虽然人工智能正在加快流程，并在某些情况下提高基金管理人的运营效率，但私募市场投资者警告不要夸大该技术对投资结果和投资组合公司的影响。
While AI is making processes faster and, in some cases, improving the efficiency of fund managers’ operations, private markets investors cautioned against overstating the technology’s impact on investment outcomes and portfolio companies.
在DealStreetAsia近期举办的2026年亚洲PE-VC峰会上，投资者表示，人工智能正日益成为投资全生命周期中的实用工具，涵盖承销、运营效率到投资组合管理等环节，但它无法取代支撑私募市场投资的人类判断、人际关系和行业专业知识。
Speaking at DealStreetAsia’s recent Asia PE-VC Summit 2026, investors said AI is increasingly becoming a useful tool across the investment lifecycle, from underwriting and operational efficiency to portfolio management, but it does not replace human judgement, relationships and sector expertise that underpin private markets investing.
首先，其对投资组合公司的影响可能被夸大，尤其是在引入新客户或驱动收入增长的能力方面，Collyer Capital董事总经理叶璇（Xuan Ye）表示。
For one, its impact on portfolio companies can be overstated, particularly when it comes to the ability to bring in new clients or drive revenue growth, according to Xuan Ye, Managing Director at Collyer Capital.
同时，随着人工智能降低准入门槛，该技术可能给现有企业带来新风险。
At the same time, the technology could introduce new risks for current businesses as AI lowers barriers to entry.
August Global Partners创始合伙人兼首席执行官吕柏松（Basil Lui）补充道：“如果人工智能开始商品化，新竞争对手就能利用这一点，如果现有企业不跟上[新发展]，尽管仍在创收，估值倍数可能会下降。”
If AI can start commoditising, new competitors can take advantage of it, and existing businesses might see valuation multiples going down despite still generating revenues if they do not keep themselves abreast [of new developments], added Basil Lui, Founding Partner & CEO of August Global Partners.
对于专注于医疗健康和生物科学投资的吕柏松而言，人工智能因此只是评估该行业企业时需要考虑的一个因素。其他考量因素包括公司在垂直产业链、制造、组装和封装能力、分销网络、既有客户关系及专有网络等方面的护城河强度。
For Lui, who focuses on healthcare and bioscience investments, AI is therefore only one factor to consider when evaluating businesses in the sector. Other considerations include the strength of a company’s moat across its vertical stack, manufacturing, assembly and packaging capabilities, distribution network, established customer relationships and proprietary networks.
“有了AI，我们必须不断检查我们的基本假设，并确保我们的公司始终领先于竞争对手,”他说。“在这个领域抢占先机有帮助，因为我们可以指导投资组合公司将他们的产品和服务扩展到其他领域。”承认AI的作用然而，有些领域AI可以超越仅仅加速现有流程，为投资者提供对潜在交易的新视角。
“With AI, we have to continually check our underlying assumptions and make sure that our companies are ahead of competitors,” he said. “The first-mover advantage [in the sector] helps because we can inform the portfolio companies to expand their products and services into other areas.”Acknowledging AI’s role There are, however, areas where AI can go beyond simply speeding up existing processes and provide investors with new perspectives on potential deals.
TPG亚洲数字运营高级顾问查尔斯艾伦引用了一个例子，即两家公司之间潜在的合并，其中文化契合度是一个关键问题。TPG能够利用这两家公司的数据建立一个模型，以更详细地评估整合计划，从而帮助投资团队更加确信这些业务是否能够成功合并。
Charles Allen, Senior Advisor, Digital Operations, at TPG Asia, cited the example of a potential merger between two businesses where cultural fit was a key concern. TPG was able to build a model using data from the two companies to assess the integration plan in greater detail, helping the investment team develop greater conviction around whether the businesses could be successfully combined.
这个例子反映了TPG通过其AI运营部门Lab39将AI能力融入投资流程的更广泛努力。
The example reflects a broader effort by TPG to embed AI capabilities into its investment process through Lab39, its AI operations unit.
通过在投资过程中捕捉所有特征，每次交易，公司都可以获得基于交易特征的视角，以及追溯性的观点。
By capturing all of the characteristics during the investment process, with every deal, the firm can get a perspective based on the characteristics of the deal along with a retrospective view.
“这是一个有用的起点，使我们能够将之前我们投资过的交易以及我们没有投资的交易进行模式匹配,"艾伦说。他说，目标是建立智能和工具，这些智能和工具可以支持人类判断，并给投资团队在评估机会时提供优势。AI在成本优化和简化运营方面的好处是显而易见的。
“That is a helpful starter [which] allows us to do pattern matching with previous deals that we invested in, as well as deals that we did not invest in,” Allen said. The objective, he said, is to build intelligence and tools that can sit underneath human judgement and give investment teams “a leg up” in evaluating opportunities. The benefit of AI in cost optimisation and streamlining operations is certainly recognised.
“PE、VC公司并不是从事求解纳维-斯托克斯方程的生意。我们只需要一个足够好的模型,"刘说，补充说公司可以雇佣优秀的AI原生分析师来挑战这个模型。
“PE, VC firms are not in the business of solving Navier-Stokes equations. We just need a good enough model,” Lui said, adding that firms could hire good AI-native analysts to challenge the model.
然而，他强调，投资委员会对最终决策的责任，必须确保“人在循环中”。LP叙述同样的原则也适用于有限合伙人(LP),因为他们在评估管理人员时重视人与人之间的互动。
However, he emphasised the responsibility of investment committees for the final decision, as there must be “the human in the loop”. The LP narrative The same principle applies to limited partners (LPs), as they value human interaction in assessing the managers.
根据尼尔伯格的潘（Yi Pan）表示,主对一般合伙人(GP)的承销和投资所需的时间甚至超过私募股权基金本身的生命周期。
Underwriting and investing in general partners (GPs) takes even longer than the private equity fund life itself, according to Yi Pan, Principal at Neuberger.
潘表示,尽管AI可以为LP提供大量关于行业历史已知的信息,但在未来,“人类的判断才是长期投资所关键的”。
While AI can provide LPs with large amounts of information about what the industry knows historically, on a go-forward basis, “it is the human judgment that matters to long-term investments,” he said.
在数据可能不透明且单方面的私人市场中,专有的网络是AI无法复制的最重要领域之一。
In private markets where data could be opaque and one-sided, proprietary networks are among the most important areas that AI cannot replicate.
例如,正如潘所指出的,如果LP拥有足够大的GP宇宙,他们就可以获得更全面地了解多个基金合伙人投资的同一家公司的情况。
For example, if LPs have a large-enough GP universe, they can gain a more comprehensive view of the same underlying companies that several fund partners invest in, as noted by Pan.
潘补充道,过去合作过的GP提供的信息,或是共同投资所获得的信息也可能帮助投资团队做出更明智的决策并增强信心。
Information from GPs they have worked with in the past or from co-investments they have made could also help investment teams make better-informed decisions and build greater conviction, Pan added.
具体到东南亚地区,一个依赖人际关系的地区,叶(Ye)表示,AI对LP与GP之间的动态影响仍然有限。他说:“AI不会带来好的交易。更多的是基于人际关系、行业洞察力以及与该地区的创始人和家族企业建立联系的能力。”
For SE Asia specifically, a region where things work better based on having relationships, the impact of AI on LP-GP dynamics remains limited, according to Ye. “AI is not going to bring in good deals. It’s more based on human relationships, industry insights, and the capacity to connect with founders and family-run businesses in the region,” he said.