{"id":2670,"date":"2023-09-04T16:36:00","date_gmt":"2023-09-04T08:36:00","guid":{"rendered":"http:\/\/www.yuntou8.com\/?p=2670"},"modified":"2023-09-04T16:36:00","modified_gmt":"2023-09-04T08:36:00","slug":"%e9%bb%91%e7%9f%b3%ef%bc%8c%e8%a6%81%e7%a0%8d%e7%ae%a1%e7%90%86%e8%b4%b9%e4%ba%86","status":"publish","type":"post","link":"http:\/\/www.yuntou8.com\/?p=2670","title":{"rendered":"\u9ed1\u77f3\uff0c\u8981\u780d\u7ba1\u7406\u8d39\u4e86"},"content":{"rendered":"<p>\u9ed1\u77f3\u4f3c\u4e4e\u6495\u5f00\u4e86\u4e00\u9053\u53e3\u5b50\u3002,\u300a\u91d1\u878d\u65f6\u62a5\u300b\u63f4\u5f15\u77e5\u60c5\u4eba\u58eb\u62a5\u9053\u79f0\uff0c\u9ed1\u77f3\u5df2\u7ecf\u91cd\u542f\u65d7\u4e0b\u540d\u4e3aBlackstone Private Equity Strategies Fund \uff08\u7b80\u79f0BXPE\uff09\u7684\u79c1\u52df\u80a1\u6743PE\u57fa\u91d1\u52df\u96c6\u5de5\u4f5c\uff0c\u8be5\u57fa\u91d1\u4e3b\u8981\u9762\u5411\u5bcc\u4ebaLP\uff0c\u8ba1\u5212\u4e8e\u660e\u5e741\u6708\u6b63\u5f0f\u63a8\u51fa\u3002,\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0c\u4e0d\u540c\u4e8e\u5e38\u89c1\u7684\u6bcf\u5e741.5%-2%\u7684\u7ba1\u7406\u8d39\u533a\u95f4\uff0c\u9ed1\u77f3\u8be5\u65b0\u57fa\u91d1\u5c06\u6536\u53d61.25%\u7684\u7ba1\u7406\u8d39\uff0c\u4e14\u4e3aLP\u63d0\u4f9b\u516d\u4e2a\u6708\u7ba1\u7406\u8d39\u7684\u8d39\u7528\u51cf\u514d\u671f\u3002,\u6362\u8a00\u4e4b\uff0c\u4e3a\u4e86\u5438\u5f15LP\uff0c\u9ed1\u77f3\u915d\u917f\u964d\u4f4e\u7ba1\u7406\u8d39\u3002\u8fd9\u5728\u6d77\u5916\u4e5f\u5e76\u975e\u5b64\u4f8b\uff0c\u8fc7\u53bb\u4e24\u5e74\u5168\u7403\u6d41\u52a8\u6027\u544a\u6025\u4e0b\uff0c\u4e00\u7ea7\u5e02\u573a\u52df\u8d44\u53d7\u56f0\uff0c\u6211\u4eec\u6240\u719f\u77e5\u7684\u8001\u864e\u73af\u7403\u57fa\u91d1\u3001\u7ea2\u6749\u7f8e\u56fd\u7b49\u77e5\u540dVC\/PE\u57fa\u91d1\u90fd\u7ed9\u51fa\u4e86\u4f4e\u4e8e\u884c\u4e1a\u6807\u51c62%\u7684\u7ba1\u7406\u8d39\u6570\u5b57\u3002,\u800c\u5927\u6d0b\u5f7c\u5cb8\u7684\u53e6\u4e00\u8fb9\uff0c\u6211\u4eec\u8eab\u8fb9\u4e5f\u5f00\u59cb\u51fa\u73b0\u76f8\u4f3c\u7684\u4e00\u5e55\u3002,<strong>\u9ed1\u77f3\u91cd\u542f\u65b0PE\u57fa\u91d1<\/strong>,<strong