{"id":4350,"date":"2026-01-06T17:15:05","date_gmt":"2026-01-06T09:15:05","guid":{"rendered":"http:\/\/blog.cloud500.ai\/?p=4350"},"modified":"2026-01-06T17:15:05","modified_gmt":"2026-01-06T09:15:05","slug":"2025-q1-%e7%be%8e%e5%9b%bd-vc-%e4%b8%9a%e7%bb%a9%e6%8a%a5%e5%91%8a","status":"publish","type":"post","link":"http:\/\/blog.cloud500.ai\/?p=4350","title":{"rendered":"2025 Q1 \u7f8e\u56fd VC \u4e1a\u7ee9\u62a5\u544a"},"content":{"rendered":"\n<p><em>\u672c\u62a5\u544a\u57fa\u4e8e 2,500 \u4f59\u652f\u5f53\u524d\u4f7f\u7528&nbsp;<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=Carta&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">Carta<\/a>&nbsp;\u57fa\u91d1\u7ba1\u7406\u670d\u52a1\u7684 VC \u57fa\u91d1\u6570\u636e\u6240\u63d0\u4f9b\u7684\u4e1a\u7ee9\u6982\u89c8\uff0c\u6db5\u76d6<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=%E5%86%85%E9%83%A8%E6%94%B6%E7%9B%8A%E7%8E%87&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u5185\u90e8\u6536\u76ca\u7387<\/a>\uff08IRR\uff09\u3001<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=%E5%B7%B2%E5%88%86%E9%85%8D%E5%AF%B9%E5%AE%9E%E7%BC%B4%E8%B5%84%E6%9C%AC%E5%80%8D%E6%95%B0&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df2\u5206\u914d\u5bf9\u5b9e\u7f34\u8d44\u672c\u500d\u6570<\/a>\uff08DPI\uff09\u548c<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=%E6%80%BB%E4%BB%B7%E5%80%BC%E5%AF%B9%E5%AE%9E%E7%BC%B4%E8%B5%84%E6%9C%AC%E5%80%8D%E6%95%B0&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u603b\u4ef7\u503c\u5bf9\u5b9e\u7f34\u8d44\u672c\u500d\u6570<\/a>\uff08TVPI\uff09\u3002<\/em><\/p>\n\n\n\n<p><strong>2017 \u5e74\u81f3 2024 \u5e74\u8bbe\u7acb\u7684\u51e0\u4e4e\u6240\u6709 VC \u57fa\u91d1\u4ecd\u5728\u79ef\u6781\u7ba1\u7406\u5176\u6295\u8d44\u7ec4\u5408\uff0c\u591a\u6570\u4ecd\u5728\u5bfb\u6c42\u9996\u6b21\u9000\u51fa\u3002<\/strong>\u8bda\u7136\uff0c\u5bf9\u8fd9\u4e9b\u4e0d\u540c\u5e74\u4efd\u57fa\u91d1\u7684\u6700\u7ec8\u8868\u73b0\u4f5c\u51fa\u5224\u65ad\u4ecd\u4e3a\u65f6\u8fc7\u65e9\u3002<\/p>\n\n\n\n<p>\u57fa\u4e8e\u903e 2,500 \u652f\u4f7f\u7528 Carta \u57fa\u91d1\u7ba1\u7406\u670d\u52a1\u7684 VC \u57fa\u91d1\u6570\u636e\uff0c\u6211\u4eec\u5f97\u4ee5\u5448\u73b0\u8fd9\u4e9b\u65b0\u8fd1\u5e74\u4efd\u57fa\u91d1\u7684\u5f53\u524d\u4e1a\u7ee9\u8868\u73b0\uff0c\u5e76\u636e\u6b64\u7814\u5224\u5176\u672a\u6765\u8d70\u5411\u3002<\/p>\n\n\n\n<p>\u622a\u81f3 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u672b\uff0c2017 \u5e74\u5ea6\u57fa\u91d1\u7684 IRR \u4e2d\u4f4d\u6570\u4e3a 11.5%\uff0cTVPI \u4e2d\u4f4d\u6570\u4e3a 1.72 \u500d\uff0cDPI \u4e2d\u4f4d\u6570\u4e3a 0.27 \u500d\u3002<\/p>\n\n\n\n<p>\u8fd9\u7ec4\u57fa\u91d1\u7684\u4e1a\u7ee9\u5185\u90e8\u5dee\u5f02\u5341\u5206\u663e\u8457\u3002\u5728\u4e1a\u7ee9\u7b2c 25 \u767e\u5206\u4f4d\u6c34\u5e73\u4e0a\uff0c2017 \u5e74\u5ea6\u57fa\u91d1\u7684 IRR \u4e2d\u4f4d\u6570\u4ec5\u4e3a 5%\uff1b\u5728\u7b2c 75 \u767e\u5206\u4f4d\u6c34\u5e73\u4e0a\uff0c\u8be5\u503c\u4e3a 18.7%\uff1b\u5728\u7b2c 90 \u767e\u5206\u4f4d\uff08\u5373\u8868\u73b0\u6700\u597d\u7684\u57fa\u91d1\u6240\u5904\u533a\u95f4\uff09\uff0c2017 \u5e74\u5ea6\u57fa\u91d1\u7684 IRR \u4e2d\u4f4d\u6570\u8fbe 28.3%\u3002<\/p>\n\n\n\n<p>\u8fd1\u4e9b\u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u7531\u4e8e\u5176\u751f\u547d\u5468\u671f\u6240\u5904\u7684\u9636\u6bb5\u4e0e\u5176\u4ed6\u5e74\u4efd\u660e\u663e\u4e0d\u540c\uff0c\u5e76\u66fe\u5728\u8fe5\u5f02\u7684\u5e02\u573a\u73af\u5883\u4e2d\u8fdb\u884c\u6295\u8d44\uff1b\u672c\u62a5\u544a\u65e8\u5728\u63a2\u8ba8\u8fd9\u4e9b\u53d8\u91cf\u8fc4\u4eca\u4e3a\u6b62\u5bf9\u4e0d\u540c\u5e74\u4efd\u8bbe\u7acb\u7684\u57fa\u91d1\u7684\u4e1a\u7ee9\u6307\u6807\u6240\u5e26\u6765\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n<p>\u672c\u5206\u6790\u4ec5\u6db5\u76d6\u7f8e\u56fd\u57fa\u91d1\uff0c\u4e14\u6240\u6709\u7eb3\u5165\u7684\u57fa\u91d1\u5747\u4e3a\u76f4\u63a5\u8fdb\u884c\u6295\u8d44\u7684 VC \u57fa\u91d1\uff08\u975e\u6bcd\u57fa\u91d1\uff09\u3002\u7eb3\u5165\u5206\u6790\u7684\u57fa\u91d1\u5fc5\u987b\u662f 2017 \u5e74\u81f3 2024 \u5e74\u95f4\u8bbe\u7acb\u7684\u57fa\u91d1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u8981\u70b9<\/strong><\/h2>\n\n\n\n<ul>\n<li><strong>\u5bf9\u4e8e\u8fd1\u671f\u8bbe\u7acb\u7684\u57fa\u91d1\u800c\u8a00\uff0c\u8f83\u96be\u83b7\u5f97 DPI \u56de\u62a5\uff1a<\/strong>\u622a\u81f3 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u672b\uff0c2019 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\u4ec5\u6709 37% \u5411 LP \u8fdb\u884c\u8fc7\u5206\u914d\uff0c2020 \u5e74\u8bbe\u7acb\u7684\u4e3a 30%\u3002<\/li>\n\n\n\n<li><strong>\u5c0f\u89c4\u6a21\u7684\u57fa\u91d1\u66f4\u4e3a\u666e\u904d\uff1a<\/strong>\u4ee5 2020 \u5e74\u5ea6\u4e3a\u4f8b\uff0c\u6837\u672c\u4e2d\u5df2\u52df\u96c6\u7684\u57fa\u91d1\u6709 25% \u7684\u89c4\u6a21\u4ecb\u4e8e 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\uff0c36% \u4ecb\u4e8e 2,500 \u4e07\u81f3 1 \u4ebf\u7f8e\u5143\uff1b\u5230 2024 \u5e74\uff0c\u8fd9\u4e00\u683c\u5c40\u9006\u8f6c\uff1a42% \u4ecb\u4e8e 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\uff0c22% \u4ecb\u4e8e 2,500 \u4e07\u81f3 1 \u4ebf\u7f8e\u5143\u3002<\/li>\n\n\n\n<li><strong>TVPI \u6307\u6807\u51fa\u73b0\u8f7b\u5fae\u4e0a\u884c\uff1a<\/strong>2017\u30012018 \u548c 2020 \u5e74\u5ea6\u57fa\u91d1\u7684 TVPI \u4e2d\u4f4d\u6570\u5728 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5747\u6709\u6240\u4e0a\u5347\uff1b\u6b64\u524d\u8fd9\u4e9b\u5e74\u4efd TVPI \u6301\u7eed\u4e0b\u6ed1\uff0c\u4f8b\u5982 2018 \u5e74\u5ea6\u57fa\u91d1\u5df2\u8fde\u7eed\u4e94\u4e2a\u5b63\u5ea6\u4e0b\u884c\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u57fa\u91d1\u6982\u51b5<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-18.png\" alt=\"\" class=\"wp-image-4354\"\/><\/figure>\n\n\n\n<p>\u672c\u5206\u6790\u6db5\u76d6 2017 \u5e74\u81f3 2024 \u5e74\u95f4\u7684 2,513 \u652f VC \u57fa\u91d1\u7684\u6570\u636e\u3002\u8fd9\u4e9b\u57fa\u91d1\u4e2d\u7edd\u5927\u591a\u6570\uff08\u7ea6 89%\uff09\u7684\u8ba4\u7f34\u8d44\u672c\u89c4\u6a21\u4f4e\u4e8e 1 \u4ebf\u7f8e\u5143\uff0c\u7ea6 11% \u7684\u57fa\u91d1\u8d85\u8fc7 1 \u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5360\u6bd4 11% \u7684\u5927\u578b\u57fa\u91d1\u5408\u8ba1\u638c\u63e1\u4e86\u672c\u6837\u672c\u5185\u5c1a\u672a\u6295\u8d44\u8d44\u672c\u7684 54%\u3002\u4e0e\u5176\u4ed6\u79c1\u52df\u5e02\u573a\u7c7b\u4f3c\uff0cVC \u9886\u57df\u76f8\u5bf9\u5c11\u6570\u7684\u57fa\u91d1\u901a\u5e38\u638c\u63e1\u7740\u8fdc\u8d85\u5176\u6570\u91cf\u6bd4\u4f8b\u7684\u6295\u8d44\u5b9e\u529b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-26.png\" alt=\"\" class=\"wp-image-4362\"\/><\/figure>\n\n\n\n<p>\u6574\u4e2a 2020 \u5e74\u4ee3\uff0c\u5404\u65b0\u57fa\u91d1\u5e74\u4efd\u4e2d\u8ba4\u7f34\u8d44\u672c\u4f4e\u4e8e 1,000 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\u6b63\u5728\u524a\u51cf\u5bf9\u8be5\u8d44\u4ea7\u7c7b\u522b\u7684\u6295\u5165\uff1b\u5728\u98ce\u6295\u751f\u6001\u70ed\u5ea6\u4e0b\u964d\u7684\u80cc\u666f\u4e0b\uff0c\u5c0f\u578b\u57fa\u91d1\u53ef\u80fd\u66f4\u4e3a\u5e38\u89c1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-21.png\" alt=\"\" class=\"wp-image-4357\"\/><\/figure>\n\n\n\n<p>\u8d44\u672c\u89c4\u6a21\u8d8a\u5927\uff0c\u6240\u9700\u7684 LP \u6570\u91cf\u5c31\u8d8a\u591a\u3002\u5728\u89c4\u6a21\u4ecb\u4e8e 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u7684\u5c0f\u578b\u57fa\u91d1\u4e2d\uff0c2017 \u5e74\u81f3 2024 \u5e74\u95f4\u8bbe\u7acb\u7684\u57fa\u91d1 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u4e3a 26\u3002\u5728\u540c\u671f\u89c4\u6a21\u8d85\u8fc7 2.5 \u4ebf\u7f8e\u5143\u7684\u5927\u578b\u57fa\u91d1\u4e2d\uff0cLP \u6570\u91cf\u4e2d\u4f4d\u6570\u9ad8\u8fbe 104\uff08\u7ea6\u4e3a\u524d\u8005\u7684 4 \u500d\uff09\u3002<\/p>\n\n\n\n<p>\u4e0d\u8fc7\uff0c\u5373\u4f7f\u57fa\u91d1\u89c4\u6a21\u76f8\u4f3c\uff0cLP \u6784\u6210\u4e5f\u53ef\u80fd\u5927\u76f8\u5f84\u5ead\u3002\u8003\u5bdf LP \u6570\u91cf\u7684\u7b2c 25 \u767e\u5206\u4f4d\u5230\u7b2c 75 \u767e\u5206\u4f4d\u7684\u533a\u95f4\u53ef\u4ee5\u66f4\u597d\u5730\u4f53\u73b0\u8be5\u7ec4\u57fa\u91d1\u7684\u5e38\u6001\u3002\u4f8b\u5982\uff0c\u5728\u89c4\u6a21\u4e3a 