英语悦读｜创造阿尔法收益，中国私募股权经营之道（上）
The following article is from REITs研究社 Author REITs君
REITs研究社
“小白金融”英语悦读系列之一
In search of alpha: Updating the playbook for private equity in China
本报告为REITs研究社“小白金融”专栏翻译组翻译成果。翻译组成员包括：徐照宜、胡威廉、薛拾叁、贺老师、王子琦、高孝森、柯浩然、徐诺亚等。全文约12413字，约阅读需要21min。
本文为REITs研究社原创文章，如需转载请在文前注明来源REITs研究社（REITs-Academy）及作者信息，否则将严格追究法律责任。
REITs研究社，从2020年7月刊发文章以来，一共刊发了8篇研究报告，其中2篇破万，文章也先后被人大经管之家、证券时报、北京大学政府管理学院等所关注或转发。展望2021年，我们将发起星辰计划，并刊发英语悦读系列文章——翻译亚投行关于《2020亚洲基础设施融资报告》。同时，我们也在关注麦肯锡在科技通信、基建地产与生物医疗等领域的研究报告。
摘要：1986年第一家本土私募股权投资公司诞生以来，我国的私募股权经历了长足发展，迄今已达近16万亿元投资规模。2020年，披露金额的8999起投资事件的金额共计19938亿元人民币。截至 2020 年12 月底，已登记私募股权和创业投资基金管理人24309家。全球资产投资排名权威杂志《国际私募股权》数据显示，根据过去五年的融资规模排名，中国现有27家私募股权机构跻身全球前300名。可以说，中国的私募股权市场在全球已占得一席。
伴随资管新规落地，银行、保险、信托、基金等资产管理公司面临全面转型，锻造另类资产投资能力刻不容缓。本土领先的私募基金亟需建立机构化能力，建立卓越品牌，致力于成为世界顶级私募机构。地方性投资集团则须汲取国际领先投资公司的运营智慧，建立包含另类资产在内的专业投资能力。
在宏观经济下行、违约增多的趋势下，另类资产管理愈发受到关注。随着中国另类投资市场的不断成熟与规范，募资难度逐渐加大，机会与挑战并存。一方面，以养老基金、主权基金和捐赠基金为主的境外有限合伙人（LP）近年来逐渐增加了新兴市场特别是中国市场的投资份额。对于这些境外LP而言，他们更加看重普通合伙人（GP）团队的本土化能力，投资的规模化能力与沟通的一致性和透明性。另一方面，本土的LP则以国家背景资本为主，同时也有更多的私营企业，高净值客户加入；国内LP则更看重GP的行业专注能力，团队能力与是否能够提供其他增值服务。
麦肯锡全球董事合伙人梁敦临指出，在华经营的PE公司仍有很多机会，其机会之多，甚至可能超过以往。然而，在中国PE市场，投资人不能再依赖不断增加的交易倍数和整体市场增长来实现回报。GP需要打造新的运营能力，使其能够与被投公司的管理团队紧密合作，共同创造出阿尔法收益。多年来，尽管中国的PE公司一直将阿尔法收益挂在嘴边，但现实中，它们仍主要依靠贝塔收益。而在经济增长减缓的新环境下，这些公司必须加倍努力，积极探索如何创造出真正的阿尔法收益。尽管有些PE公司已经零星建立起一些能力，但更多在华经营的PE公司尚未通过我们上文所描述的系统性方式来打造起这些相应能力。如果PE公司能果断采用系统性方法增强其为被投公司创造价值的能力，便可赢得真正的优势。
◎作者：倪以理、梁敦临◎翻译：徐照宜、薛拾叁 ◎编辑：胡威廉、徐诺亚一、中国私募股权行业趋势
一直以来，中国私募股权（PE）行业都在增长轨道上。受强劲发展的经济推动（2010年中国经济在全球GDP中占比9%，到2019年，这一比重达16%），投资者对PE的需求也很旺盛，使得中国PE市场成长为全球第三大市场。2019年新增投资金额约为600亿美元。
然而，也有一些因素制约着中国PE行业的增长。国有企业向来在市场上居主导，积极收购资产。私营公司往往不愿出售业务，更愿将企业留在家族名下。在收购交易中，企业买家一直是强有力的竞争者，因而有吸引力的交易数量有限。这些因素导致2019年中国PE市场占GDP的比重仅为0.5%。即便是调整了国有企业占行业较大权重这一因素后，中国PE占GDP之比依然远远落后于英国（2.6%）和美国（去年为2.2%）等较发达PE市场。
Private equity(PE) in China has been a story of growth. Spurred on by a burgeoning economy—in 2010, China contributed 9 percent of global GDP; by 2019 it contributed 16 percent—investors’ appetite for PE has made it the third-largest market in the world, with approximately $60 billion in additional capital deployed in 2019.
