本报记者

Our reporter

　　范媛

FanYuan

　　LP（有限合伙人）违约正从偶发事件逐渐发展成PE行业的普遍现象。

LP（Limited partners）Default is from accident gradually developed into PE industry phenomenon。

　　“LP违约其实是可以好好关注的话题。”接受中国经济时报记者采访的PE对此表现出了复杂的心态。

“LP default is actually can have a topic。”Accept China's economic times reporters about the PE showed a complex state of mind。

　违约有因 Default is because of

　　2012年上半年，中国VC／PE市场延续了去年下半年的惨淡光景，行业整体活跃度不高，全行业募资总额同比下降了近八成，对于在寒冬中挣扎的VC／PE来说，LP此时违约无疑是雪上加霜。

In the first half of 2012，Chinese VC/PE market continues the second half of last year was a dismal，Industry whole active degree is not high，The industry total whip round goes down nearly eighty percent，For in winter in the struggle for VC/PE，LP breach at this time is definitely icing on the cake。

　　LP，即风投基金的投资人，仅投入资本，不参与公司管理。

LP，Namely wind cast fund investors，Only capital，Don't participate in the company management。

　　其实，LP违约跟PE基金的承诺出资制有关。大部分PE基金是承诺出资，如按照40%、30%、30%的节奏分期出资。如果后期LP无法出资，或者将要出资的基金份额转让给其他人，在法律意义上都叫LP违约。

In fact，LP with PE fund commitment of the breach of the capital contribution。Most of the PE fund is a promise capital contribution，Such as according to 40%、30%、30% of the rhythm stage capital contribution。If later LP cannot capital contribution，Or will the capital fund share transfer to other people，In the legal sense all call LP to breach of contract。

　　对于已经发生的违约案例，无论是LP还是PE似乎都有不愿谈及的理由，但接受本报记者采访的业内人士们并不否认LP违约在增加。

The default case has already occurred，Whether LP or PE seems to have not loath to reason，But accept our reporter interviews of the industry does not deny the LP in breach increase。

　　LP违约的原因主要是资金紧张。据了解，目前人民币基金主要出资人为活跃在江浙一带的个人投资者，当前股市低迷、部分城市的民间借贷资金链条越绷越紧，作为主要出资人的民营企业主和富裕个人的资金压力越来越大，亟需抽回资金保住主业，调整投资组合。

LP of breach are the main reasons why funds。According to understand，At present the RMB fund mainly for active in the jiangsu and zhejiang area capital contribution of the individual investors，The current downturn in the stock market、Parts of the city folk lending fund chain more stretched tight，As a main contributor of private business owners and wealthy individuals money pressure is more and more big，Withdraw the funds keep its main business need，Adjust investment combination。

　　“其中不乏一些热钱式的LP，这部分资金有短线投机的特色，在2009年和2010年VC／PE很火爆的时候，分享了行业的繁荣，行业进入寒冬后，这部分热钱肯定是要掉头就走。”一位不愿透露姓名的业内人士在电话中告诉本报记者。

“There is no lack of among them some hot money type LP，The fund has short line of speculative characteristics，In 2009, 2010 and VC/PE hot，Share the prosperity of the industry，Industry into the cold winter，This part of the hot money is bound to turn and run away。”One does not wish to disclose the name of the industry on phone told the reporter。

　　天创资本合伙人洪雷告诉本报记者：“二期资金不到位，其实是基金设立之初与投资人的沟通有很大的关系。有些比较小的PE路演时营销色彩较重，回避了行业的特点和风险，这样势必会影响到二期资金的到位。另外，股权投资的流通性不是很灵活，并不像信托或国债那样可以方便地抛售。”

Day and capital partners HongLei told the reporter：“Phase ii money does not reach the designated position，In fact is the fund set up with investors at the beginning of the communication has the very big relations。Some smaller PE when color marketing roadshow is heavy，Avoid the industry's characteristics and risk，This will definitely affect to the second phase of capital in place。In addition，Equity investment liquidity is not very flexible，Not as trust or Treasury bonds that can be easily sell。”

流动性需求 Liquidity demand

　　PE的一个制度性特征就是缺乏流动性。与参与投资时的轰轰烈烈相比，LP的退出显然是双方都很避讳的话题。国外成熟市场的正常交易行为在国内就演变成了桌下交易，一些谋求退出的LP通过中介机构暗中转让。

One of the PE institutionalized features is lack of liquidity。And participate in investment of magnificent and victorious compared，LP exit apparently is both a taboo topic。Foreign mature markets of the normal transactions in the home is evolved into under the deal，Some seek the LP through the intermediary agencies out secretly transferred。

　　流动性压力让一些LP选择违约，也成为PE市场的先天缺陷。

Liquidity pressure to make some LP choose to breach of contract，Also be PE market birth defects。

　　上述不愿透露姓名的业内人士告诉本报记者：“其实，目前的募资难跟流动性缺陷有很大的关系。上半年我们有一只基金，几场路演下来，一单也没融到，其中很大一部分是因为投资人在市场火爆的时候已经投入很多，目前没有任何回报，没有资金再投入。”

The above does not wish to be named told the reporter of the industry：“In fact，The current whip round with liquidity to defect has the very big relations。In the first half we have a fund，A few games roadshow down，A single didn't also to melt，Much of it is because investors in the market popular time had already spent a lot，There are no returns，No capital to investment。”

　　“PE的资金非常大，这么大的资金完全靠海外IPO退出不现实，目前排队等待境内上市的已经有700多家了，PE是长期投资，经济调整中很多LP等不急，需要变现。应该让LP市场化、份额化，让LP可以挂牌交易。流动性方面的安排有利于盘活现有PE市场的存量资本，也有利于吸引新的增量资金。”上海富晶资产总经理王林对本报记者说。

“PE capital is very big，So much money entirely on overseas IPO exit without reality，At present domestic listed waiting in the already have more than 700，PE is long-term investment，Economic adjustment of many LP't wait，Need cash。Should let LP of the market economy、Share of，Let the LP can be listed for trading。Liquidity to revitalize the existing arrangement of PE in the inventory of capital market，To attract new incremental funds。”Shanghai crystal assets to general manager wang Lin rich our correspondent said。

　　据了解，日前北京金融资产交易所又联合北京产权交易所、北京股权投资基金协会、北京股权登记管理中心等共同发起成立了中国首个全国性PE二级市场。

According to understand，Beijing has a financial asset exchange and joint Beijing property right exchange、Beijing equity funds association、Beijing equity registers management center jointly sponsored and established China's first national PE secondary market。

　　当然，对于PE二级市场业内也不乏不同的观点：“这个市场非常小，国外也没有这样一个市场，国外有一些LP的退出基金，所以弄个这样的市场没有必要。”

Of course，Secondary market for PE industry also have different point of view：“The market is very small，Foreign and no such a market，Abroad have some LP exit fund，So get a such a market did not necessary。”