{"id":2538,"date":"2026-05-21T09:32:46","date_gmt":"2026-05-21T01:32:46","guid":{"rendered":"https:\/\/www.anxinlirong.com\/?p=2538"},"modified":"2026-06-05T11:36:19","modified_gmt":"2026-06-05T03:36:19","slug":"ilpa%e5%8f%91%e5%b8%83%e5%9f%ba%e9%87%91%e8%ae%be%e7%ab%8b%e8%b4%b9%e7%94%a8%e4%b8%93%e9%a1%b9%e6%8c%87%e5%bc%95%e8%ae%a9%e6%8e%a7%e5%88%b6%e8%b4%b9%e7%94%a8%e5%86%b3%e7%ad%96%e7%9a%84%e4%ba%ba","status":"publish","type":"post","link":"https:\/\/www.anxinlirong.com\/?p=2538","title":{"rendered":"ILPA\u53d1\u5e03\u57fa\u91d1\u8bbe\u7acb\u8d39\u7528\u4e13\u9879\u6307\u5f15:\u8ba9\u63a7\u5236\u8d39\u7528\u51b3\u7b56\u7684\u4eba\u627f\u62c5\u8d39\u7528"},"content":{"rendered":"<p><span style=\"color: #808080;\">\u672c\u6587\u6765\u6e90\uff1a<\/span><a href=\"https:\/\/mp.weixin.qq.com\/s\/F6HteUi8Ic93pMnDGFKS2Q\"><span class=\"js_title_inner\">ILPA\u53d1\u5e03\u57fa\u91d1\u8bbe\u7acb\u8d39\u7528\u4e13\u9879\u6307\u5f15:\u8ba9\u63a7\u5236\u8d39\u7528\u51b3\u7b56\u7684\u4eba\u627f\u62c5\u8d39\u7528<\/span><\/a><\/p>\n<p><strong>\u6838\u5fc3\u6d1e\u5bdf<\/strong><\/p>\n<ol class=\"list-paddingleft-1\">\n<li><strong>\u6839\u672c\u77db\u76fe<\/strong>\uff1aLP\u4ed8\u94b1\uff0cGP\u4e3b\u5bfc\uff0c\u4f46\u82b1\u591a\u5c11GP\u8bf4\u4e86\u7b97\u3002<\/li>\n<li><strong>\u89c4\u6a21\u5931\u63a7<\/strong>\uff1a\u79c1\u52df\u884c\u4e1a25\u5e74\u589e\u957f18\u500d\uff08\u4e0d\u8db35500\u4ebf\u7f8e\u5143\u2192\u7ea610\u4e07\u4ebf\u7f8e\u5143\uff09\uff0c\u7ec4\u7ec7\u8d39\u7528\u4e2d\u4f4d\u6570\u4e0a\u9650\u540c\u671f\u4ece20bps\u5347\u81f325bps\uff0c\u8fd9\u4e0d\u662f\u5076\u53d1\uff0c\u662f\u7ed3\u6784\u6f0f\u6d1e\u7684\u5fc5\u7136\u3002<\/li>\n<li><strong>\u786c\u7ea6\u675f\u843d\u5730<\/strong>\uff1aILPA\u9996\u6b21\u7ed9\u51fa\u5177\u4f53\u6570\u5b57\u2014\u2014\u8f83\u4f4e\u8005\uff085bps\u62161000\u4e07\u7f8e\u5143\uff09\uff0c\u4ee5\u53ca\u8d85\u51fa\u540e\u768450-50\u5206\u62c5\uff0c\u628a\u9053\u5fb7\u547c\u5401\u53d8\u6210\u5408\u540c\u6761\u6b3e\u3002<\/li>\n<li><strong>\u5206\u6863\u6d4b\u7b97<\/strong>\uff1aILPA\u539f\u6587\u63d0\u4f9b\u4e86\u4ece2.5\u4ebf\u7f8e\u5143\u5230250\u4ebf\u7f8e\u5143\u51717\u6863\u57fa\u91d1\u7684\u5206\u62c5\u6d4b\u7b97\u8868\uff0c\u8986\u76d6\u5c0f\u578b\u5230\u8d85\u5927\u578b\u57fa\u91d1\u7684\u5b8c\u6574\u573a\u666f\u3002<\/li>\n<li><strong>\u6cd5\u5f8b\u900f\u660e\u5ea6\u4e09\u8981\u6c42<\/strong>\uff1a\u8d39\u7387\u8868\u516c\u5f00\u3001\u9884\u7b97\u6821\u51c6\u3001\u6301\u7eed\u76d1\u63a7\u2014\u2014\u8d85\u8fc710\u4ebf\u7f8e\u5143\u7684\u5927\u578b\u57fa\u91d1\u8fd8\u5e94\u5f15\u5165\u7ade\u6807\u673a\u5236\u3002<\/li>\n<\/ol>\n<p>2026\u5e745\u670813\u65e5\uff0cILPA\u534f\u4f1a\u53d1\u5e03\u300aThe Alignment Gap: Rethinking Costs in Private Equity Fund Formation\u300b\uff0c\u8fd9\u662fILPA\u81ea2020\u5e74\u539f\u52193.0\u4ee5\u6765\uff0c\u9996\u6b21\u9488\u5bf9\u57fa\u91d1\u8bbe\u7acb\u8d39\u7528\uff08Organizational Expenses\uff09\u53d1\u5e03\u7684\u4e13\u9879\u6307\u5f15\u3002\u6307\u5f15\u7684\u6838\u5fc3\u7ed3\u8bba\u53ea\u6709\u4e00\u53e5\u8bdd\uff1a<em><q>Assign the cost burden to the party controlling all cost drivers.