��PEͶ�ʷ�ؾ��

2013-5-3

��κ��־�ڳ�Ϊ�й��Ͷ��˱�˵�ĸ��˵��տ��ƾ��Ҫ��塣��ڼ��Ʋ��λ��ʲ��Ӵ�֮�󣬷��տ��ƹ��ڲ��ƺ��ã��Ͷ��ǰ��ֻ��Ӫ��רҵ�Ժ�͸��ȡ�

��˽ļ��ȨͶ�ʱ��Ϊ�Ǹ��Ͷ�ʵ��з��ߵĲ�Ʒ֮һ��Ȼ��˽ļ��ȨͶ�ʵ��о��࣬��˽ļ��ȨͶ��ҵû��һ��ԵĶ��г��о�˽ļ��Ȩ��Ͷ�ʷ��յĹ��Ѳ��ʹ��е��о��ɹ��У��Ϣ��͸��Ե�ʣ��۵�Ҳ��ȱ��㹻�Ŀ͹��ԡ�

��Ȼ��κ��־�ڳ�Ϊ�й��Ͷ��˱�˵�ĸ��˵��տ��ƾ��Ҫ��塣��ڼ��Ʋ��λ��ʲ��Ӵ�֮�󣬷��տ��ƹ��ڲ��ƺ��ã��Ͷ��ǰ��ֻ��Ӫ��רҵ�Ժ�͸��ȡ�

��ĵ��Ҫ�۵��1.˫��ɢ��Ͷ�ʵ��ص��ʹĸ��ĸ��ʽ��㣻2.��Ժ��Ϣ��͸��ǵ��˽ļ��Ȩ��Ͷ�ʷ��յ��Ҫԭ��3.�Ͻ��ľ�ְ��Ǻ��ͻ��ͻ��Ͷ�ʷ��յ��ѷ��4.��ͻ��Ͷ��˵ķ��ռ�ظ��ע��Ϣ��ϰ��ô�ֵķ��Է��ս��ϵͳ��

��տ��ƵĶ��

��ʱ�׼��֯��Ƶ�ISO 31000(2009)/ISO Guide 73��ն��Ϊ��ȷ��Զ�Ŀ��Ӱ�족��ֶ��Ȱ��Ӱ��Ҳ��Ӱ�죬��ڹ��ա��ķ��ն��ǡ�δ��ʧ�Ŀ��ԡ��ֶ��ֻ��Ӱ�졣��2003��Wall Street Words��ķ��ռȰ��Ԥ��Ŀ��ܣ�Ҳ��Ԥ��Ŀ��ܡ�

��ͬʱ��ISO 31000Ҳ�Է��տ��ƽ��˽綨��һ��ۺ��ԵĻ��ɶ��ɣ��Է��յ�ȷ�ϡ��Լ��ճ̶Ƚ��зּ��Ӧ�ö��ۺϾ��ֶζԷ��ս��м�أ��Ӷ��ʧ��Ŀ��Ի��淢��Ŀ��ԡ��ISO 31000 �ķ��ʵʩԭ�򣬷�صĹ��̰��裺

��ʶ��Ǳ�ڷ��

��ҵ��Դ��ֽǶ��ʶ��Ǳ�ڷ��գ�һ��Ǵӡ��Դ��ɹ�˾Ա��ɹɶ��ɵģ��һ��Ǵӡ��պ��ʽ��ʧ��Ƕ�ȷ��󣬾Ϳ��ԶԷ��ս��и��꾡��

��ڶԸ��շ��Ŀ��䵼�µĺ��

��ɶԷ��յ��ʶ��ҵ��Ҫ��Щ��յ��Ӱ�죨��Ϊ��Ӱ�죩�ͷ��շ��Ŀ��Խ��Ϣ��׻�ã��ں��Ĺ��Ʒ��շ��Ŀ��ɵ�Ӱ�졣

��Ѱ��Ӧ�Ը��յķ��

��Ӧ�Է��յķ��ͨ��Ϊ��:�رܷ��գ��գ��գ��⡢��գ��ֵ��գ�ת�Ʋ��ַ��ո��壩��е��գ�Ԥ��Դ��ܷ��µ��ʧ��ҵ��Խ��ַ��ϣ�Ѱ�ҽ��ŵķ��Ӧ�Դ�ʩ��

��ĸ��ҵ��ķ��ر�

��ĸ��Fund of Funds��FOF��˽ļ��Ȩ��Private Equity��PE��һ��Ҫ��Ͷ��ࡣͨ��ļ��ʽ�Ͷ�ŵ��ͬ��PE��У�FOFʹͶ��ʵ�ֶ��Ӷ��Ͷ�ʵ��ա��FOFͨ��ܶ�ҵ��PE��𱣳��õĺ��ϵ��һЩ��Դ��޵�Ͷ��ѡ��ͨ��FOF��뵽һ��½��ѽ��PE��С�

��Ͷ�ʼ�ֵ��У�FOFͬʱ��ͨ�ϻ��ˣ�General Partner��GP��޺ϻ��ˣ�Limited Partner��LP��˫�ؽ�ɫ��ҵ��ԣ��塢��籣��Ͷ��ʱ��FOF�䵱GP�Ľ�ɫ��ΪͶ��߹��ʽ�ѡ��PE��Ͷ�ʡ��Դ�Ͷ��𡢲��ͳɳ��PE��ʱ��FOF�ֳ䵱��LP�Ľ�ɫ��Ϊ��PE��Ͷ��ˡ�

��ֱ��Ͷ��ҵ��Ͷ��PE��ȣ�Ͷ��FOF�ķ��ո�С��Ҫ��ĸ��Ͷ��˶�ֻPE��𣬶��ЩPE��Ͷ��ҵ��˫��ɢ��Ͷ�ʵ��ʹ��FOFͶ��ϵ��յ��Խ��͡�

��ʲ�20��ŷԪ��Ͷ��˽�200ֻPE��European Investment Fund��EIF��2004��FOF�ķ��ս��о��VC��Buyout��Ͷ��FOFʱ��ּ��ͻ򼫸߻ر��ĸ��ʶ�ҪԶ��Ͷ��ҵ��Ͷ��PE��𡣴��⣬FOF��Ͷ�ʻر��ֵ��ĳ̶��ȫ��Ŀ��ܡ�

��EIF��ʾ��VCͶ��˵��ֱ��Ͷ��ҵ��ƽ��ر��ﵽ��6.2��Ͷ��ʽ��ߵģ��׼��53.8Ҳ��ߵġ��⣬ֱ��Ͷ��ҵ�Ŀ��ʸߴ�42%��Ͷ��FOF�Ŀ��ֻ��1%��ⶼ��ʾ��ֱ��Ͷ��ҵ�ĸ߷��ԡ��ԣ��LPȱ��п�չͶ��ҵ��ʱ��ѡ��Ͷ�ʻ��Ͷ��FOF��ͷ��ա�

��һ��˵��Buyout��ķ��պͻر��VC��Ҫ�ͣ��Ͷ��Buyout FOF�Ŀ��Ҫ��Ͷ��Buyout��𻹵͡��ڷ�ɢ��Ͷ�ʵ��£�Buyout FOF��Ȼ��Ӱ�ȫ��ø߻ر��Ŀ��Ҳ��֮��ʧ��

��ĸ��ҵ��Ǳ�ڷ��

��տ��Ƶĵ�һ��ʶ��ա��ˣ��FOF��ٵĸ��ս��ɳ��Ҫ�ķ��ǹ��ĸ��յĹؼ��ڹ��PE��Ͷ�ʷ��յ��ڶ��о��У��ἰ�϶�ĵ��Է��գ��վ��Ͷ��ϵĽǶȣ�LP�Ի��ֽ��Ĺ��ա�

��磬Center for Management Buyout Research��Ӣ��239�һ��Ͷ��˽��˵��У��ʾ��Ա��Ϊ��ķ��գ��Ϣ͸��Ⱥͷ��ɷ��ա�

��Kellogg��ѧԺ��PE��Ͷ�ʵķ��о��35�ұ��LP��У��77%��LPѡ��ܸ˲��Ϊ��ķ��գ��GP�ķ��գ��Ʊ��ռ67%��

��⣬Investing in Private Equity Partnerships: The Role of Monitoring and Reporting��Kay Muller��2008��24��LP��58%��FOF��˷�̸��ֳ��80%��LP��GPΪ��ķ��գ��λ�Ʊ�϶�ķ��հ�� ɥʧͶ�ʼ��ɡ��75%��LPѡ�񣩺͡��ʽ��Ժ�δ�˳��ʲ��Ĺ�ֵ��50%��LPѡ�񣩡�

��Ȼ��о��һЩLP��PE��Ͷ�ʷ��յĿ��PE��Ͷ�ʷ��յ�Ȩ��ȴ��з��֡�Ŀǰ��ҵ��Ķ��෽��ϵ��޴��˽��ݡ�

��Ϊ��ֲ�ϵͳ�Է��շ��Ŀհף��ǽ��Ϸ��ݲ��ݹ��֪��PE��ķ��ʾ�ͷ��ƶȣ��PE��Ͷ�ʵ��ٵ�Ǳ�ڷ��ա��Ĺ��̵��У��Ǽ��ѯ��໥����Mutually Exclusive, Collectively Exhaustive��MECE��ԭ��ó��PE��Ͷ��Եķ��ϵ��

