股权投资基金,Private Equity(简称“PE”)在中国通常称为私募股权投资,从投资方式角度看,依国外相关研究机构定义,是指通过私募形式对私有企业,即非上市企业进行的权益性投资,在交易实施过程中附带考虑了将来的退出机制,即通过上市、并购或管理层回购等方式,出售持股获利。有少部分PE基金投资已上市公司的股权(如后面将要说到的PIPE),另外在投资方式上有的PE投资如Mezzanine投资亦采取债权型投资方式。
在过去30年中,我们见证了金融服务业(比如资产管理,套保基金,并购基金,私募股权,风险投资)在GNP中的比率不断增长。
We have witnessed financial services (think asset management, hedge funds, buyout funds, private equity, and venture capital) grow as a percentage of GNP for the past thirty years.
投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成,然而他们却欣欣然的在同样情况下,给予私募股权经理人以业绩提成。
Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.
“他们曾因为反对而退出,但是现在,即便这种冲突依然存在,投资银行还是回到了这一领域,”一家私人股权基金公司的执行官说。
“They retreated because of conflicts, and they are returning despite those conflicts still being present,” says an executive at one private-equity firm.
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