<\/q><\/em>\u2014\u2014\u8ba9\u63a7\u5236\u8d39\u7528\u51b3\u7b56\u7684\u4eba\u627f\u62c5\u8d39\u7528\u3002<\/p>\n<p>\u672c\u6587\u4eceILPA\u539f\u6587\u51fa\u53d1\uff0c\u7cfb\u7edf\u62c6\u89e3\u8fd9\u4efd\u6307\u5f15\u7684\u6838\u5fc3\u5185\u5bb9\u4e0e\u5bf9GP\u8fd0\u8425\u56e2\u961f\u7684\u5b9e\u64cd\u5f71\u54cd\u3002<\/p>\n<h2>\u4e00\u3001\u95ee\u9898\u7684\u672c\u8d28\uff1a\u4e00\u573aLP\u5728<q>\u4e0e\u81ea\u5df1\u5bf9\u8d4c<\/q>\u7684\u7ed3\u6784<\/h2>\n<p>\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u7684\u7ec4\u7ec7\u8d39\u7528\uff0c\u672c\u8d28\u4e0a\u662f\u57fa\u91d1\u8bbe\u7acb\u8fc7\u7a0b\u4e2d\u4ea7\u751f\u7684\u6cd5\u5f8b\u3001\u884c\u653f\u548c\u5408\u89c4\u6210\u672c\u3002\u4f46\u8fd9\u4e2a\u6210\u672c\u957f\u671f\u7531LP\u72ec\u81ea\u627f\u62c5\uff0c\u800c\u6240\u6709\u5173\u952e\u51b3\u7b56\u6743\u90fd\u5728GP\u624b\u91cc\uff1a<\/p>\n<p><strong>GP\u9009\u62e9\u5916\u90e8\u5f8b\u6240<\/strong>\u2014\u2014\u800c\u8fd9\u5bb6\u5f8b\u6240\u901a\u5e38\u540c\u65f6\u62c5\u4efbGP\u672c\u8eab\u7684\u6cd5\u52a1\u987e\u95ee\uff0c\u5b58\u5728\u5229\u76ca\u51b2\u7a81\u3002<strong>GP\u8bbe\u5b9a\u7ec4\u7ec7\u8d39\u7528\u9884\u7b97<\/strong>\u2014\u2014LP\u5bf9\u8fd9\u4e2a\u6570\u5b57\u5f80\u5f80\u6ca1\u6709\u8d28\u7591\u4f9d\u636e\u3002<strong>GP\u4e3b\u5bfc\u4e0eLP\u7684\u57fa\u91d1\u5408\u540c\u8c08\u5224<\/strong>\u2014\u2014\u5f8b\u6240\u7684\u6bcf\u4e00\u8f6e\u4fee\u6539\uff0c\u90fd\u610f\u5473\u7740LP\u7684\u8d26\u5355\u5728\u589e\u52a0\u3002<\/p>\n<p>\u8fd9\u4e0d\u662f\u67d0\u4e2a\u73af\u8282\u7684\u5931\u8bef\uff0c\u800c\u662f\u4e00\u4e2a\u7cfb\u7edf\u6027\u7684\u7ed3\u6784\u95ee\u9898\u3002ILPA\u5728\u6307\u5f15\u4e2d\u5c06\u8fd9\u4e2a\u77db\u76fe\u79f0\u4e3a\uff1a<\/p>\n<blockquote><p><em><q>LPs are paying to negotiate against themselves in this design.<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;}]\">\u2014\u2014\u5728\u8fd9\u4e2a\u4f53\u7cfb\u8bbe\u8ba1\u4e2d\uff0cLP\u5728\u4e3a\u81ea\u5df1\u7684\u8c08\u5224\u5bf9\u624b\u652f\u4ed8\u8d26\u5355\u3002<\/span><\/q><\/em><\/p><\/blockquote>\n<p>\u884c\u4e1a\u89c4\u6a21\u8d8a\u5927\uff0c\u8fd9\u4e2a\u77db\u76fe\u7684\u7834\u574f\u529b\u8d8a\u5f3a\u3002\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u5728\u8fc7\u53bb25\u5e74\u95f4\u4ece\u4e0d\u8db35500\u4ebf\u7f8e\u5143\u589e\u957f\u5230\u7ea610\u4e07\u4ebf\u7f8e\u5143\uff0818\u500d\uff09\uff0c\u57fa\u91d1\u8bbe\u7acb\u8d39\u7528\u7684\u7edd\u5bf9\u503c\u540c\u6b65\u81a8\u80c0\u3002\u5f53\u4e00\u53ea\u57fa\u91d1\u7684\u8bbe\u7acb\u8d39\u7528\u4ece40\u4e07\u7f8e\u5143\u6da8\u52304000\u4e07\u7f8e\u5143\uff0cLP\u5bf9\u8fd9\u4e2a\u95ee\u9898\u7684\u5bb9\u5fcd\u9608\u503c\u4e5f\u5728\u5feb\u901f\u903c\u8fd1\u3002<\/p>\n<h2>\u4e8c\u3001\u884c\u4e1a\u6570\u636e\uff1a\u5931\u63a7\u4e0d\u662f\u5076\u53d1\uff0c\u662f\u5236\u5ea6\u6f0f\u6d1e\u7684\u5fc5\u7136<\/h2>\n<p>ILPA\u6307\u5f15\u5f15\u7528\u4e86\u4e24\u7ec4\u5173\u952e\u6570\u636e\u6765\u63cf\u8ff0\u8fd9\u4e2a\u95ee\u9898\u7684\u89c4\u6a21\uff1a<\/p>\n<p><strong>\u7b2c\u4e00\u7ec4\uff1a\u4e2d\u4f4d\u6570\u7ec4\u7ec7\u8d39\u7528\u4e0a\u9650\u6301\u7eed\u6500\u5347<\/strong><\/p>\n<p>Albourne