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class="vector-toc-numb">3</span> <span>Assets under advisement</span> </div> </a> <ul id="toc-Assets_under_advisement-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Assets_under_custody_and/or_administration" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Assets_under_custody_and/or_administration"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Assets under custody and/or administration</span> </div> </a> <ul id="toc-Assets_under_custody_and/or_administration-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" 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class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Aktiver_under_forvaltning" title="Aktiver under forvaltning – Danish" lang="da" hreflang="da" data-title="Aktiver under forvaltning" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Assets_under_management" title="Assets under management – German" lang="de" hreflang="de" data-title="Assets under management" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A5%CF%80%CF%8C_%CE%B4%CE%B9%CE%B1%CF%87%CE%B5%CE%AF%CF%81%CE%B9%CF%83%CE%B7_%CE%BA%CE%B5%CF%86%CE%AC%CE%BB%CE%B1%CE%B9%CE%B1" title="Υπό διαχείριση κεφάλαια – Greek" lang="el" hreflang="el" data-title="Υπό διαχείριση κεφάλαια" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Activos_bajo_gesti%C3%B3n" title="Activos bajo gestión – Spanish" lang="es" hreflang="es" data-title="Activos bajo gestión" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AF%D8%A7%D8%B1%D8%A7%DB%8C%DB%8C_%D8%AA%D8%AD%D8%AA_%D9%85%D8%AF%DB%8C%D8%B1%DB%8C%D8%AA" title="دارایی تحت مدیریت – Persian" lang="fa" hreflang="fa" data-title="دارایی تحت مدیریت" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a 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.mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, 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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Assets+under+management%22">"Assets under management"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Assets+under+management%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Assets+under+management%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Assets+under+management%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Assets+under+management%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Assets+under+management%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">June 2011</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In <a href="/wiki/Finance" title="Finance">finance</a>, <b>assets under management</b> (<b>AUM</b>), sometimes called <b>fund under management</b>, refers to the total <a href="/wiki/Market_value" title="Market value">market value</a> of all <a href="/wiki/Financial_asset" title="Financial asset">financial assets</a> that a <a href="/wiki/Financial_institution" title="Financial institution">financial institution</a>—such as a <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a>, <a href="/wiki/Venture_capital_firm" class="mw-redirect" title="Venture capital firm">venture capital firm</a>, or <a href="/wiki/Depository_institution" title="Depository institution">depository institution</a>—or a <a href="/wiki/Decentralized_network_protocol" class="mw-redirect" title="Decentralized network protocol">decentralized network protocol</a> manages and invests, typically on behalf of its clients.<sup id="cite_ref-:1_1-0" class="reference"><a href="#cite_note-:1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Funds may be managed for clients, platform users, or solely for themselves, such as in the case of a financial institution which has mutual funds or holds its own venture capital.<sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The definition and formula for calculating AUM may differ from one entity to another.<sup id="cite_ref-:1_1-1" class="reference"><a href="#cite_note-:1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Assets under management is a popular metric used within the traditional investment industry as well as for <a href="/wiki/Decentralized_finance" title="Decentralized finance">decentralized finance</a>,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> such as <a href="/wiki/Cryptocurrency" title="Cryptocurrency">cryptocurrency</a>, to measure the size and success of an investment management entity.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> AUM represents the market value of all of the securities that a financial entity owns and manages, or simply manages.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>The AUM of an entity is often compared with historical data to express the amount (or lack) of growth. It is also often compared with the AUM of competitors, with an increase in AUM evidence of positive performance (growth). However, investment strategies may be capacity-constrained. This means that the strategy's investment performance is adversely affected if it manages too much capital. Namely, its performance is adversely affected if its AUM exceeds the strategy's capacity.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> As a result, these funds may be closed to new investors and oversubscribed.