-LPGP觀察-

-LPGP觀察-

一,，基金到期時,，風投機構(gòu)如何處理LP的期權(quán)？
 

二,，LP和GP對彼此的期望,，各自需求是什么？

三,，LP選擇GP的理由,，不只是業(yè)績，如何評估GP,？

四,，結(jié)論
 

一,，基金到期時,，風投機構(gòu)如何處理LP的期權(quán)？

  在基金即將到期時,，有以下5種選擇,。：

上世紀90年代末繁榮的科技帶來了迅速增加的風險投資，1998年至2002年間,，美國一共募集了400多只新基金?，F(xiàn)在，當時募集的一眾基金已經(jīng)超過了10年的期限,，面臨著是否延期,、如何延期的挑戰(zhàn)。這個問題不僅會發(fā)生在繁榮時期涌現(xiàn)的基金身上,，它也是很多GP關(guān)注的焦點,。

自2002年以來，隨著企業(yè)長期的私有化,，流動資金周轉(zhuǎn)時間增加,，從首次融資到IPO的平均耗時長達7年，LP與GP之間傳統(tǒng)的10年期合伙關(guān)系已經(jīng)不足以為基金提供充足的投資和回報時間,，所以LP擔心,，基金在后期可能出現(xiàn)利益錯位。

雖然GP想讓LP的價值最大化,，但某些LP在基金到期后也得管理自己的投資組合,。如果LP需要流動性,，或者沒能順利延期，GP在決策時就需要權(quán)衡不同的利益和因素,。Industry Ventures作為一家專注風投市場的投資機構(gòu),，旗下也管理多支二級市場的投資基金，他們?yōu)镚P提供了解決方案,，在基金即將到期時,，有以下5種選擇。

1.為LP引薦其他風投機構(gòu)

如果只有少數(shù)LP要求流動性,，那么風投機構(gòu)可以通過自己的網(wǎng)絡,，以適當?shù)馁I家為目標，快速而謹慎地管理LP的股份出售過程,。這樣的好處是,，GP可以在整個談判過程中保持中立，利用這種一次性的出售流程,，為不太想延期的LP提供流動性,。對于GP來說，重要的是充分了解到底有多少LP需要流動性,。

2.代理

如果很多LP都希望有足夠的流動性,，或者LP不太清楚短期內(nèi)是否需要流動性，代理可能是個好的解決方案,。這條路線會受到GP現(xiàn)狀的影響,，如果GP已經(jīng)有了后續(xù)資金，那么選擇代理可能比管理一個完整的資產(chǎn)重組更簡單,。GP需要保持公平交易的距離,，避免有意地影響或者默許價格，因為這會存在利益的沖突,。

3.資金回籠重組

資本重組的好處在于,，它為基金開創(chuàng)了一個新的時間節(jié)點，并重新設置了管理費和結(jié)轉(zhuǎn)結(jié)構(gòu),，從而調(diào)整了GP和新LP的利益,，最大限度地減少了對投資組合里其他公司的干擾。用新的LP替換現(xiàn)有LP,，或者允許現(xiàn)有LP加入新的基金結(jié)構(gòu),，資本重組可以為LP提供流動性。GP通常不會選擇這條道路,，但如果基金不能在短期內(nèi)為LP提供流動性,，資本重組不失為一個后備方案。

4.分配私人股票或直接出售資產(chǎn)

對于GP來說,，結(jié)束一只基金是艱難的決定,，LP也很少會馬上要求結(jié)束,。基金很少會把私人股票直接分配給LP,，因為LP更喜歡現(xiàn)金,，投資組合里的其他公司也不想讓他們的上限表太復雜。然而,，在某些情況下直接出售剩余資產(chǎn)可能是最有效的,，它能讓GP繼續(xù)發(fā)現(xiàn)新的機會，如果基金能夠以合理的價格出售剩余頭寸,，就能創(chuàng)造雙贏局面,。雖然優(yōu)先承購權(quán)（ROFR，Right of First Refusal）和共售方向可能很難管理,，但是對于GP來說,，牢記對LP的信托義務至關(guān)重要。