Partners\u5206\u6790\u4e86\u7ea61942\u53ea\u79c1\u52df\u57fa\u91d1\uff0c\u53d1\u73b0\u4e2d\u4f4d\u6570\u7ec4\u7ec7\u8d39\u7528\u4e0a\u9650\u5448\u73b0\u660e\u663e\u4e0a\u5347\u8d8b\u52bf\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th>\n<section>\u7edf\u8ba1\u65f6\u6bb5<\/section>\n<\/th>\n<th>\n<section>\u4e2d\u4f4d\u6570\u7ec4\u7ec7\u8d39\u7528\u4e0a\u9650<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<section>2019-2021\u5e74<\/section>\n<\/td>\n<td>\n<section>\u7ea620 bps<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<section>2024-2025\u5e74<\/section>\n<\/td>\n<td>\n<section>\u7ea625 bps<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>25\u4e2a\u57fa\u70b9\u7684\u589e\u957f\u653e\u5728\u5927\u578b\u57fa\u91d1\u4e0a\u5c31\u662f\u771f\u91d1\u767d\u94f6\u3002\u4e00\u53ea50\u4ebf\u7f8e\u5143\u57fa\u91d1\uff0c20bps\u548c25bps\u7684\u5dee\u8ddd\u662f2500\u4e07\u7f8e\u5143\u3002<\/p>\n<p><strong>\u7b2c\u4e8c\u7ec4\uff1a\u6cd5\u5f8b\u670d\u52a1\u63d0\u4f9b\u5546\u7684\u6536\u76ca\u66b4\u6da8<\/strong><\/p>\n<p>ILPA\u5f15\u7528\u4e86\u4e00\u4e2a\u6807\u5fd7\u6027\u4e8b\u4ef6\uff1a2025\u5e74\uff0c\u5168\u7403\u9996\u5bb6\u5e74\u8425\u6536\u7a81\u7834100\u4ebf\u7f8e\u5143\u7684\u5f8b\u6240\u8bde\u751f\uff0c\u5b9e\u73b020%\u7684\u5e74\u540c\u6bd4\u589e\u957f\uff1b\u5176\u5408\u4f19\u4eba\u5e73\u5747\u5229\u6da6\u8fbe\u52301100\u4e07\u7f8e\u5143\uff0c\u8f832020\u5e74\u589e\u957f80%\u3002<\/p>\n<p>\u6309\u5c0f\u65f6\u8ba1\u8d39\u7684\u5546\u4e1a\u6a21\u5f0f\uff0c\u51b3\u5b9a\u4e86\u5f8b\u6240\u6709\u5185\u5728\u52a8\u529b\u7ef4\u6301\u9ad8\u8d39\u7528\u2014\u2014\u589e\u52a0\u4fee\u6539\u8f6e\u6b21\u3001\u6269\u5927\u670d\u52a1\u8303\u56f4\u3001\u63d0\u5347\u6bcf\u5c0f\u65f6\u5355\u4ef7\uff0c\u6bcf\u4e00\u9879\u90fd\u76f4\u63a5\u8f6c\u5316\u4e3a\u5f8b\u6240\u7684\u6536\u5165\uff0c\u4f46\u5bf9LP\u800c\u8a00\u90fd\u662f\u989d\u5916\u6210\u672c\u3002<\/p>\n<p>\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\u8d8b\u52bf\uff1aILPA\u660e\u786e\u6307\u51fa\uff0c\u7ec4\u7ec7\u8d39\u7528\u4e0a\u9650\u7684\u4e0a\u6da8\u5e76\u975e\u56e0\u4e3a\u57fa\u91d1\u7ed3\u6784\u53d8\u590d\u6742\u4e86\u2014\u2014<em><q>even as documentation has become more standardized and investment strategies have become well-established.<\/q><\/em><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;}]\">\u2014\u2014\u6587\u6863\u6807\u51c6\u5316\u4e86\uff0c\u6295\u8d44\u7b56\u7565\u6210\u719f\u4e86\uff0c\u4f46\u8d39\u7528\u53cd\u800c\u66f4\u9ad8\u4e86\uff0c\u8fd9\u8bf4\u660e\u95ee\u9898\u4e0d\u5728\u590d\u6742\u5ea6\uff0c\u800c\u5728\u6fc0\u52b1\u673a\u5236<\/span>\u3002<\/p>\n<h2>\u4e09\u3001ILPA\u65b0\u89c4\u4e09\u5927\u6846\u67b6\uff1a\u5b8c\u6574\u5206\u6863\u6d4b\u7b97<\/h2>\n<p>ILPA\u6307\u5f15\u57fa\u4e8e\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u8ba8\u8bba\u548c\u884c\u4e1a\u6570\u636e\uff0c\u63d0\u51fa\u4e86\u4e00\u4e2a\u4e09\u90e8\u5206\u6846\u67b6\u3002\u4ee5\u4e0b\u6309\u539f\u6587\u987a\u5e8f\u9010\u4e00\u62c6\u89e3\u3002<\/p>\n<h3>\u6846\u67b6\u4e00\uff1a\u786c\u6027\u4e0a\u9650\u2014\u2014\u8f83\u4f4e\u8005\uff085 bps \u6216 $1000\u4e07\uff09<\/h3>\n<p>ILPA\u5efa\u8bae\uff1a<strong>LP\u5355\u72ec\u627f\u62c5\u7684\u7ec4\u7ec7\u8d39\u7528\uff0c\u4e0a\u9650\u4e3a\u8be5\u57fa\u91d1\u76ee\u6807AUM\u76845\u4e2a\u57fa\u70b9\uff0c\u62161000\u4e07\u7f8e\u5143\uff0c\u53d6\u5176\u8f83\u4f4e\u8005\u3002<\/strong><\/p>\n<p>ILPA\u7279\u522b\u5f3a\u8c03\u4e86\u4e24\u70b9\u5173\u952e\u539f\u5219\uff1a<\/p>\n<p><strong>\uff081\uff09\u4e0a\u9650\u4e0d\u4e0e\u57fa\u91d1\u89c4\u6a21\u7ebf\u6027\u589e\u957f\u3002<\/strong>\u00a0\u7ee7\u4efb\u57fa\u91d1\u7684\u7ba1\u7406\u8d39\u901a\u5e38\u968f\u89c4\u6a21\u589e\u957f\uff0c\u4f46\u7ec4\u7ec7\u8d39\u7528\u7684\u589e\u52a0\u5e94\u4e0e<q>\u5408\u7406\u7684\u5177\u4f53\u6210\u672c\u56e0\u7d20<\/q>\u6302\u94a9\uff0c\u800c\u975e\u7b80\u5355\u7b49\u6bd4\u4f8b\u653e\u5927\u3002<\/p>\n<p><strong>\uff082\uff09Side 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loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-2539\" src=\"https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1-300x157.png\" alt=\"\" width=\"300\" height=\"157\" srcset=\"https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1-300x157.png 300w, https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1-1024x535.png 1024w, https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1-768x401.png 768w, https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1-1536x803.png 1536w, https:\/\/www.anxinlirong.com\/wp-content\/uploads\/2026\/06\/1.png 1780w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/section>\n<p>\u4ece\u8fd9\u4e2a\u8868\u683c\u53ef\u4ee5\u770b\u51fa\u51e0\u4e2a\u5173\u952e\u89c4\u5f8b\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5c0f\u578b\u57fa\u91d1\uff082.5\u4ebf-5\u4ebf\u7f8e\u5143\uff09<\/strong><br 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class=\"list-paddingleft-1\">\n<li>\n<section>\u9884\u7b97\u5e94\u5728\u57fa\u91d1\u52df\u8d44\u542f\u52a8\u65f6\u5207\u5408\u5b9e\u9645\u5730\u8bbe\u5b9a<\/section>\n<\/li>\n<li>\n<section>\u4e0e\u7ec4\u7ec7\u8d39\u7528\u4e0a\u9650\u5bf9\u9f50<\/section>\n<\/li>\n<li>\n<section>GP\u5e94\u900f\u660e\u5730\u5411\u5f8b\u6240\u4f20\u8fbe\u6210\u672c\u9650\u5236\uff0c\u5e76\u6301\u7eed\u3001\u4e3b\u52a8\u5730\u76d1\u63a7\u6cd5\u5f8b\u652f\u51fa<\/section>\n<\/li>\n<li>\n<section>\u786e\u4fdd\u7ea6\u5b9a\u7684\u4e0a\u9650\u4e0d\u88ab\u8d85\u51fa<\/section>\n<\/li>\n<\/ul>\n<p><strong>\uff083\uff09\u5927\u578b\u57fa\u91d1\uff08\u8d85\u8fc710\u4ebf\u7f8e\u5143\uff09\u7684\u6cd5\u52a1\u987e\u95ee\u5e94\u5f15\u5165\u7ade\u4e89<\/strong><\/p>\n<p>ILPA\u660e\u786e\u5efa\u8bae\uff1a<strong>\u5bf9\u4e8e\u76ee\u6807AUM\u8d85\u8fc710\u4ebf\u7f8e\u5143\u7684\u57fa\u91d1\uff0cGP\u5728\u9009\u62e9\u57fa\u91d1\u6cd5\u52a1\u65f6\u5e94\u8fdb\u884c\u7ade\u4e89\u6027\u62db\u6807<\/strong>\u3002<\/p>\n<p>\u8fd9\u4e2a\u5efa\u8bae\u7684\u903b\u8f91\u5f88\u6e05\u695a\uff1a\u5927\u578b\u5f8b\u5e08\u4e8b\u52a1\u6240\u7684\u5408\u4f19\u4eba\u8d39\u7387\u73b0\u5728\u666e\u904d\u8d85\u8fc7\u6bcf\u5c0f\u65f61500\u7f8e\u5143\uff0c\u5f15\u5165\u7ade\u4e89\u673a\u5236\u53ef\u4ee5\u7ed9GP\u66f4\u591a\u8bae\u4ef7\u7a7a\u95f4\uff0c\u63a8\u52a8\u8d39\u7528\u4e0b