>\u7ba1\u7406\u8d39\u65361.25%<\/strong>,\u65e9\u57282022\u5e743\u6708\uff0c\u9ed1\u77f3\u5c31\u5df2\u7ecf\u5728\u915d\u917f\u52df\u96c6\u8fd9\u652f\u57fa\u91d1\u3002,\u5f7c\u65f6\u7684\u6d88\u606f\u62ab\u9732\u663e\u793a\uff0c\u9ed1\u77f3\u5386\u6765\u670d\u52a1\u4e8e\u517b\u8001\u57fa\u91d1\u3001\u6350\u8d60\u57fa\u91d1\u548c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u7b49\u673a\u6784\u5ba2\u6237\uff0c\u4f46\u4ece2022\u5e74\u8d77\u51c6\u5907\u5f00\u8bbe\u4e00\u652f\u9488\u5bf9\u5bcc\u4eba\u53c2\u4e0e\u5176\u79c1\u52df\u80a1\u6743\u4e1a\u52a1\u7684\u65d7\u8230\u6218\u7565\u57fa\u91d1BXPE\u3002\u8fd9\u5e74\u4e00\u5b63\u5ea6\uff0c\u9ed1\u77f3\u901a\u77e5\u4e86\u5bcc\u6709\u6295\u8d44\u8005\u53ca\u5176\u8d22\u52a1\u987e\u95ee\uff0c\u8ba1\u5212\u57282023\u5e74\u521d\u63a8\u51fa\u8be5\u57fa\u91d1\u3002,\u636e\u4e86\u89e3\uff0cBXPE\u7684\u6210\u7acb\u662f\u4e3a\u4e86\u6295\u8d44\u4f01\u4e1a\u6536\u8d2d\u548c\u80a1\u6743\u5bfc\u5411\u7b56\u7565\uff0c\u5305\u62ec\u540e\u671f\u98ce\u9669\u6295\u8d44\u4ee5\u53ca\u8d2d\u4e70\u5176\u5b83\u79c1\u52df\u80a1\u6743\u516c\u53f8\u6216\u5176\u57fa\u91d1\u7684\u80a1\u4efd\u3002\u66f4\u591a\u7684\u516c\u5f00\u4fe1\u606f\u663e\u793a\uff0cBXPE\u9075\u5faa\u201c\u6c38\u7eed\u751f\u547d\u5468\u671f\u201d\u7b56\u7565\uff08Perpetual-life Strategy\uff09\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u5b9a\u671f\u8d4e\u56de\uff0c\u4e0a\u9650\u4e3a5%\u3002,\u4f46\u540e\u6765\u4e00\u573a\u7a81\u5982\u5176\u6765\u7684\u8d4e\u56de\u98ce\u66b4\uff0c\u6b64\u8ba1\u5212\u88ab\u8feb\u505c\u6ede\u3002\u8fd9\u4e00\u4e8b\u4ef6\u52a0\u4e0a\u7b3c\u7f69\u5728\u534e\u5c14\u8857\u4e0a\u65b9\u7684\u6d41\u52a8\u6027\u9634\u5f71\uff0c\u76f4\u63a5\u5f71\u54cd\u4e86\u5e76\u51cf\u7f13\u4e86\u5bcc\u88d5\u6295\u8d44\u8005\u7684\u51fa\u8d44\u610f\u613f\u3002\u65e0\u5948\u4e4b\u4e0b\uff0c\u9ed1\u77f3\u53ea\u597d\u6682\u65f6\u6401\u7f6e\u4e86\u539f\u672c\u8ba1\u5212\u57282023\u5e74\u521d\u4eae\u76f8\u7684BXPE\u3002,\u5982\u4eca\u65f6\u96949\u4e2a\u6708\uff0c\u8d4e\u56de\u98ce\u6ce2\u6563\u53bb\uff0c\u9ed1\u77f3\u51b3\u5b9a\u91cd\u542f\u96f6\u552