{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u9322\u741b","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/chinshun","title":"\u300a\u7b56\u7565\u77ed\u6253\u300b\u7406\u89e3\u7dad\u6e2f\u6295\u8cc7\u7b49\u79c1\u52df\u57fa\u91d1\u7b56\u7565\u524d\u8981\u6709\u7684\u57fa\u672c\u77e5\u8b58 - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492722\">\u300a\u7b56\u7565\u77ed\u6253\u300b\u7406\u89e3\u7dad\u6e2f\u6295\u8cc7\u7b49\u79c1\u52df\u57fa\u91d1\u7b56\u7565\u524d\u8981\u6709\u7684\u57fa\u672c\u77e5\u8b58<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492722\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u300a\u7b56\u7565\u77ed\u6253\u300b\u7406\u89e3\u7dad\u6e2f\u6295\u8cc7\u7b49\u79c1\u52df\u57fa\u91d1\u7b56\u7565\u524d\u8981\u6709\u7684\u57fa\u672c\u77e5\u8b58&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/11\/horizons_ventures_chou.png","thumbnail_width":942,"thumbnail_height":715,"description":"\u6700\u8fd1\u7531\u674e\u5609\u8aa0\u5148\u751f\u5275\u8fa6\u7684\u7dad\u6e2f\u6295\u8cc7\uff08Horizons Ventures\uff09\u5f15\u8d77\u4e0d\u5c11\u71b1\u8a71\uff0c\u9664\u4e86\u6709\u6e3e\u6c34\u3001\u8449\u6717\u7a0b\u7b49KOL\u8a0e\u8ad6\u8a72\u516c\u53f8\u5176\u4e2d\u4e00\u4f4d\u516c\u5c4b\u51fa\u8eab\u7684\u54e1\u5de5\u7684\u52f5\u5fd7\u6545\u4e8b\u5916\uff0c\u8ca0\u8cac\u4eba\u4e4b\u4e00\u7684\u5468\u51f1\u65cb\u5c0f\u59d0\u4e5f\u5728\u65e9\u524d\u8aaa\u904e\u4e00\u4e9b\u610f\u5473\u6df1\u9577\u7684\u8a71\u3002 \u4e0d\u904e\uff0c\u5c0d\u65bc\u4e00\u822c\u4f4e\u8abf\u7684\u79c1\u52df\u57fa\u91d1\uff08Private Equity Fund\/PEF\uff09\u884c\u696d\uff0c\u4e0d\u5c11\u4eba\u4e5f\u5c0d\u6b64\u611f\u5230\u964c\u751f\u3002\u672c\u6b04\u6703\u7c21\u4ecb\u4e00\u4e0b\u4f55\u8b02PE\u53ca\u5176\u4e3b\u8981\u7b56\u7565\uff0c\u4f5c\u7232\u661f\u671f\u4e00\u9577\u7bc7\u5206\u6790\u7b56\u7565\u555f\u793a\u7684\u7c21\u4ecb\u3002 PEF\u4e3b\u8981\u6295\u8cc7\u5728\u4e09\u7a2e\u5de5\u5177\uff1a\u79c1\u4eba\u80a1\u4efd\uff08private equity\uff09\u3001\u79c1\u4eba\u4fe1\u8cb8\uff08private credit\uff09\u4ee5\u53ca\u79c1\u4eba\u5be6\u696d\uff08private real estate\uff09\u3002\u884c\u5167\u8f03\u591a\u4eba\u8a0e\u8ad6\u7684\u90fd\u662fPE\uff0c\u52a0\u4e0a\u661f\u671f\u4e00\u7684\u6b04\u4e5f\u4e3b\u8b1bPE\uff0c\u6240\u4ee5\u4ee5\u4e0b\u5148\u7c21\u4ecb\u5c0dPE\u7684\u6295\u8cc7\uff0c\u8b93\u5927\u5bb6\u8336\u9918\u98ef\u5f8c\uff0c\u53ef\u4ee5\u591a\u500b\u8a71\u984c\u3002 