5.Industry Ventures近期的投資案例

Industry Ventures最近在一只1999年成立的vintage基金中發(fā)現(xiàn)了一個機會,，該基金是一只基金家族的一部分,，擁有多個前任和連續(xù)基金。在連續(xù)兩次延期兩年后,，GP估計他們還需要2到4年的時間來自然清算剩余資產(chǎn),，但是近一半的LP在短期內(nèi)就想實現(xiàn)流動性。

考慮到剩余投資組合公司中規(guī)?？捎^的收益,，以及繼續(xù)管理這些資產(chǎn)的愿望,，GP不想直接出售這些資產(chǎn),，但是大量LP要求短期內(nèi)實現(xiàn)流動性，很難通過轉(zhuǎn)介來一次性出售LP股權(quán),。在這種情況下,，最好的選擇是進行全面的基金重組，讓所有想留下來并且同意新條款的LP加入,。

  Time’s Up! Options for VCs & LPs When Funds Reach 

the End of Their Term：

The tech boom in the late 1990’s led to a rapid increase in venture investment, with over 400 new funds raised in the US between 1998 and 2002. Many of these venture funds are now well past their 10 year terms, have meaningful investments remaining and are trying to determine how to navigate beyond temporary extensions.  This issue is not confined to the boom-era funds and is likely to become an ongoing concern for many general partners (“GPs”).

Since 2002, time to liquidity has increased as companies have opted to remain private longer and the average time from initial funding to IPO now stretching to 7 years. The typical 10-year partnership a limited partner (“LP”) maintains with its GP may no longer provide adequate time for a fund to invest and return capital. In the near-term we are unlikely to see this duration change as LPs are resistant to modifying the standard 10-year duration. Historically, funds also had access to several one-year extensions that a GP or the advisory board could approve. Recently, a growing number of LPs are concerned about the potential misalignment of interests at the tail-end of a fund, and are now requiring new funds to have a super-majority vote or full LP consent for extensions.

In the instance that LPs are voicing a need for liquidity, or an extension is not approved, GPs need to weigh a variety of different interests and factors when deciding next steps. While GPs ultimately want to maximize value for their LPs, certain LPs may need liquidity after reaching the term limit on a fund in order to manage their own portfolios. In addition, GPs need to be incentivized to continue to actively manage the remaining assets, especially in light of reduced or no management fees. Fortunately for both GPs and LPs, there are several options available to manage remaining assets in older funds. As a limited partner investing in many funds, having provided GPs with a variety of liquidity solutions, we have seen the following options pursued when facing end-of-life decisions.
 

Sell LP Stakes through Referrals

If only a few LPs are pushing for liquidity, venture funds can quickly and discretely manage an LP stake sale process through their own referral networks, targeting appropriate buyers. A benefit to this process is that the GP can remain at arms-length throughout the negotiation. We also see funds utilize this one-off sale process to provide liquidity for LPs that may not want to approve an extension. However, it is important for the GP to have a good understanding of the number of LPs that want liquidity to avoid continually being distracted by managing multiple LP sales.

Proxy LP Base

If there are numerous LPs seeking liquidity or if the GP doesn’t have a strong sense of how many LPs want or need liquidity in the near-term, a proxy could be a good solution. The decision to pursue this route will likely be impacted by the GPs’ current situation. If the GP already has subsequent funds, opting for a proxy could be simpler than managing a full recap. In a proxy, there is just one price for a fund interest, so there may be a situation where certain LPs that are seeking liquidity won’t participate as they are not sellers at the determined price. In all cases GPs should remain at arm’s length and be careful not to knowingly or tacitly approve a price as it could be a conflict of interest depending on any future fees associated with the transaction.

Full Fund Recap

The benefits of a full fund recapitalization is that it provides a new time period on the fund and resets the management fee and carry structure which realigns GPs and new LP interests and minimizes the distraction to portfolio companies. The recap could provide liquidity for all or some of the LPs by offering a choice of replacing existing LPs with new LPs, or allowing existing LPs to roll into the new structure or keep current economics. As GPs weigh this option, managing the consent of LPs, and potentially creating two different classes of LPs can prove difficult. While we have seen more recaps in the past three years, GPs typically do not pursue this option due to the time, complexity and perception of conflicts of interest involved. However, if many of a fund’s value drivers are unlikely to achieve near-term liquidity and would benefit from the time reset, this may be a good option.