e\u6536\u8d2d\u57fa\u91d1\u2014\u2014BXPE\u5c06\u4e8e\u4eca\u5e74\u7b2c\u56db\u5b63\u5ea6\u5f00\u59cb\u63a5\u53d7\u8ba4\u8d2d\u3002\u800c\u4e3a\u4e86\u523a\u6fc0LP\u7684\u9700\u6c42\uff0c\u9ed1\u77f3\u715e\u8d39\u82e6\u5fc3\u3002\u300a\u91d1\u878d\u65f6\u62a5\u300b\u770b\u5230\u7684\u4e00\u4efd\u6765\u81ea\u9ed1\u77f3\u7684\u52df\u8d44\u6587\u4ef6\u663e\u793a\uff0c\u5176\u4e2d\u51fa\u73b0\u4e86<br \/>\n<strong>\u7ba1\u7406\u8d39\u964d\u81f31.25%\uff0c\u4e14\u9996\u516d\u4e2a\u6708\u51cf\u514d\u7ba1\u7406\u8d39<\/strong>\u3002,\u8981\u77e5\u9053\uff0c\u9ed1\u77f3\u6709\u4e24\u4e2a\u4e3b\u8981\u6536\u5165\u6765\u6e90\uff1a\u7ba1\u7406\u8d39\u548c\u7ee9\u6548\u8d39\u3002\u7ba1\u7406\u8d39\u4e0d\u96be\u7406\u89e3\uff1b\u7ee9\u6548\u8d39\uff0c\u4e5f\u5c31\u662fcarry\uff0c\u662f\u6295\u8d44\u4ea7\u751f\u7684\u5229\u6da6\u7684\u4e00\u90e8\u5206\uff0c\u53d6\u51b3\u4e8e\u6295\u8d44\u7ec4\u5408\u7684\u6210\u529f\u3002\u5176\u4e2d\u7ba1\u7406\u8d39\u662f\u9ed1\u77f3\u6536\u5165\u7684\u5927\u5934\u2014\u2014\u4eca\u5e74Q2\uff0c\u9ed1\u77f3\u76c8\u5229\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u540c\u6bd4\u589e\u957f7%\u81f37310\u4ebf\u7f8e\u5143\uff0c\u4ee5\u6b64\u5e26\u52a8\u4e86\u7ba1\u7406\u8d399%\u7684\u589e\u957f\uff0c\u8fbe\u5230\u521b\u7eaa\u5f55\u768417\u4ebf\u7f8e\u5143\u3002,\u7efc\u5408\u8fc7\u5f80\u57fa\u91d1\uff0c\u9ed1\u77f3\u4e00\u822c\u6309\u7167\u6295\u8d44\u8005\u7684\u603b\u8d44\u672c\u627f\u8bfa\u6536\u53d61.5%\u20142%\u7684\u7ba1\u7406\u8d39\uff1b\u5982\u679c\u56de\u62a5\u7387\u9ad8\u4e8e6%\uff0c\u5219\u6536\u53d620%\u7684\u7ee9\u6548\u8d39\u3002,\u5982\u6b64\u6765\u770b\uff0c\u9ed1\u77f3\u8fd9\u4e00\u6b21\u63091.25%\u6765\u6536\u53d6\u7ba1\u7406\u8d39\uff0c\u867d\u7136\u4e5f\u5728\u5e38\u89c1\u533a\u95f4\uff0c\u4f46\u8fd8\u662f\u8f83\u4ee5\u5f80\u6709\u4e86\u4e00\u5b9a\u6bd4\u4f8b\u7684\u964d\u4f4e\uff0c<br \/>\n<strong>\u53e6\u4e00\u8fb9\u7ee9\u6548\u8d39\u4e5f\u4ece20%\u964d\u5230\u4e8612.5%<\/strong>\uff0c\u8db3\u4ee5\u53ef\u89c1\u79c1\u52df\u80a1\u6743\u5e02\u573a\u52df\u8d44\u4e4b\u8270\u96be\u3002,<strong>\u8001\u864e\u7ea2\u6749\u7f8e\u56fd\u4e5f\u964d\u4e86<\/strong>,\u8fd9\u80cc\u540e\u6298\u5c04\u4e86\u7f8e\u56fdPE\u884c\u4e1a\u7684\u56f0\u5883\u3002,\u4eca\u5e74\u4ee5\u6765\uff0c\u5168\u7403\u79c1\u52df\u80a1\u6743\u6c5f\u6e56\u5728\u52df\u3001\u6295\u3001\u9000\u4e0a\u5448\u73b0\u4e86\u4e0d\u540c\u7a0b\u5ea6\u7684\u8dcc\u843d\uff0c\u884c\u4e1a\u5bf9\u6d41\u52a8\u6027\u7684\u6e34\u6c42\u8fbe\u5230\u4e86\u9ad8\u70b9\u3002\u8d1d\u6069\u516c\u53f8\u53d1\u5e03\u76842023\u5e74\u5168\u7403\u79c1\u52df\u80a1\u6743\u5e02\u573a\u5e74\u4e2d\u62a5\u544a\u663e\u793a\uff0c2023\u5e74\u4e0a\u534a\u5e74\uff0cLP\u4ecd\u5904\u4e8e\u5468\u671f\u6027\u7d27\u7f29\u4e2d\uff0c\u5168\u7403\u79c1\u52df\u57fa\u91d1\u5728\u8fc7\u53bb\u516d\u4e2a\u6708\u4e2d\u7684\u52df\u8d44\u989d\u8dcc\u81f35170\u4ebf\u7f8e\u5143\uff0c\u8f83\u53bb\u5e74\u540c\u671f\u4e0b\u964d35%\u3002,\u8fd9\u610f\u5473\u7740\uff0c\u5f53\u524d\u60f3\u8981\u987a\u5229\u7b79\u96c6\u65b0\u57fa\u91d1\u662f\u4e00\u9879\u5341\u5206\u8270\u5de8\u7684\u4efb\u52a1\u3002\u8427\u6761\u7684\u80cc\u666f\u4e0b\uff0c\u964d\u7ba1\u7406\u8d39\u7684\u5e76\u975e\u53ea\u6709\u9ed1\u77f3\uff0c\u4e00\u4e9bPE\u673a\u6784\u90fd\u66fe\u5b9e\u65bd\u5c11\u6536\u7ba1\u7406\u8d39\u6216\u63a8\u884c\u7ba1\u7406\u8d39\u4f18\u60e0\u7b49\u63aa\u65bd\u3002,\u4eca\u5e746\u6708\uff0c\u8001\u864e\u73af\u7403\u57fa\u91d1Tiger Global\u5b8c\u6210\u4e86\u65b0\u57fa\u91d1\uff08Tiger Global Private Investment Partners XVI\uff0cPIP 16\uff09\u7684\u9996\u5173\uff0c\u5171\u4ece300\u591a\u4e2aLP\u5904\u52df\u96c6\u8d44\u91d1\u8fd127\u4ebf\u7f8e\u5143\u3002\u5176\u5b9e\u8fd9\u652f\u57fa\u91d1\u57282022\u5e7410\u6708\u5c31\u5df2\u7ecf\u542f\u52a8\u52df\u96c6\uff0c\u5f53\u65f6\u6700\u521d\u7684\u76ee\u6807\u89c4\u6a21\u662f80\u4ebf\u7f8e\u5143\u3002,\u7136\u800c\uff0c\u5168\u7403\u521b\u6295\u73af\u5883\u6025\u5267\u6536\u7f29\uff0c\u8fd9\u652f\u57fa\u91d1\u52df\u5f97\u5e76\u4e0d\u987a\u5229\u3002\u4e3a\u6b64\uff0c\u8001\u864e\u73af\u7403\u57fa\u91d1\u5c06\u7b79\u96c6\u76ee\u6807\u964d\u5230\u4e8660\u4ebf\u7f8e\u5143\u3002\u6839\u636e\u5176\u63d0\u4ea4\u7ed9\u76d1\u7ba1\u673a\u6784