Venture capital is a unique source of funding for innovative firms because they have limited access to traditional capital markets. Regarding VCF’s point of view, start-up portfolio selection and VCF’ syndication have always been critical challenges. Hence, using integrated quantitative methods to get the best-known solutions is always being felt. In this paper, start-up portfolio selection is simulated which is more similar to real-world problems rather than other research. Regarding this goal, preferences of start-ups and their interaction with investors are considered. Concerning the complexity of the problem, the best-known model to simulate this problem is an agent-based model with fuzzy inference system core as a computational engine and also the problem optimization is done using a harmony search algorithm. By this procedure, not only the portfolio’s ROI is maximized but also VCF’ syndication and their share is determined. Finally, several numerical illustrations are implemented and comparisons are performed.

风险投资是创新公司的独特资金来源，因为它们进入传统资本市场的机会有限。在 VCF 看来，初创公司的投资组合选择和 VCF 的联合一直是关键挑战。因此，总是能感觉到使用集成的定量方法来获得最著名的解决方案。在本文中，模拟了初创公司的投资组合选择，这更类似于现实世界的问题，而不是其他研究。关于这一目标，考虑了初创企业的偏好及其与投资者的互动。考虑到问题的复杂性，模拟这个问题最著名的模型是基于代理的模型，以模糊推理系统为计算引擎，并使用和声搜索算法进行问题优化。通过这个程序，不仅投资组合的投资回报率最大化，而且 VCF 的联合和他们的份额也被确定。最后，实现了几个数值说明并进行了比较。