金证券记者 胡春春

Gold securities HuChunChun reporters

　　在PE界出资人、管理人因为回报问题矛盾丛生之时，“PE二级市场”渐行渐近。其间，沪上一家叫做“景天投资”的股权投资公司尤为活跃。《金证券》记者获悉，几个月前，沪上一家知名股权投资公司总经理收到一封邀请函，邀其参加一场在京举办的“PE二级市场投资业务”推介会，落款就是“景天投资”。

In PE boundary contributor、The administrator because returns contradiction of cluster，“PE secondary market”Tapering nearly。meanwhile，Shanghai a called“Stonecrop investment”The equity investment company is particularly active。《Gold securities》The reporter learns，A few months ago，Shanghai a well-known equity investment company general manager received an invitation letter，Invite them to take part in the games in Beijing held a“PE secondary market investment business”seminar，Badging is“Stonecrop investment”。

　　“PE二级市场”究竟是什么？对目前处于水深火热的PE来说，它能打开阿里巴巴那扇大门吗？

“PE secondary market”what？The present in the fiery depths for PE，It can open the alibaba the gate？

　　GP、LP日趋对立 GP、LP growing rivalry

　　“PE二级市场”浮出水面 “PE secondary market”surface

　　这一切还要从PE行业GP和LP的矛盾说起。所谓LP，是指有限合伙人，私募股权基金的资金来源方；GP则指一般合伙人，为基金发起人，扮演基金管理人的角色。

All this but also from the PE industry GP and LP contradictions about。The so-called LP，Refers to the limited partners，Private equity funds party；GP is refers to the general partners，For fund sponsors，Play the role of fund managers。

　　随着国内PE行业的发展，相应的监管越来越严格，导致众多股权私募基金融资困难，很多基金的现实运营中都存在LP中途减少份额或承诺出资尚未到位的现象。另一方面，自2007年－2008年兴起的一部分股权私募基金迎来“兑现期”，在目前国内80%的PE主要靠IPO退出的情况下，A股市场低迷、新股破发直接导致PE回报欠佳，很多GP难以给LP承诺的回报，矛盾因此产生。

With the development of domestic PE industry，The corresponding regulation is more and more strict，Many private equity fund to equity financing difficulties，A lot of fund reality operations in LP midway reduce share or commitments has not yet in place of the phenomenon。On the other hand，From 2007-2008, part of the rise of equity in private equity fund“Cash period”，In the present domestic 80% of PE depend mainly on IPO under the condition of the exit，A-share market downturn、New shares break led directly to the PE poor returns，A lot of GP is difficult to give LP promises returns，Contradictions therefore produce。

　　上海金茂律师事务所律师张兰向《金证券》证实，在接触的股权私募案件中，GP和LP之间的诉讼越来越多，“很多GP和LP合作不到几个月即出现分歧”。

Shanghai jinmao law firm lawyers to ZhangLan《Gold securities》confirmed，The equity of the contact private cases，GP and between LP action more and more，“A lot of GP and LP cooperation within a few months namely branch”。

　　“PE中50%－60%的GP和LP是有矛盾的，这里面又有30%－40%的GP和LP几乎处于对立状态。”沪上某知名股权投资公司总经理对《金证券》记者透露。

“PE 50% - 60% of the GP and LP is a contradictory，It also has a 30% - 40% of the GP and LP in an almost opposite state。”Shanghai a well-known equity investment to the general manager of the company《Gold securities》Reporters revealed。

　　清科研究中心数据显示，2011年全年VC/PE市场募资总额为670.60亿美元，投资总额为403.62亿美元。2012年上半年，在深圳中小板和深圳创业板退出案例的平均账面回报水平分别为6.38倍和5.79倍，去年同期两个市场的平均账面回报分别为8.95倍和8.55倍。回报水平下滑之快令人吃惊。

Clear division research center data display，In the whole year of 2011 VC/PE market need to recapitalise totaled $67.06 billion，The total amount of investment for 40.362 billion dollars。In the first half of 2012，Small and medium-sized plate in shenzhen and shenzhen gem exit case average book return level were 6.38 times and 5.79 times，The same period last year two market average book returns are 8.95 times and 8.55 times。Return level down fast surprise。

　　这一矛盾的存在，使得PE二级市场业务开始被关注。

This one contradiction existence，Make PE secondary market business began to be concerned。

　　所谓的“PE二级市场”指的是，买方从LP手中，以合适的价格购买相应的私募股权权益并持有，和GP矛盾日盛的LP，可以通过这种方式退出。“理想中的状态是股权投资公司以低价买入LP持有的项目权益，然后等待获利。”上海知名股权投资公司总经理对《金证券》说。

The so-called“PE secondary market”Refers to the，The buyer from the hands of LP，At the right price to buy the corresponding private equity rights and hold，And GP contradiction risheng of LP，Through this kind of means can exit。“The ideal state is equity investment company with low price to buy LP hold project rights，Then wait for a profit。”Shanghai famous equity investment to the general manager of the company《Gold securities》said。

