专栏 - 从华尔街到硅谷


Dan Primack 2012年06月07日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。






    我们已看到管理费结构的调整,交易费/监督协定也变得越来越公正合理(尽管这样的收费应当完全取消)。我希望考夫曼基金会(Kauffman Foundation)最近的一项研究能说服更多的一般合伙人同意将更多公司财务信息透露给有限合伙人,因为这有助于预测未来的摩擦或团队离职。我们看到有些公司正在重新评估最惠国条款,考虑大宗买入是否也适用于另类投资。或者最近出现的为大型有限合伙人服务的定制管理账户。

    最值得关注的是近期贝恩资本(Bain Capital)朝着点菜式基金结构迈出的一步:为其亚洲基金投资者提供两种选择,而且(很快)将向其一般收购基金的投资者(外加其共同投资边车基金)提供三种选择。

    It's time for venture capital and private equity firms to innovate.

    Yesterday I gave a keynote speech to a group of private equity and venture capital CFOs, at a rain-soaked golf club just outside of Boston. Always an interesting group of folks to chat with, given that they are integral to firm operations but (in most cases) not compensated in the same way as their investing colleagues.

    My basic message: Now is the time to be creative when it comes to LP/GP alignment.

    For starters, I believe both venture capital and private equity matter. A lot. I know certain readers think I have deep-seated animosity toward my beat, but it's just not so. I criticize because I care. Venture capital is a necessary ingredient of innovation, helping to create the products that indelibly change, and sometimes save, our lives. Private equity may be a bit less noble, but I've worked inside of massive publicly-traded companies and have seen how short-term interests often overwhelm long-term common sense. At its best, private equity can make businesses stronger, employees more productive (in a good way), etc.

    But most importantly, I care because venture capital and private equity help fund the important work being done by universities and charitable foundations. And because they can help secure the retirements of millions of workers in both the public and private sectors. That's why I've written so much over the years about GP/LP alignment, and the historical lack thereof.

    To me, GP/LP alignment currently is stronger than it has been in any other time since I began covering the industry. A big part of that was the prolonged recession, which turned many GPs from tyrants into beggars. But I also think there was a realization that an asset class cannot survive forever with the deck stacked against its own beneficiaries, and that there is plenty of upside to go around.

    We have seen management fee structures change, and transaction fee/monitoring agreements become more equitable (even though such fees should simply be eliminated). I'm hoping that the recent Kauffman Foundation study will help convince more GPs to disclose firm economics to limited partners, since it can help predict future friction or team departures. We've seen certain firms reevaluate most-favored-nations clauses, wondering if bulk-buying should apply to alternative investments like it does most everywhere else. Or the recent advent of custom managed accounts for larger limited partners.

    Most notably, we have Bain Capital's recent move toward a-la-carte fund structures – offering two options to its Asia Fund investors and (soon) three options to its general buyout fund investors (plus its co-invest sidecar).

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