Other factors, however, have limited the growth of PE in China. State-owned companies have historically crowded the market, competing for assets. Private players have often not wanted to sell businesses, preferring to keep them under family ownership. Corporate buyers have remained powerful competitors when it comes to acquisitions, limiting the number of attractive deals. As a result, private equity as a share of GDP in China was just 0.5 percent in 2019. Even adjusting for the larger role that state-owned companies play in Chinese industry, this significantly lags that of more developed PE markets, such as the United Kingdom, where PE made up 2.6 percent of GDP, and the United States, where PE comprised 2.2 percent of GDP last year.
【注释】private equity (PE): 私募股权
state-owned company: 国有企业
private players: 私营公司
however: 段间逻辑，转折。欲抑先扬，前部分指出中国私募股权发展的旺盛，后部分点处依旧存在的问题。
lag：落后于
private equity as a share of GDP = this = that
这一差距表明，中国PE市场仍有增长空间，而且可能将迎来变革。显然，投资者依然乐观，认为未来中国市场将继续涌现出新机会。在2009年到2019年间，在中国经营的PE公司募资的年复合增长率为29%，增速领跑所有主要资产类别（见图1）。同时，市场中还出现其他一些变革迹象：自2014年以来，中国基金的平均规模翻了两番，而且随着新的共同投资人加入，交易复杂性也大大增加。
This gap is one sign that the Chinese PE market has room to grow—and change may be coming. Indeed, it is clear that investors in China are optimistic that new opportunities will continue to arise. From 2009 through 2019, fundraising for PE firms operating in China grew at a compounded annual rate of 29 percent, the strongest growth among all major asset classes (Exhibit 1). And the market shows other signs of change: the size of the average fund in China has almost quadrupled since 2014, and the the complexity of the deals has increased as new co-investors have come on board.【注释】
【注释】Compound Annual Growth Rate (CAGR)：复合增长率。CAGR并不等于现实生活中GR（Growth Rate）的数值。它的目的是描述一个投资回报率转变成一个较稳定的投资回报所得到的预想值。
come on board：上船(飞机、火车等)；加入。
real estate and infrastructure：房地产与基建
venture capital：风险投资
房地产包括未上市房地产基金、房地产共同投资；基建包括未上市基建基金、基建基金。风险投资包括早期、初创期、种子轮、扩张／后期基金；私募股权类型包括并购型、成长型、混合型、平衡型、重整资本型、共同投资基金。
新冠疫情对经济的影响可能会为PE带来更多机会。尽管2020年初的交易量同比下滑70%以上，但交易出现反弹的可能性很大，部分原因在于诸多现金短缺的公司如今正在重新考虑旗下的业务组合，其中许多公司可能会成为潜在收购目标。
The impact of COVID-19 on the economy could provide further opportunities for private equity. Although deal volumes in early 2020 dropped more than 70 percent year-on-year, the rebound is likely driven in part by cash-strapped companies rethinking their business portfolios. Many of their assets are increasingly coming up as potential acquisition targets.
【注释】year-on-year：adj. 与上年同期数字相比的
business portfolio 业务组合
劣 and 优：对比逻辑，指出可能存在的反面，是为了强调和突出正面
二、贝塔收益时代的终结
目前存在一个明显的行业趋势：资金正越来越多地流向规模最大、业绩最好的PE公司。2015年，前十大专注于大中华区的PE基金在整体募资中占比23%（根据5年往绩均值计算）；到2019年，这一比例升至30%。如果说过去很多PE公司还能从中国宏观经济增长中大幅获益，那么今后，随着交易竞争日益加剧，仅仅依靠贝塔收益将难以为继。
此外，有一类基金并未从经济增长中获益：即本土普通合伙人（GP）所募集的人民币基金。这类基金的募资金额在2017年到2019年间大幅减少，这正是这段时期中国PE公司募资总额下降的主要原因（见图3）。
One pattern is clear: funding increasingly flows toward the largest, highest-performing firms. The top ten China-focused PE funds contributed 23 percent of fundraising in 2015 (based on the trailing five-year average); by 2019, they contributed 30 percent. But whereas in the past many firms were able to benefit significantly from China’s macroeconomic growth, increased competition for deals likely means that relying on beta will not be enough in the future.