Distribute Private Stock or Sell Assets Directly

It is a difficult decision for a GP to wind down their fund, and it is rare that LPs would push for immediate liquidity. Seldom do funds decide to distribute private stock directly to LPs, since LPs would prefer cash and portfolio companies do not want to complicate their cap tables. However, in certain situations, a direct sale of the remaining assets may make the most sense. It allows GPs to move on and pursue new opportunities, and if the fund is able to sell the remaining positions for fair value, this could create a win-win situation.  The ROFR and co-sale navigation may be tricky to manage, and it is important for GPs to keep in mind fiduciary duty obligations to LPs to avoid liability.

Recent Industry Ventures Example

We recently pursued an opportunity in a 1999 vintage fund, which was part of a fund family with multiple predecessor and successive funds.  After two consecutive two year extensions, the GP estimated that they needed another two to four years for a natural liquidation of the valuable remaining assets. They also estimated that nearly half of their LPs wanted near-term liquidity.

The GP did not want to sell the assets directly given the feasibility of sizable outcomes among the remaining portfolio companies and the desire to continue to manage the assets. With the high number of LPs seeking near-term liquidity, it would have been difficult to manage one-off sales of LP stakes through referrals. In this case, the best option was to execute a full fund recap, allowing any existing LPs to participate if they wanted to stay and agreed to the new terms.

The buyers and GP agreed to a 3 year term, reduced management fees to cover the fund’s accounting and audit expenses, and a new carry hurdle that paid different levels of carry after various success multiples were reached.  The GP had ongoing conversations with their LP base so there were no surprises when LPs received the official proxy recap letter, and both the GP and LPs were appreciative of the choice.

The views set forth herein are solely those of the author and do not necessarily reflect the views of Industry Ventures. The information and views expressed are generic in nature, and is not an offer to sell or the solicitation of an offer to purchase interests in any investments or services. Certain information contained in this article may constitute “forward-looking statements.” Any projections or other estimates contained herein, including estimates of returns or performance, are “forward looking statements” and are based upon certain assumptions that may change. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by Industry Ventures, or any other person, that the objective and plans of Industry Ventures will be achieved. All forward-looking statements made herein are based on information presently available to the management of Industry Ventures and Industry Ventures does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of Industry Ventures.

This material does not constitute financial, investment, tax or legal advice (or an offer of such advisory services) and should not be viewed as advice or recommendations (or an offer of advisory services).

Certain information contained in this article (including certain forward-looking statements and information) has been obtained from published sources and/or prepared by other parties, which in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither Industry Ventures and any general partner affiliated with Industry Ventures or any of its respective directors, officers, employees, partners, members, shareholders, or their affiliates, or any other person, assume

原文鏈接Learnings from our community

https://www./archives/2020/05/learnings-from-our-community.html

二,，LP和GP對彼此的期望

  LP和GP的需求：

Lindel Eakman建立了一個由LP、風險資本家和創(chuàng)始人組成的廣泛網(wǎng)絡,，他為GP在籌資策略,、投資組合建設、公司建設以及風險投資的起伏中提供指導,。最近,，Lindel和自己接觸的LP、GP們談話,，整理了他們在如今的市場環(huán)境中對彼此的需求,。

1.LP們認為：

疫情對整個系統(tǒng)造成了連鎖反應,，所以LP和GP需要對工作安排進行“過度”的溝通對接，交流業(yè)務和融資風險增加對投資組合產(chǎn)生的影響,，并就未來3-6個月的call款時間進行協(xié)商,。

本質(zhì)上來說，LP比較保守,，他們傾向于等待,，但是自由選擇的價值就會隨著FOMO（Fear of Missing Out，錯失恐懼癥）的消失而上升,。一些LP可能會遇到流動性問題（私立的醫(yī)院和大學會花費更多的運營資金）,，并且在投資方面不那么自由。在資產(chǎn)負債表下降的同時,，現(xiàn)金需求和支出卻在上升,，LP對資產(chǎn)流動性的擔憂更大。

GP團隊可能會感受到來自董事會或者CIO（首席信息官）的壓力,，他們會把重點放在現(xiàn)有的,、已證實的、更容易完成的關(guān)系上,，而不是鋌而走險,。CIO會提出關(guān)于風險投資回報的問題，這會給比較年輕的基金帶來困難,，尤其是那些熱衷于冒險的基金,。

