ABSTRACT

This paper reflects on the policy formation process in the burgeoning area of government’s involvement in venture capital finance (VC) over the two decades 2000–2020. It looks at both why and how government VC funds (GVC) have evolved. The increasingly common vehicle of “hybrid” co-investment funds, which include both public and private VC investors, is analysed. The evolution of public intervention in VC markets over time is acknowledged while noting that significant operational challenges remain. The rubric of Ten Meditations is employed as a device to communicate both problem and prescription across the academic/policy maker divide.

摘要

本文反映了 2000 年至 2020 年这二十年间政府参与风险投资金融（VC）这一新兴领域的政策形成过程。它着眼于政府风险投资基金 (GVC) 发展的原因和方式。分析了越来越普遍的“混合”共同投资基金工具，其中包括公共和私人风险投资投资者。随着时间的推移，风险投资市场中公共干预的演变得到了承认，同时注意到仍然存在重大的运营挑战。十个冥想的标题被用作一种工具，用于在学术/政策制定者分歧中交流问题和处方。