\u7684\u6587\u4ef6\u62ab\u9732\uff0c\u5230\u4eca\u5e741\u6708\u6240\u8c13\u7684\u9996\u6b21\u52df\u8d44\u7ed3\u675f\u65f6\u95f4\uff0c\u901a\u5e38\u57fa\u91d1\u7684\u52df\u96c6\u8d44\u91d1\u4f1a\u8d85\u8fc7\u76ee\u6807\u91d1\u989d\u7684\u4e00\u534a\uff0c\u4f46\u6b64\u65f6\uff0c\u52df\u96c6\u60c5\u51b5\u4f9d\u65e7\u5e76\u4e0d\u7406\u60f3\u3002,\u4e00\u8d2f\u96f7\u5389\u98ce\u884c\u7684\u8001\u864e\u73af\u7403\u53ea\u597d\u518d\u6b21\u59a5\u534f\u3002\u4eca\u5e742\u6708\uff0c\u8001\u864e\u73af\u7403\u518d\u6b21\u4e0b\u8c03\u65b0\u57fa\u91d1\u7684\u52df\u8d44\u76ee\u6807\uff0c\u964d\u5230\u4e8650\u4ebf\u7f8e\u5143\u3002,\u5f62\u52bf\u4e25\u5cfb\uff0c\u751a\u81f3\u4e00\u4e9b\u66fe\u8868\u793a\u6709\u5174\u8da3\u7684LP\u4e5f\u9009\u62e9\u6401\u7f6e\u51fa\u8d44\u8ba1\u5212\u3002\u4e3a\u4e86\u5438\u5f15LP\uff0c\u8001\u864e\u73af\u7403\u57fa\u91d1\u7f55\u89c1\u4e3b\u52a8\u653e\u4f4e\u8981\u6c42\u2014\u2014<br \/>\n<strong>\u5728\u7ba1\u7406\u8d39\u4e0a\u5f3a\u8c03\uff0c\u9996\u5173\u6295\u8d44\u8005\u53ef\u4ee5\u83b7\u5f971.75%\u7ba1\u7406\u8d39\u7684\u4f18\u60e0<\/strong>\u3002,\u53ea\u662fLP\u4f9d\u65e7\u9009\u62e9\u6342\u7d27\u53e3\u888b\uff0c\u52aa\u529b\u4e86\u5927\u534a\u5e74\uff0c\u8001\u864e\u4e5f\u53ea\u52df\u5230\u4e8627\u4ebf\u7f8e\u5143\uff0c\u6bd460\u4ebf\u7f8e\u5143\u7684\u76ee\u6807\u5c11\u4e8655%\uff0c\u4ee4\u4eba\u610f\u5916\u3002,\u7ea2\u6749\u7f8e\u56fd\uff08Sequoia\uff09\u4e5f\u5728\u5176\u4e2d\u3002\u6839\u636e\u8def\u900f\u793e\u62a5\u9053\uff0c\u7ea2\u6749\u7f8e\u56fd\uff08Sequoia\uff09\u5408\u4f19\u4eba\u6797\u541b\u53e1Alfred Lin \u5728\u5e74\u521d\u8868\u793a\uff0cSequoia<br \/>\n<strong>\u81ea\u613f\u964d\u4f4e\u4e86\u8bbe\u7acb\u7684\u4e24\u652f\u98ce\u9669\u6295\u8d44\u57fa\u91d1\u7684\u7ba1\u7406\u8d39<\/strong>\uff0c\u4ee5\u5e94\u5bf9\u653e\u7f13\u7684\u6295\u8d44\u73af\u5883\u3002,\u65e9\u5728\u53bb\u5e7412\u6708\uff0cSequoia\u5c31\u5411\u7ea2\u6749\u52a0\u5bc6\u57fa\u91d1\u548c\u7ea2\u6749\u751f\u6001\u57fa\u91d1\u7684LP\u4f20\u8fbe\u4e86\u7ba1\u7406\u8d39\u7528\u7ed3\u6784\u53d8\u5316\u2014\u2014\u6309\u7167\u5b9e\u7f34\u89c4\u