A new fund set up by the same manager to buy an asset from one of its expiring funds, giving existing investors cash and the manager more time to hold it.
续存基金
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $65bn | Blackstone's profit falls as choppy market tempers investment exits 续存基金 · 第 7 张术语卡 | Manager-led secondaries hit $65 billion in the first half, up 35 per cent, overtaking investor-led sales for the first time in four years. 它天然有利益冲突：买卖双方背后是同一个 GP，价格由谁定？行业惯例是引入第三方评估，并给老投资人「跟投或退出」的选择权。看这类交易重点看三件事——定价依据、新基金费率、GP 是否把最好的资产留给了自己。 |