In the mature period, enterprises begin to sell products and services, but the expenditure is still greater than the income. After the success of the initial trial marketing stage, the production, sales and service of the enterprise have been guaranteed to be successful, and it is necessary to further increase investment and improve production and sales capabilities. Enterprises may want to set up their own sales team, expand the production line, enhance the research and development stamina, further explore the market, or expand the production capacity or service capacity.

The management of the enterprise also has a good performance record, and the management risk, technical risk and market risk of the enterprise have been greatly reduced. Enterprises can provide relatively stable and predictable cash flow, and the probability of successful investment is high. At present, venture enterprises are just between venture capital and stock market investment.

Because of its large scale, enterprises at this stage have a high demand for funds. Venture capital invested in development enterprises in the United States ranges from $2 million to $5 million, so it is favored by institutional investors such as pension funds. Because venture capital companies consider that development venture enterprises are closer to stock issuance or acquisition, the expected return time of capital is shorter, and the required discount rate is reduced, about 40%. Although the return of venture capital is not too high at this stage, venture capitalists are happy with it. This kind of investment has become the mainstream of European venture capital industry. At present, the proportion of venture capital in the United States is also increasing rapidly.

From mature industrial chain to mature operation, that is, leveraged buyout or management buyout of venture enterprises. Venture capitalists often provide funds for old enterprises that are on the verge of bankruptcy or cash flow problems, and then quit after the enterprise is completely transformed. There are usually two ways: merger or leveraged buyout (LBO). Because this kind of investment is extremely risky, few venture capitalists are willing to consider the lender's application. Because the customer relationship of the enterprise is not worth mentioning at this time, it is difficult to attract investment, and the creditors are not very cooperative. Only when the new management team has relevant experience and good performance, and plans to revive the company within a certain period of time, will venture capitalists pay attention to this stage of investment.

Although such enterprises are often on the verge of bankruptcy or capital turnover difficulties, they still have the advantages of maturity, large scale or huge market potential, and can be brought back to life through management changes. The acquirer obtains the property rights of the target company by integrating venture capital. Taking MBO (MBI) as an example, due to the intervention of venture capital, venture capitalists' extensive industrial relations and mature capital operation ability can be brought into full play, and the operating synergy effect generated by M&A means that the effect reflected by operating cash flow after M&A will increase obviously.