協(xié)調(diào)私募股權(quán)利益需創(chuàng)新
????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(lái),。 ????當(dāng)初超級(jí)天使投資人開(kāi)始顛覆早期風(fēng)投業(yè)時(shí),著名天使投資人戴夫?邁克克勒就公開(kāi)質(zhì)疑,,為什么致力于創(chuàng)新的一個(gè)行業(yè)如此因循守舊,。這里說(shuō)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(gè)問(wèn)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(zhǎng)盛不衰的結(jié)構(gòu)嗎,?有限合伙人能對(duì)一般合伙人升職事宜進(jìn)言?重組有限合伙人顧問(wèn)委員會(huì),,讓小投資者的聲音能被聽(tīng)到,?或者,業(yè)內(nèi)專(zhuān)業(yè)人士多年來(lái)私下考慮又暗暗放棄的數(shù)百種方案中的任何一個(gè)(因?yàn)槭杖?%管理費(fèi)和20%的績(jī)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(qǐng)告訴我。如果你是一名有限合伙人并想嘗試新事物,,也請(qǐng)告訴我,。就像我說(shuō)過(guò)的一樣,這些年來(lái)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(lái)是時(shí)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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