\u884c\u3002<\/p>\n<h2>\u56db\u3001\u65b0\u89c4\u4e0b\u7684GP\u8fd0\u8425\u6311\u6218<\/h2>\n<p>\u4eceGP\u8fd0\u8425\u56e2\u961f\u7684\u5b9e\u64cd\u89d2\u5ea6\uff0cILPA\u65b0\u89c4\u5e26\u6765\u7684\u6311\u6218\u662f\u7cfb\u7edf\u6027\u7684\u3002<\/p>\n<h3>\u6311\u6218\u4e00\uff1a\u4ece<q>\u4e8b\u540e\u8bb0\u8d26<\/q>\u5230<q>\u4e8b\u524d\u89c4\u5212<\/q><\/h3>\n<p>\u8fc7\u53bb\u7684\u8fd0\u8425\u6a21\u5f0f\u662f\uff1a\u5f8b\u6240\u5f00\u8d26\u5355\u2192\u8d22\u52a1\u62a5\u9500\u2192\u8fd0\u8425\u7edf\u8ba1\u3002\u65b0\u89c4\u8981\u6c42\u7684\u662f\uff1a<strong>\u57fa\u91d1\u8bbe\u7acb\u542f\u52a8\u4e4b\u521d\u5c31\u5efa\u7acb\u5206\u9879\u9884\u7b97\uff0c\u5b9a\u671f\u4e0e\u4e0a\u9650\u5bf9\u6bd4\uff0c\u4e3b\u52a8\u76d1\u63a7\u3002<\/strong><\/p>\n<p>\u8fd9\u5bf9\u8fd0\u8425\u56e2\u961f\u7684\u5de5\u4f5c\u8282\u594f\u548c\u7ec4\u7ec7\u65b9\u5f0f\u63d0\u51fa\u4e86\u6839\u672c\u6027\u7684\u6539\u53d8\u3002<\/p>\n<h3>\u6311\u6218\u4e8c\uff1a\u5c0f\u578b\u57fa\u91d1 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\/>\n<section>\u5df2\u7ecf\u79ef\u7d2f\u4e86\u5145\u8db3\u8d44\u672c\uff0cLP\u7ee7\u7eed\u5168\u989d\u627f\u62c5\u8d39\u7528\u7f3a\u4e4f\u5408\u7406\u6027\u57fa\u7840\uff0c\u5e94\u7531GP\u627f\u62c5\u66f4\u591a<\/section>\n<\/li>\n<\/ul>\n<p>\u8fd0\u8425\u56e2\u961f\u9700\u8981\u6839\u636e\u81ea\u8eab\u57fa\u91d1\u89c4\u6a21\uff0c\u8bc4\u4f30\u65b0\u89c4\u5bf9\u81ea\u5df1\u7684\u5b9e\u9645\u5f71\u54cd\u7a0b\u5ea6\u3002<\/p>\n<h3>\u6311\u6218\u4e09\uff1a\u8d85\u9650\u9884\u8b66\u548cLP\u6c9f\u901a<\/h3>\n<p>\u5f53\u5b9e\u9645\u8d39\u7528\u63a5\u8fd1\u6216\u8d85\u8fc7\u4e0a\u9650\u65f6\uff0c\u8fd0\u8425\u56e2\u961f\u9700\u8981\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u63d0\u524d\u8bc6\u522b\u98ce\u9669\uff08\u800c\u975e\u4e8b\u540e\u88ab\u52a8\u544a\u77e5\uff09<\/section>\n<\/li>\n<li>\n<section>\u51c6\u5907\u8d85\u9650\u539f\u56e0\u7684\u8bf4\u660e\u6750\u6599<\/section>\n<\/li>\n<li>\n<section>\u542f\u52a8\u4e0eLP\u7684\u6c9f\u901a\u6d41\u7a0b<\/section>\n<\/li>\n<li>\n<section>\u534f\u8c03GP\u4e0eLP\u7684\u5206\u62c5\u7ed3\u7b97<\/section>\n<\/li>\n<\/ul>\n<p>\u8fd9\u4e9b\u90fd\u9700\u8981\u660e\u786e\u7684\u5185\u90e8\u51b3\u7b56\u6d41\u7a0b\u548c\u6388\u6743\u673a\u5236\u4f5c\u4e3a\u652f\u6491\u3002<\/p>\n<h2>\u4e94\u3001\u8fd0\u8425\u56e2\u961f\u5e94\u5bf9\u6307\u5357<\/h2>\n<h3>\u7b2c\u4e00\u6b65\uff1a\u6478\u6e05\u5bb6\u5e95\u2014\u2014\u5bf9\u7167ILPA\u6846\u67b6\u8bc4\u4f30\u73b0\u72b6<\/h3>\n<p>\u8fd0\u8425\u56e2\u961f\u5e94\u9996\u5148\u56de\u7b54\u4e09\u4e2a\u95ee\u9898\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li>\n<section>\u5f53\u524d\u57fa\u91d1\u7684\u7ec4\u7ec7\u8d39\u7528\u5728ILPA\u5efa\u8bae\u4e0a\u9650\u4e4b\u5185\u8fd8\u662f\u4e4b\u5916\uff1f<\/section>\n<\/li>\n<li>\n<section>\u5386\u53f2\u4e0a\u54ea\u7c7b\u8d39\u7528\u662f\u8d85\u652f\u7684\u4e3b\u8981\u6765\u6e90\uff1f<\/section>\n<\/li>\n<li>\n<section>LP\u662f\u5426\u6709\u5b9a\u671f\u6536\u5230\u8d39\u7528\u62a5\u544a\uff1f\u62a5\u544a\u7684\u9897\u7c92\u5ea6\u662f\u5426\u6ee1\u8db3ILPA\u7684\u900f\u660e\u5ea6\u8981\u6c42\uff1f<\/section>\n<section><\/section>\n<\/li>\n<\/ul>\n<h3>\u7b2c\u4e8c\u6b65\uff1a\u5efa\u7acb\u5206\u9879\u9884\u7b97\u673a\u5236<\/h3>\n<p>ILPA\u7684\u6846\u67b6\u662f\u603b\u91cf\u4e0a\u9650\uff0c\u4f46\u8fd0\u8425\u56e2\u961f\u9700\u8981\u5efa\u7acb\u5206\u9879\u9884\u7b97\u6765\u7ba1\u7406\u8fd9\u4e2a\u603b\u91cf\uff1a<\/p>\n<table>\n<thead>\n<tr>\n<th