{"id":2522,"date":"2026-05-07T09:28:16","date_gmt":"2026-05-07T01:28:16","guid":{"rendered":"https:\/\/www.anxinlirong.com\/?p=2522"},"modified":"2026-05-19T14:31:06","modified_gmt":"2026-05-19T06:31:06","slug":"%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e4%bb%8d%e6%98%af%e9%a2%84%e6%9c%9f%e5%9b%9e%e6%8a%a5%e6%9c%80%e9%ab%98%e7%9a%84%e8%b5%84%e4%ba%a7","status":"publish","type":"post","link":"https:\/\/www.anxinlirong.com\/?p=2522","title":{"rendered":"\u201c\u79c1\u52df\u80a1\u6743\u4ecd\u662f\u9884\u671f\u56de\u62a5\u6700\u9ad8\u7684\u8d44\u4ea7\u201d"},"content":{"rendered":"

\u672c\u6587\u6765\u6e90\uff1a<\/span>\u201c\u79c1\u52df\u80a1\u6743\u4ecd\u662f\u9884\u671f\u56de\u62a5\u6700\u9ad8\u7684\u8d44\u4ea7\u201d<\/a><\/p>\n

\u201c\u79c1\u52df\u80a1\u6743\u4ecd\u7136\u662f\u6240\u6709\u8d44\u4ea7\u7c7b\u522b\u91cc\u9884\u671f\u56de\u62a5\u6700\u9ad8\u7684\u4e00\u7c7b\u8d44\u4ea7<\/span><\/b>\u201d<\/span><\/b>\u3002<\/span><\/section>\n

\u8fd9\u8bdd\u4e0d\u662f\u51fa\u81ea\u67d0<\/span>PE\u673a\u6784\u7684\u516c\u5173\u56e2\u961f\uff0c\u800c\u662f\u6765\u81eaLP\u7684\u7814\u7a76\u3002<\/span>\u6700\u8fd1\uff0c\u7f8e\u56fd\u5927\u578b\u6559\u5e08\u517b\u8001\u91d1<\/span>CalSTRS\u53d1\u5e03\u4e86\u4e00\u4efd<\/span>\u79c1\u52df\u80a1\u6743\u534a\u5e74\u6458\u8981<\/span>\u3002<\/span>\u5728\u7edf\u8ba1\u4e86\u8fc7\u53bb<\/span>20\u5e74<\/span>\u5404\u7c7b\u8d44\u4ea7\u7684\u5e02\u573a\u8868\u73b0\u540e\uff0c\u5f97\u51fa\u4e86\u4e0a\u8ff0\u7ed3\u8bba<\/span>\u3002<\/span><\/p>\n

<\/section>\n

\u4f46<\/span>\u8fd9\u53e5\u8bdd<\/span>\u653e\u5728\u5f53\u4e0b\uff0c\u8fd8\u662f\u8ba9\u4eba\u610f\u5174\u9611\u73ca<\/span>\u3002<\/span><\/p>\n

\u8fc7\u53bb\u4e24\u5e74\uff0cPE\u884c\u4e1a\u7684\u5173\u952e\u8bcd\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e:\u9000\u51fa\u96be\u3001DPI\u6162\u3001\u4f30\u503c\u8d35\u3002\u8981\u8ba9LP\u4eec\u52a0\u5927\u6295\u5165\uff0c\u770b\u4e0a\u53bb\u5e76\u4e0d\u73b0\u5b9e\u3002CalSTRS\u8fd9\u4efd\u6750\u6599\u4e5f\u5766\u8bda\u4e86\u5f53\u4e0b\u7684\u538b\u529b\uff0cPE\u77ed\u671f\u786e\u5b9e\u6709\u538b\u529b\uff0c\u5c24\u5176\u662f\u9000\u51fa\u548c\u5206\u914d\u73b0\u91d1\u7684\u95ee\u9898\u3002<\/p>\n