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u7684\u57fa\u91d1\u7ec4\u4e2d\uff0c\u4e00\u534a\u7684\u57fa\u91d1 LP \u6570\u91cf\u4ecb\u4e8e 12 \u81f3 44 \u4e2a\u4e4b\u95f4\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-29.png\" alt=\"\" class=\"wp-image-4365\"\/><\/figure>\n\n\n\n<p>2024 \u5e74\uff0c\u89c4\u6a21\u5728 1 \u4ebf\u81f3 2.5 \u4ebf\u7f8e\u5143\u4e4b\u95f4\u7684\u57fa\u91d1 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u4e3a 53\uff0c\u4f4e\u4e8e 2022 \u5e74\u7684 87\u3002\u89c4\u6a21\u5728 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u4e4b\u95f4\u7684\u57fa\u91d1 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u5728 2024 \u5e74\u4e3a 29\uff0c\u9ad8\u4e8e 2022 \u5e74\u7684 25\u3002\u672c\u5206\u6790\u663e\u793a\uff0c\u6700\u5927\u89c4\u6a21\u57fa\u91d1\u7684 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u5728\u4e0b\u964d\uff0c\u800c\u6700\u5c0f\u89c4\u6a21\u57fa\u91d1\u7684 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u5728\u4e0a\u5347\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5c0f\u578b\u4e0e\u5927\u578b\u57fa\u91d1\u7684 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u5dee\u8ddd\u6301\u7eed\u7f29\u5c0f\u30022022 \u5e74\uff0c1 \u4ebf\u81f3 2.5 \u4ebf\u7f8e\u5143\u89c4\u6a21\u57fa\u91d1\u7684 LP \u6570\u91cf\u4e2d\u4f4d\u6570\u662f 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u89c4\u6a21\u57fa\u91d1\u7684 3.5 \u500d\uff1b\u5230\u4e86 2024 \u5e74\uff0c\u8fd9\u4e00\u6bd4\u7387\u964d\u81f3 1.8 \u500d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-35.png\" alt=\"\" class=\"wp-image-4371\"\/><\/figure>\n\n\n\n<p>\u5728\u6240\u6709\u57fa\u91d1\u89c4\u6a21\u7ec4\u4e2d\uff0cLP \u7684\u5e73\u5747\u51fa\u8d44\u989d\u90fd\u663e\u8457\u9ad8\u4e8e\u51fa\u8d44\u989d\u4e2d\u4f4d\u6570\u3002\u8fd9\u8868\u660e LP \u51fa\u8d44\u989d\u7684\u6837\u672c\u5448\u53f3\u5206\u5e03\uff0c\u5373\u4e00\u4e9b\u5927\u989d\u51fa\u8d44\u62c9\u9ad8\u4e86\u5e73\u5747\u503c\u3002<\/p>\n\n\n\n<p>\u627f\u8bfa\u8d44\u672c\u4ecb\u4e8e 2,500 \u4e07\u81f3 1 \u4ebf\u7f8e\u5143\u7684\u57fa\u91d1\u7ec4\u63d0\u4f9b\u4e86\u8fd9\u79cd\u73b0\u8c61\u7684\u4f8b\u8bc1\u3002\u8be5\u7ec4 LP \u5355\u7b14\u51fa\u8d44\u989d\u7684\u4e2d\u4f4d\u6570\u4e3a 25 \u4e07\u7f8e\u5143\u3002\u4f46\u5728\u8fd9\u4e00\u7ec4\u522b\u4e2d\uff0c\u6709 20% \u7684 LP \u51fa\u8d44\u989d\u8fbe\u5230 100 \u4e07\u7f8e\u5143\u6216\u4ee5\u4e0a\uff0c\u662f\u4e2d\u4f4d\u6570\u7684\u56db\u500d\u4ee5\u4e0a\u3002\u6b63\u56e0\u4e3a\u8fd9\u4e9b\u5927\u989d\u51fa\u8d44\uff0c\u8be5\u7ec4 LP \u51fa\u8d44\u989d\u7684\u5e73\u5747\u503c\u9ad8\u8fbe 76 \u4e07\u7f8e\u5143\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>IRR<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-19.png\" alt=\"\" class=\"wp-image-4355\"\/><\/figure>\n\n\n\n<p>\u5bf9\u4e8e\u6d3b\u8dc3\u8fd0\u4f5c\u7684 VC \u57fa\u91d1\u800c\u8a00\uff0cIRR \u7684\u8868\u73b0\u901a\u5e38\u9075\u5faa\u201c<a href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=J+%E6%9B%B2%E7%BA%BF&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">J \u66f2\u7ebf<\/a>\u201d\u6a21\u5f0f\u3002\u5728\u6700\u521d\u51e0\u5e74\uff0c\u7531\u4e8e\u7f3a\u4e4f\u5206\u914d\u4e14\u5b58\u5728\u7ba1\u7406\u8d39\u7b49\u8d39\u7528\uff0cIRR \u5f80\u5f80\u4e3a\u8d1f\u503c\u3002\u5728\u57fa\u91d1\u751f\u547d\u5468\u671f\u7684\u4e2d\u671f\uff0cIRR \u901a\u5e38\u5f00\u59cb\u56de\u5347\u5e76\u91cd\u65b0\u8f6c\u6b63\u3002\u5728\u5178\u578b\u57fa\u91d1\u8fd0\u4f5c\u7684\u6700\u540e\u51e0\u5e74\uff0cIRR \u4f1a\u6301\u7eed\u6500\u5347\u3002<\/p>\n\n\n\n<p>2017 \u5e74\u81f3 2024 \u5e74\u5404\u57fa\u91d1\u5e74\u4efd\u7684 IRR \u4ecd\u5728\u4e0d\u65ad\u53d8\u5316\u4e2d\u3002\u4f46\u76ee\u524d\u8fd9\u4e00\u5feb\u7167\u5f88\u597d\u5730\u5c55\u793a\u4e86 J \u66f2\u7ebf\u6548\u5e94\u3002\u5bf9\u4e8e 2021 \u5e74\u53ca\u4e4b\u540e\u7684\u57fa\u91d1\u5e74\u4efd\uff0c\u51c0 IRR \u4e2d\u4f4d\u6570\u4f9d\u7136\u4e3a\u8d1f\u3002\u4ece 2021 \u5e74\u5f80\u524d\u9010\u5e74\u56de\u6eaf\uff0cIRR \u4e2d\u4f4d\u6570\u7a33\u6b65\u4e0a\u5347\uff0c2017 \u5e74\u5ea6\u57fa\u91d1\u7684\u8868\u73b0\u76ee\u524d\u6700\u4e3a\u7a81\u51fa\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-27.png\" alt=\"\" class=\"wp-image-4363\"\/><\/figure>\n\n\n\n<p>\u9274\u4e8e