GP需要了解自己在LP的投資組合中所處的位置，如果今年必須籌集資金,，給LP一點時間讓他們站穩(wěn)腳跟,，以正常或較慢的速度call款,。

為LP的問題做好準備,。做好投資組合分析，看出哪些公司風險最大,，哪些公司從這種環(huán)境中受益,，哪些公司能夠安然度過風暴，仍然是潛在的基金驅(qū)動力,。對于高凈值的個人LP,，GP需要靈活一些，并給予一點額外的時間,。此外,，Lindel發(fā)現(xiàn)的一個有趣的細節(jié)是，GP可以考慮盡可能在季度初給LP打電話。

2.GP們想說：

在不樂觀的環(huán)境中,，GP和LP還是會從人性的角度去思考彼此,。人會有情緒波動，累了,，其他工作受阻,，或者家庭關(guān)系有壓力。了解你對面的人和他們的心態(tài),，以及他們的心理狀態(tài)如何影響他們的風險狀況,。人的另一個本性是，沒有持續(xù)的穩(wěn)定收入時會選擇冒險,。

LP可以借此機會審查自己的投資組合,，了解哪些頭寸保留期權(quán)價值，以及資金的集中點在哪,，迫使自己和創(chuàng)始人進行艱難的對話,，設定期望值。

LP更需要止痛藥,，而不是維生素,。投資一擊即中的好項目，而不是糾結(jié)于那些優(yōu)勢不明顯的中上之選,，確保自己投資的是最不舍得放棄的東西,。

  Learnings from our community：

One of the values that I’ve really internalized over the last few years is to think about the world in terms of networks, and our own value or role in those networks. The more interesting networks are not hub-spoke networks but rather mesh networks that can and do create value even while missing a node. Enabling that type of network is one of our goals with Foundry Group Next. A network becomes a community in the very best case. We try to foster that community and connections among our family of founders, partner funds, and limited partners. 

One benefit of the last few challenging weeks has been bringing together our group of partner fund managers on a weekly basis. These get-togethers have a light agenda, but they really enable friends and peers to connect over the week’s challenges, share concerns, and have a little fun. It’s been especially gratifying to see the more experienced managers chime in actively, sharing prior experience and addressing some of the questions and concerns that the newer managers have been facing for the first time. It’s these consistent interactions and sharing that have enabled a feeling of community. We’ve also met with our direct portfolio of companies and those of our partner funds. It’s been heartening to see the consistency of leadership across our group.

We’ve been taking notes as we go along, and I thought that some of the more general thoughts would be worth sharing. Each of these points could probably be a separate post, but I thought it more important to get these out in the wild than to crisply edit. So, with apologies for the draft nature, I hope you enjoy seeing notes from a few of the shared conversations we’re having across our network. 

What does the market environment look like? 

LPs, GPs, and Founders are all experiencing anxiety at both a personal and professional level. Today, most have made it through the initial shock of high anxiety, deep engagement, and triage mode with their portfolio or business. Consumer-focused businesses have almost certainly felt the first wave of change whereas many B2B companies have yet to see the real impact of a slowing economy. Look for that over the next two quarters as we experience higher churn and reduced sales for existing customers.  

Expect a lag in private markets relative to public markets, maybe 6-9 months if this is a real reset of pricing. Reset could become protracted, and that would be the best time to invest. A guess among the group is that we see valuations come down 20-30% and that round sizes will reflect that for dilution. We’re already seeing anecdotal data (or “anecdata” as we fondly call it) of this in the market.

Valuations are already coming down in some segments, e.g., an experienced/pedigreed founder expecting 15M pre going into demo day, now expecting 9-10M pre and getting comfortable with investors pricing and not being able to “set” a price. The hot rounds are still “competitive” but not being bid up so much on price. There also seems to be a more pronounced “feast or famine” modality at seed/A rounds.

Technology and innovation aren’t correlated to the markets. New investments are still building products and will come to market after this cycle turn. Are you willing to keep investing with a 2-3 year timeframe in mind?