\u4f46\u4ed6\u4f9d\u7136\u5f3a\u8c03\u4e86\u957f\u671f\u56de\u62a5\uff0c\u5728Meketa\u76842026\u5e74\u8d44\u672c\u5e02\u573a\u5047\u8bbe\u91cc\uff0c\u79c1\u52df\u80a1\u674310\u5e74\u9884\u671f\u56de\u62a5\u662f9.0%\uff0c20\u5e74\u9884\u671f\u56de\u62a5\u662f10.2%\u3002\u8fd9\u4e24\u4e2a\u6570\u5b57\u89e3\u91ca\u4e86\u4ed6\u4eec\u4ecd\u7136\u628aPE\u5f53\u6210\u6838\u5fc3\u8d44\u4ea7\u7684\u539f\u56e0\u3002<\/p>\n

\u6240\u4ee5\u95ee\u9898\u7684\u5173\u952e\u5728\u4e8e\u5982\u4f55\u914d\u7f6e\u3002\u4e00\u65b9\u9762\uff0cCalSTRS\u52a0\u5927\u4e86\u5bf9\u5e76\u8d2d\u57fa\u91d1\u7684\u6295\u5165\uff0c\u53e6\u4e00\u65b9\u9762\u589e\u52a0\u4e86\u5bf9\u5171\u540c\u6295\u8d44\u7684\u91cd\u89c6\u3002\u8fd9\u4e24\u4e2a\u65b9\u5411\u5e26\u6765\u4e86\u7a33\u5065\u7684\u957f\u671f\u6536\u76ca\u3002<\/p>\n

01.
\n<\/span><\/strong><\/p>\n

PE\u7684\u95ee\u9898<\/span><\/b><\/h3>\n

\u5bf9\u4e8e\u4e24\u4e2a\u5e02\u573a\u662f\u76f8\u4f3c\u7684<\/span><\/b><\/h3>\n

\u8fd9\u4efd\u62a5\u544a\u6ca1\u6709\u628a<\/span>PE\u5199\u6210\u4e00\u4e2a\u5b8c\u7f8e\u8d44\u4ea7\u3002<\/p>\n

\u76f8\u53cd\uff0c\u5b83\u5f88\u660e\u786e\u5730\u63d0\u5230\uff0c<\/span>2025\u5e74\u79c1\u52df\u5e02\u573a\u6d3b\u52a8\u6709\u6240\u6539\u5584\uff0c\u4f46\u6574\u4e2a\u884c\u4e1a\u4f9d\u7136\u9762\u4e34\u7ed3\u6784\u6027\u6311\u6218\u3002<\/p>\n

\u6570\u636e\u663e\u793a\uff0c<\/span>2025\u5e74\u5168\u7403PE\u4ea4\u6613\u989d\u540c\u6bd4\u589e\u957f19%\uff0c\u9000\u51fa\u91d1\u989d\u540c\u6bd4\u589e\u957f40%\u3002\u4f46\u8fd9\u4e9b\u4ea4\u6613\u66f4\u591a\u96c6\u4e2d\u5728\u5c11\u6570\u5927\u989d<\/span>\u4ea4\u6613\u91cc\uff0c\u5e76\u4e0d\u610f\u5473\u7740\u6574\u4e2a\u5e02\u573a\u90fd\u91cd\u65b0<\/span>\u6d3b\u8dc3<\/span>\u3002<\/span><\/p>\n

\u66f4\u9ebb\u70e6\u7684\u662f\uff0c<\/span>\u9000\u51fa\u79ef\u538b\u95ee\u9898\u4ecd\u7136\u4e25\u91cd<\/span>\u3002<\/span>\u5168<\/span>\u7403\u8fd8\u6709\u8d85\u8fc7<\/span>1.6\u4e07\u5bb6\u516c\u53f8\u5df2\u7ecf\u88ab\u6301\u6709\u8d85\u8fc74\u5e74\uff0c\u4ecd\u7136\u6ca1\u6709\u5b9e\u73b0\u9000\u51fa\uff1b\u5e76\u4e14\u5f88\u591a\u9000\u51fa\u4e5f\u53ea\u662f\u90e8\u5206\u9000\u51fa\uff0c\u6216\u901a\u8fc7\u79c1\u52df\u4e8c\u7ea7\u5e02\u573a\u9000\u51fa<\/span>\u3002<\/span><\/p>\n