data-colwidth=\"145\">\n<section>\u8d39\u7528\u7c7b\u522b<\/section>\n<\/th>\n<th data-colwidth=\"99\">\n<section>\u9884\u4f30\u91d1\u989d<\/section>\n<\/th>\n<th data-colwidth=\"125\">\n<section>\u5360\u9884\u7b97\u6bd4\u4f8b<\/section>\n<\/th>\n<th>\n<section>\u5907\u6ce8<\/section>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-colwidth=\"145\">\n<section>\u57fa\u91d1\u6cd5\u5f8b\u670d\u52a1<\/section>\n<\/td>\n<td data-colwidth=\"99\">\n<section>XXX<\/section>\n<\/td>\n<td data-colwidth=\"125\">\n<section>\u7ea650%<\/section>\n<\/td>\n<td>\n<section>\u542bLPA\u3001Side Letter\u3001MFN<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"145\">\n<section>\u5ba1\u8ba1\u4e0e\u7a0e\u52a1<\/section>\n<\/td>\n<td data-colwidth=\"99\">\n<section>XXX<\/section>\n<\/td>\n<td data-colwidth=\"125\">\n<section>\u7ea620%<\/section>\n<\/td>\n<td>\n<section>\u542b\u67b6\u6784\u8bbe\u8ba1\u3001\u7a0e\u52a1\u7b79\u5212<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"145\">\n<section>\u76d1\u7ba1\u7533\u62a5\u5907\u6848<\/section>\n<\/td>\n<td data-colwidth=\"99\">\n<section>XXX<\/section>\n<\/td>\n<td data-colwidth=\"125\">\n<section>\u7ea610%<\/section>\n<\/td>\n<td>\n<section>\u5404\u53f8\u6cd5\u7ba1\u8f96\u533a\u8981\u6c42<\/section>\n<\/td>\n<\/tr>\n<tr>\n<td data-colwidth=\"145\">\n<section>\u5176\u4ed6\uff08\u987e\u95ee\/\u6742\u9879\uff09<\/section>\n<\/td>\n<td data-colwidth=\"99\">\n<section>XXX<\/section>\n<\/td>\n<td data-colwidth=\"125\">\n<section>\u7ea620%<\/section>\n<\/td>\n<td>\n<section>\u53c2\u8003\u5386\u53f2\u6570\u636e<\/section>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5206\u9879\u9884\u7b97\u7684\u4ef7\u503c\u5728\u4e8e\uff1a\u5f53\u67d0\u4e2a\u7c7b\u522b\u8d85\u652f\u65f6\uff0c\u80fd\u5feb\u901f\u8bc6\u522b\u98ce\u9669\u6765\u6e90\uff0c\u5224\u65ad\u662f\u5426\u9700\u8981\u8c03\u6574\u5176\u4ed6\u7c7b\u522b\u6765\u7ef4\u6301\u603b\u9884\u7b97\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=2247486940&amp;idx=1&amp;sn=f20215857612305d3814eb063348b811&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8fd0\u8425\u8d39\u7528\u4e0e\u975e\u9879\u76ee\u6536\u76ca\u7684\u7cbe\u7ec6\u5316\u6838\u7b97<\/a>\u300b\u3001\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486993&amp;idx=1&amp;sn=39037877f4bcebe1f4a60c3b06cc4c77&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8fd0\u8425\u8d39\u7528\u7ba1\u7406\u5b9e\u64cd\u624b\u518c<\/a>\u300b\u3002<\/p>\n<h3>\u7b2c\u4e09\u6b65\uff1a\u6784\u5efaLP\u900f\u660e\u62a5\u544a\u673a\u5236<\/h3>\n<p>\u6309ILPA\u7684\u900f\u660e\u5ea6\u4e09\u8981\u6c42\uff0c\u8fd0\u8425\u56e2\u961f\u5e94\u5efa\u7acb\u8986\u76d6\u5168\u5468\u671f\u7684\u62a5\u544a\u673a\u5236\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u8bbe\u7acb\u524d<\/strong><br \/>\n<section>\u5411LP\u63d0\u4f9b\u5206\u9879\u8d39\u7528\u9884\u7b97\u5206\u89e3<\/section>\n<\/li>\n<li><strong>\u8bbe\u7acb\u4e2d<\/strong><br \/>\n<section>\u5b9a\u671f\uff08\u6708\u5ea6\u6216\u6309\u91cc\u7a0b\u7891\uff09\u5411LP\u62a5\u544a\u5b9e\u9645\u652f\u51fa\u4e0e\u9884\u7b97\u5bf9\u6bd4<\/section>\n<\/li>\n<li><strong>\u8d85\u9650\u524d<\/strong><br \/>\n<section>\u63d0\u524d\u9884\u8b66\uff0c\u8bf4\u660e\u539f\u56e0\uff0c\u63d0\u4f9b\u89e3\u51b3\u65b9\u6848<\/section>\n<\/li>\n<\/ul>\n<section><\/section>\n<h3>\u7b2c\u56db\u6b65\uff1a10\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u57fa\u91d1\u7684\u7ade\u6807\u673a\u5236<\/h3>\n<p>\u5bf9\u4e8e\u5927\u578b\u57fa\u91d1\uff0c\u8fd0\u8425\u56e2\u961f\u5e94\u5c06\u6cd5\u52a1\u987e\u95ee\u9009\u62e9\u7eb3\u5165\u66f4\u89c4\u8303\u7684\u7ba1\u7406\u6d41\u7a0b\uff1a\u5728\u542f\u52a8\u57fa\u91d1\u8bbe\u7acb\u65f6\uff0c\u5411\u81f3\u5c112-3\u5bb6\u5177\u5907\u76f8\u5173\u7ecf\u9a8c\u7684\u5f8b\u6240\u53d1\u51fa\u62db\u6807\u9080\u8bf7\uff0c\u6bd4\u8f83\u8d39\u7387\u548c\u670d\u52a1\u65b9\u6848\uff0c\u5e76\u8bb0\u5f55\u9009\u62e9\u4f9d\u636e\u3002<\/p>\n<h2>\u516d\u3001\u6570\u5b57\u5316\u5de5\u5177\u7684\u652f\u6491\u89d2\u8272<\/h2>\n<p>ILPA\u65b0\u89c4\u5bf9\u8fd0\u8425\u56e2\u961f\u7684\u6267\u884c\u7cbe\u5ea6\u63d0\u51fa\u4e86\u66f4\u9ad8\u8981\u6c42\uff1a\u4e8b\u524d\u6709\u9884\u7b97\u3001\u4e8b\u4e2d\u6709\u8ffd\u8e2a\u3001\u8d85\u9650\u6709\u9884\u8b66\u2014\u2014\u8fd9\u4e9b\u9760\u4eba\u5de5\u548c\u7535\u5b50\u8868\u683c\u5df2\u7ecf\u96be\u4ee5\u9ad8\u6548\u652f\u6491\u3002<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: 0px 0px 8px;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;line-height: 1.6em;&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=2247486940&amp;idx=1&amp;sn=f20215857612305d3814eb063348b811&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8fd0\u8425\u8d39\u7528\u4e0e\u975e\u9879\u76ee\u6536\u76ca\u7684\u7cbe\u7ec6\u5316\u6838\u7b97<\/a>\u300b\u3001\u300a<a class=\"normal_text_link mp_article_text_link\" href=\"https:\/\/mp.weixin.qq.com\/s?__biz=Mzk0MjU2MTAxOA==&amp;mid=2247486993&amp;idx=1&amp;sn=39037877f4bcebe1f4a60c3b06cc4c77&amp;scene=21#wechat_redirect\" target=\"_blank\" rel=\"noopener\" data-itemshowtype=\"0\" data-linktype=\"2\">\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u8fd0\u8425\u8d39\u7528\u7ba1\u7406\u5b9e\u64cd\u624b\u518c<\/a>\u300b\u3002<\/span><\/p>\n<p>\u4ece\u5b9e\u64cd\u770b\uff0c\u9002\u914d\u7684\u8d39\u7528\u7ba1\u7406\u5de5\u5177\u5e94\u5177\u5907\u4ee5\u4e0b\u80fd\u529b\uff1a<\/p>\n<ul class=\"list-paddingleft-1\">\n<li><strong>\u5206\u9879\u9884\u7b97\u7ba1\u7406<\/strong><br \/>\n<section>\u652f\u6301\u6309\u8d39\u7528\u7c7b\u522b\u8bbe\u5b9a\u9884\u7b97\uff0c\u81ea\u52a8\u8ffd\u8e2a\u5b9e\u9645\u652f\u51fa\u4e0e\u9884\u7b97\u7684\u5bf9\u6bd4<\/section>\n<\/li>\n<li><strong>\u8d85\u9650\u9884\u8b66<\/strong><br \/>\n<section>\u5b9e\u9645\u652f\u51fa\u8fbe\u5230\u9884\u7b97\u768480%\u621690%\u65f6\u81ea\u52a8\u89e6\u53d1\u901a\u77e5<\/section>\n<\/li>\n<li><strong>LP\u62a5\u544a\u751f\u6210<\/strong><br \/>\n<section>\u6309ILPA\u900f\u660e\u5ea6\u8981\u6c42\u751f\u6210\u6807\u51c6\u5316\u62a5\u544a\uff0c\u51cf\u5c11\u624b\u5de5\u6574\u7406\u5de5\u4f5c\u91cf<\/section>\n<\/li>\n<li><strong>\u5386\u53f2\u6570\u636e\u6c89\u6dc0<\/strong><br \/>\n<section>\u6bcf\u53ea\u57fa\u91d1\u7684\u8d39\u7528\u6570\u636e\u81ea\u52a8\u79ef\u7d2f\uff0c\u4e3a\u540e\u7eed\u9884\u7b97\u63d0\u4f9b\u53c2\u8003\u57fa\u51c6<\/section>\n<\/li>\n<\/ul>\n<p>\u5f53\u524d\u5e02\u573a\u4e0a\u9762\u5411GP\u7684\u8fd0\u8425\u7ba1\u7406\u7cfb\u7edf\uff08\u5982\u6613\u52dfIRMS\u7b49\u5e73\u53f0\uff09\u6b63\u5728\u5c06\u4e0a\u8ff0\u80fd\u529b\u9010\u6b65\u843d\u5730\u3002\u8fd0\u8425\u56e2\u961f\u5728\u9009\u62e9\u5de5\u5177\u65f6\uff0c\u5e94\u91cd\u70b9\u8bc4\u4f30\u5176\u662f\u5426\u80fd\u591f\u771f\u6b63\u652f\u6491<q>\u9884\u7b97-\u8ffd\u8e2a-\u9884\u8b66-\u62a5\u544a<\/q>\u7684\u95ed\u73af\uff0c\u800c\u975e\u5355\u7eaf\u7684\u529f\u80fd\u5806\u780c\u3002<\/p>\n<h2 style=\"text-align: center;\">\u7ed3\u8bed<\/h2>\n<p>\u8ba9\u63a7\u5236\u8d39\u7528\u7684\u4eba\uff0c\u627f\u62c5\u8d39\u7528\u3002ILPA\u8fd9\u4efd\u6307\u5f15\u7684\u6838\u5fc3\u903b\u8f91\u662f\u6e05\u6670\u7684\uff1a<strong>LP-GP\u7684\u957f\u671f\u5408\u4f5c\uff0c\u5efa\u7acb\u5728\u4fe1\u4efb\u57fa\u7840\u4e0a\uff1b\u4fe1\u4efb\u7684\u524d\u63d0\u662f\u900f\u660e\uff1b\u900f\u660e\u7684\u524d\u63d0\u662f\u6743\u8d23\u5bf9\u7b49\u3002<\/strong><\/p>\n<p>\u5f53LP\u4e0d\u518d<q>\u4ed8\u94b1\u5374\u65e0\u6cd5\u505a\u4e3b<\/q>\uff0c\u5f53GP\u5f00\u59cb\u4e0eLP\u5171\u540c\u627f\u62c5\u8d85\u652f\u6210\u672c\uff0c\u8fd9\u573a\u4e0d\u516c\u5e73\u7684\u6e38\u620f\u624d\u80fd\u771f\u6b63\u8d70\u5411\u516c\u5e73\u3002<\/p>\n<p>\u5bf9\u4e8eGP\u8fd0\u8425\u56e2\u961f\u800c\u8a00\uff0cILPA\u65b0\u89c4\u5e26\u6765\u7684\u4e0d\u53ea\u662f\u5408\u89c4\u4efb\u52a1\uff0c\u66f4\u662f\u5efa\u7acb<q>\u8d39\u7528\u6cbb\u7406\u80fd\u529b<\/q>\u7684\u673a\u4f1a\u3002\u8c01\u80fd\u7387\u5148\u6784\u5efa\u900f\u660e\u3001\u53ef\u91cf\u5316\u3001\u53ef\u8ffd\u8e2a\u7684\u8d39\u7528\u7ba1\u7406\u4f53\u7cfb\uff0c\u8c01\u5c31\u5c06\u5728LP\u7684\u4fe1\u4efb\u7ade\u4e89\u4e2d\u5360\u636e\u5148\u53d1\u4f18\u52bf\u3002<\/p>\n<section data-pm-slice=\"0 0 []\">\n<section>\n<section data-pm-slice=\"0 0 []\">\n<section data-pm-slice=\"0 0 []\">\n<section data-role=\"outer\">\n<section>\n<p style=\"text-align: center;\"><span style=\"font-family: \u5fae\u8f6f\u96c5\u9ed1;\"><strong>-END\u00a0&#8211;<\/strong><\/span><\/p>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<\/section>\n<section data-role=\"outer\" data-pm-slice=\"0 0 []\">\n<section data-pm-slice=\"0 0 []\">\n<section data-role=\"outer\" data-pm-slice=\"0 0 []\">\n<section>\n<section data-pm-slice=\"4 11 [&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;box-sizing: border-box;font-size: 16px;text-align: justify;margin-bottom: 24px;&quot;,&quot;data-pm-slice&quot;:&quot;0 0 []&quot;},&quot;namespaceURI&quot;:&quot;http:\/\/www.w3.org\/1999\/xhtml&quot;},&quot;para&quot;,{&quot;tagName&quot;:&quot;section&quot;,&quot;attributes&quot;:{&quot;style&quot;:&quot;color: rgb(62, 62, 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