大家能说出历史上表现最好的风险投资基金吗？

    以前我一直觉得这样的基金应该出现在互联网泡沫时期，或是参与了谷歌或Facebook的早期投资。然而，种子基金Lowercase Ventures Fund I的一位有限合伙人昨天向我透露了一些机密文件。这只于2010年完成840万美元融资的基金目前投资了租车服务公司Uber、分布式应用开发平台Docker、制作用户体验优化软件的Optimizely以及美容美发预约网站StyleSeat；已经退出的投资对象则有图片共享服务供应商Instagram（已被Facebook收购）和社交网站Twitter。

    就回报倍数而言，它可能是表现最好的风投基金。

    截至2014年第三季度末，该基金未付股款的回报率为3.47倍；同时，其“净值增长了76.19倍”。不过，第三季度这个时间节点很重要，因为第三季度的数据并未体现该基金在第四季度因Uber融资而带来的大幅增值，Uber最近完成了新一轮融资，估值达到了约400亿美元。

    如果用Uber新的公平市价——每股133美元——代替上述文件中的每股62.05美元，该基金的承诺资本整体回报率就会达到令人惊叹的216倍。按美元计算，它以区区不足600万美元认缴资金换来了近13亿美元的收益（包括约2300万美元现金以及退出公司的可售股份）

    最后，据我所知，这还没有计算尚未入账的管理费。

    我曾向另类资产信息供应商Preqin索要历史上表现最好的风投基金名单，但在他们提供的数据中，没有哪只基金的总回报率（当然，是未实现回报）接近Lowercase Ventures Fund I（包括那些互联网泡沫时期的基金）。当然，有些基金的现金回报更多，特别是在股权出资承诺的起步点更高的情况下。如果大家知道回报率更高的风投基金，请务必通知我。

    Lowercase Capital创始合伙人克里斯•萨卡拒绝就此发表评论，这很可能是因为这些文件里所提到的一则警告——“口风不紧会导致回报率下降”。（财富中文网）

    译者：Charlie

    审稿：李翔

    Can you name the best-performing venture capital fund in history?

    My guesses would have been something from the dotcom era or a fund that got in early with Google GOOG 0.32% or Facebook FB 2.66% . But yesterday I was leaked some confidential documents from a limited partner in Lowercase Ventures Fund I, an $8.4 million seed fund that closed back in 2010. Active portfolio companies include Uber, Docker, Optimizely and StyleSeat, while exited deals include Instagram (sold to Facebook) and Twitter TWTR 4.86% .

    This would appear to be the winner, at least from a return multiple perspective.

    Through Q3, the fund had returned 3.47x of called capital and was “sitting on an additional 76.19x net value.” But that Q3 timing is important, because it does not reflect the massive Q4 appreciation that would have occurred after Uber’s most recent financing at around a $40 billion valuation.

    If you update Uber’s fair market value from the $62.05 per share mark in the Lowercase doc to the new $133 per share figure, the fund’s overall return multiple on committed capital climbs to a whopping 216x. Or, in real dollars, nearly $1.3 billion on just under $6 million in call-downs (including approximately $23 million in cash and stock distributions for exited companies).

    Finally, from what I can tell, there are no management fees currently being paid.

    I asked the folks at data provider Preqin to send over their list of top-performing VC funds in history, and they don’t have anything that has (admittedly unrealized) gross multiples close to this (including from the dotcom era). There are certainly funds that have returned more hard cash — particularly given that equity commitments were much larger to begin with — but if you do know of something with better multiples, please be sure to let me know.

    Lowercase founder and partner Chris Sacca declined comment, likely because the docs include a warning about how “loose lips sink returns.”