\u8fd9\u5bf9<\/span>LP\u6765\uff0c<\/span>\u4ed6\u4eec\u770b\u5230\u7684\u66f4\u591a\u662f\u6f02\u4eae\u7684<\/span>\u8d26\u9762\u56de\u62a5\uff0c<\/span>DPI<\/span>\u8fdf\u8fdf\u672a\u843d\u5730<\/span>\uff0c\u4e0b\u4e00\u8f6e\u51fa\u8d44<\/span>\u60ac\u800c\u672a\u51b3<\/span>\u3002<\/span><\/section>\n
\u00a0<\/span><\/section>\n
<\/section>\n
\u00a0<\/span><\/section>\n

\u6240\u4ee5\u4eca\u5929<\/span>PE\u5e02\u573a<\/span>\u7684\u6838\u5fc3<\/span>\u96be\u70b9<\/span>\uff0c<\/span>\u5728\u4e2d\u7f8e\u4e24\u4e2a\u5e02\u573a\u4f3c\u4e4e\u662f\u8d8b\u540c\u7684\uff1a<\/span>\u4e8c\u7ea7\u5e02\u573a\u7684\u7e41\u8363\u3001\u914d\u7f6e\u7684\u589e\u52a0\u3001\u7ade\u4e89\u7684\u6fc0\u70c8\u3001\u4e0e\u5b58\u91cf\u9000\u51fa\u7684\u538b\u529b\u3002<\/span><\/b><\/p>\n

\u4f46<\/span>CalSTRS\u5e76\u6ca1\u6709\u56e0\u6b64\u964d\u4f4ePE\u7684\u6218\u7565\u4f4d\u7f6e\u3002<\/p>\n

\u622a\u81f3<\/span>2025\u5e749\u670830\u65e5\uff0cCalSTRS\u79c1\u52df\u80a1\u6743\u9879\u76ee\u7684NAV\u7ea6\u4e3a588\u4ebf\u7f8e\u5143\uff0c\u5360\u603b\u57fa\u91d1\u768415.4%\u3002<\/b>\u800c<\/span><\/b>\u5b83\u7684\u957f\u671f\u76ee\u6807\u914d\u7f6e\u6bd4\u4f8b\u662f<\/span>14%\u3002<\/b>\u4e5f\u5c31\u662f\u8bf4\uff0c\u8fd9\u4e0d\u662f\u4e00\u4e2a\u8fb9\u7f18\u4ed3\u4f4d\uff0c\u800c\u662f\u7ec4\u5408\u91cc\u7684\u91cd\u8981\u4ed3\u4f4d\u3002<\/span><\/p>\n

\u4e3a\u4ec0\u4e48\u8fd8<\/span>\u5728\u957f\u671f\u914d\u7f6e\uff1f<\/span>\u56e0\u4e3a<\/span><\/b>CalSTRS<\/b>\u7684\u7814\u7a76\u7ed3\u8bba\u663e\u793a\uff0c<\/span><\/b>\u673a\u6784\u6295\u8d44\u8005\u5bf9\u5404\u7c7b\u8d44\u4ea7\u7684\u957f\u671f\u56de\u62a5\u9884\u671f\u91cc\uff0c\u79c1\u52df\u80a1\u6743\u6392\u5728\u6700\u524d\u9762\u3002<\/span><\/b><\/p>\n

\u5728<\/span>Meketa\u76842026\u5e74\u8d44\u672c\u5e02\u573a\u5047\u8bbe\u91cc\uff0c\u79c1\u52df\u80a1\u674310\u5e74\u9884\u671f\u56de\u62a5\u662f9.0%\uff0c20\u5e74\u9884\u671f\u56de\u62a5\u662f10.2%\u3002<\/b><\/p>\n

<\/section>\n

\u8fd9<\/span>\u4e2a<\/span>\u6570\u5b57\u5c31\u662f<\/span>\u517b\u8001\u91d1<\/span>\u949f\u60c5\u4e8e<\/span>PE\u7684\u539f\u56e0\u3002<\/p>\n

