私募股权公司高地合伙人公司（Elevation Partners）曾于2006年投资福布斯传媒（Forbes Media）。目前，高地即将转让手头持有的福布斯股份，据称交易报价可能达到4亿美元。但私底下，高地认为福布斯根本不值这么多钱。

    《财富》杂志（Fortune）获悉，高地持有的福布斯传媒少数股权目前减价80%，意味着福布斯传媒的总市值约为1.2亿美元。这比起2010年，情况已经略有好转。当时，福布斯传媒的股票减记高达90%。

    确实，私募估值很少完美无缺。而且不管高地向有限责任合伙人发布的季报如何，它的信托责任是拿到尽可能高的价格。不过，按照法律规定，高地公司必须向市场对自身的投资进行估值。这就带来了以下三种可能性：

    第一种可能性是高地在估值时过于保守。这不会损害到谁的利益。但也存在例外：假如你是高地的投资者，并根据这家公司的报告资产净值在二级市场上出售股票，那么你可能会受到不利影响。

    第二种可能性是，高地的估值很准，4亿美元的估值是有银行家撑腰的一个美梦。

    第三种可能是，高地理论上没有错，但来了出手阔绰的买家（或许还带动了其它投资者对这笔资产给出了过高的估值）。

    正如我们此前所报道的那样，高地当初投资了2.64亿美元，购买福布斯传媒的优先股。也就是说，在高地拿回所有本金之前，福布斯的其它股东一分钱也别想拿到。（财富中文网）

    译者：项航     

    Private equity firm Elevation Partners is on the verge of salvaging its 2006 investment in Forbes Media, via a sale process that reportedly could garner bids of $400 million. But, privately, Elevation doesn't believe the company is worth anywhere near that bounty.

    Fortune has learned that Elevation is currently carrying its minority stake in Forbes Media at an 80% discount, meaning that the entire company would be worth around $120 million. And this is actually a slight improvement from around a 90% write-down back in 2010.

    To be sure, private valuations are rarely perfect. And Elevation's fiduciary duty is to get the best price it can, regardless of its quarterly reports to limited partners. But the firm also is legally required to mark its investment to market, which leaves us with three possibilities:

    1. Elevation was much too conservative in its judgment. No real harm done, unless you were an Elevation investor who sold units on the secondary market based on the firm's reported net asset value (NAV). In that case, you may have gotten burned.

    2. Elevation is on point, and the $400 million figure is a banker-sponsored pipe-dream.

    3. Elevation was right in theory, but some profligate buyer has emerged (and, possibly, has prompted others to overvalue the asset).

    As we've previously reported, Elevation structured its original $264 million investment as preferred stock, which means it would get its principle repaid before any other Forbes shareholders see a dime.