J-Curve
定義
The J-curve describes a venture fund’s returns over time: negative in early years as fees and losses land first, then rising as winners mature, tracing the letter J.
資金調達における位置づけ
The J-curve explains fund-lifecycle behavior founders encounter, like young funds deploying eagerly and old funds pressing for liquidity.
よくある質問
Why are fund returns negative early?
Management fees are charged from day one and failures reveal themselves faster than successes compound.
How long until a fund shows real returns?
Meaningful distributions often take seven to ten years, which is why fund lifetimes run a decade or more.