of China seed money set aside for US
A group of China private equity investors set aside $400m to pour into
early investments in new US businesses, marking a large rise in the
amount of capital chasing seed investments.
The investment vehicle represents a step up from an earlier $25m fund
raised to back investments through AngelList, an internet-based service
for organising seed investments.
Interest in backing high-growth tech start-ups has brought large amounts
of money to established private companies that have proved they have a
workable model. 投资者对投资高成长性科技创业企业的兴趣，为那些已证明自身模式可行的成熟私人企业吸引来了大笔资金。
But it has been harder for outsiders to get in on the newest business
ideas at the earliest stage. 但对外部投资者而言，在最早期阶段参与最新商业构想历来难度更大。
Seed investments are usually done in amounts of less than $1m, and are
made by individuals, known as angels, making it hard for institutional
investors with more capital to get involved.
The total amount of seed-stage investments in the US last year was
$1.33bn, according to research firm CB Insights, though that was still
up about 50 per cent from the year before. 研究公司CB
Naval Ravikant, AngelList founder, said the availability of much larger
amounts of money was a result of the excess liquidity in financial
markets. AngelList创始人纳瓦尔?拉维康特(Naval Ravikant)说，更高额种子投资的出现，缘于金融市场的过度流动性。
The new fund is almost twice as big as the $205m that has been invested
through AngelList in the past two years. AngelList创始人纳瓦尔?拉维康特
AngelList said it was led by China Science and Merchants Capital and
included the three biggest private equity investors in China.
Mr Ravikant said it was independent of the online marketplace but was
committed to putting the entire amount to work in AngelList investments.
“It’s up to us to make sure it doesn’t create a bubble,” he said of the
China investment vehicle.
The fund might have topped $1bn but was capped to limit its impact on
the seed market, he said. “我们负责确保不引发泡沫，”他在谈起这只中国投资基金时表示。