向有限合伙制前进

到20世纪60年代中期，现代风投模型的各个方面开始建立起来。将资本与管理专业知识联系起来的理念，以及通过进行严格的尽职调查从大量方案中选择投资对象的观念，都是从第三章研究过的私人资本实体中延伸而来的。此外，风投行业的概念现在有了证据。ARD对数字设备公司的投资表明，长尾风投模式有可能产生可观的回报。ARD利用机构资本控制住了风险，实现了超额收益，促使其他投资者在更广泛的早期投资中承担类似的风险。新企业协会是一家成立于1977年的杰出风投公司，它指出“ARD对数字设备投资的精彩记录”导致更多的投资资金流入风投行业。

然而，此时的风投仍是一个小规模行业。虽然ARD成功动员了机构投资者并从长尾投资组合中获得回报，但封闭式基金方法的可行性却很低。在接下来的20年里，由于政府塑造有利环境的努力和风投家的个人能动性相结合，风投行业确实开始扩大规模。这种规模的扩大通过激励和能力体系得以实现，通过有限合伙制的组织形式得以运作。


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