\u517b\u8001\u91d1\u7684<\/span>\u773c\u5149\u5c3a\u5ea6\u4ee5<\/span>10\u5e74\u4e3a\u8ba1<\/span>\u3002<\/span>\u5728\u8fd9\u4e2a\u65f6\u95f4\u5468\u671f\u4e0a\uff0c<\/span>PE\u7684\u9ebb\u70e6\u53cd\u800c\u63d0\u4f9b\u4e86\u5efa\u4ed3\u7684\u673a\u4f1a\u3002\u8fd9\u4e00<\/span>\u8d44\u4ea7<\/span>\u7684<\/span>\u5206\u6563\u914d\u7f6e<\/span>\u548c<\/span>\u957f\u671f\u56de\u62a5<\/span>\uff0c<\/span>\u80fd<\/span>\u591f<\/span>\u7a33\u5b9a\u5730\u5e2e\u5b83\u4eec\u586b\u4e0a\u957f\u671f\u8d1f\u503a\u3002<\/span><\/p>\n

02.
\n<\/span><\/strong><\/p>\n

\u771f\u6b63\u7684\u80dc\u8d1f\u624b<\/span><\/b><\/h3>\n

\u8fd8<\/span><\/b>\u662f<\/span><\/b>\u5728\u4e8e<\/span>\u201c<\/span><\/b>\u600e\u4e48\u6295<\/span><\/b>\u201d<\/span><\/b><\/h3>\n

\u6240\u4ee5\u95ee\u9898\u7684\u5173\u952e\uff0c\u4e0d\u5728\u4e8e\u662f\u5426\u914d\u7f6e\uff0c\u800c\u5728\u4e8e\u5982\u4f55\u914d\u7f6e\u3002<\/span><\/p>\n

CalSTRS<\/b>\u516c\u5e03\u4e86<\/span>PE\u914d\u7f6e\u7b56\u7565<\/span><\/b>\u3002<\/span>\u5176\u4e2d\u6709\u4e24\u70b9\u503c\u5f97\u62ff\u51fa\u6765\u8bf4\uff1a\u4e00\u662f<\/span><\/b>\u63d0\u9ad8<\/span><\/b>\u5e76\u8d2d\u57fa\u91d1\u7684\u914d\u7f6e\u6bd4\u91cd<\/span><\/b>\uff1b<\/span><\/b>\u4e8c<\/span><\/b>\u662f<\/span><\/b>\u589e\u52a0\u5bf9<\/span><\/b>\u5171\u540c\u6295\u8d44\u7684\u91cd\u89c6<\/span><\/b>\u3002<\/span><\/b>\u4e24\u8005\u5176\u5b9e\u90fd\u4f53\u73b0\u4e86\u517b\u8001\u91d1\u5728\u5f53\u4e0b\u7a33\u5065\u7684\u914d\u7f6e\u601d\u8def\u3002<\/span><\/b><\/p>\n

CalSTRS\u7684PE\u7ec4\u5408\u91cc\uff0cbuyout\u536076.1%\uff0cVC\u53608.5%\uff0cdebt\u00a0related\u53606.2%\u3002<\/section>\n
<\/section>\n

\u4e5f\u5c31\u662f\u8bf4\uff0c<\/span>CalSTRS<\/b>\u7684\u7b56\u7565<\/span>\u4e0d\u662f\u4e00<\/span>\u4e2a<\/span>\u62bc\u6ce8<\/span>\u65e9\u671f<\/span>\u79d1\u6280\u7684\u7ec4\u5408\u3002<\/span>\u800c\u662f\u5c06\u6700\u5927\u4ed3\u4f4d\uff0c\u7ed9\u5230\u4e86<\/span>B<\/span>uyout\u4ea4\u6613\u3002\u8fd9\u7c7b\u4ea4\u6613\u6a21\u5f0f\u5728\u6b27\u7f8e\u5e02\u573a\u672c\u8eab\u5c31\u66f4\u4e3a\u6210\u719f\uff0c\u62e5\u6709\u4e00\u6279\u6210\u719f\u7684\u7ba1\u7406\u4eba\u3002\u540c\u65f6\u4ece\u6807\u7684\u516c\u53f8\u8003\u91cf\uff0c\u4e5f\u4ee3\u8868\u7740<\/span>\u6210\u719f\u516c\u53f8<\/span>\u7684\u4ef7\u503c\u521b\u65b0<\/span>\u3002<\/span>\u6240\u4ee5\u76f8\u5bf9\u800c\u8a00\uff0c\u662f\u7a33\u5065\u7b56\u7565\u7684\u4f53\u73b0\u3002<\/span><\/p>\n

