全球私募股权高管周三在香港旗舰投资峰会上，针对投资者对延续基金的怀疑态度进行反击，为这一日益流行的结构进行辩护。
Global private equity executives are pushing back against investor skepticism over continuation funds, mounting a defense of the increasingly popular structure at Hong Kong’s flagship investment summit on Wednesday.
“LP群体里有很多‘反对者’，”Leonard Green & Partners管理合伙人Jonathan Sokoloff承认，有限合伙人持续存在抵触情绪，“但它会长期存在。”此番评论是在延续基金已成为越来越重要的流动性来源之际发表的，尤其是在首次公开募股退出经历了艰难的几年之后。这些工具允许私募股权公司更长时间持有有前景的投资组合公司，从而有更多时间创造价值，但由于普通合伙人将资产滚入新工具与寻求退出的现有投资者之间可能存在利益冲突，它们仍然颇具争议。
“There are a lot of haters in the LP community,” said Jonathan Sokoloff, managing partner at Leonard Green & Partners, acknowledging persistent resistance from limited partners. “But it’s here to stay.”The comments come as continuation funds have grown into an increasingly important source of liquidity, particularly after a difficult few years for exits through initial public offerings. The vehicles allow private equity firms to hold promising portfolio companies for longer, giving them more time to create value, but remain contentious because of potential conflicts between general partners rolling assets into new vehicles and existing investors seeking an exit.
Hamilton Lane联合首席执行官Juan Delgado-Moreira为这一结构辩护，将延续工具描述为私募市场的“La La Land”，投资者可以在其中要么实现价值，要么继续持有投资。他表示，第三方估值和投资者咨询委员会的批准有助于解决治理问题。
Hamilton Lane co-CEO Juan Delgado-Moreira defended the structure, describing continuation vehicles as a “La La Land” for private markets, where investors can either realize value or remain invested. He said third-party valuations and approvals from investor advisory committees help address governance concerns.
Delgado-Moreira指出其历史业绩，称滚入延续工具的资产平均资金倍数约为四倍，回报率高于杠杆收购的前四分之一，且约为已缴付资本分配的两倍。
Delgado-Moreira pointed to their historical performance, saying assets rolled into continuation vehicles have generated average money multiples of roughly four times, returns above the top quartile for buyouts and about twice the distributions to paid-in capital.
不过，他表示，近年来私募股权整体表现落后于公开股权，而Hamilton Lane在2021年对该资产类别的投入或许本应更少一些。
Still, he said private equity overall has lagged public equities in recent years and that Hamilton Lane had committed more capital to the asset class than it perhaps should have in 2021.
随着高利率重塑交易经济学，行业高管将这一转变描述为回归基本面、以运营为驱动的投资。卡莱尔集团（Carlyle Group Inc.）联席总裁兼全球私募股权负责人约翰·雷德特（John Redett）表示，该行业正进入一个“传统的好阶段”，管理人员必须通过积极的运营价值创造来产生回报，这需要大量资源和规模。
As higher interest rates reshape the economics of dealmaking, industry executives portrayed the shift as a return to fundamental, operationally driven investing. John Redett, Carlyle Group Inc.’s co-president and head of global private equity, said the industry is entering a “good old-fashioned phase” in which managers must generate returns through active operational value creation, requiring substantial resources and scale.
贝恩资本（Bain Capital）主席约翰·科诺顿（John Connaughton）语气更为乐观，认为高基准利率可能为该资产类别带来“白金时代”。
Bain Capital Chairman John Connaughton struck an even more bullish tone, arguing that elevated benchmark rates could usher in a “platinum age” for the asset class.