在从Anthropic到OpenAI等科技宠儿即将上市的持续炒作中，许多散户投资者正迫不及待地想要涉足私募股权市场。
Amid ongoing hype around tech darlings going public, from Anthropic to OpenAI, many retail investors are chomping at the bit for access to private stock markets.
投资私营公司传统上一直是成熟投资者的专属领域，但散户投资者也有参与的途径。这不仅仅是幸运地受雇于一家分发股份的私营公司，或者参与亲友轮次的投资。
Investing in private companies has traditionally been reserved for more sophisticated investors, but there are ways retail investors can participate. This goes beyond being lucky enough to work for a private company that's doling out shares or participating in an investment round for friends and family.
随着美国证券交易委员会（SEC）致力于推行一项政策，为散户投资者提供更多途径来接触传统上对他们禁限的投资，这一趋势有望加速。本周，SEC主席保罗·阿特金斯表示，为回应投资者的需求，SEC正在发布新的提案，以确保这些投资“不会成为最富有的人或被认为最成熟的人的专属”。SEC的提案包括允许注册投资顾问对公募基金收取最高20%的业绩提成——这一水平与历史上对冲基金和另类投资领域使用的费率相当。
The trend is set to accelerate as the Securities and Exchange Commission commits to a policy of offering more ways for retail investors to access investments traditionally off limits to them. This week, SEC chairman Paul Atkins said that in response to investor demand, the SEC is issuing new proposals to make sure that these investments are "not be reserved for the wealthiest or for those deemed to be the most sophisticated." The SEC proposals include permittinged investment advisers to charge performance fees of up to 20% on public funds — a level comparable to fees historically used in the hedge fund and alternatives space.
SEC还在考虑为个人投资者开辟新的途径，使其能够获得与“合格投资者”相关的私募市场投资资格——包括通过一项考试。
The SEC is also considering new ways for individual investors to qualify for access to private market investments associated with "accredited investors" — including passing an exam.
根据晨星直达（Morningstar Direct）的数据，目前已有约两打专注于私募股权或风险投资的公开交易封闭式基金。“这是一种获得私募市场风险敞口的方式，同时又不会对某一家公司产生过高的敞口，”晨星旗下公司PitchBook的高级研究分析师Emily Zheng表示。
Already, there are about two dozen publicly available closed-end funds focused on private equity or venture capital, according to Morningstar Direct. "It's a way to get private market exposure without getting too much exposure to one company," said Emily Zheng, senior research analyst at PitchBook, a Morningstar company.
市场上也存在一些介于公开股票持仓与私营公司之间的ETF（交易所交易基金）。
There are also ETFs in the market that straddle the line between public stock holdings and private companies.
以下是投资者需要了解的关于投资这些类型基金的信息，以及他们可以从这些基金中了解到关于未来的哪些启示——在未来，更多传统上属于私有的资产将向广大投资公众开放。
Here's what investors need to know about investing in these types of funds, and what they can learn from these funds about a future in which more of what has been traditionally private becomes accessible to more of the investing public.
天生具有风险、周期更长、财务信息较少 私募股权通常专注于寻求重组或成长资本的成熟企业，而风险投资则瞄准具有高增长潜力的早期初创公司。无论哪种情况，这些投资都天生具有风险，且投资周期较长。
Inherently risky, longer timelines, less financial info Private equity generally focuses on established businesses looking for restructuring or growth capital, whereas venture capital targets high-growth-potential early-stage startups. Either way, these investments are inherently risky and have longer investment timelines.
公开交易基金中所持有的私营公司股票缺乏流动性，底层证券的价值与个人投资者愿意为这些基金支付的价格之间可能会存在脱节。其中一些基金只能通过特定的经纪商购买，并且可能设有最低投资额限制。财务顾问表示，尽管目前人们高度关注如何通过投资私营公司来赚钱，但投资者仍须谨慎。你购买哪只或哪些基金可能取决于你的经纪商提供什么产品。
The private companies held within publicly traded funds are illiquid, and there can be a disconnect between the worth of the underlying securities and what individual investors are willing to pay for the funds. Some of the funds are only available through select brokerages, and investment minimums may apply. Though there's a lot of focus on how to make money by investing in private companies right now, investors have to be careful, financial advisors say. Which fund or funds you buy can depend on what your brokerage offers.