IRR \u5bf9\u57fa\u91d1\u5b58\u7eed\u65f6\u95f4\u975e\u5e38\u654f\u611f\uff0c\u6211\u4eec\u53ef\u901a\u8fc7\u8003\u5bdf\u751f\u547d\u5468\u671f\u6307\u5b9a\u65f6\u95f4\u8282\u70b9\u7684\u8868\u73b0\uff0c\u66f4\u597d\u5730\u6bd4\u8f83\u4e0d\u540c\u5e74\u4efd\u57fa\u91d1\u3002<\/p>\n\n\n\n<p>\u4ee5 2017 \u5e74\u5ea6\u57fa\u91d1\u4e3a\u4f8b\uff1a\u52df\u96c6\u7ed3\u675f\u540e\u7b2c 5 \u4e2a\u5b63\u5ea6\u65f6\uff0c\u57fa\u91d1 IRR \u4e2d\u4f4d\u6570\u4e3a -0.6%\uff1b\u5230\u7b2c 9 \u4e2a\u5b63\u5ea6\uff08\u7ea6\u4e24\u5e74\u96f6\u4e00\u4e2a\u5b63\u5ea6\uff09\u4e0a\u5347\u81f3 5.2%\uff1b\u5230\u7b2c 13 \u4e2a\u5b63\u5ea6\u65f6\u8fdb\u4e00\u6b65\u63d0\u9ad8\u5230 15.5%\u3002<\/p>\n\n\n\n<p>\u603b\u4f53\u800c\u8a00\uff0c\u5bf9\u4e8e\u90a3\u4e9b\u5e76\u672a\u5728 2020 \u548c 2021 \u5e74\u725b\u5e02\u671f\u95f4\u79ef\u6781\u6295\u8d44\u7684\u8f83\u65b0\u5e74\u4efd\u7684\u57fa\u91d1\uff0c\u5176\u65e9\u671f\u4e1a\u7ee9\u901a\u5e38\u66f4\u5dee\u3002\u5728\u7b2c 13 \u4e2a\u5b63\u5ea6\u65f6\uff0c2021 \u5e74\u5e74\u4efd\u57fa\u91d1\u7684\u4e2d\u4f4d IRR \u4e3a -0.9%\u3002\u800c\u5728\u76f8\u540c\u7684\u65f6\u95f4\u8282\u70b9\u4e0a\uff0c2017 \u5e74\u81f3 2019 \u5e74\u5404\u5e74\u4efd\u57fa\u91d1\u7684\u4e2d\u4f4d IRR \u90fd\u81f3\u5c11\u8fbe\u5230\u4e86 13.4%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-39.png\" alt=\"\" class=\"wp-image-4375\"\/><\/figure>\n\n\n\n<p>\u5982\u679c\u6211\u4eec\u67e5\u770b\u5404\u8fd1\u671f\u5e74\u4efd\u57fa\u91d1\u5728\u7b2c 75 \u767e\u5206\u4f4d\u7684\u8868\u73b0\uff0cIRR \u6570\u636e\u7684\u53d8\u5316\u8d8b\u52bf\u7c7b\u4f3c\uff0c\u6570\u503c\u7565\u9ad8\u3002<\/p>\n\n\n\n<p>\u540c\u65f6\u53ef\u4ee5\u770b\u5230\uff0c2020 \u5e74\u53ca\u66f4\u65e9\u5e74\u4efd\u7684\u57fa\u91d1\u76f8\u5bf9\u4e8e\u66f4\u665a\u8bbe\u7acb\u7684\u57fa\u91d1\u663e\u7136\u5177\u6709\u4f18\u52bf\u3002\u4f46\u5bf9\u4e8e\u8fd9\u4e9b\u8f83\u65e9\u5e74\u4efd\u7684\u57fa\u91d1\u6765\u8bf4\uff0c\u5176\u4e1a\u7ee9\u5728\u8fc7\u53bb\u4e09\u5e74\u4e2d\u5df2\u7ecf\u5927\u5e45\u4e0b\u6ed1\u3002\u4ee5 2018 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e3a\u4f8b\uff1a\u5728\u8bbe\u7acb\u7ea6\u516d\u5e74\uff08\u7b2c 25 \u4e2a\u5b63\u5ea6\uff09\u540e\u7684 IRR \u7b2c 75 \u767e\u5206\u4f4d\u4e3a 14.9%\uff0c\u800c\u4e09\u5e74\u524d\u8be5\u5e74\u4efd\u57fa\u91d1 IRR \u7684\u7b2c 75 \u767e\u5206\u4f4d\u9ad8\u8fbe 44.8%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-38.png\" alt=\"\" class=\"wp-image-4374\"\/><\/figure>\n\n\n\n<p>2017 \u5e74\u81f3 2021 \u5e74\u7684\u9876\u5c16\u57fa\u91d1\u7684 IRR \u5728\u8fc7\u53bb\u4e09\u5e74\u91cc\u5747\u51fa\u73b0\u4e86\u663e\u8457\u56de\u843d\u3002\u7136\u800c\uff0c\u6700\u65b0\u4e00\u4e2a\u5b63\u5ea6\u663e\u793a\u8fd9\u4e00\u4e0b\u884c\u8d8b\u52bf\u53ef\u80fd\u5f00\u59cb\u626d\u8f6c\u3002<\/p>\n\n\n\n<p>\u5728 2017 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\uff0c\u7b2c 90 \u767e\u5206\u4f4d IRR \u5728\u6700\u8fd1\u4e00\u4e2a\u5b63\u5ea6\u7565\u6709\u56de\u5347\uff0c\u8fbe\u5230 31.3%\u30022019 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u7684\u7b2c 90 \u767e\u5206\u4f4d IRR \u4e5f\u6709\u6240\u4e0a\u5347\uff0c\u8fbe\u5230\u4e86 22.8%\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e24\u4e2a\u5e74\u4efd\u7684\u57fa\u91d1\u5982\u4eca\u5206\u522b\u5df2\u7ecf\u8fd0\u4f5c\u4e86\u516b\u5e74\u548c\u516d\u5e74\u3002\u4ece\u7406\u8bba\u4e0a\u8bb2\uff0c\u8fc7\u53bb\u51e0\u5e74\u672c\u5e94\u662f IRR \u589e\u957f\u7684\u65f6\u671f\u3002\u4f46\u66f4\u5e7f\u6cdb\u7684\u4e00\u7ea7\u5e02\u573a\u7684\u4f4e\u8ff7\u62b5\u6d88\u4e86 J \u66f2\u7ebf\u6548\u5e94\uff0c\u4f30\u503c\u91cd\u7f6e\u548c\u9000\u51fa\u7a00\u7f3a\u5bfc\u81f4\u5206\u914d\u56de\u62a5\u4e0b\u964d\u3002\u8fd1\u671f\u7684\u5c0f\u5e45\u56de\u5347\u53ef\u80fd\u8868\u660e\u5c40\u9762\u5f00\u59cb\u671d\u7740\u6709\u5229\u4e8e\u6295\u8d44\u8005\u7684\u65b9\u5411\u8f6c\u53d8\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-32.png\" alt=\"\" class=\"wp-image-4368\"\/><\/figure>\n\n\n\n<p>\u901a\u5e38\u800c\u8a00\uff0c\u5c0f\u89c4\u6a21\u57fa\u91d1\u5f80\u5f80\u6bd4\u5927\u89c4\u6a21\u57fa\u91d1\u53d6\u5f97\u66f4\u9ad8\u7684 