红杉永久资本
有人对红杉的重组以及对投资者,员工和红杉投资者的影响有何想法?
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2023年2月私人产权
总体员工满意度
2023年2月私人产权
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2023年2月私人产权
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评论 (3)
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仍然决定我对此的感觉。一方面,这对不再被典型基金结构的LPS有好处,并且可以更轻松地获得流动性而无需诉诸二级市场。许多VC自从投资组合所花费的时间更长的时间以来,由于公司停留更长的时间,或者有限元在私人公司销售股份时,资金已延长了10年,而当资金在其生命结束时就已经交给了私营公司 - 这对流动性都不好。我不知道在LP兴趣上有什么样的转移限制红杉的位置,但我想它们非常重要,因此出售红杉的次要利息可能会很棘手,并且迫使您获得大量的折扣(即使它是高质量的东西)。
On the other hand, there will clearly be an added layer of fees here, making this more expensive for LPs. It also means that LPs aren't even aligned with each other anymore. Large endowments and foundations have an investment time horizon of forever (minus the 5% they must spend every year) and are probably okay with an evergreen structure and never really getting liquidity. LPs who need more regular distributions (FoF managing closed-end pools of money, pension plans, etc.) might wonder if they're getting the short end of the stick.
PitchBook在本周末提出了一个很好的观点,即在这种新结构中GP/LP未对准的可能性:
归根结底,我想我可能不喜欢它,但是它是红杉,他们的回归显然很棒性能保持坚实。
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