{"id":2532,"date":"2026-05-14T09:49:02","date_gmt":"2026-05-14T01:49:02","guid":{"rendered":"https:\/\/www.anxinlirong.com\/?p=2532"},"modified":"2026-05-19T14:51:54","modified_gmt":"2026-05-19T06:51:54","slug":"%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e5%9f%ba%e9%87%91%e5%88%86%e9%85%8d%e9%80%9a%e7%9f%a5%e5%ae%9e%e6%93%8d%e6%8c%87%e5%8d%97%ef%bc%9a%e9%80%9a%e5%91%8a%e5%87%bd%e3%80%81%e8%ae%a1%e7%ae%97%e6%98%8e","status":"publish","type":"post","link":"https:\/\/www.anxinlirong.com\/?p=2532","title":{"rendered":"\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5206\u914d\u901a\u77e5\u5b9e\u64cd\u6307\u5357\uff1a\u901a\u544a\u51fd\u3001\u8ba1\u7b97\u660e\u7ec6\u4e0e\u81ea\u52a8\u5316\u65b9\u6848"},"content":{"rendered":"<p><span style=\"color: #808080;\">\u672c\u6587\u6765\u6e90\uff1a<\/span><a href=\"https:\/\/mp.weixin.qq.com\/s\/EUn4vr0G9kwAU9MPkeeHtQ\"><span class=\"js_title_inner\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u5206\u914d\u901a\u77e5\u5b9e\u64cd\u6307\u5357\uff1a\u901a\u544a\u51fd\u3001\u8ba1\u7b97\u660e\u7ec6\u4e0e\u81ea\u52a8\u5316\u65b9\u6848<\/span><\/a><\/p>\n<blockquote><p><strong>\u6838\u5fc3\u6d1e\u5bdf<\/strong>: \u5206\u914d\u901a\u77e5\u4e0d\u662f<q>\u53ef\u6709\u53ef\u65e0\u7684\u793c\u8c8c<\/q>\uff0c\u800c\u662f LP \u884c\u4f7f\u77e5\u60c5\u6743\u3001\u590d\u6838\u5206\u914d\u91d1\u989d\u3001\u5b8c\u6210\u7a0e\u52a1\u7533\u62a5\u7684\u6838\u5fc3\u4f9d\u636e\u3002<\/p>\n<p><strong>\u6838\u5fc3\u6d1e\u5bdf<\/strong>: \u4e00\u4efd\u5408\u683c\u7684\u5206\u914d\u901a\u77e5\u5fc5\u987b\u5305\u542b\u4e09\u5927\u6a21\u5757\uff1a\u672c\u6b21\u5206\u914d\u901a\u544a\u51fd\u3001\u7011\u5e03\u6d41\u8ba1\u7b97\u660e\u7ec6\u3001\u8d44\u672c\u8d26\u6237\u53d8\u52a8\u8bb0\u5f55\u3002\u7f3a\u5c11\u4efb\u4f55\u4e00\u4e2a\uff0cLP \u90fd\u65e0\u6cd5\u81ea\u884c\u590d\u6838\u3002<\/p>\n<p><strong>\u6838\u5fc3\u6d1e\u5bdf<\/strong>: ILPA \u53d1\u5e03\u7684\u300aCapital Call &amp; Distribution Notice Best Practices\u300b\u662f\u884c\u4e1a\u4e8b\u5b9e\u6807\u51c6\uff0c\u660e\u786e\u8981\u6c42\u62ab\u9732 Carry \u7cbe\u786e\u8ba1\u7b97\u8fc7\u7a0b\u548c\u5bf9\u8d26\u8868\u3002<\/p>\n<p><strong>\u6838\u5fc3\u6d1e\u5bdf<\/strong>: \u624b\u5de5\u5206\u914d\u901a\u77e5\u6d41\u7a0b = Excel \u7b97\u7011\u5e03 + \u9010\u4e2a LP \u8c03\u6a21\u677f + \u9010\u4e2a\u53d1\u90ae\u4ef6\uff0c\u51fa\u9519\u7387\u9ad8\u4e14\u65e0\u6cd5\u8ffd\u6eaf\u3002\u81ea\u52a8\u5316\u7cfb\u7edf\u53ef\u5b9e\u73b0\u4ece\u8ba1\u7b97\u5230\u53d1\u9001\u7684\u5168\u94fe\u8def\u95ed\u73af\u3002<\/p><\/blockquote>\n<h2>\u4e00\u3001\u4e3a\u4ec0\u4e48\u5206\u914d\u901a\u77e5\u662f PE \u57fa\u91d1\u7684<q>\u5408\u89c4\u521a\u9700<\/q><\/h2>\n<h3>1.1 \u5206\u914d\u901a\u77e5\u7684\u5b9a\u4e49\u4e0e\u6cd5\u5f8b\u5b9a\u4f4d<\/h3>\n<p>\u5206\u914d\u901a\u77e5\uff08Distribution Notice \/ Distribution Letter\uff09\u662f GP \u5728\u57fa\u91d1\u4ea7\u751f\u53ef\u5206\u914d\u73b0\u91d1\u6d41\u540e\uff0c\u5411\u5168\u4f53 LP \u53d1\u51fa\u7684\u6b63\u5f0f\u4e66\u9762\u901a\u77e5\uff0c\u544a\u77e5\u672c\u6b21\u5206\u914d\u7684\u91d1\u989d\u3001\u8ba1\u7b97\u4f9d\u636e\u3001\u6c47\u6b3e\u5b89\u6392\u7b49\u4fe1\u606f\u3002<\/p>\n<p><strong>\u6cd5\u5f8b\u5b9a\u4f4d<\/strong>\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>LPA \u7ea6\u5b9a<\/strong><br \/>\n<section>\u51e0\u4e4e\u6240\u6709\u6709\u9650\u5408\u4f19\u534f\u8bae\uff08LPA\uff09\u90fd\u660e\u786e\u8981\u6c42 GP \u5728\u6bcf\u6b21\u5206\u914d\u524d\u5411 LP \u53d1\u9001\u4e66\u9762\u901a\u77e5\uff0c\u8fd9\u662f GP \u7684\u4fe1\u606f\u62ab\u9732\u4e49\u52a1<\/section>\n<\/li>\n<li><strong>ILPA \u539f\u5219<\/strong><br \/>\n<section>\u56fd\u9645\u6709\u9650\u5408\u4f19\u4eba\u534f\u4f1a\uff08ILPA\uff09\u53d1\u5e03\u4e86\u300aCapital Call &amp; Distribution Notice Best Practices\u300b\uff0c\u5bf9\u901a\u77e5\u5185\u5bb9\u3001\u900f\u660e\u5ea6\u3001\u8ba1\u7b97\u7ec6\u8282\u63d0\u51fa\u4e86\u6807\u51c6\u5316\u8981\u6c42<\/section>\n<\/li>\n<li><strong>\u76d1\u7ba1\u8981\u6c42<\/strong><br \/>\n<section>\u4e2d\u57fa\u534f\u300a\u79c1\u52df\u6295\u8d44\u57fa\u91d1\u4fe1\u606f\u62ab\u9732\u7ba1\u7406\u529e\u6cd5\u300b\u8981\u6c42\u7ba1\u7406\u4eba\u5411\u6295\u8d44\u8005\u62ab\u9732\u57fa\u91d1\u6536\u76ca\u5206\u914d\u4fe1\u606f\uff0c2025 \u5e74\u65b0\u7248\u5907\u6848\u7cfb\u7edf\u8fdb\u4e00\u6b65\u5f3a\u5316\u4e86<q>\u7a7f\u900f\u5f0f\u76d1\u7ba1<\/q>\u548c<q>\u9ad8\u9891\u62ab\u9732<\/q>\u8981\u6c42<\/section>\n<\/li>\n<\/ul>\n<p><strong>\u5206\u914d\u901a\u77e5\u4e0d\u662f<q>\u53d1\u5b8c\u5c31\u5b8c\u4e86<\/q>\uff0c\u800c\u662f LP \u4fe1\u4efb\u52a0\u56fa\u6216\u4fe1\u4efb\u6d88\u8017\u7684\u5173\u952e\u65f6\u523b\u3002<\/strong>\u00a0\u4ece\u5b9e\u64cd\u7ecf\u9a8c\u6765\u770b\uff0cIR \u7684\u7ec8\u6781\u8003\u6838\u4e0d\u5728\u52df\u8d44\u671f\uff0c\u5728\u6bcf\u6b21\u5206\u914d\u540e\u7684\u90a3\u5c01\u4fe1\u3002<\/p>\n<h3>1.2 \u4f20\u7edf\u505a\u6cd5\u7684\u75db\u70b9<\/h3>\n<p data-pm-slice=\"3 2 []\"><strong>\u4e00\u4e2a\u5178\u578b\u573a\u666f<\/strong>\uff1a\u67d0\u4e2d\u578b PE \u57fa\u91d1\u5b8c\u6210\u4e00\u4e2a\u9879\u76ee\u9000\u51fa\uff0c\u5206\u914d\u91d1\u989d 5000 \u4e07\u5143\u3002\u8fd0\u8425\u56e2\u961f\u82b1\u4e86 3 \u5929\u624b\u5de5\u8ba1\u7b97\u5206\u914d\u7011\u5e03\uff0c\u5236\u4f5c\u4e8630 \u4efd LP \u4e13\u5c5e\u901a\u77e5\uff08\u6bcf\u4efd Excel \u5355\u72ec\u8ba1\u7b97\uff09\uff0c\u901a\u8fc7\u90ae\u4ef6\u9010\u4e00\u53d1\u9001\u3002<\/p>\n<p>\u5f53\u524d\u5927\u91cf PE \u673a\u6784\u4ecd\u91c7\u7528\u7684\u8fd9\u79cd\u4f9d\u8d56<q>Excel + \u90ae\u4ef6<\/q>\u624b\u5de5\u6a21\u5f0f\uff0c\u5b58\u5728\u4ee5\u4e0b\u7ed3\u6784\u6027\u95ee\u9898\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"129\">\n<section>\u75db\u70b9<\/section>\n<\/th>\n<th data-colwidth=\"249\">\n<section>\u5177\u4f53\u8868\u73b0<\/section>\n<\/th>\n<th>\n<section>\u98ce\u9669<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"129\"><strong>\u6570\u636e\u5b64\u5c9b<\/strong><\/td>\n<td data-colwidth=\"249\">\n<section>\u8d44\u672c\u8d26\u6237\u6570\u636e\u3001\u9879\u76ee\u9000\u51fa\u6570\u636e\u3001LPA \u6761\u6b3e\u5206\u6563\u5728\u4e0d\u540c Excel \u6587\u4ef6\u4e2d<\/section>\n<\/td>\n<td>\n<section>\u8ba1\u7b97\u9519\u8bef\u7387\u9ad8\uff0c\u96be\u4ee5\u4ea4\u53c9\u9a8c\u8bc1<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"129\"><strong>\u8ba1\u7b97\u4e0d\u900f\u660e<\/strong><\/td>\n<td data-colwidth=\"249\">\n<section>\u4ec5\u544a\u77e5\u6700\u7ec8\u5206\u914d\u91d1\u989d\uff0c\u4e0d\u63d0\u4f9b\u7011\u5e03\u6d41\u8ba1\u7b97\u660e\u7ec6<\/section>\n<\/td>\n<td>\n<section>LP \u65e0\u6cd5\u590d\u6838 Carry \u8ba1\u63d0\u548c\u5206\u914d\u8ba1\u7b97\u662f\u5426\u51c6\u786e<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"129\"><strong>\u5386\u53f2\u4e0d\u53ef\u8ffd\u6eaf<\/strong><\/td>\n<td data-colwidth=\"249\">\n<section>\u5386\u6b21\u5206\u914d\u8bb0\u5f55\u6563\u843d\u5728\u90ae\u4ef6\u5f80\u6765\u4e2d\uff0c\u7f3a\u4e4f\u7edf\u4e00\u7684\u8d44\u672c\u8d26\u6237\u89c6\u56fe<\/section>\n<\/td>\n<td>\n<section>LP \u5e74\u5ea6\u5bf9\u8d26\u56f0\u96be\uff0cDPI\/TVPI \u8ba1\u7b97\u6df7\u4e71<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"129\"><strong>\u65f6\u6548\u6ede\u540e<\/strong><\/td>\n<td data-colwidth=\"249\">\n<section>\u9879\u76ee\u9000\u51fa\u540e\u6570\u5468\u624d\u53d1\u51fa\u901a\u77e5\uff0cLP \u8d44\u91d1\u5230\u8d26\u5ef6\u8fdf<\/section>\n<\/td>\n<td>\n<section>LP \u6d41\u52a8\u6027\u89c4\u5212\u88ab\u6253\u4e71<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3 \u76d1\u7ba1\u8d8b\u52bf\uff1a\u900f\u660e\u5ea6\u8981\u6c42\u6301\u7eed\u63d0\u5347<\/h3>\n<p>\u4e2d\u57fa\u534f\u8fd1\u5e74\u5bf9\u79c1\u52df\u4fe1\u62ab\u7684\u8981\u6c42\u6301\u7eed\u6536\u7d27\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u62ab\u9732\u9891\u7387\u63d0\u5347<\/strong><br \/>\n<section>\u4ece\u5b63\u5ea6\u62ab\u9732\u5411\u6708\u5ea6\u62ab\u9732\u8fc7\u6e21\uff0c\u6536\u76ca\u5206\u914d\u7b49\u91cd\u5927\u4e8b\u9879\u9700\u5728 48 \u5c0f\u65f6\u5185\u62a5\u544a<\/section>\n<\/li>\n<li><strong>\u7a7f\u900f\u5f0f\u76d1\u7ba1<\/strong><br \/>\n<section>\u8981\u6c42\u62ab\u9732\u5e95\u5c42\u8d44\u4ea7\u548c\u6700\u7ec8\u6295\u8d44\u8005\u4fe1\u606f<\/section>\n<\/li>\n<li><strong>\u91d1\u878d\u79d1\u6280\u9f13\u52b1<\/strong><br \/>\n<section>\u9f13\u52b1\u4f7f\u7528\u91d1\u878d\u79d1\u6280\u624b\u6bb5\u63d0\u5347\u5408\u89c4\u6548\u7387<\/section>\n<\/li>\n<\/ul>\n<p>\u5728\u8fd9\u4e00\u8d8b\u52bf\u4e0b\uff0c\u5206\u914d\u901a\u77e5\u7684\u81ea\u52a8\u5316\u4e0d\u4ec5\u662f\u6548\u7387\u95ee\u9898\uff0c\u66f4\u662f\u5408\u89c4\u751f\u5b58\u95ee\u9898\u3002<\/p>\n<h2>\u4e8c\u3001\u4e00\u4efd\u5b8c\u6574\u7684\u5206\u914d\u901a\u77e5\u5e94\u8be5\u5305\u542b\u4ec0\u4e48<\/h2>\n<h3>2.1 \u5206\u914d\u901a\u544a\u51fd\uff08Distribution Notice Letter\uff09<\/h3>\n<p>\u5206\u914d\u901a\u544a\u51fd\u662f\u672c\u6b21\u5206\u914d\u7684<q>\u5c01\u9762\u4fe1<\/q>\uff0c\u7528\u7b80\u6d01\u7684\u8bed\u8a00\u544a\u77e5 LP \u6838\u5fc3\u4fe1\u606f\u3002\u6839\u636e ILPA \u6700\u4f73\u5b9e\u8df5\uff0c\u5e94\u5305\u542b\u4ee5\u4e0b\u8981\u7d20\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"166\">\n<section>\u8981\u7d20<\/section>\n<\/th>\n<th>\n<section>\u5185\u5bb9\u8bf4\u660e<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"166\"><strong>\u57fa\u91d1\u57fa\u672c\u4fe1\u606f<\/strong><\/td>\n<td>\n<section>\u57fa\u91d1\u540d\u79f0\u3001\u57fa\u91d1\u4ee3\u7801\u3001\u901a\u77e5\u65e5\u671f<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>\u5206\u914d\u4e8b\u4ef6\u63cf\u8ff0<\/strong><\/td>\n<td>\n<section>\u672c\u6b21\u5206\u914d\u7684\u6765\u6e90\uff08\u54ea\u4e2a\/\u54ea\u4e9b\u9879\u76ee\u9000\u51fa\uff09\u3001\u5206\u914d\u7c7b\u578b\uff08interim \/ final\uff09<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>\u5206\u914d\u603b\u989d<\/strong><\/td>\n<td>\n<section>\u57fa\u91d1\u5c42\u9762\u53ef\u5206\u914d\u603b\u91d1\u989d\uff08\u533a\u5206\u672c\u91d1\u8fd4\u8fd8\u548c\u6536\u76ca\u5206\u914d\uff09<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>\u5355\u4e2a LP \u5206\u914d\u91d1\u989d<\/strong><\/td>\n<td>\n<section>\u8be5 LP \u672c\u6b21\u5e94\u5f97\u91d1\u989d\uff08\u6309\u627f\u8bfa\u6bd4\u4f8b\u8ba1\u7b97\uff09<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>\u6c47\u6b3e\u4fe1\u606f<\/strong><\/td>\n<td>\n<section>\u6536\u6b3e\u8d26\u6237\u3001\u6c47\u6b3e\u65e5\u671f\u3001\u5e01\u79cd<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>LPA \u6761\u6b3e\u5f15\u7528<\/strong><\/td>\n<td>\n<section>\u660e\u786e\u5f15\u7528 LPA \u4e2d\u5206\u914d\u6761\u6b3e\u7684\u7ae0\u8282\u7f16\u53f7<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"166\"><strong>\u8054\u7cfb\u4eba\u4fe1\u606f<\/strong><\/td>\n<td>\n<section>GP \u8fd0\u8425\u56e2\u961f\u8054\u7cfb\u4eba\u548c\u7535\u8bdd\/\u90ae\u7bb1<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u5173\u952e\u539f\u5219<\/strong>\uff1a\u901a\u544a\u51fd\u5e94\u8ba9 LP \u5728 30 \u79d2\u5185\u7406\u89e3<q>\u53d1\u751f\u4e86\u4ec0\u4e48\u3001\u6211\u80fd\u62ff\u591a\u5c11\u94b1\u3001\u94b1\u4ec0\u4e48\u65f6\u5019\u5230<\/q>\u3002<\/p>\n<h3>2.2 \u5206\u914d\u8ba1\u7b97\u8fc7\u7a0b\uff08Waterfall \u8ba1\u7b97\u660e\u7ec6\uff09<\/h3>\n<p>\u8fd9\u662f\u5206\u914d\u901a\u77e5\u7684<q>\u6838\u5fc3\u5f15\u64ce<\/q>\uff0c\u5c55\u793a\u5206\u914d\u91d1\u989d\u662f\u5982\u4f55\u8ba1\u7b97\u51fa\u6765\u7684\u3002\u6839\u636e\u57fa\u91d1\u91c7\u7528\u7684\u7011\u5e03\u6a21\u5f0f\uff08\u6b27\u5f0f\/\u7f8e\u5f0f\/\u6df7\u5408\uff09\uff0c\u8ba1\u7b97\u8fc7\u7a0b\u6709\u6240\u4e0d\u540c\u3002\u8be6\u7ec6\u53c2\u89c1\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486029&amp;idx=1&amp;sn=a891d9c3a1ab123ebd6ae160bbdf5a99&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u5408\u4f19\u578b\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u6536\u76ca\u5206\u914d\u8ba1\u7b97(\u542b\u5b9e\u4f8b\u548c\u6a21\u677f\uff09<\/a>\u300b\u3002<\/p>\n<h3>2.3 \u8d44\u672c\u8d26\u6237\u53d8\u52a8\u8bb0\u5f55\uff08Capital Account Statement\uff09<\/h3>\n<p>LP \u9700\u8981\u770b\u5230\u81ea\u5df1\u5728\u57fa\u91d1\u4e2d\u7684\u5b8c\u6574\u8d44\u91d1\u53d8\u52a8\u5386\u53f2\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u672c\u6b21\u5206\u914d\u3002\u8be6\u7ec6\u53c2\u89c1\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486929&amp;idx=1&amp;sn=bdbba0cc059ddfe0efba4692a802b9c3&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"5\" data-linktype=\"2\">\u89e3\u6790\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8d44\u672c\u8d26\u6237\u4f59\u989d<\/a>\u300b\u3002<\/p>\n<h2>\u4e09\u3001\u5206\u914d\u901a\u77e5\u7684\u884c\u4e1a\u6700\u4f73\u5b9e\u8df5<\/h2>\n<p>ILPA \u53d1\u5e03\u7684\u300aCapital Call &amp; Distribution Notice Best Practices\u300b\u662f\u884c\u4e1a\u4e8b\u5b9e\u6807\u51c6\uff0c<strong>\u5fc5\u987b\u62ab\u9732\u7684\u4fe1\u606f<\/strong>\u5305\u62ec\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u672a\u7f34\u627f\u8bfa\uff08Unfunded Commitment\uff09\u2014 \u5206\u914d\u524d\u3001\u540e\u4f59\u989d<\/section>\n<\/li>\n<li>\n<section>\u7d2f\u8ba1\u51fa\u8d44\uff08Cumulative Contributions\uff09\u2014 \u542b\u89c6\u540c\u51fa\u8d44<\/section>\n<\/li>\n<li>\n<section>\u7d2f\u8ba1\u5206\u914d\uff08Cumulative Distributions\uff09\u2014 \u542b\u89c6\u540c\u5206\u914d<\/section>\n<\/li>\n<li>\n<section>\u7ba1\u7406\u8d39\u660e\u7ec6\uff08\u8ba1\u7b97\u8fc7\u7a0b\u3001\u62b5\u6263\u3001\u7d2f\u8ba1\u4f59\u989d\uff09<\/section>\n<\/li>\n<li>\n<section>\u7011\u5e03\u8ba1\u7b97\u660e\u7ec6\uff08\u542b Escrow \u4f59\u989d\u3001\u6f5c\u5728\u56de\u62e8\u603b\u989d\uff09<\/section>\n<\/li>\n<li>\n<section>LP \u5728\u57fa\u91d1\u4e2d\u7684\u4efd\u989d\u5360\u6bd4\uff08\u5360\u627f\u8bfa\u603b\u989d\u767e\u5206\u6bd4\uff09<\/section>\n<\/li>\n<li>\n<section>LPA \u5177\u4f53\u6761\u6b3e\u5f15\u7528<\/section>\n<\/li>\n<li>\n<section>\u8be6\u7ec6\u6c47\u6b3e\u4fe1\u606f\uff08\u94f6\u884c\u8d26\u6237\u3001\u5bf9\u8d26\u8054\u7cfb\u4eba\uff09<\/section>\n<\/li>\n<\/ul>\n<p><strong>ILPA \u7279\u522b\u5f3a\u8c03<\/strong>\uff1a\u5bf9\u4e8e\u5b9a\u5236\u5316\u3001\u5355\u4e2a LP \u7684\u901a\u77e5\uff0c\u5e94\u540c\u65f6\u63d0\u4f9b\u57fa\u91d1\u6c47\u603b\u91d1\u989d\u548c GP \u4efd\u989d\u4fe1\u606f\u3002<\/p>\n<p>\u6613\u52df\u79d1\u6280\u6839\u636e\u5b9e\u64cd\u8fc7\u7a0b\u4e2d\u7684\u914d\u7f6e\u63d0\u4f9b\u4e86\u4e00\u5957\u4eba\u6c11\u5e01\u57fa\u91d1\u8fdb\u884c\u5206\u914d\u901a\u77e5\u7684\u9644\u4ef6\u6a21\u677f\u4f9b\u53c2\u8003\u3002\u6b22\u8fce\u53d1\u9001\u5fae\u4fe1\u516c\u4f17\u53f7\u6d88\u606f\u7559\u8a00\u83b7\u53d6\u3002<\/p>\n<section><img decoding=\"async\" class=\"rich_pages wxw-img\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/7zTlI0OrrfRhziaEibMy7FuPzSZjZx2XyUTNicUnCjOAECejMkhBPoztfYfIvdh6gcsLd7TqE4vs1a75YmNzSy4nXmibL3X2fqkaZQJ9EPKqUmo\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1&amp;tp=webp&amp;wxfrom=5&amp;wx_lazy=1#imgIndex=0\" alt=\"\u56fe\u7247\" data-src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/7zTlI0OrrfRhziaEibMy7FuPzSZjZx2XyUTNicUnCjOAECejMkhBPoztfYfIvdh6gcsLd7TqE4vs1a75YmNzSy4nXmibL3X2fqkaZQJ9EPKqUmo\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1#imgIndex=0\" data-ratio=\"1.4031007751937985\" data-s=\"300,640\" data-type=\"png\" data-w=\"774\" data-imgfileid=\"100003824\" data-aistatus=\"1\" data-original-style=\"height: auto !important;\" data-index=\"4\" data-report-img-idx=\"0\" data-fail=\"0\" \/><\/section>\n<section><img decoding=\"async\" class=\"rich_pages wxw-img\" src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/7zTlI0OrrfTACKHZhG0ibibepuuQbvPD3Mw8MlGhowxV2G1byIYS6mGteicK00uWOosLBT7JIzIy8eNTFxYkib2qvML6TGdX18kAgCPfHckEfJA\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1&amp;tp=webp&amp;wxfrom=5&amp;wx_lazy=1#imgIndex=1\" alt=\"\u56fe\u7247\" data-src=\"https:\/\/mmbiz.qpic.cn\/mmbiz_png\/7zTlI0OrrfTACKHZhG0ibibepuuQbvPD3Mw8MlGhowxV2G1byIYS6mGteicK00uWOosLBT7JIzIy8eNTFxYkib2qvML6TGdX18kAgCPfHckEfJA\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1#imgIndex=1\" data-ratio=\"0.7111111111111111\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" data-imgfileid=\"100003825\" data-aistatus=\"1\" data-original-style=\"height: auto !important;\" data-index=\"5\" data-report-img-idx=\"1\" data-fail=\"0\" \/><\/section>\n<section><img decoding=\"async\" class=\"rich_pages