PEF\u5176\u5be6\u662f\u4e00\u500b\u8f03\u5ee3\u7fa9\u7684\u540d\u5b57\u3002\u6839\u64daPEF\u5728\u8655\u65bc\u4e0d\u540c\u968e\u6bb5\u7684\u4f01\u696d\u7684\u6295\u8cc7\uff0cPEF\u53ef\u4ee5\u88ab\u7d30\u5206\u7232\u4e09\u5927\u985e\u5225\u3002\u6295\u8cc7\u5728\u521d\u5275\u516c\u53f8\u7684PEF\uff0c\u7a31\u70ba\u98a8\u96aa\u6295\u8cc7\u57fa\u91d1\/\u5275\u6295\u57fa\u91d1\uff08venture capital\uff09\uff0c\u4e5f\u5c31\u662f\u73fe\u6642\u7099\u624b\u53ef\u71b1\u7684VC\uff0c\u53c8\u4fd7\u7a31\u760b\u982d\uff08\u56e0\u7232\u66ff\u521d\u5275\u63d0\u4f9b\u8cc7\u91d1\uff0c\u98a8\u96aa\u5f88\u9ad8\uff0c\u6295\u8f38\u4e86\uff0c\u4e00\u5b9a\u8b8a\u760b\u982d\uff09\uff1b\u6295\u5728\u904e\u4e86\u7b2c\u4e00\u968e\u6bb5\u3001\u6b63\u5728\u8d77\u98db\u7684\u4f01\u696d\uff0c\u5c31\u540d\u6210\u9577\u578b\u80a1\u6b0a\u57fa\u91d1\uff08growth equity fund\uff09\uff1b\u6295\u9032\u6210\u719f\u4f01\u696d\u7684\uff0c\u7a31\u70ba\u878d\u8cc7\u6536\u8cfc\u57fa\u91d1\uff08leveraged buyout fund\/LBOF\uff09\u3002PE\u548cVC\uff0c\u61c9\u8a72\u662f\u5728\u4e00\u822c\u5a92\u9ad4\u6700\u6613\u898b\u3001\u4e5f\u662f\u8f03\u591a\u4eba\u8a0e\u8ad6\u7684\u5169\u500bbig words\u3002 PEF\u4e00\u822c\u6703\u67093-5\u5e74\u7684\u6301\u5009\u6642\u9593\uff0c\u6295\u8cc7\u524d\u4ea6\u5df2\u8a08\u5283\u597d\u6295\u8cc7\u5e74\u671f\u904e\u5f8c\u7684\u96e2\u5834\u65b9\u5f0f\u3002\u4ee5\u4e00\u500b\u6bd4\u8f03\u7c21\u55ae\u7684\u64cd\u4f5c\u7232\u4f8b\uff0cPEF\u6295\u8cc7\u9032\u4e00\u5bb6\u521d\u5275\uff0c\u4e26\u6301\u6709\u63a7\u5236\u80a1\u6b0a\uff08controlling stake share\uff09\u3002\u7136\u5f8c\uff0cPEF\u5c31\u6703\u7232\u4f01\u696d\u9032\u884c\u7ba1\u7406\u5c64\u9762\u7684\u6539\u5584\uff0c\u6700\u5927\u5316\u5730\u91cb\u653e\u4f01\u696d\u50f9\u503c\u3002\u6539\u5584\u7ba1\u7406\u65b9\u6cd5\u524d\uff0c\u7576\u7136\u4e5f\u6703\u8a08\u5283\u96e2\u5834\u7b56\u7565\uff08exit strategy\uff09\uff0c\u4f8b\u5982\u5728\u4f01\u696d\u53d7\u6539\u5584\u5f8c\uff0c\u4f30\u503c\u5347\uff0c\u61c9\u8a72\u7232\u4f01\u696d\u505aIPO\u5957\u73fe\uff0c\u9084\u662f\u8ce3\u7d66\u53e6\u5916\u4e00\u4e9b\u57fa\u91d1\u8f03\u597d\u3002\u7ba1\u7406\u65b9\u5f0f\u88ab\u6539\u5584\u5f8c\uff0c\u4f01\u696d\u50f9\u503c\u4e0a\u5347\uff0cPEF\u5c31\u53ef\u900f\u904e\u96e2\u5834\u7b56\u7565\u7372\u5229\uff08harvesting\uff09\u3002 \u4ecb\u7d39\u904e\u4e00\u4e9b\u57fa\u672c\u540d\u8a5e\u53ca\u6982\u5ff5\u5f8c\uff0c\u661f\u671f\u4e00\u7684\u5c08\u6b04\u5c07\u6703\u6709PEF\u7684\u7b56\u7565\u5c0d\u5927\u5bb6\u7684\u555f\u793a\u8207\u91d1\u878d\u653f\u6cbb\u8a0e\u8ad6\uff0c\u656c\u8acb\u671f\u5f85\u3002"}