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????今年早些時(shí)候，我們注意到貝恩資本（Bain Capital）的第二支亞洲基金為投資者不太尋常地提供了雙重選擇：投資者可以選擇按承諾出資額繳納1%的管理費(fèi)和30%的資本增值提成，也可以按承諾出資額繳納2%的管理費(fèi)和20%的資本增值提成。 ????前者附有10%的優(yōu)先回報(bào)率（即必須要實(shí)現(xiàn)的最低回報(bào)率，然后才能進(jìn)行資本增值提成），而后者則附有7%的優(yōu)先回報(bào)率，這使得情況進(jìn)一步復(fù)雜化。 ????貝恩資本的“1+30”模式似乎深得大多數(shù)有限合伙人之心，這種模式的固定成本較低，讓普通合伙人和優(yōu)先合伙人的利益更趨一致。不過(guò)，“2+20”模式則被視為行業(yè)標(biāo)準(zhǔn)（雖然貝恩資本并不是這樣，它的資本增值提成歷來(lái)為30%）。 ????據(jù)一位了解募集過(guò)程的消息人士告訴筆者，該亞洲基金計(jì)劃募資20億美元，現(xiàn)在已有約15億美元獲得認(rèn)購(gòu)承諾，出資的有限合伙人在模式選擇上一半對(duì)一半。其中，基金中的基金（FoF）最有可能選擇“1+30”模式，而很多傳統(tǒng)的捐贈(zèng)基金和基金會(huì)管理公司則選擇了“2+20”模式。 ????兩種模式孰優(yōu)孰劣？貝恩資本明年募集第11支普通基金時(shí)是否會(huì)提供類(lèi)似的選擇？值得我們拭目以待。 |
????Earlier this year, we noted that Bain Capital was giving investors in its second Asia fund an unusual choice: Either pay a 1% management fee and 30% carried interest on your commitment, or a 2% fee and 20% carried interest. ????Further complicating matters, the former comes with a 10% preferred return (i.e., hurdle rate that must be achieved before carried interest kicks in), while the latter has a 7% preferred return. ????Bain's one-and-thirty option seems to be what most limited partners claim they want, in that it presents fewer fixed costs and a greater alignment of interest between GP and LP. Two-and-twenty, however, is considered industry standard (albeit not for Bain, which is traditionally known for a 30% carry). ????A source familiar with the process tells me that around $1.5 billion of the Asia fund's $2 billion target is already spoken for, and that the participating LPs are almost evenly split as to which deal they're taking. Within that group, funds-of-funds are the most likely to go with 1-and-30 while many of the traditional endowment and foundation managers are going with 2-and-20. ????Will be interesting to see where it all plays out in the end, and if Bain will offer a similar choice when it begins raising its eleventh general fund next year. |
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