��˽ļ��Ȩ��Ͷ�ʷ��յĶ��

��ڶ�Ͷ�ʷ��յ��У��Ժ��Ϣ��͸��PE��Ͷ�ʶ��Եķ��ա�

��1��

��PE��Ͷ��ص㡣PE��Ͷ�ʵ��ն��أ��Ҫ��棺

��ٳ��ΥԼ��ա�PE��Ͷ��һ�ֳ��Ͷ�ʣ��ͨ��10��ҡ��ڼ䣬LP�޷�Ԥ��ֽ��ľ��ʱ�䡣��GP��֪ͨ��ʱ��LP��Ҫ��ڶ��ݵ��ɳ��ʡ�һ��LP�޷��г��ʳ�ŵ��Ҫ��Ͽ��ΥԼ�ͷ��Ϊ�˱��ΥԼ��ķ��LP��Ҫ��Ԥ��㹻��ֽ��ֽ�ȼ��г��ʳ�ŵ��

��ʲ��ַ��ա��PE�ʲ��˵��LP��ͨ��PE��г��еĻ��ݶ��PE��г��߽��٣��ȱ��ԣ��PE�ʲ��ڶ��г��ϵļ۸��ƫ��ֵ��Ե�LP��ٲ��Σ��ʱ��ͨ��Ҫ��е�PE�ʲ��ۼ۳��۷��ɱ��֡�

��ڴ��г��ͻ��£��Ը��Դ��ˣ��ȳ�ŵ��һ��ӡ��ȳ�ŵ��ָLP�Զ��GP��ʳ�ŵ��ŵ�ܹ�ģ��˻��ܹ�ģ��LPֻ��GPͶ��Ŀ��ʱ��Ҫ��г��ʳ�ŵ��GP�ڻ��ڼ��κ�ʱ�̶��п��ܷ��LP��Ͷ�ʳɱ��棬��LP�п��û��ȫ��֮ǰ��Ѿ��ջ��һ��ֽ�Ϊ��ʽ��ʹ��Ч�ʣ�LP��Խ��ջص��ֽ��Ͷ��ʹ�ã��ֽ��ʱ��ﵽ��ȳ�ŵ��Ŀ�ġ��LP�ֽ��ѣ��޷��г��ʳ�ŵ��޷��ڶ�ʱ��ڽ��PE�ʲ��ֵ�ʱ��LP�ͻ��ٲ��Σ��

��ʿ˽ļ��Ȩ��˾��PEH��һ��͵Ĺ��ȳ�ŵ��PEH��1997��һ�Ҵ��FOFҵ��Ļ��1999�꣬PEH��ʿ��У��ļ��14��ʿ��ɡ�֮��PEH��ͼ��ʽ��ȳ�ŵ��2000��ʱ��һ�ȴﵽ202%��ҵ��2000�껥��ĭ��ѣ��Ͷ��ʧȥ��˳��;��ҵ��Ӫҵ��½��Ҫ׷��Ͷ�ʷ��ά��档��Դ�ӵ��Ľ��֪ͨ��PEH��ʽ�һ��޷��ת��ò��ͼ۱��PE�ʲ��ձ��Ʋ��

��2��Ϣ��͸��

��PE��ҵ��ܻ��ǿ��¶��Ϣ��Ҫ��ί�д��ϵ��LP��GP֮��ͻ��PE��ҵ��Ϣ��ڼ��Ȳ�͸��⡣LP��Ͷ�ʾ��ʱ��޷��ȡһЩ��Ϣ��GP��ձ�LP��Ϣ��Ϣ��Գ��󣬽��PE�г��Ч�ԡ��Ϣ��Գ��ֻ��ַ��գ�

��ѡ��Ϣ��Գ�ʹ��ҵ��ϲ��GP�л��ҵ��Ϻõ�GPһͬ��г��ϵ�LP��Դ��²��LP�ʲ��Ч�ʵ��¡�Ϊ�˱��Ա��GP��µ��ʧ��LP��Ҫ��GP��ŵһ��Ȼر��ʣ�Hurdle Rate��ھ��ܽ��ѡ��ɵ�Ͷ�ʷ��ա�

��ڵ��·��ա��·��ָ��LPͶ��ɺ�GP��LP��Ϊ��GP��Ų��ʽ�Ͷ��ڷ�PE��ʲ��͵��·��յķ��֮һ��LPѡ��ڳ��ʣ�ʹ�Լ��ȡ��ʱ��˽�GP��һ��Գ��ܴ��Ĳ��ʧ��

��ͨ��£�GP��LP֮��ͻ��ʹGPֻ��LP��¶��Լ��Ϣ��LP��ò��ʷҵ��ж�GP��Ǳ��Ͷ��GP��ʷҵ��LP��׷��ЩGP��ʹ��GP��ø��Ļ��Ȩ��LP��Ϣ͸��ȵ��ø��ã��

��ʵ��Ϣ��ԳƵ��FOF��˵��ء��ΪFOF��Ͷ�ʽṹ��˫��ί�д��ϵ��FOF��GP֮��LP��FOF֮��ί�д��ϵ��Ƕ�ף��ͼӴ��˷��ռ�ص��ѡ�

��Դ�� й��2013��4�¿