与二级基金相关的风险
与二级基金相关的风险
在上一篇文章，我们探讨了二级基金兴起的原因。虽然多元化的二级基金投资组合可以提供可观的回报，但投资者也要认识这类投资工具所涉及的风险。
·?????? 信息不对称: 二级基金只可从现有投资者获取投资，并且可能无法获得与原始投资者同等级别的信息。有限的信息可能使得准确评估风险和潜在回报变得具有挑战性。当进行私人交易中的二级投资时，应询问投资者（或普通合伙人）是否使用了杠杆来获取最初的投资。如果是，这本身就会触发一系列相关问题。
·?????? 估值风险: 由于缺乏公共市场数据和估值过程具主观性，评估私募股权和风险投资的价值是不容易的。如果基础基金的估值不准确或过于乐观，可能导致支付过高的投资费用并带来负面影响回报。这种情况可能是因为忽略了估值日期及其与购买完成日期之间的时间差距，这差距可能是几个月的时间。
·?????? 法律和监管风险: 二级交易可能受到法律和监管的复杂性影响。基金利益的转让可能需要普通合伙人、有限合伙人或监管机构的批准。法律纠纷、税务负债或监管变化可能带来不确定性并影响基金的表现。
·?????? 流动性问题: 尽管二级基金有助于平滑J曲线并提供比直接投资更多的流动性，但与传统公共市场相比，它们仍然相对不够流动。二级基金的投资者通常只有有限的退出机会，且出售基金利益的过程可能旷日持久并受市场条件影响。
并购保险：风险缓解
缓解二级投资中固有风险的一种方式是通过并购保险（M&A insurance），这可有效地对转移基金利益的风险赋予可量化价值。在二级市场中的并购保险（也称为陈述与保证保险）在促进合作伙伴的顺利退出和进入，以及在交易完成后协助对齐普通合伙人与有限合伙人之间的利益。例如，在由普通合伙人领导的二级交易中，并购保险可限制由普通合伙人（即卖方）提供的陈述与保证的违约引起的损失。这种安排允许新的普通合伙人/有限合伙人向保险公司提出索赔，同时将对卖方普通合伙人的追索限制在仅发生卖方欺诈的情况下。
To contact the authors of this article, please reach out to:
Anson Chan??????????????????????????? +852 2230 3554??????????? [email protected]
Natalie Chow???????????????????????? +852 2230 3505??????????? [email protected]
Scott D. Peterman, CFA??????? +852 2230 3598??????????? [email protected]
Sook Young Yeu??????????????????? +852 2230 3591??????????? [email protected]
Enzo Wu???????????????????????????????? +852 2230 3525??????????? [email protected]
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