One type of fund that has not benefited from this growth are RMB funds raised by domestic financial GPs, which experienced a steep decline in fundraising between 2017 and 2019. This drop was the main reason why total funds raised by PE firms in China declined during this period (Exhibit 3).
【注释】beta：诺贝尔经济学奖得主威廉·夏普 William F. Sharpe（夏普比率）在1964年发表的一篇论文中，将金融资产的收益拆分成两部分：和市场一起波动的部分叫贝塔收益，不和市场一起波动的部分叫做阿尔法收益。对应到公式上就是 资产收益=阿尔法收益+贝塔收益+残留收益（残留收益为随机变量）。
GP：General Partner，普通合伙人。一般就是投资机构，比如私募管理人。是那些进行投资决策以及公司内部管理的人。他们也需要出一定资金负责，然后主要负责投资管理和运营。
LP：Limited Partner，有限合伙人。一般是投资者，出资方。他们以出资额对股权负责，享有回报的权利，不负责具体事务。
由于竞争加剧，标的公司的估值可能会保持在较高水平。同时，在华PE公司还要面对持续的贸易和地缘政治紧张局势带来的不确定性与风险。
为持续增长、保持繁荣，在华PE公司的第一要务是获取新的能力并调整战略，为被投公司创造价值。
Valuations of target companies are likely to remain high due to intense competition. PE firms operating in China must also contend with higher levels of uncertainty and risk due to ongoing trade and geopolitical tensions.
To continue to grow and thrive, PE firms operating in China, above all else, will need to acquire new capabilities and adjust their strategies to create value in their portfolio companies.
trade and geopolitical tension 贸易和地缘政治的紧张局势
私募股权：平衡型、并购型、共同投资、多管理人共同投资、二级私募股权交易、增长型和重整资本。
private debt：私募债券权。包括但不限于：直接借贷(Direct Lending)，不良债权(Distressed Debt)，夹层债(Mezzanine)，特殊债(Special Situations)，风投借贷(Venture Debt)，私人债务FOF等。
过去，基金也会谈起创造阿尔法收益，将之作为“加分项”；如今，在这个充满挑战的经济环境下，创造阿尔法已成为取得成功的必备条件。
为确保能为被投公司增加价值、跑赢市场、成为创造非凡回报的投资机构，我们认为PE公司需采取以下四项关键措施。
1. 向有限合伙人（LP）传达新颖、明确的价值主张。普通合伙人需要清晰阐释其创造价值的差异化策略：提升专业化程度，或向相邻资产类别扩展以实现规模化。
2. 实现人才、治理和组织卓越。作为专业服务公司，人才至关重要；在某些专业人才稀缺的中国PE市场上更是如此。
3. 完善交易发起和执行方式。在行业层面，更丰富的专业能力以及与潜在被投公司建立信任关系能够有效帮助PE进行项目寻源。此外，对特定资产的价值创造具备清晰观点和完备计划，也可提升PE在更复杂交易方面的执行能力及之后的价值实现能力。
4. 尽早为成功退出做准备。要实现成功退出，筹备工作的启动时间应至少比计划退出时间提前18个月，这样才能让资产持有人有时间构建令人信服的股权投资故事。
While in the past funds may have talked about generating alpha as a ‘nice to have’, in today’s challenging economic environment, generating alpha has become a must-have condition for success.
We believe that PE firms need to take four key actions to ensure that they can add value to individual companies, outperform the market, and become institutions that can reliably produce exceptional returns:
1. Articulate a new, clear value proposition to LPs. GPs need to clearly state their differentiated strategy for creating value: become more specialized or achieve scale by, for example, expanding into adjacent asset classes.
2. Achieve excellence in talent, governance, and organization. As a professional services firm, talent is critical, especially in a market like China, where the availability of certain types of specialized talent remains constrained.
3. Refine how to successfully originate and execute on deals. More sector-level expertise and trust built with potential portfolio companies can help with deal sourcing. Having a clear view of—and plan for—how to create value in an asset can boost their ability to execute more complex deals and then deliver that value.
4. Prepare for successful exits, early on. Planning a successful exit should start at least 18 months prior to a planned exit. allowing time for asset owners to shape a compelling equity story.