\u62a5\u544a<\/span>\u660e\u786e\u63d0\u5230<\/span>\uff0c<\/span>CalSTRS\u79c1\u52df\u80a1\u6743\u80fd\u591f<\/span>\u957f\u671f\u8dd1\u8d62\u57fa\u51c6<\/span>\u7ebf<\/span>\uff0c<\/span>\u4e3b\u8981\u5c31\u662f<\/span>\u7531<\/span>B<\/span>uyout\u677f\u5757\u9a71\u52a8\u3002<\/section>\n
<\/section>\n
<\/section>\n
<\/section>\n

\u8fd9\u4e5f\u53ef\u4ee5\u770b\u5230\u6b27\u7f8e\u5e02\u573a\u4e0e\u56fd\u5185\u5e02\u573a\u7684\u4e0d\u540c\u3002\u5728\u56fd\u5185\uff0c<\/span>\u4e00\u8bf4<\/span>\u8d77<\/span>PE\/VC\uff0c\u5c31\u5bb9\u6613\u60f3\u5230\u660e\u661f\u9879\u76ee\u3001\u72ec\u89d2\u517d\u548c<\/span>AI\u516c\u53f8\u3002\u4f46\u5bf9\u6b27\u7f8e<\/span>\u5927\u578b\u517b\u8001\u91d1\u6765\u8bf4\uff0c\u771f\u6b63\u6491\u8d77\u56de\u62a5\u7684\uff0c\u5f80\u5f80\u4e0d\u662f\u6700\u6027\u611f\u7684<\/span>\u9879\u76ee\u548c\u521b\u4e1a\u8005<\/span>\uff0c\u800c\u662f<\/span>\u6765\u81ea<\/span>\u957f\u671f\u3001\u7a33\u5b9a\u3001\u53ef\u590d\u5236\u7684\u7ba1\u7406\u4eba\u80fd\u529b\u3002<\/span><\/p>\n

\u7b2c\u4e8c\u4e2a<\/span><\/b>\u5173\u952e\u8bcd\u662f<\/span>co-investment\uff0c\u5171\u540c\u6295\u8d44\u3002<\/b>\u8fd9\u4e00\u7b56\u7565\u7c7b\u4f3c\u4e8e\u56fd\u5185\u7684\u8ddf\u6295\uff0c\u4e00\u822c\u662f\u901a\u8fc7\u8bbe\u7acb\u8ddf\u6295\u57fa\u91d1\u6765\u64cd\u4f5c\u3002<\/span><\/b><\/p>\n

\u622a\u81f3\u62a5\u544a\u671f\uff0c<\/span>CalSTRS\u7684co-investment<\/b>\u7b56\u7565<\/span><\/b>\u5927\u7ea6\u5360\u7ec4\u5408\u7684<\/span>25%\u3002<\/b>\u5e76\u4e14\u914d\u7f6e\u5728\u8fc7\u53bb\u7684\u516d\u4e2a\u6708\u589e\u957f\u4e86\u5927\u6982<\/span>0.6%\u3002<\/span><\/b><\/p>\n

<\/section>\n

\u5b83<\/span>2026\u5e74\u7684\u90e8\u7f72\u8ba1\u5212\u91cc\uff0c\u57fa\u91d1\u6295\u8d44\u76ee\u6807\u662f60\u4ebf\u7f8e\u5143\uff0c\u5171\u540c\u6295\u8d44\u76ee\u6807\u662f30\u4ebf\u7f8e\u5143\uff1b\u5171\u540c\u6295\u8d44\u5360\u603b\u90e8\u7f72\u7684\u6bd4\u4f8b\u63d0\u9ad8\u523033%\uff0c\u9ad8\u4e8e2025\u5e74\u768425%\u3002<\/p>\n

