章节 · 投资

私募市场

私募股权、风险投资、私募信贷、二级市场——以及每笔承诺背后的基金运作机制。

教育性参考——提供解释与权衡分析，而非投资建议。合格专业人士将评估哪种方案适合特定家族。

Start here Private Markets: A Field Guide

Private markets encompass investments in companies, loans, real assets, and funds that are not traded on public exchanges — including buyouts, venture capital, private credit, real assets, secondaries, co-investments, and direct…

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支柱 Private Equity (Buyouts)

Private equity buyouts are a strategy in which investment funds acquire controlling ownership stakes in companies, use…

支柱 Private Credit

Private credit is a broad category of non-bank lending — including direct loans, mezzanine debt, and specialty finance…

策略

11 词条

Venture Capital Venture capital is a form of private equity that finances early-stage companies in exchange for ownership stakes, accepting a high probability of… 6分钟

Growth Equity Growth equity is a form of private market investing that provides capital to established, revenue-generating companies that are scaling rapidly but not… 5分钟

Secondaries The secondary market for private funds allows investors to buy and sell existing stakes in private equity, venture capital, and other private funds before… 6分钟

Continuation Funds A continuation fund is a GP-led secondary transaction in which a private equity manager transfers one or more portfolio companies from an expiring fund… 6分钟

Co-Investments A co-investment is a direct stake in a single private-market deal, made alongside a private equity or other alternative fund manager, typically at reduced… 5分钟

Direct Investments Direct investments are purchases of companies, real assets, or other private holdings made by a family directly — without the intermediary of a fund… 6分钟

Infrastructure Infrastructure investing refers to placing capital into physical systems that underpin modern economies — toll roads, airports, pipelines, utilities, and… 6分钟

Real Assets Real assets are physical or physical-linked investments — real estate, infrastructure, farmland, timberland, energy, and natural resources — that derive… 6分钟

Private Real Estate Funds Private real estate funds pool capital from multiple investors to acquire, manage, and sell properties through a structured fund vehicle, typically… 5分钟

Venture Debt Venture debt is a form of loans made to venture-backed, typically pre-profitability companies, used alongside equity financing to extend a company's cash… 6分钟

Private Company Shares and Secondary Sales Private company shares held by founders, employees, and direct buyers are illiquid by design, subject to contractual transfer restrictions, and valued… 6分钟

运作机制

5 词条

Capital Calls and Distributions Capital calls and distributions are the two cash flows that define the investor experience in a drawdown fund: capital calls are requests from a fund… 7分钟

IRR, MOIC, DPI, and TVPI Private fund performance is measured using four core metrics: Internal Rate of Return (IRR), Multiple on Invested Capital (MOIC), Distributions to Paid-In… 8分钟

J-Curves and Vintage Years The J-curve describes the characteristic shape of a private fund's cumulative cash flows over its life: early years typically show negative returns as… 6分钟

Private Fund Fees and Terms Private fund fees and terms are the contractual rules — set out in a legal document called the Limited Partnership Agreement — that govern how a fund… 7分钟

Evaluating a Private Fund Evaluating a private fund means applying a structured due diligence process to assess whether a manager's track record, team, strategy, terms, and… 6分钟

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