IRR\uff0c\u8fd9\u662f\u4e00\u4e2a\u201c\u5927\u6570\u5b9a\u5f8b\u201d\u3002\u5bf9\u4e8e\u4e00\u652f 1 \u4ebf\u7f8e\u5143\u7684\u57fa\u91d1\u800c\u8a00\uff0c\u8981\u4e0e\u4e00\u652f\u89c4\u6a21 100 \u4e07\u7f8e\u5143\u7684\u57fa\u91d1\u83b7\u5f97\u76f8\u540c\u7684\u56de\u62a5\u500d\u6570\u5c06\u56f0\u96be\u5f97\u591a\u3002\u56e0\u4e3a\u5bf9\u4e8e\u5927\u57fa\u91d1\u6765\u8bf4\uff0c\u5b9e\u73b0\u76f8\u540c\u7684\u56de\u62a5\u500d\u6570\u610f\u5473\u7740\u9700\u8981\u53d6\u5f97\u8fdc\u8fdc\u66f4\u5927\u7684\u7edd\u5bf9\u56de\u62a5\u3002<\/p>\n\n\n\n<p>\u4ee5 2018 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e3a\u4f8b\uff1a\u89c4\u6a21\u5728 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u7684\u57fa\u91d1\u4e2d\u4f4d IRR \u4e3a 14%\uff0c\u7565\u9ad8\u4e8e\u8d44\u4ea7\u8d85\u8fc7 1 \u4ebf\u7f8e\u5143\u7684\u57fa\u91d1\u7684\u4e2d\u4f4d IRR 12.1%\u3002\u7b2c 25 \u767e\u5206\u4f4d\u3001\u7b2c 75 \u767e\u5206\u4f4d\u548c\u7b2c 90 \u767e\u5206\u4f4d\u7684\u6570\u636e\u4e5f\u4f53\u73b0\u51fa\u76f8\u540c\u7684\u89c4\u5f8b\uff1a\u5728\u6bcf\u4e00\u79cd\u60c5\u51b5\u4e0b\uff0c\u6700\u5c0f\u89c4\u6a21\u57fa\u91d1\u7ec4\u522b\u7684 IRR \u90fd\u66f4\u9ad8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>TVPI<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-31.png\" alt=\"\" class=\"wp-image-4367\"\/><\/figure>\n\n\n\n<p>\u4e0e IRR \u7c7b\u4f3c\uff0cTVPI \u4e5f\u662f\u8861\u91cf\u57fa\u91d1\u4e1a\u7ee9\u7684\u5173\u952e\u6307\u6807\u3002\u540c\u6837\u5730\uff0c\u5728\u7279\u5b9a\u57fa\u91d1\u5e74\u4efd\u5185\uff0c\u968f\u7740\u65f6\u95f4\u63a8\u79fb\uff0c\u4e2d\u4f4d TVPI \u901a\u5e38\u4f1a\u6709\u6240\u63d0\u9ad8\u3002\u8fd9\u4e3b\u8981\u5f52\u56e0\u4e8e\u6295\u8d44\u4ef7\u503c\u548c\u5206\u914d\u6536\u76ca\u7684\u589e\u957f\u3002\u4e0e IRR \u4e0d\u540c\uff0cTVPI \u7684\u8ba1\u7b97\u516c\u5f0f\u5e76\u4e0d\u8003\u8651\u8d44\u91d1\u7684\u65f6\u95f4\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>2017 \u5e74\u81f3 2020 \u5e74\u5404\u5e74\u4efd\u57fa\u91d1\u7684 TVPI \u4e2d\u4f4d\u6570\u5747\u8fbe\u5230\u6216\u8d85\u8fc7 1.0 \u500d\u3002\u5728\u4e1a\u7ee9\u8868\u73b0\u7684\u9ad8\u7aef\uff0c\u4e0d\u540c\u671f\u57fa\u91d1\u4e4b\u95f4\u5b58\u5728\u660e\u663e\u5dee\u5f02\uff1a2017 \u5e74\u5e74\u4efd\u57fa\u91d1\u7684 TVPI \u7b2c 90 \u767e\u5206\u4f4d\u9ad8\u8fbe 4.22 \u500d\u3002<\/p>\n\n\n\n<p>\u6700\u8fd1\u51e0\u671f\u57fa\u91d1\u4e2d\uff0c\u9876\u7aef\u8868\u73b0\u57fa\u91d1\u4e4b\u95f4\u7684\u5dee\u8ddd\u6b63\u5728\u7f29\u5c0f\u3002\u4ee5 2022 \u5e74\u5e74\u4efd\u57fa\u91d1\u4e3a\u4f8b\uff0c\u5176 TVPI \u7b2c 90 \u767e\u5206\u4f4d\u4e3a 1.29 \u500d\uff0c\u5df2\u63a5\u8fd1 2021 \u5e74\u5e74\u4efd\u57fa\u91d1\u7684\u8be5\u6307\u6807\uff081.38 \u500d\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-34.png\" alt=\"\" class=\"wp-image-4370\"\/><\/figure>\n\n\n\n<p>\u5728\u8fd9\u91cc\u5c55\u793a\u7684\u4e03\u4e2a\u5e74\u4efd\u4e2d\uff0c\u6709\u4e94\u4e2a\u5e74\u4efd\u7684 TVPI \u4e2d\u4f4d\u6570\u5728\u6700\u8fd1\u4e00\u4e2a\u5b63\u5ea6\u51fa\u73b0\u4e86\u4e0a\u5347\uff0c\u626d\u8f6c\u4e86\u6b64\u524d\u9010\u6e10\u4e0b\u6ed1\u7684\u4e1a\u7ee9\u8d8b\u52bf\u3002\u5176\u4e2d 2017 \u5e74\u5e74\u4efd\u57fa\u91d1\u7684\u589e\u5e45\u6700\u5927\uff0c\u4e2d\u4f4d TVPI \u4e0a\u5347\u81f3 1.71 \u500d\uff0c\u8fd9\u4e00\u6c34\u5e73\u9ad8\u4e8e\u4e09\u5e74\u524d\u3002<\/p>\n\n\n\n<p>\u4e0e IRR \u7684\u60c5\u51b5\u7c7b\u4f3c\uff0c\u8f83\u65b0\u7684\u57fa\u91d1\u5e74\u4efd\u5176 TVPI \u4e2d\u4f4d\u503c\u5728\u76f8\u540c\u65f6\u671f\u4e0a\u843d\u540e\u4e8e\u8f83\u65e9\u5e74\u4efd\u7684\u57fa\u91d1\u3002\u5728\u5927\u7ea6\u4e09\u5e74\u96f6\u4e00\u4e2a\u5b63\u5ea6\uff08\u5373\u4e0a\u6587\u6240\u793a\u7684\u7b2c 13 \u5b63\u5ea6\uff09\u540e\uff0c2017 \u5e74\u81f3 2020 \u5e74\u6bcf\u4e2a\u57fa\u91d1\u5e74\u4efd\u7684 TVPI \u4e2d\u4f4d\u6570\u5747\u8fbe\u5230 1.1 \u500d\u6216\u66f4\u9ad8\u3002\u7136\u800c\uff0c\u5bf9\u4e8e 2021 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u800c\u8a00\uff0c\u5728\u76f8\u540c\u65f6\u95f4\u70b9\u4e0a\u5176 