\u8fd9\u80cc\u540e\u7684\u903b\u8f91\u4e5f\u4e0d\u590d\u6742<\/span>\u3002<\/span>\u5171\u540c\u6295\u8d44<\/span><\/b>\u901a\u5e38\u6210\u672c<\/span><\/b>\u66f4\u4f4e\uff0c\u751a\u81f3\u6ca1\u6709\u7ba1\u7406\u8d39\u3001\u6ca1\u6709<\/span><\/b>C<\/span><\/b>arry<\/b>\u3002<\/span><\/b>\u5bf9<\/span>\u517b\u8001\u91d1\u8fd9\u7c7b\u8ffd\u6c42\u7a33\u5b9a\u914d\u7f6e\u7684<\/span>LP\u6765\u8bf4\uff0c\u5c11\u4ea4\u4e00\u70b9\u8d39\u7528\uff0c\u957f\u671f\u590d\u5229\u5c31\u4f1a\u5dee\u5f88\u591a\u3002<\/p>\n

\u6240\u4ee5<\/span>CalSTRS<\/b>\u6295<\/span>PE\u7684\u903b\u8f91<\/span>\uff0c\u5df2\u7ecf\u4e0d\u662f\u7b80\u5355\u5730\u628a\u94b1\u4ea4\u7ed9<\/span>\u7ba1\u7406\u4eba<\/span>\u3002<\/span>\u800c\u662f\u6311\u9009\u957f\u671f\u7a33\u5b9a\u7684<\/span>\u7ba1\u7406<\/span>\u56e2\u961f<\/span>\u3001<\/span>\u538b\u4f4e\u6295\u8d44<\/span>\u6210\u672c\u3001\u62a2\u5171\u540c\u6295\u8d44\u4efd\u989d<\/span>\uff0c<\/span>\u4ece\u4e09\u4e2a\u7ef4\u5ea6\u5171\u540c\u5165\u624b<\/span>\u3002<\/span><\/p>\n

CalSTRS<\/b>\u7b49\u517b\u8001\u91d1\u4e0d\u4f1a\u964d\u4f4e<\/span>PE\u6295\u8d44\u7684\u539f\u56e0\u53ef\u80fd\u8fd8\u5728\u4e8e\uff0c\u4e0e\u80a1\u5e02\u76f8\u6bd4\uff0cPE\u5e02\u573a\u7684\u673a\u4f1a\u66f4\u591a\u3002<\/span><\/b><\/p>\n

CalSTRS<\/b>\u4e3e\u4e86\u4e2a\u4f8b\u5b50\uff0c<\/span>\u5168\u7403\u6709\u8d85\u8fc7<\/span>21.5\u4e07\u5bb6\u516c\u53f8\u83b7\u5f97PE\u6216VC\u652f\u6301\uff0c\u800cMSCIACWI\u6307\u6570\u7684\u6210\u5206\u80a1\u5927\u7ea6\u662f8800\u5bb6\u3002<\/p>\n

<\/section>\n

\u8fd9\u8bf4\u660e\u5f88\u591a\u516c\u53f8\u7684\u6210\u957f\u9636\u6bb5\uff0c\u65e9\u5c31\u4e0d\u53d1\u751f\u5728\u516c\u5f00\u5e02\u573a\u91cc\u3002<\/span><\/p>\n

\u8fc7\u53bb\uff0c\u4f01\u4e1a\u53d1\u5c55\u5230\u4e00\u5b9a\u89c4\u6a21\u5c31\u4e0a\u5e02\uff0c\u666e\u901a\u6295\u8d44\u4eba\u53ef\u4ee5\u5728\u4e8c\u7ea7\u5e02\u573a\u91cc\u53c2\u4e0e\u5b83\u7684\u6210\u957f\u3002\u4f46\u73b0\u5728\uff0c\u5f88\u591a\u516c\u53f8\u5728\u79c1\u52df\u5e02\u573a\u91cc\u5f85\u5f97\u66f4\u4e45\u3002<\/span><\/p>\n