6a21\u800c\u4e0d\u662f\u8ba4\u7f34\u89c4\u6a21\u6765\u6536\u53d6\u7ba1\u7406\u8d39\u3002\u5386\u6765\uff0c\u7ea2\u6749\u7f8e\u56fd\uff08Sequoia\uff09\u7ba1\u7406\u8d39\u662f\u6309\u7167\u57fa\u91d1\u7684\u8ba4\u7f34\u89c4\u6a21\u4f5c\u4e3a\u8ba1\u8d39\u57fa\u6570\u7684\u3002,\u539f\u56e0\u5728\u4e8e\uff0cSequoia\u906d\u9047\u4e86\u79d1\u6280\u516c\u53f8\u4f30\u503c\u66b4\u8dcc\uff0c\u4ee5\u53ca\u6295\u8d44\u7ec4\u5408\u4e2d\u52a0\u5bc6\u8d27\u5e01\u72ec\u89d2\u517dFTX\u7684\u5d29\u584c\u4f7f\u5176\u8499\u53d7\u4e86\u6570\u4ebf\u7f8e\u5143\u7684\u4e8f\u635f\u3002\u4e3a\u4e86\u5b89\u629aLP\uff0cSequoia\u5728\u7ba1\u7406\u8d39\u4e0a\u7f55\u89c1\u505a\u4e86\u8ba9\u6b65\u3002,<strong>\u5f52\u6839\u5230\u5e95<\/strong>,<strong>GP\u8981\u4e3aLP\u8d5a\u5230\u94b1<\/strong>,\u8fd9\u4e00\u5e55\u4e0d\u6b62\u53d1\u751f\u5728\u6d77\u5916VC\/PE\u5de8\u5934\u8eab\u4e0a\u3002,\u6084\u7136\u95f4\uff0c\u56fd\u5185GP\u4eec\u5f00\u59cb\u9762\u4e34\u7740\u76f8\u4f3c\u7684\u5904\u5883\u2014\u2014\u5f53\u9000\u51fa\u53d8\u5f97\u9065\u8fdc\uff0c\u56de\u62a5\u4e0d\u786e\u5b9a\u6027\u589e\u52a0\uff0c\u7531\u6b64\u8fdb\u4e00\u6b65\u52a0\u5267\u52df\u8d44\u4e4b\u56f0\uff0c\u4e8e\u662f\u7ba1\u7406\u8d39\u6210\u4e3aGP\/LP\u53ef\u4ee5\u5728\u53f0\u9762\u4e0b\u8fdb\u884c\u7684\u4e00\u79cd\u534f\u5546\u3002,\u66fe\u6709\u591a\u4f4d\u521b\u6295\u5927\u4f6c\u79c1\u4e0b\u75be\u547c\uff0c\u7ba1\u7406\u8d39\u662f\u521b\u6295\u884c\u4e1a\u7684\u751f\u5b58\u6839\u57fa\uff0c\u7edd\u5bf9\u52a8\u4e0d\u5f97\u3002\u4f46\u6446\u5728\u773c\u524d\u7684\u73b0\u5b9e\u662f\uff0c\u8fd1\u4e24\u5e74\u6765\uff0c\u4e00\u4e9bLP\u5f00\u59cb\u9009\u62e9\u6309\u5b9e\u7f34\u3001\u5b9e\u6295\u89c4\u6a21\u4ed8\u7ba1\u7406\u8d39\uff0c\u4f7f\u5f97VC\/PE\u9760\u7ba1\u7406\u8d39\u517b\u56e2\u961f\u7684\u6a21\u5f0f\u53d7\u5230\u4e86\u5f88\u5927\u7684\u6311\u6218\u3002,\u4efb\u804c\u534e\u5357\u67d0\u65e9\u671f\u6295\u8d44\u673a\u6784IR\u4efb\u8389\uff08\u5316\u540d\uff09\u5728\u793e\u4ea4\u5a92\u4f53\u4e0a\u5206\u4eab\u4eca\u5e74\u52df\u8d44\u65f6\u7684\u4e00\u6b21\u906d\u9047\uff1a\u67d0\u5730\u5f15\u5bfc\u57fa\u91d1\u4e