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????日前，我在波士頓郊外的一個高爾夫俱樂部對一群來自私募股權和風投公司的首席財務官們發表了主題演講。和這群人聊天總是很有意思，他們是公司穩定經營不可或缺的一分子，但（多數情況下）沒有像投資部門的同事那樣獲得超高報酬。 ????我要傳達的基本信息是：如今在有限合伙人/一般合伙人利益協調的問題上亟需創新。 ????首先，我相信風險投資和私募股權都很重要。非常重要。有些讀者可能認為，我總是批評風險投資和私募投資，是因為對它們心存偏見，根本不是這碼事。我批評是因為我關注。風險投資是創新的必要成分，它能幫助創造一些永久改變（有時拯救）我們生活的產品。私募股權可能沒那么高尚，但我在很多大的上市公司里工作時都親眼目睹過長遠判斷力讓位于短期利益的案例。好的私募股權能讓企業更強大，讓員工更加有生產力（通過好的方式）等等。 ????但最重要的是，我關注是因為風投和私募股權幫助為大學和慈善基金所做的重要工作提供資金，幫助確保公共和私營領域的數百萬員工順利退休。這就是為什么這些年來我寫了這么多文章，談論一般合伙人/有限合伙人的利益協調以及歷來缺失的問題。 ????自我開始關注這個行業以來，如今一般合伙人/有限合伙人的利益一致程度前所未有地高。很大一部分原因是持續的經濟衰退讓很多一般合伙人從主宰者淪為了可憐鬼。但我相信另一個原因是市場意識到沒有一種資產類別能在和受益人持續唱對臺戲的情況下永葆成功，這方面大有改進空間。 ????我們已看到管理費結構的調整，交易費/監督協定也變得越來越公正合理（盡管這樣的收費應當完全取消）。我希望考夫曼基金會（Kauffman Foundation）最近的一項研究能說服更多的一般合伙人同意將更多公司財務信息透露給有限合伙人，因為這有助于預測未來的摩擦或團隊離職。我們看到有些公司正在重新評估最惠國條款，考慮大宗買入是否也適用于另類投資。或者最近出現的為大型有限合伙人服務的定制管理賬戶。 ????最值得關注的是近期貝恩資本（Bain Capital）朝著點菜式基金結構邁出的一步：為其亞洲基金投資者提供兩種選擇，而且（很快）將向其一般收購基金的投資者（外加其共同投資邊車基金）提供三種選擇。 |
????It's time for venture capital and private equity firms to innovate. ????Yesterday I gave a keynote speech to a group of private equity and venture capital CFOs, at a rain-soaked golf club just outside of Boston. Always an interesting group of folks to chat with, given that they are integral to firm operations but (in most cases) not compensated in the same way as their investing colleagues. ????My basic message: Now is the time to be creative when it comes to LP/GP alignment. ????For starters, I believe both venture capital and private equity matter. A lot. I know certain readers think I have deep-seated animosity toward my beat, but it's just not so. I criticize because I care. Venture capital is a necessary ingredient of innovation, helping to create the products that indelibly change, and sometimes save, our lives. Private equity may be a bit less noble, but I've worked inside of massive publicly-traded companies and have seen how short-term interests often overwhelm long-term common sense. At its best, private equity can make businesses stronger, employees more productive (in a good way), etc. ????But most importantly, I care because venture capital and private equity help fund the important work being done by universities and charitable foundations. And because they can help secure the retirements of millions of workers in both the public and private sectors. That's why I've written so much over the years about GP/LP alignment, and the historical lack thereof. ????To me, GP/LP alignment currently is stronger than it has been in any other time since I began covering the industry. A big part of that was the prolonged recession, which turned many GPs from tyrants into beggars. But I also think there was a realization that an asset class cannot survive forever with the deck stacked against its own beneficiaries, and that there is plenty of upside to go around. ????We have seen management fee structures change, and transaction fee/monitoring agreements become more equitable (even though such fees should simply be eliminated). I'm hoping that the recent Kauffman Foundation study will help convince more GPs to disclose firm economics to limited partners, since it can help predict future friction or team departures. We've seen certain firms reevaluate most-favored-nations clauses, wondering if bulk-buying should apply to alternative investments like it does most everywhere else. Or the recent advent of custom managed accounts for larger limited partners. ????Most notably, we have Bain Capital's recent move toward a-la-carte fund structures – offering two options to its Asia Fund investors and (soon) three options to its general buyout fund investors (plus its co-invest sidecar). |
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