PDF《HKVCA 5th Asia Private Equity Forum》

400 亿美元,与2013 年的总 额150 亿美元相比增长迅速.

5 根据清科集团旗下私募通统计,2014 年的私募基金募集突破性增长发生在第三和第四季度,第三季度完成 募集或首期完成募集的基金共计

88 支,几乎与上半年的总数持平;

而披露募资金额的

85 支基金共募集到 位192.27 亿美元,大幅超过去年同期的 78.03 亿美元及第二季度的 46.83 亿美元,甚至超过

2014 年上半 年的总和. 唐麦表示,2014 年A股IPO 重新开启对于私募活跃度的大幅回升起到重要作用. 据投中集团旗下金融数据产品 CVSource 统计,2014 年1月至

11 月间,104 家在 A 股市场成功实现 IPO 的企业中,具有 VC 或PE 背景的企业有

62 家,占半数以上,累计募集资金

358 亿元. 唐麦认为,退出环节活跃、PE 机构募资加强和国资背景大型产业基金的设立更加频繁也是

2014 年中国私 募市场的显著特点.去年私募基金在中国实现退出的成交量为

600 亿美元,而募集资金总额为

120 亿美 元. 无论从哪个方面看,去年的投资十分活跃,是创纪录的一年. 同时他也表示,对于国际(外国)私募基金而言,除经济增速因素之外,进入中国的投资选择主要取决于 中国政府的政策开放程度,以及基金本身的 胃口 ,即参与投资的风险和复杂程度取向.而对于中国本 土的私募基金而言,其主要增长动力在于参与国资企业重组.

6 Media Asian Investor Date

23 Jan

2015 Page n/a Reporter Oliver Jones Headline Hamilton Lane sounds PE co-investment warning Synopsis (For Chinese articles) Link http://www.asianinvestor.net/News/393774,hamilton-lane-sounds-pe-co-investment- warning.aspx The rise of private equity co-investment in Asia risks leading to sentiment souring onthe asset class, as many investors lack the skills necessary for such deals, say thePE firm'

s CEO and CIO. Private equity giant Hamilton Lane says the growing popularity of PE co-investment in Asia C coupled with a lack of regional investor experience in this area C could lead to withdrawals from the asset class if deals were to blow up. Limited partners participating in such deals in the region often lack professional investors'

skills and knowledge, according to chief executive Mario Giannini and chief investment officer Erik Hirsch. Sources say family offices in Asia often lack the right approach and expertise for the asset class. Co-investments involve limited partners (LPs) in a PE fund putting additional money directly into other deals alongside the general partner of said fund. One of the things that worries us on the co-investment side is that, if those deals go bad, they go bad in a big way, said Giannini, whose firm has $220 billion under supervision, including co-investments. Such an outcome could lead to some LPs exiting PE as an asset class, he noted, although much depends on the prevailing market environment. Data provider Preqin'

s initial estimate is that global PE fundrai........