0d\u52305\u4e2a\u4ebf\u7684\u8d44\u91d1\uff0c\u6b63\u5728\u5bf9GP\u8fdb\u884c\u62db\u6807\u548c\u9074\u9009\uff0c\u5979\u6240\u5728\u673a\u6784\u548c\u7ade\u4e89GP\u7684\u7ba1\u7406\u8d39\u62a5\u4ef7\u90fd\u4e00\u6837\uff0c\u4f46\u5bf9\u5bb6\u63d0\u51fa\u7684\u65b9\u6848\u662f\u6295\u8d44\u9879\u76ee\u4e94\u5e74\u9000\u51fa\u540e\u4e00\u6b21\u6027\u6536\u53d6\u3002\u8fd9\u6837\u7684\u7ba1\u7406\u8d39\u65b9\u6848\u8ba9\u4efb\u8389\u76f4\u547c\u60ca\u53f9\uff0c\u524d\u6240\u672a\u89c1\u3002,\u4e0d\u8fc7\u8bbf\u8c08\u4e00\u5708\u4e0b\u6765\uff0c\u591a\u5bb6\u4eba\u6c11\u5e01\u57fa\u91d1\u7684\u52df\u8d44\u8d1f\u8d23\u4eba\u5f3a\u8c03\uff0c\u201c<br \/>\n<strong>\u76ee\u524d\u4ecd\u662f\u6781\u4e2a\u522b\u7684\u6781\u7aef\u73b0\u8c61<\/strong>\uff0c\u81f3\u5c11\u8fd8\u6ca1\u53d1\u751f\u5728\u4e3b\u6d41\u673a\u6784\u8eab\u4e0a\uff0c\u4f46\u786e\u5b9e\u8bf4\u660e\u4e86\u73b0\u5728\u52df\u8d44\u4e4b\u96be\u4e0e\u5377\u3002\u201d\u5f52\u6839\u5230\u5e95\uff0cGP\u8fd8\u662f\u8981\u4e3aLP\u8d5a\u5230\u94b1\u3002\u6bd5\u7adfGP\u4e0eLP\u8c08\u5224\u7684\u7b79\u7801\u548c\u5e95\u6c14\u8fd8\u662f\u4e1a\u7ee9\u3002,\u56de\u60f3\u4eca\u5e74\u521d\uff0c\u6df1\u5733\u4e00\u4f4d\u673a\u6784LP\u503e\u8bc9\uff0c\u201c\u8fd9\u4e9b\u5e74\u6295\u4e00\u7ea7\u5e02\u573a\u6709\u70b9\u53d7\u4f24\uff0cDPI\u9065\u9065\u65e0\u671f\uff0c\u4f46GP\u5374\u65f1\u6d9d\u4fdd\u6536\u201d\u3002\u4e8e\u662f\u4ed6\u548c\u56e2\u961f\u8003\u8651\u7ea6\u8c08GP\u2014\u2014\u5982\u679cGP\u5e74\u5316\u7387\u8fbe\u4e0d\u52306%\uff0c\u5c31\u4ece\u7ba1\u7406\u8d39\u91cc\u6263\u3002\u7528\u610f\u662f\u5e0c\u671bLP\u548cGP\u5229\u76ca\u80fd\u591f\u8fdb\u4e00\u6b65\u6346\u7ed1\u3002,\u51e1\u6b64\u79cd\u79cd\uff0c\u6b63\u5728\u6df1\u523b\u5730\u5f71\u54cd\u7740\u521b\u6295\u751f\u6001\u3002,\u6b64\u524d\uff0c\u5143\u79be\u8fb0\u5764\u4e3b\u7ba1\u5408\u4f19\u4eba\u5f90\u6e05\u4ece\u4eba\u6c11\u5e01LP\u89d2\u5ea6\u51fa\u53d1\uff0c\u8c08\u5230\u4e86\u66f4\u6df1\u8fdc\u7684\u95ee\u9898\u3002\u5979\u89c2\u5bdf\u5230\uff0c\u6574\u4e2a\u4e2d\u56fd\u79c1\u52df\u80a1\u6743\u6295\u8d44\u884c\u4e1a\u7684\u89c4\u5219\u9762