为啥不选A？

问题如下：

The exit route for a venture capital investment is least likely to be in the form of a(n):

选项：

initial public offering (IPO).

sale to other venture funds targeting the same sector.

buyout by the management of the venture investment.

解释：

C is correct.

考点：VC投资的退出方式

解析：对于venture capital ，一般很难通过管理层收购来实现退出，因为management buyout通常要使用大量的杠杆，但是venture capital所投资的公司很难通过杠杆方式融资。