例如，Sofi提供了一些通过其他经纪商可能无法购买的特定基金的投资渠道。Sofi平台上的私募和创投基金包括方舟创投基金（ARK Venture Fund，ARKVX）、CAZ GP Stakes基金（CZGIX）以及Cashmere基金（CSHMX）。其他基金，如Robinhood Ventures Fund 1（RVI）、Destiny Tech100封闭式基金（DXYZ）和Fundrise创新基金（VCX），则可以在Robinhood和富达（Fidelity）等经纪商处购买。
Sofi, for example, offers access to certain funds that may not be available through other brokerages. Private and venture funds on Sofi's platform include the ARK Venture Fund (ARKVX), the CAZ GP Stakes Fund (CZGIX) and the Cashmere Fund (CSHMX). Other funds, like the Robinhood Ventures Fund 1 (RVI), the Destiny Tech100 Closed End Fund (DXYZ) and the Fundrise Innovation Fund (VCX) can be purchased at brokerages such as Robinhood and Fidelity.
在购买私募股权或风险投资基金之前，务必查清这些基金持有哪些公司，特别是如果你希望投资某些即将上市或已表达最终IPO计划的知名私营公司。例如，截至8月31日，方舟创投基金将OpenAI和Anthropic列为前十大持仓的一部分。Robinhood Ventures Fund 1的主要持仓则包括金融科技公司Ramp、Revolut以及OpenAI。
Before buying a private equity or VC fund, it's important to check which companies the funds hold, especially if you want access to certain well-known private companies on the verge of going public or that have expressed plans for an eventual IPO. ARK Venture, for example, held OpenAI and Anthropic as part of its top-10 holdings as of Aug. 31. Robinhood Ventures Fund 1's top holdings include fintechs Ramp and Revolut, and OpenAI.
请注意：对于许多投资组合中的资产来说，由于这些公司属于私营企业，因此投资者无法获取相关的财务数据；此外，关于这些公司的公开信息也非常有限（尤其是那些处于初创阶段的公司）。郑（Zheng）表示：“关于 OpenAI 的信息要比关于那些刚刚成立的公司多得多。投资者必须接受这一点，并且要明白这本身就是一种风险。”
Keep in mind, you won't have financials to look at for many of the portfolio holdings because they're private companies, and often, there's not a lot of public information on the companies within these funds, especially if they are early start-ups. "You can find a lot more information about OpenAI than a company that's just starting out," Zheng said. "You have to be okay with that and know it's a risk you're taking."
纽约财务规划公司 Domain Money 的财务规划主管 Adrianna Adams 强调：“如果投资者可能需要在明年变现投资，那么就不应该进行这样的投资，因为这些基金中的资产流动性较差。投资者的投资期限是一个重要的考虑因素——这些基金本来就是为长期投资而设计的。如果投资者希望在明年就获得资金回报，那么这些投资其实还没有真正开始产生收益。”
If you may need to cash out next year, don't invest Because the assets in these funds aren't liquid, an investor's timeline is an important consideration, said Adrianna Adams, head of financial planning at New York-based financial planning firm Domain Money. "They are meant to be long-term investments," she said. "If you want liquidity the next year, the investment hasn't really had the chance to get going yet."
在考虑任何投资基金之前，投资者都应该仔细阅读其关于赎回政策的相关说明：这些基金是否可以像普通股票一样自由买卖，还是每个季度只能买卖一定比例的股份？
With any fund under consideration, investors should check the policies for cashing out. Can they buy and sell like any other stock, or only a certain percentage each quarter?
在债务投资方面，今年私营信贷市场出现了严重问题：许多投资者急于退出投资，但却被大型另类投资基金的管理者阻止，因为这些基金的招募说明书中有关于赎回的具体规定。
On the debt side of things, that has been a big issue in private credit this year, with many investors stampeding for the exits and being blocked by big alternative investment fund managers based on prospectus rules for redemptions.
投资者还需要考虑自己的投资目标，以及自己是否能够承受投资可能带来的损失；同时，他们也需要评估自己是否能够承受这些基金所带来的高波动性。Adams 表示，如果客户有足够的收入来弥补可能的损失，并且这种损失不会影响他们的投资目标，那么她并不反对他们进行这类投资。
Investors should also consider their goals for the money and whether they can afford to lose their investment. Also, can they stomach the volatility associated with these funds? If clients have enough income to recover from a loss and it wouldn't hurt their goals, Adams said she wouldn't object to them investing.
关于费用问题，纽约 Cordoba Advisory Partners 公司的首席执行官 Rami Sarafa 指出：私募股权基金和风险投资基金的费用通常远高于由上市公司股票组成的指数基金或交易型开放式指数基金（ETF）。这些基金的费用比例通常在 3% 到 4% 之间；此外，投资者根据购买基金的经纪公司的不同，也可能需要支付更高的费用。
Fees can be high Investors need to be aware that fees in private equity and VC funds are typically significantly higher than index funds or ETFs made up of public company stocks, said Rami Sarafa, chief executive at Cordoba Advisory Partners in New York. Expense ratios for these funds can be in the 3% to upper 4% range. Also, some investors may pay higher fees depending on the brokerage they purchase the fund from, Sarafa said.