TVPI \u4e2d\u4f4d\u6570\u4ec5\u4e3a 0.98 \u500d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-17.png\" alt=\"\" class=\"wp-image-4353\"\/><\/figure>\n\n\n\n<p>2017 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e0a\u56db\u5206\u4f4d\u503c\uff08\u7b2c 75 \u767e\u5206\u4f4d\uff09TVPI \u5728\u6700\u8fd1\u4e00\u4e2a\u5b63\u5ea6\u4e5f\u51fa\u73b0\u4e86\u56de\u5347\uff0c\u8fbe\u5230 2.54 \u500d\u30022019 \u5e74\u548c 2020 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u5728\u7b2c 75 \u767e\u5206\u4f4d\u7684 TVPI \u6570\u503c\u4e5f\u6709\u6240\u4e0a\u5347\u3002<\/p>\n\n\n\n<p>\u5728 2023 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\uff0cTVPI \u7684\u7b2c 75 \u767e\u5206\u4f4d\u6070\u597d\u4e3a 1.00 \u500d\u3002\u8fd9\u610f\u5473\u7740\u5728\u8fd9\u4e00\u6700\u65b0\u5e74\u4efd\u7684\u57fa\u91d1\u4e2d\uff0c\u5927\u7ea6\u6709\u56db\u5206\u4e4b\u4e00\u7684\u57fa\u91d1\u5df2\u7ecf\u5f00\u59cb\u521b\u9020\u6b63\u5411\u4ef7\u503c\u3002\u4f46\u8fd9\u4e9b\u589e\u503c\u51e0\u4e4e\u5168\u90e8\u5c1a\u672a\u53d8\u73b0\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-24.png\" alt=\"\" class=\"wp-image-4360\"\/><\/figure>\n\n\n\n<p>2017 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e0e\u5176\u4ed6\u8f83\u65b0\u5e74\u4efd\u57fa\u91d1\u4e4b\u95f4\u7684\u4e1a\u7ee9\u5dee\u8ddd\u5728\u9876\u7aef\u5341\u5206\u4f4d\u4e0a\u8fdb\u4e00\u6b65\u6269\u5927\u30022017 \u5e74\u57fa\u91d1\u7684 TVPI \u7b2c 90 \u767e\u5206\u4f4d\u76ee\u524d\u8fbe\u5230 4.57 \u500d\uff0c\u51e0\u4e4e\u662f 2018 \u5e74\u53ca\u4ee5\u540e\u4efb\u4f55\u4e00\u4e2a\u5e74\u4efd\u57fa\u91d1\u7b2c 90 \u767e\u5206\u4f4d TVPI \u7684\u4e24\u500d\u3002<\/p>\n\n\n\n<p>\u5728\u67d0\u79cd\u7a0b\u5ea6\u4e0a\uff0c\u8fd9\u53ef\u80fd\u53cd\u6620\u4e86 2017 \u5e74\u57fa\u91d1\u5728 2010 \u5e74\u4ee3\u672b\u548c 2020 \u5e74\u4ee3\u521d VC \u5e02\u573a\u5f02\u5e38\u5f3a\u52b2\u7684\u65f6\u671f\u62e5\u6709\u66f4\u5145\u88d5\u7684\u6295\u8d44\u65f6\u95f4\uff08\u5e76\u4e14\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\u5b9e\u73b0\u4e86\u65e9\u671f\u9000\u51fa\uff09\u30022017 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u7684\u7b2c 90 \u767e\u5206\u4f4d IRR \u5728\u8bbe\u7acb\u540e\u7b2c 12 \u5b63\u5ea6\u81f3\u7b2c 18 \u5b63\u5ea6\u671f\u95f4\u98d9\u5347\uff0c\u8fd9\u5927\u81f4\u5bf9\u5e94\u4e86 2020 \u5e74\u548c 2021 \u5e74\u98ce\u6295\u5e02\u573a\u6700\u706b\u70ed\u7684\u65f6\u671f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-36.png\" alt=\"\" class=\"wp-image-4372\"\/><\/figure>\n\n\n\n<p>\u5bf9\u4e8e\u8f83\u65b0\u7684\u57fa\u91d1\u5e74\u4efd\uff0c\u5176 TVPI \u4e1a\u7ee9\u4ece\u7b2c 25 \u767e\u5206\u4f4d\u5230\u7b2c 90 \u767e\u5206\u4f4d\u7684\u5dee\u8ddd\u76f8\u5bf9\u8f83\u5c0f\u3002\u4f8b\u5982\uff0c\u5728 2022 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\uff0c\u89c4\u6a21\u5728 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u7684\u57fa\u91d1\u5904\u4e8e\u5e95\u90e8\u56db\u5206\u4f4d\u7684 TVPI \u4e3a 0.84 \u500d\uff0c\u800c\u540c\u7b49\u89c4\u6a21\u57fa\u91d1\u5904\u4e8e\u9876\u7aef\u5341\u5206\u4f4d\u7684 TVPI \u4e3a 1.27 \u500d\u3002\u867d\u7136\u540e\u8005\u8868\u73b0\u66f4\u597d\u4e00\u4e9b\uff0c\u4f46\u5dee\u8ddd\u5e76\u4e0d\u60ac\u6b8a\u3002<\/p>\n\n\n\n<p>\u4e0e\u4e94\u5e74\u524d\u76f8\u6bd4\uff1a\u5bf9\u4e8e 2017 \u5e74\u8bbe\u7acb\u3001\u8ba4\u7f34\u8d44\u672c\u5728 100 \u4e07\u81f3 1,000 \u4e07\u7f8e\u5143\u7684\u57fa\u91d1\u800c\u8a00\uff0c\u7b2c 25 \u767e\u5206\u4f4d TVPI \u4e3a 1.45 \u500d\uff0c\u800c\u7b2c 90 \u767e\u5206\u4f4d TVPI \u9ad8\u51fa\u4e09\u500d\u4ee5\u4e0a\uff0c\u8fbe\u5230 4.65 \u500d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>DPI<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-22.png\" alt=\"\" class=\"wp-image-4358\"\/><\/figure>\n\n\n\n<p>IRR \u548c TVPI \u90fd\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u8ba1\u5165\u4e86\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u672a\u5b9e\u73b0\u6536\u76ca\uff0c\u800c DPI \u4ec5\u8861\u91cf\u57fa\u91d1\u5df2\u7ecf\u5411 LP \u5206\u914d\u7684\u56de\u62a5\u3002\u4e00\u65e6\u57fa\u91d1\u7684 