专门针对中国与欧洲市场的私募基金凯辉私募股权投资基金日前宣布，其二期基金完成了过去一年内的第八笔交易。凯辉私募股权投资基金董事长蔡明泼近日在接受《经济参考报》记者专访时指出，凯辉第二期相较第一期加大了在中国的投资比例，并加强了中国投资团队的建设。而随着中国正从“中国制造”阶段进入“中国收购”全球化阶段，凯辉也正在致力于帮助中国资本寻找出口。

Just for the Chinese and European private equity fund market KaiHui private equity funds has announced，The second phase of fund of the past year finished eighth deal。KaiHui private equity funds CaiMingPo chairman recently in accept《Economic reference quote》Reporter interview said，The second phase of the first phase of the KaiHui compared to increase the proportion of the investment in China，And strengthen the China investment team construction。And as China is from“Made in China”Phase to the“China's acquisition”globalization，KaiHui also are working to help Chinese capital looking for export。

　　凯辉私募股权投资基金，是第一家通过AMF(法国金融市场管理局)认证、专门针对中国与欧洲市场的私募基金，凯辉的投资标的集中于中小型但具高增长潜力、营业额在2000万到2亿欧元的中法企业。凯辉一期基金规模为7000万欧元，二期基金总规模2亿欧元，总计规模达2.7亿欧元。伴随着二期基金规模大幅增长，为了配合凯辉业务增长需求和进一步完善中法两地团队的建设，凯辉过去几个月新招聘了6位投资经理，大大加强了团队实力。

KaiHui private equity funds，Is the first through the AMF(The French financial market administration)The authentication、Just for the Chinese and European private equity fund market，KaiHui investment mark focused on small and medium but has high growth potential、Turnover in 20 million to 200 million euros in the French enterprise。KaiHui issue fund scale for 70 million euros，Phase ii fund the total size of 200 million euros，Total scale up to 270 million euros。With the second phase of a sharp increase the size of the fund，In order to match the KaiHui business growth needs and to further improve the method of the construction of the team in two，KaiHui over the past few months the new recruitment six investment manager，Strengthens the team power。

　　蔡明泼对《经济参考报》记者说，目前国内的VC、PE行业还属于比较早期的阶段，投资和退出模式相对欧美成熟市场比较单一，这让其看到了巨大的机会。凯辉第二期相较第一期已经加大了在中国的投资比例，加强了中国投资团队的建设。随着行业的发展成熟以及中国企业国际化的趋势，凯辉将在这个进程中起到更积极的作用。

CaiMingPo to《Economic reference quote》The reporter said，The present VC、PE industry still belong to more early stage，Investment and out from the mode of euramerican and mature market is relatively single，This let it see a huge opportunity。The second phase of the first phase of the KaiHui than have stepped up the proportion of the investment in China，Strengthening the construction of the China investment team。As the industry matures and the trend of internationalization of Chinese enterprises，In the process of KaiHui will play a more active role。

　　他进一步指出，随着中国正从“中国制造”阶段进入“中国收购”全球化阶段，凯辉致力于帮助中国资本寻找出口。欧债危机给中国的富余资本带来前所未有的契机，因为有实力的欧洲企业也瞄准了像中国这样高增长的市场。在中国与世界经济融合的过程中，凯辉成为协助中国企业国际化和国际企业拓展中国市场的最佳桥梁。

He further points out，As China is from“Made in China”Phase to the“China's acquisition”globalization，KaiHui dedicated to helping China's capital looking for export。The debt crisis of the surplus capital in China has brought unprecedented opportunity，Because has the strength of the European enterprise also took aim at the high-growth markets such as China。In China and the world in the process of economic integration，KaiHui become assist the internationalization of Chinese enterprises and international enterprises to develop the Chinese market of the best bridge。

　　凯辉一期基金历时3年共计投了18家公司。凯辉已经成功退出了其中3家，平均年回报率达到89%。在这3家成功退出的企业中，包括了定制衣柜行业的引领者和龙头企业、此细分领域第一品牌索菲亚(002572,股吧)家居股份有限公司、提供商务类多语种翻译和本地化服务的公司Datawords以及专业医药健康企业PCS.A.集团]。

KaiHui issue fund last three years total vote 18 companies。KaiHui have exited successfully of three，An average annual return at 89%。In the three successful exit in the enterprise，Including the custom chest industry leader and leading enterprises、The segmentation field first brand Sophia(002572,Shares it)Household Co., LTD、Provide business class multilingual translation and localization service company Datawords and professional medical health enterprise PCS. A. group]。

　　“凯辉投资这几家企业的契机都是源于被投资企业对中法、中欧之间的关系和发展有具体需求，而凯辉的适时介入帮助他们解决了发展道路上的关键障碍，这也是我们能够取得高回报的根本原因。凯辉选择企业最关键是看企业的本质、了解企业家和团队，凯辉所做的是发掘有增长潜力的企业，并结合凯辉的跨国资源，帮助其更好更快发展。”蔡明泼表示。