Deal re-trading: folks are starting to see it both for M&A and follow-on financings. Deals are being put on pause and/or terms are being retraded. We’ve already seen some bad behavior. Make sure you know where your syndicate partners sit w/r/t an inside round if the external deal falls away. Also, a reminder that pay-to-play rounds are usually a bad place to put capital. Think about what you’re defending. How much does this company matter to your fund? How hard will 

Conversations we’re having with/about LPs 

This crisis will likely cause a ripple effect through the whole ecosystem. Everyone should over-communicate about working arrangements (business continuity plan in place), acknowledge some fallout in the portfolio due to business risk and increased financing risk, and provide guidance on capital calls/pacing over the next 3-6 months.  

Many LPs are essentially out of business until the end of the year – by their nature, LPs are conservative and will have a bias towards waiting, the value of the free option just went up as FOMO disappears. 

Some LPs might experience liquidity issues (e.g. hospitals and universities may need to spend more money on operations) and will be less liberal with their investments, particularly in new funds. Cash needs and spending are up at the same time that balance sheets are down. Liquidity fears are greater as LPs stare more directly at unfunded commitments. 

Staff and teams are likely feeling pressure from board/CIOs, and there’s no benefit to them for taking risk. They will focus on existing, proven relationships that are easier to get done. And our favorite CIOs will question (even more!) venture returns (and also anything with leverage). This will pose difficulties for younger funds especially ones that have more “adventurous” investment theses.

Understanding where you stand in your LPs’ portfolios is imperative, having multiple points of contact is important, and you should not just assume a re-up from them if you have to raise this year. Do your best to slow down and not hit the market until 2021. There will be a logjam of funds trying to wrap up in the fall, and LPs are way overcommitted. If you are stuck fundraising, give LPs a little break to find their footing and tell them you’ll circle back in the summer to see if you can push to a fall closing. 

Capital calls should be maintained at a normal or slower pace if possible. LPs are unlikely to default; previous cycles were < 2%, almost solely individuals. LPs have little to lose if you haven’t called much capital. If less than 10% is called, you should keep a careful eye on it, as the cost of default isn’t so large. If you do have a challenged LP, we encourage GPs to proactively manage a secondary sale.

Be prepared for LP questions.A portfolio analysis in light of COVID-19 is a good idea if you haven’t done it already. Make sure to point out which companies are most at risk, which ones benefit from this environment, and which ones can weather the storm and still be potential fund drivers.

Capital calls for institutions should be fine, but it’s helpful to give them a heads up to set expectations for upcoming call schedules.

For individual HNW LPs, you may need to be flexible and give a little extra time. It’s a good idea to give them a heads up on your expected call schedule as well. 

One detail that was interesting. You might consider doing calls as close to the beginning of the quarter as possible. (If you have a call outstanding and not paid at quarter-end, you’ll have to reflect that in financials.)

Conversations we’re having with/about GPs

It’s important to acknowledge that we’re all humans.Likely to be fraught with emotion, people are tired, partnerships are stressed, maybe families are stressed. Really important to understand the full person across from you and their state of mind. And how their state of mind might affect their risk profile.

Human nature is to draw in risk appetite in those moments when you don’t see continued income. You stop spending, raise the bar for anything new and are not confident to add more mouths to feed in a constrained portfolio size/fund. 

It’s been a helluva few weeks. We are all rightly focused on our existing portfolio. We need to focus there until we “find the bottom” and feel comfortable that companies are responding, or at least scenario planning, appropriately. Most people are expecting to get through that by May 2020. 

Portfolios need to be examined in the context of individual funds. Important to understand which positions retain option value and where you must concentrate capital.  Now is the time to make hard decisions about which companies you can support.  Distilling your investments can be a good thing for the performance of the fund, though it forces tough conversations and expectation setting with your founders.  

The balance between supporting the portfolio (triage/firefighting mode) and looking at new deals is challenging. It’s more of a challenge for firms with large existing portfolios, especially with more mature companies.

Great opportunities will present themselves in this type of market, and at better prices. Many firms will remain active and even ramp up in this market. We should still be “crazy selective” on quality, and this group should keep working together. 

Painkillers > Vitamins. We should be investing in products that are critical to success. The nice-to-have products are the first to go in a downturn. Make sure you’re investing in solutions that customers can’t live without. 