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> For such funds, AUM may not be an accurate metric of success. For example, the <a href="/wiki/SPDR_S%26P_500_Trust_ETF" class="mw-redirect" title="SPDR S&P 500 Trust ETF">SPDR S&P 500 index fund</a> manages nearly <span style="white-space: nowrap">US$</span>400 billion in assets. It is not capacity-constrained, and it is still open to new investors. In contrast, <a href="/wiki/Renaissance_Technologies#Medallion_Fund" title="Renaissance Technologies">Renaissance Technologies' Medallion Fund</a> has significantly outperformed the <a href="/wiki/S%26P_500" title="S&P 500">S&P 500</a> index since its inception. However, it manages fewer assets (reportedly about <span style="white-space: nowrap">US$</span>34.8 billion<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>) than the <a href="/wiki/SPDR_S%26P_500_Trust_ETF" class="mw-redirect" title="SPDR S&P 500 Trust ETF">SPDR S&P 500 index fund</a> because it is oversubscribed and closed to new investors. </p><p>Methods of calculating AUM can vary between firms or <a href="/wiki/Uniswap_protocol" class="mw-redirect" title="Uniswap protocol">decentralized protocols</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Investment management companies generally charge their clients <a href="/wiki/Management_fee" title="Management fee">fees</a> as a proportion of AUM, so assets under management, combined with the firm's average fee rate, are the key factors indicating an investment management company's top-line revenue. The fee structure may depend on contracted arrangements between each client and the firm or fund. Decentralized protocols also use a variety of ways to incentivize the growth of AUM, typically in the form of offering a return to those who serve the role of providing liquidity on the protocol. </p><p>Assets under management rise and fall. They may increase when investment performance is positive, or when new customers and new assets are brought into the firm. Rising AUM normally increases the fees which the firm generates. Conversely, AUM are reduced by negative investment performance as well as redemptions or withdrawals, including fund closures, client defections and other generally adverse events. Lower AUM tend to result in lower fees generated. </p> <div class="mw-heading mw-heading2"><h2 id="Content">Content</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=2" title="Edit section: Content"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The precise definition of AUM varies by institution, as some firms may include certain assets as being "under management", while others may not. Some include bank deposits, mutual funds, and cash in their computation, while others only consider the discretionary funds that investors have given an advisor to trade on their behalf. </p><p>While different firms may include assets that others do not in their AUM computation, Assets Under Management typically include: </p> <ul><li>Capital raised from investors;</li> <li>Capital belonging to the principals of the fund management firm.</li></ul> <p>For example, if fund managers contribute <span style="white-space: nowrap">$2B</span> of their capital to the fund and raise an additional $10B from investors, their AUM is <span style="white-space: nowrap">$12B</span>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Net_Asset_Value_vs._Assets_Under_Management">Net Asset Value vs. Assets Under Management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=3" title="Edit section: Net Asset Value vs. Assets Under Management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV) is the total value of assets minus all its liabilities of a fund, such as a mutual fund or <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a>, often shown on a per-share basis. NAV shows what price shares in a fund can be bought and sold at. </p><p>AUM by contrast refers to the value of assets managed by an individual or firm, not a fund. Unlike NAV, AUM is in reference to the total value of assets being managed rather than expressed on a per-share basis.<sup id="cite_ref-:0_2-1" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Assets_under_advisement">Assets under advisement</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=4" title="Edit section: Assets under advisement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A related concept in the investment industry to assets under management is assets under advisement (AUA). This measures the total market value of all the financial assets that are advised by a financial institution, which is typically an investment consultant or intermediary. The advisory firm generally does not have discretion to manage the assets, but rather provides advice as to how those assets may be managed. For example, consider an investment consultant that is hired by a <span style="white-space: nowrap">US$100 billion</span> pension fund to advise the fund on portfolio construction, asset allocation, fund manager selection, etc. The consultant would include the <span style="white-space: nowrap">$100 billion</span> in their firm's AUA. The consultant does not have discretion to manage the assets and thus would not include the assets in their firm's AUM. Global investment consultants with the largest AUA include <a href="/wiki/Mercer_(consulting_firm)" title="Mercer (consulting firm)">Mercer</a> (<span style="white-space: nowrap">US$15 trillion</span> in AUA), <a href="/wiki/Aon_(company)" title="Aon (company)">Aon</a> (<span style="white-space: nowrap">US$3.1 trillion</span> in AUA), <a href="/wiki/Russell_Investments" title="Russell Investments">Russell Investments</a> (<span style="white-space: nowrap">US$2.6 trillion</span> in AUA), <a href="/wiki/Meketa_Investment_Group" title="Meketa Investment Group">Meketa Investment Group</a> (<span style="white-space: nowrap">US$1.7 trillion</span> in AUA), <a href="/wiki/Hamilton_Lane" title="Hamilton Lane">Hamilton Lane</a> (<span style="white-space: nowrap">US$734.8 billion</span> in AUA), <a href="/wiki/Albourne_Partners" title="Albourne Partners">Albourne Partners</a> (<span style="white-space: nowrap">US$700 billion</span> in AUA) and <a href="/wiki/Cambridge_Associates" title="Cambridge