Principles of Modern Venture Investors' Portfolio Forming

Study of venture capital investment issues is significant for the development of business institutions in Russia, giving the opportunities for high tech companies. However, in this innovative field business is complicated due to its high uncertainty and the complexity of the forecasting. The lack of accurate information about the investment portfolio making makes its further development difficult. The research goal is to figure out trends in venture capital in Russia, considering the role of innovative technologies nowadays. The methodology of the research consists of statistic and econometric analysis of factors, influencing amount of VC investments received by start-up companies in Russia from 2010 to 2018. The results confirmed the hypothesis that start-up companies in particular industries have an opportunity to raise more money than other ones. The first chapter is dedicated to the research of the features of the Russian VC market versus the foreign one. It may be described as diversified in the use of information technologies and depending on the market demand for innovation and economic situation. The Russian market is lagging behind in comparison with global figures, but its annual growth rates were rapidly increasing before the crisis of 2014. In the next chapters, current trends of the VC market in Russia and factors of portfolio making were analysed, using the econometric methods. A number of regressions were simulated to explain factors of investment attractiveness of the Russian start-up companies. The master’s thesis consists of introduction, four chapters, conclusion, list of references and 5 applications. The length of the paper is 34 pages. Books, articles and Internet resources were used (28 sources in total).