　　此前，真正在PE二级市场操作的股权投资公司可谓凤毛麟角，一直到今年6月28日，北金所等四家单位才发起设立中国PE二级市场发展联盟。

after，The real in PE secondary market operation of the equity investment company is rare，Until June 28,，North gold, such as the four unit to start to establish a Chinese PE secondary market development alliance。

　　据《金证券》了解，该联盟成立时发布了修订后的PE二级市场交易规则体系。但在PE一级市场尚有诸多问题未能解决的情况下，这些交易规则难以落地。

According to《Gold securities》understand，The federation was founded issued revised PE secondary market trading rules system。But in the primary market PE there are many problems to solve the case，These trading rules difficult to fall to the ground。

　

　景天被曝零折价接盘 Stonecrop be exposed to the zero discount flange

　　评级、估值缺乏暗藏风险 rating、Valuations are lack of hidden risks

　　在那位沪上知名股权投资公司总经理眼中，景天投资在PE二级市场上可谓“积极”。

In the Shanghai famous equity investment in the general manager of the company，Stonecrop investment in PE in the secondary market is“positive”。

　　“PE二级市场的交易，最重要的就是买入的折价率。景天投资对行业里面的人透露，他们在和LP谈的过程中，拿了很高的折价率，但是我从自己的渠道了解到，实际上折价很少，甚至是零。”他对《金证券》透露。

“PE secondary market transactions，The most important thing is to buy discount rate。Stonecrop investment industry to the inside of the people revealed，They are in the process of LP and talk，Take the high discount rate，But I know from their own channels，In fact few discount，Even zero。”he《Gold securities》revealed。

　　景天投资是谁？由于运作低调而神秘，即便是在PE密布的上海，了解其背景的人也极少。《金证券》记者在和上海投资圈多位人士沟通后，获得的信息也只是，“背后是几个江浙的富二代在操盘”。

Stonecrop investment is who？Due to the operation low-key and mystery，Even in the PE with Shanghai，Understand the background rarely。《Gold securities》Reporter in and Shanghai investment more than ring after personage communication，Information obtained is just，“Jiangsu is behind a few rich the second generation in the operations”。

　　景天投资在给《金证券》的采访邮件中回复，景天控股旗下景天资本(FOF)系PE二级市场的始作俑者，PE行业洗牌就是FOF的机会，捡漏与填空是PE二级市场核心。但景天否认低折价接盘，表示议价能力一直很强，“股权折价率很高”。

Stonecrop investment in to《Gold securities》Interview email reply，Stonecrop holding its stonecrop capital(FOF)Is the PE secondary market，PE industry reshuffle is FOF opportunities，JianLou and fill in the blanks is PE secondary market core。But stonecrop deny low discount flange，Said bargaining power has been strong，“Equity discount rate is very high”。

　　事实上，对于目前PE二级市场的投资，不认同者大有人在。

In fact，For the present PE secondary market investment，Don't identifier there。

　　《金证券》记者在采访了北京和上海多家股权投资公司后，得到的综合反馈是，PE二级市场的交易，风险控制主要有两个方面，一是给项目的估值模式，一是中间的信用评级机构。但是这两点在目前国内PE二级市场的交易中都没有。

《Gold securities》Reporter in the interview in Beijing and Shanghai much home equity investment after the company，Get feedback is comprehensive，PE secondary market transactions，Risk control mainly has two aspects，One is to project valuation model，One is the middle of the credit rating agencies。But the two points in the present domestic PE secondary market transactions are not。

　　“我了解到的景天投资，都是直接找到LP，然后面对面直接谈价格，没有什么估值模式也没有什么信用评级机构，这就存在很大的风险。为什么给出这个估值，信用风险是多少，都是没有依据的。” 沪上那位股权投资公司总经理告诉《金证券》。

“I understand the stonecrop investment，Is directly find LP，Then directly face to face talk about prices，No valuation mode no credit rating agencies，This is a lot of risk。Why is this valuation，How much is the credit risk，Are there is no basis。” Shanghai the equity investment company general manager told《Gold securities》。

　　他说，“PE二级市场”原本是为PE提供更多的交易资产，也为LP提供多样化的退出途径，但在PE一级市场诸多矛盾没有解决的情况下，股权投资公司盲目介入，只能是接手一个“烫山芋”，难以获得实质的回报。

He said，“PE secondary market”Was intended for PE provide more trading assets，Also for LP provides various means to exit，But in the primary market PE many contradictions unsolved cases，Equity investment company blind intervention，Can only be took over a“Hot potato”，Difficult to obtain substantial rewards。

　　上海金茂律师事务所律师张兰也对《金证券》表示，在没有估值模式和信用评级机构参与的情况下，目前股权投资公司在“PE二级市场”的操作手法可能并不合规。

Shanghai jinmao law firm lawyers to ZhangLan also《Gold securities》said，In no valuation mode and credit rating agencies are involved，At present equity investment in the company“PE secondary market”Operation technique may not compliance。