Valuations are a real challenge in this environment. The general consensus is that we should all stick to our existing policies and see where the next quarter takes us. Q1 financials may take longer to finalize as we get a better sense for the macro environment, and we should all expect auditors to put footnotes in Q419 audit docs. 

Conversations we’re having with companies 

It is important to act swiftly (while you still have the opportunity to make decisions) versus waiting and hoping that conditions will change and create more flexibility. Founders must be willing to confront a situation before they are forced to confront it (i.e., not all companies will be immediately impacted by the downturn but may face consequences in 1-2 years if they don’t make the necessary decisions today)

There is more risk to underreacting than overreacting. In fact, overreacting might be a forcing function for reconsidering and optimizing business model, team operations, etc.

In a time of displacement and crisis, you must have a bias towards action and a lens for confronting reality, no matter how difficult it is.

Understand your existing investors.How strong are your individual leads at each fund?

How does the rest of the fund portfolio look?  Where do you fit in that portfolio?  Do they have reserves for you? Have they done bridge rounds (convertible notes) for other companies? 

You need to understand the size and total portfolio of the fund that you’re a part of.

Talent has been the biggest challenge for companies.Talent becomes more dispersed in up markets and more concentrated in down markets. You’ll be able to attract talent if you have a strong product/company/cap table.

Like it or not, there is about to be a huge reshuffling of talent. The good companies will attract stronger talent, perhaps much stronger than that of the employees they are trying desperately to retain. 

How are you playing offense during this time? You can’t just hibernate during a crisis. Instead, you sharpen your focus. You divest in some/most areas, but you need to be investing in some area. The goal is to come out of this stronger than you entered in at least one critical area. Online CACs have come down in some categories.

Do you have technical debt in the infrastructure? 

Do you have product work that can be prioritized?

FOMO that exists at the top of cycles has disappeared  As a result, startups will need to provide more data / demos / proof points to get VCs to bite. Think of venture funds as a table of diners that have just finished a big dinner, and you’re asking them to eat dessert. The best thing you can do is bring the tray around and SHOW them. Convince at least one diner to order the cake, and you may have others join. You’ll need to show more, demo often, provide more data, and recognize that your company has to be more compelling in this environment. 

This post was way too long but I hope it gives you a sense of some of the conversations and learnings inside our community. We hope that sharing them out helps others and we’re always glad for more input, thoughts, and debate.

原文鏈接Learnings from our community

https://www./archives/2020/05/learnings-from-our-community.html

三，LP選擇GP的理由,，不只是業(yè)績

  如何評估GP：

在如今高估值的市場中,，LP更加仔細地審視著自己與GP的關(guān)系，人才仍然是大多數(shù)投資決策的核心,。GP面臨著前所未有的審查和越來越大的壓力,，他們需要證明自己的收費標準，并準確定位他們的戰(zhàn)略和團隊,。隨著利率和交易倍數(shù)的不斷攀升,，GP創(chuàng)造價值的難度只會越來越大，具有前瞻性的LP開始意識到,，人才評估在其自身投資戰(zhàn)略中起了關(guān)鍵作用。

GP能認識到很多業(yè)務是被他們和LP的關(guān)系驅(qū)動的,，但他們對這種洞察力采取行動的程度各不相同,。LP會觀察GP是否解決了一些基本問題，比如領導層接班人,、培養(yǎng)下一代人才,、創(chuàng)業(yè)文化以及決策透明度。

為了進一步了解LP的真實想法，并幫助GP在業(yè)績和建立關(guān)系之間取得正確的平衡,，咨詢公司Heidrick & Struggles采訪了從100名私募股權(quán)投資者中選出的知名LP,，探討他們在做出投資決策時如何評估GP。

1.LP確實重視GP的業(yè)績數(shù)據(jù),，但和GP的關(guān)系更重要

在采訪中,，一個明確的主題是LP的評估越來越復雜。有了比以往任何時候都多的數(shù)據(jù),，LP可以深入研究,，進行嚴格的分析。然而LP普遍認為,，數(shù)據(jù)和定量分析只是評估過程的一個組成部分,。“業(yè)績數(shù)據(jù)是向后看的,，” 一位LP指出,，“重要的是你現(xiàn)在和未來在組織中所看到的?！?包括GP的結(jié)構(gòu),、流程、基礎設施,，以及至關(guān)重要的人才,。除了這些評估之外，幾乎每個LP都談到了在投資中建立良好關(guān)系的重要性,。

