单选题 What amount do venture capitalists' generally earn on their investment of time and capital? Ⅰ. Management fees of 1～2.5% of capital commitment Ⅱ. Management fees of 1～2.5% of capital invested Ⅲ. 80% of portfolio gain Ⅳ. 20% of portfolio gain

A、

A. Ⅰ only.
B、

B. Ⅰ and Ⅳ only.
C、

C. Ⅱ and Ⅲ only.

【正确答案】 B

【答案解析】Management fees are based on the percentage of the capital commitment and gains on the portfolio. If the management fees were based on the amount of capital invested, venture capitalists might have a potential moral hazard. In effect, they would be compensated on simply investing the capital rather than ensuring that the investment was a quality project. In addition to the annual management fee based on the capital commitment, venture capitalists also receive a 20% stake of the economic gains from the portfolio.