<P> Before World War II ( 1939 -- 1945 ) , money orders ( originally known as `` development capital '' ) remained primarily the domain of wealthy individuals and families . Only after 1945 did `` true '' private equity investments begin to emerge , notably with the founding of the first two venture capital firms in 1946 : American Research and Development Corporation ( ARDC ) and J.H. Whitney & Company . </P>
<P> Before World War II ( 1939 -- 1945 ) , money orders ( originally known as `` development capital '' ) remained primarily the domain of wealthy individuals and families . Only after 1945 did `` true '' private equity investments begin to emerge , notably with the founding of the first two venture capital firms in 1946 : American Research and Development Corporation ( ARDC ) and J.H. Whitney & Company . </P>
when did the modern venture capital industry in the usa most likely begin
when did the modern venture capital industry in the usa most likely begin
after 1945
after 1945