金融机构投资私募股权“基金的基金”_基于案例的研究.pdf

文档介绍：2008年第12期改革与战略 ,2008
第24卷(总第184期) REFORMATION & STRATEGY (Cumulatively,)
金融机构投资私募股权“基金的基金”
——基于案例的研究
何小锋,胡渊
(北京大学金融与产业发展研究中心,北京 100871)
[摘要] 基金的基金(FOF)是私募股权投资市场的重要组成部分,也是发展的主流趋势。FOF 在分散风险、投资顶级基金、接近
目标市场等方面具有优势。文章通过对国内外金融机构投资 FOF 案例的研究,分析了 FOF 与其他私募股权投资形式充分整合的
必要性,认为金融机构应当结合自身优势与特点构建包含 FOF 在内的私募股权投资体系,并就投资与监管提出了相应的政策
建议。
[关键词] 私募股权;基金的基金;金融机构
[中图分类号] [文献标识码] A [文章编号] 1002-736X(2008)12-0061-06
Investment of Financial Institutions in Private Equity Funds of Funds
—Based on Case Study
He Xiaofeng, Hu Yuan
(Financial and Industrial Development Research Center, Peking University, Beijing 100871)
Abstract: Funds of funds (FOF) are one of the most ponents of private equity market, which has e the
mainstream in recent years. Private equity funds of funds function effectively in risk sharing and reduction, investing in top quartile direct
funds and accessing target markets. By case study, It is pointed out that funds of funds must be integrated with other private equity F
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investing approaches according to advantages and disadvantages of financial institutions and other factors. Policy advices are also raised. A
Key words: private equity; funds of funds; financial institutions N
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基金的基金(Fund of Funds,以下简称 FOF),是为投资于其 FOF 从 2003 年开始有一个快速增长,在 2006 年达到顶峰,2007 A
他基金而设立的基金,它所持有的资产组合是各种类型的基年受到次级债危机的影响有所减缓。而在1996年的起步阶段