Associates">Cambridge Associates</a> (<span style="white-space: nowrap">US$548 billion</span> in AUA). </p> <div class="mw-heading mw-heading2"><h2 id="Assets_under_custody_and/or_administration"><span id="Assets_under_custody_and.2For_administration"></span>Assets under custody and/or administration</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=5" title="Edit section: Assets under custody and/or administration"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Institutional investors and asset managers rely on banks and non-bank financial institutions for processing domestic and cross-border trades, keeping financial assets safe and servicing the associated portfolios, a business referred to traditionally as custody and increasingly as asset servicing. These service providers and others also carry out a range of fund administration activities. </p><p>The measures Assets under Custody and Assets under Administration refer to a service provider's total market value of all the client assets held in the capacity of custodian and fund administrator respectively. Data collected by globalcustody.net on 50+ service providers records dramatic growth in the overall size of this market in a generation. In 1999, three custodians had approximately US$6 trillion of client assets. By 2003, <a href="/wiki/State_Street_Corporation" title="State Street Corporation">State Street</a> surpassed US$10 trillion in assets under custody and/or administration. The latest figures have <a href="/wiki/BNY_Mellon" title="BNY Mellon">BNY</a> not far short of US$50 trillion. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_asset_management_firms" title="List of asset management firms">List of asset management firms</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-:1-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/a/aum.asp">"Why Assets Under Management – AUM Matters"</a>. <i>Investopedia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20010701045319/http://www.investopedia.com:80/terms/a/aum.asp">Archived</a> from the original on 2001-07-01<span class="reference-accessdate">. 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Retrieved <span class="nowrap">2021-07-30</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Oversubscribed+-+Institutional+Investors+for+Investment+Firms&rft.pub=oversubscribed.com&rft_id=https%3A%2F%2Fwww.oversubscribed.com%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssets+under+management" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCelarier2021" class="citation news cs1">Celarier, Michelle (April 19, 2021). <a rel="nofollow" class="external text" href="https://www.institutionalinvestor.com/article/b1rgwjlwfqccst/The-Medallion-Fund-Is-Still-Outperforming-Other-Renaissance-Funds-Still-Aren-t">"The Medallion Fund Is Still Outperforming. Other Renaissance Funds Still Aren't"</a>. <i><a href="/wiki/Institutional_Investor_(magazine)" title="Institutional Investor (magazine)">Institutional Investor</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210804055950/https://www.institutionalinvestor.com/article/b1rgwjlwfqccst/The-Medallion-Fund-Is-Still-Outperforming-Other-Renaissance-Funds-Still-Aren-t">Archived</a> from the original on Aug 4, 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">July 29,</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Institutional+Investor&rft.atitle=The+Medallion+Fund+Is+Still+Outperforming.+Other+Renaissance+Funds+Still+Aren%27t.&rft.date=2021-04-19&rft.aulast=Celarier&rft.aufirst=Michelle&rft_id=https%3A%2F%2Fwww.institutionalinvestor.com%2Farticle%2Fb1rgwjlwfqccst%2FThe-Medallion-Fund-Is-Still-Outperforming-Other-Renaissance-Funds-Still-Aren-t&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssets+under+management" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/a/aum.asp">"Methods for calculating AuM"</a>. Investopedia.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Methods+for+calculating+AuM&rft.pub=Investopedia&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fa%2Faum.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssets+under+management" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.davemanuel.com/investor-dictionary/assets-under-management-aum/">"Definition of Assets Under Management (AUM)"</a>. davemanuel.com<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-09-02</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Definition+of+Assets+Under+Management+%28AUM%29&rft.pub=davemanuel.com&rft_id=http%3A%2F%2Fwww.davemanuel.com%2Finvestor-dictionary%2Fassets-under-management-aum%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AAssets+under+management" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Assets_under_management&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.sfc.hk/sfc/doc/EN/speeches/public/surveys/06/fmas2005_eng.pdf">Fund Management Activities Survey 2005</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190605235038/https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund">Sovereign Wealth Fund Assets Under Management</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist 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href="/wiki/Hedge_fund" title="Hedge fund">Hedge funds</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment<br />strategy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrage</a> /<br /><a href="/wiki/Relative_value_(economics)" title="Relative value (economics)">relative value</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_structure#Arbitrage" title="Capital structure">Capital structure arbitrage</a></li> <li><a href="/wiki/Convertible_arbitrage" title="Convertible arbitrage">Convertible arbitrage</a></li> <li><a