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The advantages of co-investing strategy in Private Equity Funds

By iMoney Magazine (Altive column).03 7月 2023
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For institutional investors or top-tier billionaires, investing in a private equity fund often aims to gain co-investment opportunities, allowing them to further invest in promising projects. Co-investment provides limited partners (LPs), referring to pri

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對機構級投資者或頂級富豪來說,很多時候投資一個私募基金,都是為了獲得共同投資機會(Co-investment Opportunity),以便在好的項目加碼投資。共同投資為一眾私募股權投資者,此處指有限合伙人(LP),提供了與一般合伙人(GP)共同投資至個別私募股權的更佳機會。

高潛在收益 低管理成本

共同投資為LP們創造更高的潛在收益並達至更低成本,主要原因是LP可以透過GP的關係獲得更多控制權,以及接觸到優質項目的機會,而GP為吸引優質的LP,通常會願意提供較優惠的基金管理費。另外,以共同投資方式投資的私募股權基金,通常能享有更平緩的J曲線效應,一般私募股權基金通常會經歷較長的早期投資階段,即準備將資金投置各投資項目,未享有回報卻要支付管理費用的時期;但以共同投資方式投資的私募股權基金,通常較為後期和控制權較集中,能更有效率為基金進行項目投資,盡早為基金提供正值回報,縮短早期投資階段的負回報時期。

共同投資的好處多,但並非所有LP都能享有同樣的共同投資機會,能吸引GP主動尋求合作的LP一般享有較優越的聲譽與更強的業界關係,特別是過往有投資過個別私募股權的LP較能獲得相關機會的共同投資機會。而LP亦需要具備專業的投資決策能力,在GP花上超過半年時間研究並決定投資一個項目後,LP往往只有數周時間決定是否跟投,因此LP自身的項目審查能力亦不可或缺,才能抓住共同投資機會。

專業投資者的投資機遇

對個人專業投資者而言,要參與私募股權投資,考慮配置中含有共同投資策略的私募股權基金相信是精明的選擇。除了可以與LP共同享受更高的潛在收益,以及更低的管理成本、更快實現投資正回報等好處外,經過共同投資的項目通通都是經過GP及LP雙方的專業團隊雙重把關後的優質項目。

雖然以往投資私募市場產品通常只限於機構級投資者,隨著近年私募投資普及化,個人專業投資者亦可以透過私募投資平台接觸到一些投資機會。投資者可以留意一些業界關係較強的基金經理所推出的私募股權基金,這些基金通常能獲得較多優質共同投資機會,為投資者帶來較優越的潛在回報。

Altive為市場上少數為專業投資者提供私募市場產品的另類投資平台,透過科技實現投資份額碎片化,大大降低私募市場的投資門檻,專業團隊擁有多年私募市場經驗與人脈,能助投資者精選出頂尖的另類投資機會,為投資者實現更多元化的投資配置,分散投資風險,在動盪的環境下穩中求勝。

私募基金共同投資的優勢?

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