【注释】nice to have 加分项
a must-have condition 必备条件
outperform the market 跑赢市场
the availability of certain types of specialized talent remains constrained：the availability remains constrained；两个of接后置定语修饰前面的名词。
shape a story 构建一个故事。动词的使用可以更加灵活。
面对新的挑战，只有立即采取行动并做出改变的公司才能续写成功。为帮助私募股权投资人和其他相关人士更好地了解中国私募资本市场，我们研究了相关行业数据与趋势，发现该市场仍有很大增长空间。新冠疫情可能会进一步加快这些趋势，并为深谙其理的PE投资人带来新机会。
Those firms that are able to take action and make changes now can sustain their success in the face of new challenges. To help private equity investors and others get a better understanding of the private capital market in China, we studied data and trends and found that there is still plenty of room to grow. The COVID-19 crisis is likely to further accelerate these trends and provide opportunities for savvy PE investors.
【注释】The COVID-19 crisis 再次提到新冠疫情，与前文呼应
savvy: having or showing perception, comprehension, or shrewdness especially in practical matters
三、从少数股权投资转控股型交易
随着市场的成熟，专注于大中华区的PE基金正在调整投资策略，交易类型从少数股权投资转向控股型交易，后者可以对被投公司的运营和增长施加更大影响力。
随着过往业绩透明度提升，加之LP更倾向与数量有限的几家基金合作，这些因素推动募资越来越向少数几家基金集中。我们预计，随着时间的推移，绩优者与落后者之间的差异将越发明显，行业集中度也将进一步提高。对于能够创造价值的基金而言，成功的退出仍将是一大挑战，在华经营的基金目前仍主要依赖企业买家来实现退出。
As the market has matured, PE funds focusing on China have started to shift from buying minority stakes in companies toward deals that would give funds more influence over portfolio companies’ operations—and growth.
Fundraising is increasingly concentrated within a subset of GPs, driven by better visibility on historical track record and preference of LPs to deal with a limited number of funds. As the difference between performers and laggards becomes more pronounced over time, we expect the industry to become further concentrated. For funds that are able to create value, exits will remain a challenge, as funds operating in China currently rely on corporate buyers to exit in a significant way.
【注释】stake：equity stake 股权
driven by 因果逻辑，A driven by B and C，因为B和C，所以A
performer 绩优者
laggard 落后者
in a significant way 主要
A complex, maturing market with room to grow 市场日趋复杂、成熟，仍有增长空间
2019年，私募股权基金和创投基金在中国的投资总计660亿美元，而在英国的投资为710亿美元，美国为4,710亿美元。
我们预计LP将继续关注中国。在本次调查中，一些领先LP在访谈中告诉我们，他们希望资产配置能够反映出一个国家和地区在全球GDP 中的比重。然而，多数机构在中国的资产配置比例尚未达到相应水平，2019年中国在全球GDP中占比16%。鉴于中国从现在到2024年对全球GDP增长的贡献率预计将高达25%，未来LP对中国的关注将有增无减。
随着在华投资的增长，中国的PE交易规模也在扩大。2019年的平均交易规模已增至7,500万美元，远高于2009年的3,600万美元。而且大规模交易有所增加：过去10年间，规模在5亿美元以上的交易占比和数量均有所上升。2009年，这样的超大型交易仅有四笔（占总数的1%），而2019年则为40笔（占比4%）。
In 2019, private equity and venture capital funds deployed $66 billion of their funds in China, compared to $71 billion in the United Kingdom and $471 billion in the United States.
We expect LPs to continue to focus on China. Some of the leading LPs we spoke with during this research told us they would like their asset allocation to mirror a region’s share of global GDP. Most firms, however, have not reached this for China, which contributed 14 percent of global GDP in 2019. This trend will likely continue as China is expected to contribute up to 25 percent of global GDP growth from now until 2024.
As investments in China have grown, so have the size of PE deals. Average deal size rose to $75 million in 2019 from $36 million in 2009. The same trend toward scale has played out at the other end of the market: both the share and number of deals over $500 million have increased in the last decade. In 2019, the number of such megadeals rose to 40 (four percent of the total), up from just 4 (1 percent) in 2009.
