the return of billion-dollar VC funds. Seven of the funds were first-timers, 85% met fundraising targets and the average time from launch to close was 15.4 months.

????退出

????（根據(jù)湯森路透和美國(guó)風(fēng)投協(xié)會(huì)的數(shù)據(jù)）28家由風(fēng)投資本投資的企業(yè)于第二季度公布了在美國(guó)交易所的IPO（首次公開(kāi)募股）價(jià)格,，共籌集了49億美元,。而2014年第一季度的這一數(shù)字為37家公司，34億美元,；2013年第二季度的數(shù)字為22家公司,，22.5億美元。

????第二季度,，22家進(jìn)行IPO的企業(yè)中有16家是生命科學(xué)公司,，而這也是連續(xù)第五個(gè)季度有10家或以上數(shù)量的由風(fēng)投資本投資的生命科學(xué)公司進(jìn)行IPO。在28家首次公開(kāi)募股的公司當(dāng),，22家來(lái)自于美國(guó)本土,，然而單體募股金額最大的是一家中國(guó)公司（于納斯達(dá)克上市的JD.com籌集了20億美元）。97家由風(fēng)投資本投資的公司于第二季度被收購(gòu),，較第一季度111家公司的總數(shù)小幅下降,，基本上與去年同期96家的總數(shù)持平。（財(cái)富中文網(wǎng)）

????Exits

????28 VC-backed companies priced IPOs on U.S. exchanges in Q2, raising $4.9 billion (according to Thomson Reuters and The National Venture Capital Association). This compares to 37 VC-backed companies raising $3.4 billion via IPOs during Q1 2014, and 22 VC-backed companies raising $2.25 billion via IPOs in Q2 2013. Sixteen of the 22 second-quarter IPOs were for life sciences companies, marking the fifth consecutive quarter of double-digit IPOs for the VC-backed life sciences sector. Twenty-two of the 28 offerings were for U.S.-based companies, although the largest single offering (JD.com, which raised $2 billion and listed on the NASDAQ) was for a Chinese company.

????97 VC-backed companies were acquired in Q2, marking a slight decrease from Q1 (111) and essentially no change from the year-earlier period (96).