\u8fd9\u5bf9\u517b\u8001\u91d1\u8fd9\u7c7b\u957f\u671f\u8d44\u91d1\u6765\u8bf4\uff0c\u65e2\u662f\u673a\u4f1a\uff0c\u4e5f\u662f\u6311\u6218\u3002<\/span><\/p>\n

\u673a\u4f1a\u662f\uff0c\u5b83\u4eec\u53ef\u4ee5\u66f4\u65e9\u8fdb\u5165\u4e00\u6279\u8fd8\u6ca1\u6709\u4e0a\u5e02\u7684\u516c\u53f8<\/span>\uff0c<\/span>\u4eab\u53d7\u5b83\u4eec\u6210\u957f\u7684\u7ea2\u5229\u3002<\/span>CalSTRS<\/b>\u6240\u6d4b\u7b97\u7684<\/span>10\u5e74-20\u5e74\u9ad8\u989d\u56de\u62a5\uff0c\u4ece\u6839\u672c\u4e0a\u8bb2\u6b63\u662f\u6765\u6e90\u4e8e\u6b64\u3002<\/span><\/b>\u800c<\/span>\u6311\u6218<\/span>\u81ea\u7136\u4e5f\u662f\u8001\u751f\u5e38\u8c08<\/span>\uff0c\u5e02\u573a\u4e0d\u900f\u660e\u3001\u6d41\u52a8\u6027\u5dee\uff0c<\/span>\u62bc\u9519\u5b9d\u7684\u65f6\u95f4\u6210\u672c\u9ad8\u6602<\/span>\u3002<\/span><\/p>\n

\u6240\u4ee5<\/span>\u6295\u8d44<\/span>PE\u7684\u771f\u6b63<\/span>\u95e8\u69db\uff0c<\/span>\u53ea\u5728\u4e8e<\/span>\u6709\u6ca1\u6709\u80fd\u529b\u5224\u65ad\u8c01<\/span>\u80fd\u771f\u6b63<\/span>\u521b\u9020\u4ef7\u503c\u3002<\/span><\/p>\n

\u90a3\u4e48\uff0c\u4e00\u5bb6\u4e2d\u56fd\u7684\u5927\u578b<\/span>LP\u80fd\u591f\u4ece<\/span>CalSTRS\u8eab\u4e0a\u5f97\u5230\u4ec0\u4e48\u542f\u53d1\uff1f<\/span><\/p>\n

\u6211\u60f3\u56e0\u5730\u5236\u5b9c\uff0c\u5bf9\u4e8e\u4e2d\u56fd\u7684\u8010\u5fc3\u8d44\u672c\u800c\u8a00\uff0c<\/span>\u6700\u5173\u952e\u7684\u662f<\/span><\/b>\u4fdd\u6301\u5728\u5404<\/span>vintage\u7a33\u5065\u7684\u914d\u7f6e\u8282\u594f\u3002<\/span><\/b><\/p>\n

\u8fc7\u53bb\u4e24\u5e74\uff0c\u56e0\u4e3a<\/span>IPO\u548c\u5e76\u8d2d\u5e02\u573a\u4e0d<\/span>\u987a\uff0c\u5f88\u591a<\/span>\u673a\u6784<\/span>\u5bf9<\/span>PE\u7684\u8010\u5fc3\u4e0b\u964d\u3002\u4f46\u5bf9\u771f\u6b63\u7684\u957f\u671f\u8d44\u91d1\u6765\u8bf4\uff0c\u4e00\u4e24\u5e74\u7684\u9000\u51fa\u5468\u671f\uff0c\u5e76\u4e0d\u7b49\u4e8e\u4e00\u4e2a\u8d44\u4ea7\u7c7b\u522b\u7684\u7ec8\u5c40\u3002\u8981\u60f3\u83b7\u5f97\u6574\u4f53\u7a33\u5065\u7684\u6295\u8d44\u56de\u62a5\uff0c\u9700\u8981\u6709\u901a\u76d8\u914d\u7f6e\u7684\u7406\u5ff5\u3002\u5e76\u5728\u4e0d\u540c\u7684\u5e74\u4efd\u95f4\u5bf9\u914d\u7f6e\u505a\u7075\u6d3b\u8c03\u6574\uff0c\u4ee5\u5e73\u6ed1\u6574\u4f53\u7684\u6536\u76ca\u3002<\/span><\/b><\/p>\n