在能够为投资者提供部分私募股权投资敞口的ETF中，根据美国证券交易委员会（SEC）关于公募基金非流动性投资净资产占比不得超过15%的规定，其实际占比相对而言仍然微乎其微。
Among ETFs that can give investors some exposure to private companies, it remains minimal comparatively, based on SEC rules limiting net assets in illiquid investments to no more than 15% of a public fund.
其中一个选择是KraneShares公共与私募人工智能及科技ETF（代号：AGIX）。该基金的费用率为1%，截至9月30日，其前十大重仓股全部为上市公司，但其主要私募持仓中包含了Anthropic和Polymarket。ERShares公共与私募交叉ETF（代号：XOVR）的大多数持仓也都是公开交易的公司——其最大的私募持仓是一个与SpaceX上市前股份相关的特殊目的收购公司（SPV）。该基金的费用率为0.75%。
One option is the KraneShares Public-Private AI & Technology ETF (AGIX). It's got an expense ratio of 1%, but its top 10 holdings were all public companies as of Sept. 30, but it has exposure to both Anthropic and Polymarket among its top private holdings. Most of the holdings in the ERShares Private-Public Crossover ETF (XOVR) are also publicly traded companies — its top private holding is a special purpose vehicle tied to SpaceX shares before it went public. Its expense ratio is 0.75%.
许多散户投资者的配置比例不应超过10%。位于密歇根州南菲尔德的Cornerstone Financial Services执行合伙人丹尼尔·米兰（Daniel Milan）表示，具体的合适配置比例将根据投资者的风险承受能力、投资期限、流动性需求及其他因素而有所不同。
Many retails investors should not go above 10% How much of an allocation is appropriate will vary based on an investor's risk tolerance, time horizon, liquidity needs and other factors, said Daniel Milan, managing partner at Cornerstone Financial Services in Southfield, Michigan.
散户投资者通常不应将超过10%的资产配置于另类投资，这一类别涵盖私募股权、风险投资基金以及私募信贷、加密货币和房地产。因此，根据您投资组合的构成，您对私募股权和风险投资基金的配置比例可能会明显更低，大约在2%到5%之间。
Retail investors generally shouldn't invest more than 10% of their asset allocation in alternative investments, a category that includes private equity and VC funds as well as private credit, cryptocurrency and real estate. So, depending on the makeup of your portfolio, your allocation to private equity and venture capital funds could be significantly less, maybe 2% to 5%.
米兰表示：“无论您的整体财富水平如何，您拥有的现金或流动性越多，投资期限越长，您的按比例配置百分比潜在就可以越高。”
"Regardless of your overall level of wealth, the more cash or liquidity that you already have and the longer your time horizon is, the greater your pro rata percentage could potentially be," Milan said.
许多理财顾问并不喜欢向经验不足的投资者推荐私募股权或风险投资基金。相反，他们通常只向净资产超过100万美元，且个人年收入超过20万美元（或与配偶/伴侣共同收入超过30万美元）的客户推荐这类产品。
Many advisors don't like to recommend private equity or venture capital funds to less sophisticated investors. Rather, they generally only recommend them to clients with net worth over $1 million and who have income exceeding $200,000 individually or $300,000 with a spouse or partner.
亚当斯表示，虽然如今人们能够更容易地获取各种投资机会，但这并不一定意味着这些投资都是明智的选择或良性的投资机会。她曾遇到一些客户：他们将用于孩子上大学的资金存放在证券账户中，同时也在考虑将部分资金投入私募股权基金。但由于这些资金需要在几年内用于支付孩子的大学学费，因此将资金投入私募股权基金风险太大。
Adams said while more access these days is great, that doesn't always mean it's a good investment or opportunity. She had clients saving for college in a brokerage account who were considering putting some money into a private equity fund. But since those funds were needed within a few years to pay for a child's college education, it was too risky to tie up that money.
不过，等孩子的大学学费问题解决了，且他们仍有额外的资金可用于继续为退休生活储蓄时，他们或许能够承担相应的流动性风险，并且在这种情况下做出更合适的投资决策。亚当斯强调：“仅仅因为某项投资‘容易获取’，并不意味着它就符合你的最佳利益。”
However, once college tuition is behind them and they have extra funds while continuing to save for retirement, they might have the ability to take on the liquidity risk and be in a better position to do so. But remember, "Just because it's accessible doesn't mean it's in your best interest," Adams said.
——本报道由 CNBC 的莎伦·埃珀森（Sharon Epperson）和休·利斯克（Hugh Leask）共同撰写。
—CNBC's Sharon Epperson and Hugh Leask contributed to this report.