外文翻译-----私募股权投资(编辑修改稿)

外文翻译-----私募股权投资(编辑修改稿)内容摘要：

industrystandard practice is to pute the management fee on mitted capital, but there is also another method. First, let’s define the difference between realized and unrealized investments: the former are those investments that have been exited (or those in panies that have been shut down), while the latter are those investments that have not yet been exited in panies that still exist. The cost basis of an investment is the value of the original investment. The invested capital is the cost basis for the investment capital that as has been deployed. The invested capital is the invested capital minus the cost basis of realized investments. Sometimes the management fee base changes from mitted to investment capital after the fiveyear investment period is over. Since funds tend to realize investments (., to cash in) in the second part of their life, the invested capital is typically decreasing in this period. Consider this simple example. Suppose a Є100 ml fund has management fee of 2% per year. This fee is paid on mitted capital in the first 5 years and on invested capital in the remaining 5 years. Assume that at yearend 5 the fund is fully invested. Given this structure, management fees will be equal to Є2 ml for each of the first 5 years. At yearend 5 the invested capital would then be Є90 ml. Suppose that the fund realizes 20% of its invested capital in each of the remaining 5 years, . Є18 ml per year. Hence, at yearend 6 the invested capital is Є72 ml and the corresponding management fee is ml. At yearend seven, investment capital and management fee are Є54 ml and ml, respectively, and so on. In other words, the management fee is constant in the first 5 years and decreasing in the following 5 years. Notice that the management fee usually does not cover all operating expenses. Moreover contracts allow reinvestment rights, subject to given requirements (., the original investment has been exited within 1 year). When reinvestment does occur, the sum of investment capital and lifetime fees would be greater than mitted capital. Carried Interest (Carry) The basic idea is simple: if the mitted capital is Є100 ml and total exit proceeds are Є200 ml, the total profit is Є100 ml. A 20% carried interest would produce Є20 ml. The standard carried interest is indeed 20%. There are many variations of the basic story. Carried interest basis: It is the threshold that must be exceeded before the GPs can claim a profits: the majority of funds use the mitted capital, but sometimes the investment capital is used. Consider two different carried interest structures for a Є100 ml. fund. Both structures have management fee of 2% per year (on mitment capital) for all ten years. Under structure I, the fund would receive a 20% carry with a basis of all mitted capital. Under structure II, the GPs would receive a 18% carry with a basis of all investment capital. Suppose the total exit proceeds from all investments are Є200 ml over the entire life of the fund. Under structure I carried interest would be 20%*(200100) =Є20 ml. Under structure II, lifetime fees are 2%*Є100 ml*10 years =Є20 ml. The investment capital is therefore Є80 ml. The carry is hence 18%*(20080)= ml. For what amount of exit proceeds would these two structures yield the same amount of carried interest? The answer is Є280 ml (carry equal to Є36 ml). Timing: The portion of mitted capital that has already been transferred from the LPs to th。