href="/wiki/Market_neutral#Equity-market-neutral" title="Market neutral">Equity market neutral</a></li> <li><a href="/wiki/Fixed_income_arbitrage" title="Fixed income arbitrage">Fixed income arbitrage</a> / <a href="/wiki/Fixed-income_relative-value_investing" title="Fixed-income relative-value investing">fixed-income relative-value investing</a></li> <li><a href="/wiki/Statistical_arbitrage" title="Statistical arbitrage">Statistical arbitrage</a></li> <li><a href="/wiki/Volatility_arbitrage" title="Volatility arbitrage">Volatility arbitrage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em"><a href="/wiki/Event-driven_investing" title="Event-driven investing">Event-driven</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Shareholder_activism" title="Shareholder activism">Shareholder activism</a></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed securities</a></li> <li><a href="/wiki/Risk_arbitrage" title="Risk arbitrage">Risk arbitrage</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Directional</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convergence_trade" title="Convergence trade">Convergence trade</a></li> <li><a href="/wiki/Commodity_trading_advisor" title="Commodity trading advisor">Commodity trading advisors</a> / <a href="/wiki/Managed_futures_account" title="Managed futures account">managed futures account</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Dedicated short</a></li> <li><a href="/wiki/Global_macro" title="Global macro">Global macro</a></li> <li><a href="/wiki/Long/short_equity" title="Long/short equity">Long/short equity</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a> / <a href="/wiki/Multi-manager_investment" title="Multi-manager investment">Multi-manager</a></li></ul> </div></td></tr></tbody></table><div></div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><a href="/wiki/File:Chicklet-currency.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/60px-Chicklet-currency.jpg" decoding="async" width="60" height="54" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/90px-Chicklet-currency.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Chicklet-currency.jpg/120px-Chicklet-currency.jpg 2x" data-file-width="279" data-file-height="250" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Day_trading" title="Day trading">Day trading</a></li> <li><a href="/wiki/High-frequency_trading" title="High-frequency trading">High-frequency trading</a></li> <li><a href="/wiki/Prime_brokerage" title="Prime brokerage">Prime brokerage</a></li> <li><a href="/wiki/Program_trading" title="Program trading">Program trading</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trading</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related<br />terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:7em">Markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodities</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivatives</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Equity</a></li> <li><a href="/wiki/Bond_market" title="Bond market">Fixed income</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a></li> <li><a href="/wiki/Money_market" title="Money market">Money markets</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured securities</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:7em">Misc</th><td class="navbox-list-with-group navbox-list navbox-odd" style="padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Absolute_return" title="Absolute return">Absolute return</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a></li> <li><a class="mw-selflink selflink">Assets under management</a></li> <li><a href="/wiki/Black%E2%80%93Scholes_model" title="Black–Scholes model">Black–Scholes model</a> (<a href="/wiki/Greeks_(finance)" title="Greeks (finance)">Greeks</a>: <a href="/wiki/Delta_neutral" title="Delta neutral">delta neutral</a>)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (<a href="/wiki/Alpha_(finance)" title="Alpha (finance)">alpha</a> / <a href="/wiki/Beta_(finance)" title="Beta (finance)">beta</a> / <a href="/wiki/Security_characteristic_line" title="Security characteristic line">security characteristic line</a>)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Vulture_fund" title="Vulture fund">Vulture funds</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Financial endowments</a></li> <li><a href="/wiki/Fund_of_funds#Fund_of_hedge_funds" title="Fund of funds">Fund of hedge funds</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Governance</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fund_governance" title="Fund governance">Fund governance</a></li> <li><a href="/wiki/Standards_Board_for_Alternative_Investments" title="Standards Board for Alternative Investments">Standards Board for Alternative Investments</a></li> <li><a href="/wiki/Managed_Funds_Association" title="Managed Funds Association">Managed Funds Association</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="3"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Alternative_investment_management_companies" title="Category:Alternative investment management companies">Alternative investment management companies</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Hedge_funds" title="Category:Hedge funds">Hedge funds</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Hedge_fund_managers" title="Category:Hedge fund managers">Hedge fund managers</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_hedge_funds" title="List of hedge funds">List of hedge funds</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Private_equity_and_venture_capital" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 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