Venture capital has now become a global phenomenon. Here is the (1) status of each major region that has venture capital activity. (2) , the definition of venture capital, (3) coined 50 years ago at Harvard Business School, meant (4) capital for new or very young ventures. Over time, (5) , and especially outside the US and Canada, it has become a coverall name for any type of equity related financing for privately held companies. To make matters even more (6) , some US venture capital firms have begun delving into "transactional" finance more (7) to the investment banking community. This is, however, a limited phenomenon.Indeed, the influx of (8) fund money into the venture capital market has been both a curse and a blessing. Firms found themselves battling to place their newly (9) funds with a (10) number of specialized hitech firms. The result was a series of losses in the early 1990s.Venture capitalists then became immersed in transactional financing as a result of their (11) in business acquisitions. Historically, the venture capitalists had sat at the end of the table representing the company being (12) . At some point, they began to see opportunities in financing such (13) and in other investment banking type activities.In the long (14) , however, venture capitalists will back out of investment banking type activities and focus on what they are best at, risking capital investments in (15) companies. What is required to place their capital and still realize their (16) is a ramp up in staff. In the 1980s, many of the firms were quite small and (17) on specific areas of technology where they had in (18) knowledge. In the 1990s the successful firms have (19) management staff, (20) into more than one area of technology, and outsourced more of their technological analysis to very specialized experts. 6（）

A. involvement
B. speculation
C. publicity
D. tolerance