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专栏 - 从华尔街到硅谷

协调私募股权利益需创新

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。
风险投资和私募股权公司是时候该创新了。

    这是一种创新,现在需要更多这样的创新。风投和私募股权公司正处在基金行业重塑的中心,只有最优秀的和最创新的能够存活下来。

    当初超级天使投资人开始颠覆早期风投业时,著名天使投资人戴夫•迈克克勒就公开质疑,为什么致力于创新的一个行业如此因循守旧。这里说的是一般合伙人与企业家/投资组合公司的关系,但这个问题也适用于一般合伙人/有限合伙人关系。

    我们应当看到更多长盛不衰的结构吗?有限合伙人能对一般合伙人升职事宜进言?重组有限合伙人顾问委员会,让小投资者的声音能被听到?或者,业内专业人士多年来私下考虑又暗暗放弃的数百种方案中的任何一个(因为收取2%管理费和20%的绩效费是公认的行业标准)?

    如果你准备尝试什么新事物,请告诉我。如果你是一名有限合伙人并想尝试新事物,也请告诉我。就像我说过的一样,这些年来一般合伙人/有限合伙人的利益一致得到不断强化,或许有办法在不伤害任何一方的情况下进一步拉近双方联系。现在,看起来是时候这么做了。

    译者:早稻米

    That is innovation, and now is the time for more of it. Venture capital and private equity are in the midst of fund shakeouts, where only the best and/or novel are likely to survive.

    Back when the super-angels began disrupting early-stage venture capital, Dave McClure publicly wondered why an industry devoted to innovation was so set in its ways. That was vis-à-vis GP relationships with entrepreneurs/portfolio companies, but the same question applies to GP/LP relations.

    Should we see more evergreen structures? LP input into partner promotions? Restructured LP advisory boards where small investors get a voice? Or any of the hundreds of things that industry professionals have privately considered over the years, only to mentally discard because 2-and-20 is the accepted industry standard.

    If you're trying to do something new, let me know about it. Same thing if you're an LP and want something new. As I said, GP/LP alignment has gotten stronger over the years, but perhaps there are ways to make the bonds tighter without strangling either side. Now seems to be the time to do that.

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