DPI \u8fbe\u5230 1 \u500d\uff0c\u5c31\u610f\u5473\u7740\u57fa\u91d1\u8fd4\u8fd8\u7ed9 LP \u7684\u8d44\u91d1\u603b\u989d\u5df2\u76f8\u5f53\u4e8e LP \u6700\u521d\u6295\u5165\u7684\u672c\u91d1\u3002<\/p>\n\n\n\n<p>\u8fc7\u53bb\u516b\u5e74\u95f4\uff0c\u5404\u5e74\u4efd\u57fa\u91d1\u7684 DPI \u51e0\u4e4e\u5747\u4f4e\u4e8e 1 \u500d\u3002\u8fd9\u4e3b\u8981\u6709\u4e24\u4e2a\u539f\u56e0\uff1a\u7b2c\u4e00\uff0c\u8fd9\u4e9b\u57fa\u91d1\u90fd\u8fd8\u76f8\u5bf9\u5e74\u8f7b\uff0c\u80fd\u591f\u4ea7\u751f\u9000\u51fa\u56de\u62a5\u7684\u65f6\u95f4\u6709\u9650\uff08\u901a\u5e38\u968f\u7740\u65f6\u95f4\u63a8\u79fb\uff0cDPI \u4f1a\u52a0\u901f\u4e0a\u5347\uff09\uff1b\u7b2c\u4e8c\uff0c\u5728\u8fc7\u53bb\u4e09\u5e74\u4e2d\uff0c\u9000\u51fa\u53d8\u73b0\u76f8\u5bf9\u56f0\u96be\u3002\u5728\u7406\u8bba\u4e0a\u672c\u53ef\u5f00\u59cb\u5411\u6295\u8d44\u8005\u8fd4\u8fd8\u8d44\u672c\u7684\u8fd9\u6bb5\u65f6\u671f\u5185\uff0c\u9000\u51fa\u73af\u5883\u4e00\u76f4\u5f88\u51b7\u6de1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-25.png\" alt=\"\" class=\"wp-image-4361\"\/><\/figure>\n\n\n\n<p>\u516b\u5e74\u4e4b\u540e\uff0c2017 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\u6709\u8d85\u8fc7 80% \u7684\u57fa\u91d1 DPI \u5927\u4e8e 0\uff0c\u8fd9\u610f\u5473\u7740\u5b83\u4eec\u81f3\u5c11\u5df2\u7ecf\u5411 LP \u8fd4\u8fd8\u4e86\u4e00\u90e8\u5206\u8d44\u672c\u3002\u7136\u800c\uff0c\u5bf9\u4e8e\u8f83\u665a\u8bbe\u7acb\u7684\u57fa\u91d1\u5e74\u4efd\u6765\u8bf4\uff0c\u8d44\u91d1\u5206\u914d\u53d8\u5f97\u6108\u53d1\u5c11\u89c1\u3002<\/p>\n\n\n\n<p>\u5927\u7ea6 54% \u7684 2018 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u6709\u53ef\u89c2\u7684 DPI \u8bb0\u5f55\uff08\u5373 DPI &gt; 0\uff09\u3002\u8be5\u6570\u503c\u5728 2019 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\u4e2d\u4e0b\u964d\u81f3 37%\uff0c2020 \u5e74\u7684\u4e3a 30%\uff0c\u800c 2021 \u5e74\u7684\u53ea\u6709 15%\u3002\u4e0d\u8fc7\uff0c2021 \u5e74\u8fd9\u6279\u57fa\u91d1\u4e2d\u6709\u51e0\u652f\u5728\u7b2c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u4e86\u9996\u6b21\u56de\u6b3e\uff0c\u4f7f\u5f97 DPI \u4e3a\u6b63\u7684\u57fa\u91d1\u6bd4\u4f8b\u4ece\u4e0a\u4e00\u5b63\u5ea6\u7684 12% \u8dc3\u5347\u81f3 15%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-37.png\" alt=\"\" class=\"wp-image-4373\"\/><\/figure>\n\n\n\n<p>\u4e0a\u56fe\u6c47\u603b\u4e86\u5404\u57fa\u91d1\u5e74\u4efd\u5728 IRR\u3001TVPI \u548c DPI \u65b9\u9762\u7684\u4e00\u4e9b\u5173\u952e\u7edf\u8ba1\u6307\u6807\u3002\u5bf9\u4e8e\u6bcf\u9879\u6307\u6807\uff0c\u56fe\u4e2d\u5c55\u793a\u4e86 2017 \u5e74\u81f3 2024 \u5e74\u5404\u5e74\u4efd\u57fa\u91d1\u5728\u7b2c 25\u3001\u7b2c 50\u3001\u7b2c 75 \u548c\u7b2c 90 \u767e\u5206\u4f4d\u7684\u4e1a\u7ee9\u8868\u73b0\u3002<\/p>\n\n\n\n<p>\u5728\u672c\u6837\u672c\u4e2d\uff0c\u89c4\u6a21\u6700\u5927\u7684\u7ec4\u522b\u662f 2021 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\uff0c\u5171\u6709 588 \u652f\u57fa\u91d1\uff1b\u7d27\u968f\u5176\u540e\u7684\u662f 2022 \u5e74\u8bbe\u7acb\u7684\u57fa\u91d1\uff0c\u6709 564 \u652f\u3002\u8fd9\u4e24\u4e2a\u89c4\u6a21\u6700\u5927\u7684\u5e74\u4efd\u6070\u9022\u8fd1\u5e74\u6765\u98ce\u6295\u5e02\u573a\u6700\u6d3b\u8dc3\u7684\u4e24\u5e74\u3002\u5f53\u65f6\uff0cLP \u4eec\u70ed\u5207\u5730\u5bfb\u6c42\u652f\u6301\u65b0\u7684\u57fa\u91d1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5e02\u573a\u73af\u5883<\/strong><\/h2>\n\n\n\n<p>\u672c\u62a5\u544a\u6240\u6db5\u76d6\u7684\u5404\u57fa\u91d1\u5e74\u4efd\u7684\u4e1a\u7ee9\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u8fd1\u671f\u6574\u4e2a\u79c1\u52df\u5e02\u573a\u7684\u73af\u5883\u3002Carta \u5e73\u53f0\u4e0a\u62e5\u6709\u8d85\u8fc7 45,000 \u5bb6\u521d\u521b\u516c\u53f8\u7684\u80a1\u6743\u7ed3\u6784\u8868\u6570\u636e\u5e93\uff0c\u80fd\u591f\u63ed\u793a\u51fa\u4e00\u4e9b\u5bf9\u98ce\u6295\u57fa\u91d1\u6295\u8d44\u7ec4\u5408\u4ea7\u751f\u91cd\u5927\u5f71\u54cd\u7684\u8d8b\u52bf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-20.png\" alt=\"\" class=\"wp-image-4356\"\/><\/figure>\n\n\n\n<p>\u4ece\u6574\u4f53\u6765\u770b\uff0cCarta \u5e73\u53f0\u4e0a\u7684\u521d\u521b\u516c\u53f8\u5728\u8fc7\u53bb\u516b\u4e2a\u5b63\u5ea6\u4e2d\u7684\u6bcf\u4e2a\u5b63\u5ea6\u7b79\u96c6\u7684\u8d44\u91d1\u603b\u989d\u5927\u81f4\u5728 180 \u4ebf\u81f3 260 \u4ebf\u7f8e\u5143\u4e4b\u95f4\u3002\u4e0a\u4e00\u5b63\u5ea6\u7684\u603b\u989d\u4e3a 220 \u4ebf\u7f8e\u5143\uff0c\u6b63\u597d\u4f4d\u4e8e\u8be5\u533a\u95f4\u7684\u4e2d\u90e8\u3002\u81ea\u4ece 2021 \u5e74\u878d\u8d44\u6d3b\u52a8\u51fa\u73b0\u5de8\u5927\u9ad8\u5cf0\u4ee5\u53ca\u968f\u540e\u7684 2022 \u5e74\u653e\u7f13\u4ee5\u6765\uff0c\u7f8e\u56fd\u4e00\u7ea7\u5e02\u573a\u6bcf\u5b63\u5ea6\u52df\u96c6\u7684\u8d44\u91d1\u603b\u91cf\u5df2\u8d8b\u4e8e\u7a33\u5b9a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-33.png\" alt=\"\" class=\"wp-image-4369\"\/><\/figure>\n\n\n\n<p>\u8fc7\u6865\u8f6e\u878d\u8d44\u5728\u521d\u521b\u516c\u53f8\u878d\u8d44\u4e8b\u4ef6\u4e2d\u6240\u5360\u6bd4\u4f8b\u4f9d\u7136\u5c45\u9ad8\u4e0d\u4e0b\uff1b\u5728\u79cd\u5b50\u9636\u6bb5\uff0c\u8be5\u6bd4\u4f8b\u5df2\u5904\u4e8e\u5386\u53f2\u9ad8\u4f4d\uff1a\u622a\u81f3\u76ee\u524d\uff0cCarta \u5e73\u53f0\u4e0a\u79cd\u5b50\u9636\u6bb5\u521d\u521b\u516c\u53f8\u7684\u878d\u8d44\u8f6e\u6b21\u4e2d\u7ea6 46% 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href=\"https:\/\/zhida.zhihu.com\/search?content_id=262092701&amp;content_type=Article&amp;match_order=1&amp;q=%E6%8A%98%E4%BB%B7%E8%9E%8D%E8%B5%84&amp;zhida_source=entity\" target=\"_blank\" rel=\"noreferrer noopener\">\u6298\u4ef7\u878d\u8d44<\/a>\u4e5f\u53d8\u5f97\u66f4\u52a0\u5e38\u89c1\u3002\u5728\u8fc7\u53bb\u7684\u4e5d\u4e2a\u5b63\u5ea6\u91cc\uff0cCarta \u5e73\u53f0\u4e0a\u521d\u521b\u516c\u53f8\u65b0\u8fdb\u884c\u7684\u5b9a\u4ef7\u8f6e\u878d\u8d44\u4e2d\u81f3\u5c11\u6709 18.4% \u662f\u6298\u4ef7\u878d\u8d44\u3002<\/p>\n\n\n\n<p>\u6298\u4ef7\u878d\u8d44\u662f\u6307\u4f01\u4e1a\u5728\u65b0\u4e00\u8f6e\u5b9a\u4ef7\u878d\u8d44\u4e2d\u7684\u4f30\u503c\u4f4e\u4e8e\u4e0a\u4e00\u8f6e\u878d\u8d44\u65f6\u7684\u4f30\u503c\u3002\u8fd9\u79cd\u6240\u6301\u8d44\u4ea7\u4f30\u503c\u7684\u4e0b\u964d\u4f1a\u5bf9\u57fa\u91d1\u7684 IRR \u548c TVPI \u4ea7\u751f\u5b9e\u8d28\u6027\u7684\u8d1f\u9762\u5f71\u54cd\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1080\" height=\"608\" src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-30.png\" alt=\"\" class=\"wp-image-4366\"\/><\/figure>\n\n\n\n<p>\u5f53\u521d\u521b\u516c\u53f8\u5728\u65e9\u671f\u548c\u4e2d\u671f\u9636\u6bb5\u8fdb\u884c\u65b0\u7684\u4e3b\u8981\u878d\u8d44\u8f6e\u6b21\u65f6\uff0c\u5404\u8f6e\u4e4b\u95f4\u7684\u95f4\u9694\u6b63\u53d8\u5f97\u8d8a\u6765\u8d8a\u957f\u3002\u4e3e\u4f8b\u6765\u8bf4\uff0c2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5b8c\u6210 C \u8f6e\u878d\u8d44\u7684\u516c\u53f8\uff0c\u81ea\u4e0a\u4e00\u8f6e B \u8f6e\u878d\u8d44\u4ee5\u6765\u5df2\u7ecf\u7b49\u5f85\u4e86 913 \u5929\uff0c\u7ea6\u5408\u4e24\u5e74\u534a\u3002\u81ea 2022 \u5e74\u5e74\u4e2d\u4ee5\u6765\uff0c\u8fd9\u4e00\u6570\u5b57\u663e\u8457\u6500\u5347\uff0c\u5f7c\u65f6\u8fd9\u4e00\u95f4\u9694\u8fd8\u4e0d\u8db3 18 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src=\"http:\/\/blog.cloud500.ai\/wp-content\/uploads\/2026\/01\/image-28.png\" alt=\"\" class=\"wp-image-4364\"\/><\/figure>\n\n\n\n<p>\u6b64\u56fe\u5c55\u793a\u4e86\u4f01\u4e1a\u4ece\u79cd\u5b50\u8f6e\u9636\u6bb5\u8fdb\u5165 A \u8f6e\u878d\u8d44\u5728\u4e0d\u540c\u65f6\u95f4\u8282\u70b9\u4e0a\u7684\u6bd5\u4e1a\u7387\uff0c\u5e76\u6309\u5176\u79cd\u5b50\u8f6e\u878d\u8d44\u53d1\u751f\u7684\u5b63\u5ea6\u5206\u7ec4\u3002\u4f8b\u5982\uff0c\u56fe\u4e2d\u53f3\u4e0a\u89d2\u7684\u5355\u5143\u683c\u663e\u793a\uff0c2018 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5b8c\u6210\u79cd\u5b50\u8f6e\u878d\u8d44\u7684\u521d\u521b\u516c\u53f8\u4e2d\uff0c\u6709 46.6% \u5728\u968f\u540e\u7684\u56db\u5e74\u5185\u5b8c\u6210\u4e86 A \u8f6e\u878d\u8d44\u3002<\/p>\n\n\n\n<p>\u603b\u4f53\u800c\u8a00\uff0c\u6700\u8fd1\u8fdb\u884c\u79cd\u5b50\u8f6e\u878d\u8d44\u7684\u516c\u53f8\u5728\u664b\u5347\u81f3 A \u8f6e\u65b9\u9762\u8981\u56f0\u96be\u5f97\u591a\u3002\u4ee5 2023 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