<\/section>\n

\u6b64\u5916\uff0c<\/span><\/b>\u5982\u4f55\u6709\u6548\u63a7\u5236\u6210\u672c<\/span><\/b>\uff0c<\/span><\/b>\u5982\u4f55\u914d\u7f6e\u7ba1\u7406\u4eba\u7ec4\u5408<\/span><\/b>\u4e5f\u662f\u8003\u8651\u7684\u91cd\u70b9\u3002<\/span><\/b><\/p>\n

\u540c\u6837\u4e00\u4e2a\u9879\u76ee\uff0c\u901a\u8fc7\u57fa\u91d1\u6295\u3001\u901a\u8fc7\u5171\u540c\u6295\u8d44\u6295\uff0c\u957f\u671f\u56de\u62a5\u53ef\u80fd\u5b8c\u5168\u4e0d\u540c\u3002<\/span>\u5728\u7ec4\u5408\u5185\u90e8\uff0c\u53ef\u4ee5\u662f\u884c\u4e1a\u7684\u5206\u6563\uff0c\u4e5f\u53ef\u4ee5\u662f\u7b56\u7565\uff08\u5e76\u8d2d\u3001\u65e9\u671f\u3001\u6210\u957f\u671f\u3001\u79c1\u52df\u4fe1\u8d37\u7b49\uff09\u7684\u5206\u6563\uff0c\u8fd9\u90fd\u5728\u964d\u4f4e\u6574\u4f53\u79c1\u52df\u80a1\u6743\u7ec4\u5408\u7684\u6ce2\u52a8\u6027\u3002<\/span><\/p>\n

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–\u00a0END<\/strong>\u00a0–<\/strong><\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n

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\u5c01\u9762\u56fe\u7247\u6765\u6e90\uff1apixabay<\/section>\n
\"\"<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

\u672c\u6587\u6765\u6e90\uff1a\u201c\u79c1\u52df\u80a1\u6743\u4ecd\u662f\u9884\u671f\u56de\u62a5\u6700\u9ad8\u7684\u8d44\u4ea7\u201d \u201c\u79c1\u52df\u80a1\u6743\u4ecd\u7136\u662f\u6240\u6709\u8d44\u4ea7\u7c7b\u522b\u91cc\u9884\u671f\u56de\u62a5\u6700\u9ad8\u7684\u4e00\u7c7b\u8d44\u4ea7\u201d\u3002 \u8fd9\u8bdd\u4e0d\u662f\u51fa\u81ea\u67d0PE\u673a\u6784\u7684\u516c\u5173\u56e2\u961f\uff0c\u800c\u662f\u6765\u81eaLP\u7684\u7814\u7a76\u3002\u6700\u8fd1\uff0c\u7f8e\u56fd\u5927\u578b\u6559\u5e08\u517b\u8001\u91d1CalSTRS\u53d1\u5e03\u4e86\u4e00\u4efd\u79c1\u52df\u80a1\u6743\u534a\u5e74\u6458\u8981\u3002\u5728\u7edf\u8ba1\u4e86\u8fc7\u53bb20…<\/p>\n","protected":false},"author":1,"featured_media":1693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry_trends"],"_links":{"self":[{"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/posts\/2522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2522"}],"version-history":[{"count":1,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/posts\/2522\/revisions"}],"predecessor-version":[{"id":2523,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/posts\/2522\/revisions\/2523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=\/wp\/v2\/media\/1693"}],"wp:attachment":[{"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.anxinlirong.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}