【注释】compare to 把...比作，比喻为 。The city is vast compared to our village 和我们村相比，这个城市非常大。
speak with 和…商量；和…谈话。We spoke with him in Washington, D.C 他刚从华盛顿和我们进行了连线。
a region’s share of global GDP 一个地区在全球GDP中所占的份额。
play out 做完，放出，精疲力尽 She continued to play out her role of dutiful daughter 她继续恪尽她作为女儿的职责。
megadeal 特大交易
我们预计，在华经营的基金将越来越多地寻求控股型交易。此类交易让投资人能够直接管控资金配置、人才和退出战略。事实证明，在收购少数股权的交易中，投资人很难充分影响被投公司。目前，并购型基金的增速超过成长型基金。从2009年到2019年，并购型基金的年复合增长率为105%，而成长型基金同期的年复合增长率仅有16%（见图4）。
自2015年以来，这一反差尤为明显：成长型基金的募资金额出现了19%的年均下滑，而并购型基金则每年增长12%。2019年并购型基金的总价值达到200亿美元的历史最高水平，在募资总额中占比58%。
募资的大量集中也引发了担忧。人们担心GP手中可投资金过多是否会抬高资产定价并破坏行业自律。尽管自2016年以来，可投资金增长近一倍，但到2019年，资金“待投年份”（即以当前投资水平做出一定规模投资所需的时间）为2年，并未大幅延长，而且与全球水平（1.9年）也大致相符（见图5）。无论如何，资本的差异性可能都已不及从前，从而更加凸显了创造阿尔法收益的重要性。
We expect funds operating in China to increasingly seek deals where they purchase a controlling interest in an asset. Such deals give investors direct management control of capital allocation, talent, and exits. Where investors hold minority stakes, it has proved difficult to sufficiently influence their portfolio companies. Buyout funds, which grew by 105 percent CAGR between 2009 and 2019, are now growing more rapidly than growth funds, which grew by only 16 percent CAGR during the same period (Exhibit 4).
The contrast has been particularly stark since 2015, as the capital raised by growth funds fell by 19 percent annually, compared to 12 percent annual growth for buyout funds. The total value of buyout funds reached its highest ever level of $20 billion in 2019, which represented 58 percent of total fundraising.
This fundraising has raised questions whether too much ‘dry powder’—committed capital to GPs but not invested yet—could drive up pricing and erode discipline in the industry. While dry powder has nearly doubled since 2016, the years on hand (how long it takes to invest an amount at current investment levels) in 2019 did not materially go up, and at two years is roughly in line with global levels (1.9 years) (Exhibit 5). In any case, it is likely that capital will be less differentiating than in the past, putting even more emphasis on alpha creation.
【注释】
deals where they purchase a controlling interest in an asset 控股型交易
management control of capital allocation, talent, and exits 管控资金配置、人才和退出战略
minority stakes 少数股权交易
portfolio companies 被投公司
buyout funds 并购型基金
growth funds 成长型基金
raised questions 引发担忧
Dry powder is a slang term referring to marketable securities that are highly liquid and considered cash-like.
committed capital to GPs 投资机构手中可投资金
the years on hand：资金，“代持年份”
In any case 无论如何
be less differentiating than in the past 不及从前
putting even more emphasis on alpha creation 从而更加凸显了创造阿尔法收益的重要性
四、中国的募资越来越向大型基金集中
市场的不断成熟让潜在LP们能够更轻而易举地评估GP业绩，这导致资金向大型GP集中。近期的一项调查表明，过往业绩、项目储备和过往业绩可追溯时长是当前筛选GP的前三大因素1。同时，出于对运营效率和合规方面的考虑，LP也倾向于与有限数量的基金打交道。新冠疫情可能更加快了这一趋势：由于缺乏当面交流的机会，LP们或许更愿意选择自己已熟识的GP。2019年，以专注于大中华区的私募股权基金的平均规模已从2009年的9,300万美元增至8.16亿美元。
1 Preqin投资者调查。
尽管我们在美国等其他市场也看到了类似趋势，但中国市场的集中度更高（见图6）。基金平均规模扩大的趋势可能会延续。这一点从大中华区新GP增长停滞上也能反映出来。2019年，首次募资基金的比例至少是过去10年来最低的，只有13%，而在2020年前5个月这一比例甚至更低（见图7）。
行业集中度如此之高，这让许多小基金未来面临着更大挑战。实际上，2009年募集的基金中，规模不到10亿美元的基金占比88%，而在 2019年这一比例仅为20%。2017年新基金共募资163亿美元，但2019年的新基金募资额仅为不到2亿美元。
The maturing market has made it easier for prospective LPs to evaluate GPs’ performance, which has contributed to the concentration of funding with large GPs. A recent survey indicates that past performance, deal pipeline, and duration of track record are now the top three factors in GP selection.1 At the same time, LPs prefer to deal with a limited number of funds for operational efficiency and compliance reasons. COVID-19 might have accelerated this trend, since the lack of in-person meetings may favor GPs that are already familiar to LPs. The average size of Greater China–focused private equity funds has increased to $816 million in 2019 from $93 million in 2009.