\u4e34\u9707\u8361\u548c\u8c03\u6574\u3002\u5728\u8fd9\u4e2a\u65f6\u671f\u91cc\uff0cGP\u3001LP\u751a\u81f3\u66f4\u4e0a\u5c42\u7684\u673a\u6784\u6295\u8d44\u4eba\uff0c\u9700\u8981\u5750\u4e0b\u6765\u5171\u540c\u5bf9\u884c\u4e1a\u7684\u89c4\u5219\u8fdb\u884c\u68b3\u7406\u3002,\u201c\u6211\u4eec\u5e76\u4e0d\u4e00\u5b9a\u9700\u8981\u6cbf\u7528\u7f8e\u56fd\u521b\u6295\u6240\u6709\u7684\u6761\u6b3e\uff0c\u800c\u662f\u53ef\u4ee5\u8ba8\u8bba\u51fa\u6211\u4eec\u9700\u8981\u7684\u73b0\u6709\u7684\u89c4\u5219\uff0c\u5373\u5982\u4f55\u5efa\u7acb\u4e00\u4e2aLP\/GP\u8ba4\u53ef\u7684\u65b9\u5f0f\uff0c\u5927\u5bb6\u53bb\u9075\u5b88\u548c\u6cbf\u7528\u3002\u201d\u5728\u5979\u770b\u6765\uff0c\u8fd9\u662f\u73b0\u5728\u7684\u4e00\u4e2a\u8feb\u5207\u7684\u9700\u6c42\uff0c\u6539\u53d8\u76f8\u5bf9\u4e71\u8c61\u7684\u72b6\u6001\uff0c\u8ba9\u4e00\u5207\u90fd\u66f4\u6807\u51c6\u5316\u548c\u89c4\u8303\u5316\u3002,\u56de\u907f\u7ec8\u7a76\u4e0d\u662f\u957f\u8fdc\u4e4b\u8ba1\u3002,\uff0c\u4f5c\u8005\uff1a\u5468\u4f73\u4e3d\uff0c\u539f\u6587\uff1ahttps:\/\/news.pedaily.cn\/202309\/521125.shtml<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9ed1\u77f3\u4f3c\u4e4e\u6495\u5f00\u4e86\u4e00\u9053\u53e3\u5b50\u3002,\u300a\u91d1\u878d\u65f6\u62a5\u300b\u63f4\u5f15\u77e5\u60c5\u4eba\u58eb\u62a5\u9053\u79f0\uff0c\u9ed1\u77f3\u5df2\u7ecf\u91cd\u542f\u65d7\u4e0b\u540d\u4e3aBlackstone Priva&hellip;<\/p>\n","protected":false},"author":2,"featured_media":5204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":["post-2670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financing"],"_links":{"self":[{"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/posts\/2670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2670"}],"version-history":[{"count":0,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/posts\/2670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=\/wp\/v2\/media\/5204"}],"wp:attachment":[{"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2670"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.yuntou8.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}