Why is the term of private equity investment so long

　　对于私募股权投资，越来越多的高净值人群表现出强烈的兴趣，但同时又心存疑虑：私募股权投资并不能如二级市场一样中途选择卖出股票拿回资金，动辄10I feel very uncertain about investing so much time into it.

　　私募股权基金期限这一件事，就体现了投资反人性的特点。私募股权投资市场上，基金期限并没有如大多个人投资者希望中的那样缩短。相反，很多基金的存续期限设定在变长。

　　2016Since the beginning of the year, including Carlyle, BlackstoneKKRSeveral globally renowned private equity funds, including, have chosen to extend the term of their newly launched funds, and some institutions have even launched15Year20Private equity funds with a term of one year. In China, it can also be seen that the duration of some new RMB funds has been extended10Year.

　　为什么私募股权基金的期限要设定为这么长?aboutLPFor investors, what could such a long deadline bring?
　　1How to interpret the duration of private equity funds?
　　2There is not much difference in the duration of funds invested in enterprises at different stages, which is related to maximizing investment?
　　3Patience in investment can be quantified

　　01
　　私募股权基金的期限设定怎么解读?
　　私募股权投资基金的存续期限主要包括三个部分：投资期，退出期，延长期。投资期+The exit period is the core term of equity funds.
　　投资期：私募股权基金挖掘项目并且打款的时间。
　　这个过程中，如果有项目退出，有的基金管理人会选择，用这笔退出的资金，再投入到其他项目中，也就是“循环投资”。
　　退出期：私募股权基金进行项目退出的时间。
　　延长期：主要是用于继续处理前一年未能退出的遗留项目。
　　举个例子，比如某基金存续期限为5+2Generally speaking, in years,5Year is the investment period,2Year is the exit period;
　　或者，某基金期限为4+2+2In the year, among them4Year is the investment period,2Year is the exit period,2Year is an extension period.
　　或者，某基金期限为4+2+1+1, of which4Year is the investment period,2Year is the exit period,1+1Year is an extension period.
　　只是，延长期是否采用，或者采用1+1Several times, it is necessaryLPorGPThe voting decision.

　　02
　　为什么投资不同阶段的基金，比如成长期基金和天使基金的期限大多差别不大?
　　也有很多朋友疑惑，如果按照企业的成长周期来看，成长期项目的基金与早期项目发展和退出所需的时间理论是不同的，那为什么大多成长期基金与早期基金的期限差别不大?
　　首先，从企业成长来看，不同行业里、不同宏观经济环境下的企业，成长时间并不能一概而论。
　　另外，从基金投资操作的角度，私募股权投资是管理人根据自身的专长、资源、经验，以及对于宏观经济和一、二级市场的判断，选择用一定的价格，投资一个创新企业，然后在合适的时机退出，以以利益最大化原则来考量。
　　而这个“合适的时机”，受到宏观经济环境、资本市场状况、监管环境、企业自身发展状态、竞争环境等多重因素的影响。虽然，在投资之初和过程中，基金管理人会对退出时间和阶段做预判，但这大多不能精确计算。况且，很多情况下，企业诸如上市与否等等，更多取决于企业创始团队，基金管理人的退出是相应的择机选择。
　　因此，充分考量的以上亮点，才有可能真正实现，持有优质资产，通过优秀企业的高速增长获得中长期的复利回报。
　　这也是为什么，私募股权投资，强调需要有耐心的资金。
　　在成熟市场上可以看到，美元基金期限许多都是10Year12Years do not necessarily mean that the fund term for investing in early-stage projects is long, but rather that the fund term for investing in mid to late stage projects is short. Moreover, well-known funds both domestically and internationally prefer institutional investors. Because social security funds, university donation funds, family funds, etc. have a clearer concept of long-term investment and are more patient and capable of bearing the low liquidity of funds.

　　03
ForLPFor investors, what can this' patience 'bring?
　　投资，最直接的目标，当然是为了收益。
　　当然，并不是说，耐心等待就一定都能带来高回报、高收益。
　　但是，私募股权，尤其是在不确定的环境中寻找确定性。时间周期越短，其实面对的不确定性反而越大;The longer the time, the more effective it is to grasp the trend. Of course, this duration is not an infinite time, but rather a trend within a certain dimension of five to ten years from the perspective of investment operations.
　　所以，耐心能更大概率地享受高成长带来的复利回报。投资，不就是用专业性捕捉大概率机会吗。