一位來自全球十大LP之一的投資人明確界定了自己的職能：“作為LP中的領導者,，我的職責評估團隊動態(tài)、團隊約束和團隊決策過程,。我們與團隊討論的是對關(guān)系的洞察力,，而不是數(shù)據(jù)的精妙分析?！?隨著市場的大趨勢繼續(xù)擠壓私募股權(quán)交易的利潤,，這種對關(guān)系和定性評估的關(guān)注只會越來越大。

2.LP對共同投資的需求增加了

基于關(guān)系的投資增長,，一個關(guān)鍵因素是LP對共同投資的興趣增加了,。事實上，兩者是直接相關(guān)的：“LP應該建立長期關(guān)系和戰(zhàn)略伙伴關(guān)系,，尤其是考慮到共同投資的增長,，” 共同投資讓LP能看到GP業(yè)績?nèi)秉c以外的東西，專注于長期關(guān)系,。美國一家領先的基金公司認為,，“如果我們對某個GP團隊有著內(nèi)在的積極看法,，以及我們與他們之間關(guān)系的優(yōu)勢，那么我們做出長期承諾和投資以及共同投資的愿望,，會讓我們在其他競爭對手中選擇他們,。”

3.LP太關(guān)注和GP之間的關(guān)系,，會有風險嗎,？

幾乎每個LP都談到了在投資決策中人際關(guān)系的重要性。一位LP評論道：“我們和某個GP簽約了10年,，而在承諾之后,，我們對此無能為力。因此,，我們只與可靠的,、信任的、行為端正的人合作,?！?/p>

除了建立關(guān)系的初始工作外，GP需要注意培養(yǎng)和LP的持續(xù)關(guān)系,。隨著整合趨勢繼續(xù)增強,，LP會更看重個人關(guān)系，即使他們明白對某些GP的偏好可能會讓他們錯失那些不太了解但是更好的GP,。

LP和GP之間密切的情感關(guān)系會導致決策更為主觀——LP可能會忽略業(yè)績,、文化或行為方面的警示信號，這并不一定會帶來最佳回報,。對于這一問題,，北美一些領先的基金投資機構(gòu)和LP能夠系統(tǒng)地把投資人或團隊從一個重要的GP關(guān)系切換到另一個，以避免主觀性和個人關(guān)系偏差,。

  Private equity What do limited partners think of the talent：

原文鏈接
 

Private equity: What do limited partners think of the talent within general partners?

https://www./FDF6D86EFB5/private-equity-what-do-limited-partners-think-of-the-talent-fh5wxs58t.html

四,，結(jié)論

  GP&LP：

GP會定期評估現(xiàn)有或潛在投資組合公司的人才、文化和業(yè)績能力,，但很少對自己進行同樣嚴格的審查,。經(jīng)驗豐富的LP會分析GP對其投資組合公司采取的方法，他們希望看到GP對管理團隊進行系統(tǒng)的,、定期的評估,，為決策提供數(shù)據(jù)，并產(chǎn)生積極的回報,。反過來,，這種分析方法也開始讓他們對LP如何招聘、培養(yǎng),、領導和利用多樣化的人才基礎提出了自己的看法,。

Heidrick & Struggles采訪的LP一致認為，在定性的盡職調(diào)查中,，許多GP會從第三方對其人才和文化的評估中獲益,。它們不僅有助于GP與當前和未來的LP建立更好的關(guān)系，也有助于建立發(fā)展前景無限的優(yōu)秀組織,。

“每個人都在談論投資時間來培養(yǎng)人才,，但大多數(shù)GP都太專注于'現(xiàn)在’，”一位LP感嘆道,。事實上,，真正成功的組織依賴于長期努力，以創(chuàng)造一種重視領導力,、繼承,、未來一代發(fā)展和多樣性的文化。

以上內(nèi)容資料來源,；溯元育新

原文資料,；

https://www./archives/2020/05/learnings-from-our-community.html

https://www./archives/2020/05/learnings-from-our-community.html

https://www./FDF6D86EFB5/private-equity-what-do-limited-partners-think-of-the-talent-fh5wxs58t.html