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英语悦读｜创造阿尔法收益，中国私募股权经营之道（下）

以下文章来源于REITs研究社，作者REITs君REITs研究社聚合党政机关、科研院所、基建地产与金融机构的中坚力量；为推动中国REITs行业的健康发展，促进中国REITs市场的稳定运行，持续贡献力量。

In search of alpha: Updating the playbook for private equity in China

本报告为REITs研究社“小白金融”专栏翻译组翻译成果。翻译组成员包括：徐照宜、胡威廉、薛拾叁、贺老师、王子琦、高孝森、柯浩然、徐诺亚等。全文约14520字，约阅读需要23min。

本文为REITs研究社原创文章，如需转载请在文前注明来源REITs研究社（REITs-Academy）及作者信息，否则将严格追究法律责任。

REITs研究社，从2020年7月刊发文章以来，一共刊发了8篇研究报告，其中2篇破万，文章也先后被人大经管之家、证券时报、北京大学政府管理学院等所关注或转发。展望2021年，我们将发起星辰计划，并刊发英语悦读系列文章——翻译亚投行关于《2020亚洲基础设施融资报告》。同时，我们也在关注麦肯锡在科技通信、基建地产与生物医疗等领域的研究报告。

摘要：过去10年是全球资产管理行业的黄金10年，自2008年金融危机以来，全球总资产管理规模已增加两倍，由2007年的近50万亿美元增长至2019年末的仅100万亿美元，其中有近60%的增长来自市场业绩的提升，其余则来自净流入资金。中国资管市场预计未来将继续领跑全球资管市场的增长，在全球占比将持续提高。同时，中国资管行业正在经历从规模增长到结构调优的阶段。整体而言，私募股权投资行业将长期受益于资本市场环境变化与资管新规，未来将持续吸引新的资金配置，保持良好增长。

中国私募股权投资市场进入从“量的增长”到“质的发展”的重要调整期，行业整体管理规模仍在保持较快增长。从内部结构来看，国内私募股权基金中，创业投资基金和并购基金占比仍然较小，成长期投资基金占比较大，呈现中间大两端小的“橄榄型”格局。伴随市场的不断分化和加速出清，行业集中度也在发生明显变化。行业募资环境延续上一年降温趋势，这与国际国内经济金融环境、资本市场波动、投资回报不足及监管政策调整等因素有关。从结构上来看，募资加速向头部私募股权基金管理人聚集，集中度高于成熟市场。出资人对于基金管理人的筛选因素更为全面，管理团队、历史表现、风险管理及投资策略是出资人选择管理人最为看重的内容。

高瓴资本在其承研的《中国私募股权投资基金行业发展报告2020》指出，PE行业集中度将持续提升，自然法换加速，其中顶尖的市场化机构有望引领国际，加强机构化能力建设是主轴，对中小型机构而言则需明确特色化发展路径。在“双循环”发展格局下，越来越多的私募股权投资基金专注于投早、投小、投科技，私募股权投资在服务实体经济、支持科技创新发挥日益重要的作用。希望在未来的行业发展中，通过专业化运营，共同寻找价值创造的门径，为科技创新、产业创新带来新的机遇和助力。当前PE公司不仅要度过危机，还要为迎接下一个新常态做好准备，因此具备上述优势尤其重要。当前这场危机的持续时间和经济复苏时点都不确定，因此，PE能在多大程度上有效管理危机、并为复苏做好准备，将成为测试PE基金实力强弱的试金石。如今，中国PE公司还有机会去学习如何创造阿尔法收益。而在不久的将来，创造阿尔法收益将成为PE公司生存、乃至繁荣发展的必备能力。 ◎作者：倪以理、梁敦临◎翻译：徐照宜、薛拾叁 ◎编辑：胡威廉、徐诺亚

六、GP需要创造阿尔法收益近年来，中国经济增长虽然仍很强劲，但增速却逐年稳步下滑，2019年实际GDP增幅为6.1%，远低于2010年的10.6%。在新冠疫情前，麦肯锡全球研究院预计，2022年至2024年间中国经济增速将在5.1%至5.4%之间。当前这场危机可能导致中国经济增幅下降，尽管与全球平均水平相比仍很强劲。
然而，经济增速放缓并没有让投资者降低回报预期。2019年8月的《Preqin投资者调查》发现，58%的LP仍期望投资大中华地区的PE和VC基金期望项目年化净回报率的预期达到或超过15%，另有10%的LP期望回报率超过30%。在宏观经济快速增长不再是必然的情况下，资金正越来越多地流向顶级基金。如此一来，控股型交易将更为抢手。多年来，中国宏观经济的持续高增长让PE能依托整体市场增长获得贝塔收益。然而，在当今环境中若要实现预期回报，PE公司没有其他选择，只能从贝塔收益转向阿尔法收益。significantly lags that of more developed PE markets, such as the United Kingdom, where PE made up 2.6 percent of GDP, and the United States, where PE comprised 2.2 percent of GDP last year.