1 Preqin Investor Survey.
Although we see similar trends in other markets such as the United States, China has become more concentrated than these markets (Exhibit 6). The trend toward larger average fund size is likely to continue. This is also visible in the halting growth in new GPs in Greater China. The percentage of funds that raised capital for the first time is the lowest in at least the past ten years, dropping to 13 percent in 2019 and even lower in the first five months of 2020 (Exhibit 7).
This level of industry concentration suggests that many smaller funds could face a more challenging future. Indeed, funds of less than $1 billion made up 88 percent of the funds raised in 2009, but just 20 percent in 2019. New funds raised $16.3 billion in 2017, but less than $200 million in 2019.
【注释】
past performance 过往业绩
deal pipeline 项目储备
duration of track record 过往业绩可追溯
operational efficiency 运营效率
compliance reasons 合法合规
the halting growth 增长停滞
indeed 实际上
五、PE退出途径高度依赖企业买家
大中华地区PE的主要退出途径是出售给企业买家。自2016年以来，企业购买占到退出价值的80%~90%，占退出交易数量的70%~90%（见图8）。
过去5年来，退出交易的数量减少而规模扩大。中国市场的退出交易总数在2014年达到229笔的峰值，但到2019年已降至112笔，而同期平均单笔退出交易价值从9,600万美元攀升至2.67亿美元。
IPO退出占比大幅下降，2010年至2014年间，IPO退出占退出交易价值的40%~60%，而到2018年至2019年，这一比例已大幅降至5%左右。二级私募股权交易的退出占比始终相对较小，2014年至2019年间平均为6%。不过许多GP预计二级私募股权交易的数量可能会增多，部分原因在于PE持有的公司数量在不断增长。在中国，这种对企业买家的依赖意味着，企业的并购支出若有所波动，则将会对整个PE市场构成风险。
Sales to a strategic corporate player, or trade sales, are the predominant exit route for PEs in Greater China. Since 2016, corporate buyers have accounted for 80–90 percent of exit value and 70–90 percent of the number of deals (Exhibit 8).
Over the last five years, the trend has been towards fewer, larger exits. The total number of exits in the China market had declined to 112 by 2019 after peaking at 229 in 2014, while the average deal value climbed to $267 million from $96 million over the same period.
IPO exits, which made up 40–60 percent of exit deal value between 2010 and 2014, have decreased substantially to around 5 percent in 2018–19, while secondary sales have always made up a comparatively small proportion of exit deals (6 percent on average between 2014 and 2019). Nevertheless, many GPs expressed their expectation that secondary deals could increase, driven partly by the growing number of PE-owned companies. This reliance on corporate buyers in China means that fluctuation in spending on corporate M&A poses a risk for the overall Chinese PE market.
【注释】
a strategic corporate player, or trade sales 企业卖家
the average deal value 平均单笔退出交易价值
secondary sales 二级私募股权交易
driven by 原因在于,因果逻辑。
the reliance on corporate buyers 对企业买家的依赖
M&A（Mergers and Acquisitions ）即企业并购，包括兼并和收购两层含义、两种方式。国际上习惯将兼并和收购合在一起使用，统称为M&A，在中国称为并购。
poses a risk 构成风险
近年来，私募股权投资市场有所降温，但热门行业和热门区域仍延续近年来快速发展趋势。政策红利释放，中小、高新、初创科技型企业标的增幅明显，科技、消费、大健康产业投资最受关注，增长较快。被投企业的高成长性是投资策略的最核心驱动因素。随着行业成熟度的提升，国内私募股权基金管理人，特别是大规模的基金管理人对ESG（环境、社会和企业治理）的重视程度逐渐提高。投后管理团队和机制更趋专业化，私募股权投资从价值发现到价值创造转变。伴随着国内资本市场退出机制不断完善，私募股权市场存量投资风险正在加速化解，退出案例金额和数量明显增加。
——高华资本（香港）合伙人高孝森
转自REITs研究社 作者 REITs君
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