協(xié)調(diào)私募股權(quán)利益需創(chuàng)新
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????這是一種創(chuàng)新，現(xiàn)在需要更多這樣的創(chuàng)新。風(fēng)投和私募股權(quán)公司正處在基金行業(yè)重塑的中心，只有最優(yōu)秀的和最創(chuàng)新的能夠存活下來。 ????當(dāng)初超級天使投資人開始顛覆早期風(fēng)投業(yè)時，著名天使投資人戴夫?邁克克勒就公開質(zhì)疑，為什么致力于創(chuàng)新的一個行業(yè)如此因循守舊。這里說的是一般合伙人與企業(yè)家/投資組合公司的關(guān)系，但這個問題也適用于一般合伙人/有限合伙人關(guān)系。 ????我們應(yīng)當(dāng)看到更多長盛不衰的結(jié)構(gòu)嗎？有限合伙人能對一般合伙人升職事宜進(jìn)言？重組有限合伙人顧問委員會，讓小投資者的聲音能被聽到？或者，業(yè)內(nèi)專業(yè)人士多年來私下考慮又暗暗放棄的數(shù)百種方案中的任何一個（因為收取2%管理費(fèi)和20%的績效費(fèi)是公認(rèn)的行業(yè)標(biāo)準(zhǔn)）？ ????如果你準(zhǔn)備嘗試什么新事物，請告訴我。如果你是一名有限合伙人并想嘗試新事物，也請告訴我。就像我說過的一樣，這些年來一般合伙人/有限合伙人的利益一致得到不斷強(qiáng)化，或許有辦法在不傷害任何一方的情況下進(jìn)一步拉近雙方聯(lián)系?，F(xiàn)在，看起來是時候這么做了。 ????譯者：早稻米 |
????That is innovation, and now is the time for more of it. Venture capital and private equity are in the midst of fund shakeouts, where only the best and/or novel are likely to survive. ????Back when the super-angels began disrupting early-stage venture capital, Dave McClure publicly wondered why an industry devoted to innovation was so set in its ways. That was vis-à-vis GP relationships with entrepreneurs/portfolio companies, but the same question applies to GP/LP relations. ????Should we see more evergreen structures? LP input into partner promotions? Restructured LP advisory boards where small investors get a voice? Or any of the hundreds of things that industry professionals have privately considered over the years, only to mentally discard because 2-and-20 is the accepted industry standard. ????If you're trying to do something new, let me know about it. Same thing if you're an LP and want something new. As I said, GP/LP alignment has gotten stronger over the years, but perhaps there are ways to make the bonds tighter without strangling either side. Now seems to be the time to do that. |
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