“KaiHui investment this several enterprise is to result from the opportunities of the invested enterprise on the law、The relationship between the central Europe and development have specific needs，And the KaiHui timely intervention help them solve the key obstacles on the road of development，This is we can achieve high return basic reason。KaiHui choose the most key enterprise is to look at the nature of enterprise、Understand the entrepreneurs and the team，KaiHui did their growth potential of the enterprise，And combined with KaiHui multinational resources，Help the better and faster development。”CaiMingPo said。

　　具体而言，据蔡明泼介绍，凯辉专注于投资稳固的、处于成长期、已经具有盈利能力的中法企业。标准包括：第一，优秀的管理团队。凯辉会确认其投资对象拥有经验丰富、战略思路清晰、有雄心和领导力的管理团队；第二，全球化战略和中法资源的整合。凯辉倾向于选择具有稳固的基本面和高速发展战略的公司，凯辉已经制定了特有的制度来帮助被投资企业建立、管理和加速其在中法之间国际化扩张的进程；第三，清晰而稳固的市场定位。目标投资企业必须表现出增长的市场份额、不断扩展的产品线及具有活力的组织构架，以保证企业可以预见不断变化的市场，并且获得成功；第四，产生现金流的能力。这个评估标准能够充分反映公司运营和财务表现，同时也可以用于测算公司的长期价值。

In particular，According to CaiMingPo introduced，KaiHui focus on investment firm、In growth、Have already have profit ability in enterprise of law。Standards including：The first，Excellent management team。KaiHui will confirm its investment object with experience、Strategic thought clear、Ambitious and leadership management team；The second，Globalization strategy and the method of the integration of resources。KaiHui tend to choose to have the solid fundamentals and high speed of the development strategy of the company，KaiHui has made the unique system to help the company established、Management and accelerate its international expansion between the method in the process；The third，Clear and strong market position。Target investment enterprise must show that the growth of the market、Expanding product line and vigorous organizational structure，In order to ensure that the enterprise can foresee a constantly changing market，And gain success；The fourth，The ability to generate cash flow。This assessment standards can fully reflect the company operation and financial performance，At the same time also can be used to calculate the long-term value。

　　纵观凯辉二期基金目前已经完成的交易，被投企业名单里既包括目前国内唯一一家集光学器件及光电设备的研发与制造、应用软件及解决方案开发于一体的高科技公司上海波汇通讯科技有限公司，也包括自1994年起就专业代理国际知名儿童品牌的贸易公司广州智乐商业有限公司。据蔡明泼的介绍，凯辉的投资行业包括：服务业、健康与保健、消费品、零售、信息技术、新能源、食品和环保等。“我们没有规定的行业分布，也没有优先考虑的行业。凯辉基于独特的定位和投资策略，通过行业和地域的分布，分散投资风险。”他表示。

Throughout KaiHui phase ii funds now have completed deal，For the enterprise the list includes both at present domestic only a collection of optical devices and photoelectric equipment r&d and manufacturing、Application software and solutions development in the integration of high-tech companies Shanghai wave remit communication technology Co., LTD，Also includes since 1994 as an agent of the international famous brand professional children the trading company of guangzhou wisdom music business Co., LTD。According to CaiMingPo introduction，KaiHui investment industry including：services、Health and health care、Consumer goods、retail、Information technology、The new energy、Food and environmental protection, etc。“We have no regulation of the industry distribution，Also does not have the priority of the industry。KaiHui based on unique positioning and investment strategy，Through the industry and regional distribution，Disperse investment risk。”He said。

　　蔡明泼指出，近两年欧洲经济的动荡给许多专注欧洲市场的私募股权投资基金造成投融资困难，对于凯辉而言，我们同时投资中国和欧洲市场，这一策略使得我们能够分散不同经济周期带来的风险。在欧洲经济不景气的情况下，越来越多的欧洲企业期望打开中国市场，而凯辉则是他们首选的合作伙伴。同时，也有越来越多的中国企业希望参与国际竞争，并购欧洲优秀品牌和技术，凯辉将利用自己丰富的跨国合作经验和关系网络为这些企业保驾护航。

CaiMingPo points out that，In the past two years the European economic unrest to many focus of the European market caused by private equity funds and financing difficulties，As for KaiHui，We also invested in China and Europe market，This strategy so that we can spread the risks of different economic cycle。In Europe under the situation of economic depression，More and more European companies expect to open the Chinese market，And KaiHui is their preferred partner。At the same time，There were more and more Chinese enterprises to participate in international competition，Mergers and acquisitions European excellent brand and technology，KaiHui will use their own rich experience and network multinational cooperation for the enterprise to escort。