wxw-img\" src=\"https:\/\/mmbiz.qpic.cn\/sz_mmbiz_png\/7zTlI0OrrfRmjoVGq2vcIO2eSq4JsibiaQaAq1kw7JsVzCArIzqWkWA7CUY3fJ8bW4keQkcqRQS84tMm6tsIajF4GLCy9ayibFOSwr1q4ic7Gdk\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1&amp;tp=webp&amp;wxfrom=5&amp;wx_lazy=1#imgIndex=2\" alt=\"\u56fe\u7247\" data-src=\"https:\/\/mmbiz.qpic.cn\/sz_mmbiz_png\/7zTlI0OrrfRmjoVGq2vcIO2eSq4JsibiaQaAq1kw7JsVzCArIzqWkWA7CUY3fJ8bW4keQkcqRQS84tMm6tsIajF4GLCy9ayibFOSwr1q4ic7Gdk\/640?wx_fmt=png&amp;from=appmsg&amp;watermark=1#imgIndex=2\" data-ratio=\"0.7101851851851851\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" data-imgfileid=\"100003826\" data-aistatus=\"1\" data-original-style=\"height: auto !important;\" data-index=\"6\" data-report-img-idx=\"2\" data-fail=\"0\" \/><\/section>\n<h2>\u56db\u3001\u6613\u52df\u7cfb\u7edf\uff1a\u5206\u914d\u901a\u77e5\u5168\u94fe\u8def\u81ea\u52a8\u5316\u65b9\u6848<\/h2>\n<h3>4.1 \u81ea\u52a8\u8ba1\u7b97\u5f15\u64ce<\/h3>\n<p>\u6613\u52df\u7cfb\u7edf\u7684\u5206\u914d\u8ba1\u7b97\u5f15\u64ce\u662f\u81ea\u52a8\u5316\u6d41\u7a0b\u7684\u6838\u5fc3\uff0c\u652f\u6301\uff1a<\/p>\n<p><strong>\u7011\u5e03\u6d41\u8ba1\u7b97<\/strong>\uff1a<\/p>\n<p>&#8211; \u6839\u636e LPA \u7ea6\u5b9a\u7684\u7011\u5e03\u7c7b\u578b\uff08\u6b27\u5f0f\/\u7f8e\u5f0f\/\u6df7\u5408\uff09\u8bbe\u7f6e<\/p>\n<p>&#8211; \u6309\u914d\u7f6e\u7684\u5c42\u7ea7\u987a\u5e8f\u81ea\u52a8\u8ba1\u7b97\uff1a\u8fd4\u8fd8\u672c\u91d1 \u2192 \u95e8\u69db\u6536\u76ca \u2192 GP \u8ffd\u8d76 \u2192 Carry \u5206\u914d &#8211; \u652f\u6301\u591a\u5e01\u79cd\u8ba1\u7b97\u548c\u6c47\u7387\u6298\u7b97<span data-pm-slice=\"1 1 [&quot;para&quot;,{&quot;tagName&quot;:&quot;p&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;print-color-adjust: exact; margin: 15px 0px; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: Helvetica, arial, sans-serif; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; text-decoration-thickness: auto; text-decoration-style: solid;&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;}]\"><br \/>\n<\/span><\/p>\n<p><span data-pm-slice=\"1 1 [&quot;para&quot;,{&quot;tagName&quot;:&quot;p&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;print-color-adjust: exact; margin: 15px 0px; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: Helvetica, arial, sans-serif; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration: none; text-decoration-thickness: auto; text-decoration-style: solid;&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;}]\">\u8be6\u7ec6\u53c2\u89c1\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486029&amp;idx=1&amp;sn=a891d9c3a1ab123ebd6ae160bbdf5a99&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u5408\u4f19\u578b\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u6536\u76ca\u5206\u914d\u8ba1\u7b97(\u542b\u5b9e\u4f8b\u548c\u6a21\u677f\uff09<\/a>\u300b\u3002<\/span><\/p>\n<p><strong>\u95e8\u69db\u6536\u76ca\u8ba1\u7b97<\/strong>\uff1a<\/p>\n<p>&#8211; \u652f\u6301\u5355\u5229\/\u590d\u5229\u4e24\u79cd\u8ba1\u7b97\u65b9\u5f0f &#8211; \u6bcf\u7b14\u51fa\u8d44\u4ece\u5404\u81ea\u5b9e\u7f34\u65e5\u8d77\u72ec\u7acb\u8ba1\u606f<\/p>\n<p>&#8211; \u81ea\u52a8\u5904\u7406\u5206\u671f\u7f34\u6b3e\u548c\u4e0d\u540c\u51fa\u8d44\u65e5\u671f\u7684\u590d\u6742\u573a\u666f<\/p>\n<p>\u8be6\u7ec6\u53c2\u89c1\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486455&amp;idx=1&amp;sn=3b2125b4aacb662ae5f2516b943abb95&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u95e8\u69db\u6536\u76ca\u8ba1\u7b97\u4e0e\u652f\u4ed8\u64cd\u4f5c\u6307\u5357<\/a>\u300b\u3001\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486114&amp;idx=1&amp;sn=ec0b9422688c061f51e5a86c012cd588&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u4e00\u6587\u8bb2\u900f:\u95e8\u69db\u6536\u76ca\u7684\u8ba1\u7b97\u3001\u6848\u4f8b\u4e0e\u7279\u6b8a\u573a\u666f\u5904\u7406<\/a>\u300b\u3002<\/p>\n<p><strong>Carry \u5206\u914d<\/strong>\uff1a<\/p>\n<p>&#8211; \u81ea\u52a8\u8ba1\u7b97 GP Carry \u91d1\u989d\uff08\u652f\u6301 10%-30% \u7684 Carry \u6bd4\u4f8b\u914d\u7f6e\uff09<\/p>\n<p>&#8211; \u7f8e\u5f0f\u7011\u5e03\u4e0b\u81ea\u52a8\u8ba1\u63d0\u56de\u62e8\u51c6\u5907\u91d1\uff08Escrow\uff09<\/p>\n<p>&#8211; Carry \u8ba1\u7b97\u5bf9\u8d26\u8868\u81ea\u52a8\u751f\u6210\u3002<\/p>\n<p><strong>\u6570\u636e\u6e90<\/strong>\uff1a<\/p>\n<p>&#8211; \u8d44\u672c\u8d26\u6237\u6570\u636e\uff08LP \u627f\u8bfa\u3001\u5b9e\u7f34\u3001\u5386\u53f2\u5206\u914d\uff09<\/p>\n<p>&#8211; \u9879\u76ee\u9000\u51fa\u6570\u636e\uff08\u9000\u51fa\u91d1\u989d\u3001\u9000\u51fa\u65e5\u671f\u3001\u9000\u51fa\u9879\u76ee\uff09<\/p>\n<p>&#8211; LPA \u914d\u7f6e\uff08\u7011\u5e03\u7c7b\u578b\u3001\u95e8\u69db\u5229\u7387\u3001Carry \u6bd4\u4f8b\u3001Escrow \u6bd4\u4f8b\uff09<\/p>\n<h3>4.2 \u81ea\u52a8\u751f\u6210\u5206\u914d\u901a\u77e5<\/h3>\n<p>\u8ba1\u7b97\u5b8c\u6210\u540e\uff0c\u7cfb\u7edf\u81ea\u52a8\u751f\u6210\u5206\u914d\u901a\u77e5\u5305\uff0c\u5305\u542b\uff1a<\/p>\n<p><strong>\u901a\u544a\u51fd\uff08\u81ea\u52a8\u751f\u6210\uff09<\/strong>\uff1a<\/p>\n<p>&#8211; \u4ece\u6a21\u677f\u5f15\u64ce\u751f\u6210\uff0c\u683c\u5f0f\u7edf\u4e00\u3001\u5185\u5bb9\u5b8c\u6574<\/p>\n<p>&#8211; \u81ea\u52a8\u586b\u5145\u57fa\u91d1\u4fe1\u606f\u3001\u5206\u914d\u91d1\u989d\u3001\u6c47\u6b3e\u4fe1\u606f &#8211; \u81ea\u52a8\u5f15\u7528 LPA \u6761\u6b3e\u7f16\u53f7<\/p>\n<p><strong>\u8ba1\u7b97\u660e\u7ec6\u8868\uff08\u81ea\u52a8\u751f\u6210\uff09<\/strong>\uff1a<\/p>\n<p>&#8211; \u7011\u5e03\u6d41\u8ba1\u7b97\u8fc7\u7a0b\u5b8c\u6574\u5c55\u793a<\/p>\n<p>&#8211; \u6bcf\u4e2a LP \u7684\u5206\u914d\u91d1\u989d\u5355\u72ec\u8ba1\u7b97<\/p>\n<p>&#8211; \u652f\u6301 PDF \u548c Excel 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