Entrepreneurs venture capital and private equity
When Harvard professor Georges Doriot and his partners founded American Research and Development Corporation in 1946, raising $3.5m to back start-ups, they planted the seed of what is now a $3.3tn private equity industry, financing everything from entrepreneurs to infrastructure projects and property, writes Anne-Sylvaine Chassany.
Doriot was the first to create a way to pool capital from institutions such as insurers and endowments to fund financially risky innovations in exchange for a stake in their futures.
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