It's mostly based on AngelList data (or not, see update below), plus venture fund-raising statistics from Dow Jones.

这篇文章主要是基于业界网站AngelList的数据(也可能不是，参见下文更新)，外加道琼斯公司(Dow Jones)的风投融资统计数据。

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Unlike a traditional venture fund, no one is making their living off the management fees - in fact - these fees often go into the basic expenses for administrating the "fund."

与传统风险基金不同，在这类团体中，没人靠管理费生活。事实上，这些费用往往都充作管理“基金”的基本费用了。

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There were altogether 4 joint venture securities companies and 20 joint venture fund management companies established upon approval.

共有4家合资证券公司和20家合资基金管理公司获准设立。

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There were altogether 4 joint venture securities companies and 20 joint venture fund management companies established upon approval.

共有4家合资证券公司和20家合资基金管理公司获准设立。

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