Reputational capital: The VC funds, as a repeat player, also act as reputational intermediary. Venture capital financing enhances the portfolio company''s credibility with third parties. Talented managers, suppliers and customers will be likely to treat the company more positively and confidently. Later on, the venture capitalist''s reputation helps to attract a high quality underwriter for an IPO of the portfolio company''s stock.
　　The venture capitalist抯 non-capital inputs have special value to early-stage companies. As the portfolio company''s management gains experience, proves its skill, and establishes its own reputation, its need for the venture capital provider''s management experience, monitoring, and service as a reputational intermediary declines. Thus, at some point, the venture capital provider''s nonfinancial contributions can be more profitably devoted to a new round of early-stage companies. But because the financial and nonfinancial contributions are linked together, recycling the nonfinancial contributions also requires the venture capitalists to exit and recycle its financial contribution from successful companies to early-stage companies.
　　2.The exit and reinvestment cycle for venture capital funds and capital providers
　　From perspective of capital providers, exit is also important. It allows them to evaluate the quality of their venture capitalists, the risks and returns on venture capital investments relative to other investments and, if necessary, to reallocate funds from venture capital to other investments or from less successful venture capitalists to more successful venture capitalists.　
　　The explicit contract between capital providers and the venture capitalist, requiring liquidation of each limited partnership, is complemented by an implicit contract in which capital providers reinvest in future limited partnerships sponsored by successful venture capital funds. The expectation of reinvestment makes it feasible for venture capital funds to invest in infrastructure and expertise that will outlive any one limited partnership.

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