In recent years, China’s economic growth, though still robust, has been steadily falling; the 2019 real rate of GDP growth was 6.1 percent, compared to 10.6 percent in 2010. Before COVID-19, the McKinsey Global Institute estimated that growth in China would hover around 5.1–5.4 percent between 2022 and 2024. The current economic crisis will likely cause these growth rates to fall, though they will likely still be robust compared to global averages.

Investors have not tempered their return expectations as a result of slowing economic growth. An August 2019 Preqin Investor Survey found that 58 percent of LPs would still expect an annualized net return of 15 percent or above from Greater China–focused PE and VC funds, and that 10 percent of LPs would expect returns of more than 30 percent. In an environment where fast macroeconomic growth is no longer a given, capital is increasingly flowing to leading funds. Therefore, deals where PE firms take a controlling stake in a portfolio company will be at even more of a premium.

For many years, China’s consistently high rates of macroeconomic growth made relying on overall market growth a sustainable strategy. To achieve desired returns today, however, PE firms will have little choice but to switch their focus from beta to alpha. 【注释】

robust：强健的；健康的；粗野的；粗鲁的
the McKinsey Global Institute：麦肯锡全球研究院
hover round：在上空盘旋
红色和蓝色分别代表了积极和消极的情绪，用though连接起来，增强转折逻辑。
两个下划线语意重复，分别在段首和段尾，突出重点
return expectations：回报预期
Preqin Investor Survey：《Preqin投资者调查》。Preqin是另类资产领域领先的数据和情报提供商，通过在线数据库，出版物，免费研究报告和定制数据订阅等方式提供。Preqin提供私幕股权，对冲基金，房地产，基础设施，私幕债以及自然资源产品全面，广泛的信息。
an annualized net return：年化净回报率

七、在华经营PE的四大关键措施
7.1 传达新颖、明确的价值主张
在华经营的PE需要采取以下四项关键措施，方能成功实现组织转型、打造出创造阿尔法收益的能力：
GP必须拥有明确的价值主张才能够脱颖而出。在过去，成立一支运营团队可能就够了，但如今竞争门槛越来越高。GP需要明确阐释其价值创造主张，必须证明自己有能力和人才去积极管理被投资产并能规模性地创造价值。GP在寻求发展和确定其独特价值创造主张时，有以下两个选择。其一，它们可以选择提升专业化程度。对于发挥被投公司的全部潜力以及迅速应对意外情况（如新冠疫情所带来的破坏）而言，行业专知与专长都变得越发重要。此外，具备战略性专长（如危困公司处理或企业分拆上市）的基金将获得更多资产，并且相比综合型基金，它们在资产定价方面更具优势。GP的另一个选择是向相邻资产类别扩展以实现规模化。与众多全球公司一样，中国领先的GP已开始转型涉猎多个行业或领域，如信贷、房地产或基建等。同时，养老金、保险公司和其他中国投资机构也增设了PE部门。规模经营可以提高品牌知名度、增加交易机会（如获得更大、更复杂交易或跨境交易的机会）、实现后台规模效应、增强风险分散能力，并有可能在不同资产类别间实现协同效应。例如，一些基金利用其公开市场或债务市场团队来支持被投公司的债务融资、IPO筹备或补强型并购活动。To succeed in evolving their organizations and acquiring the ability to create alpha, PE firms in China need to take four key actions: To stand out, GPs need to have a well-defined value proposition. In the past, it may have been sufficient to simply set up an operating group, but the bar has now risen. GPs need to clearly articulate value creation propositions, and they have to demonstrate they have the capability and talent to actively manage portfolio assets and create value at scale. GPs looking to develop and define their distinctive value creation proposition can choose one of two paths. First, they can choose to become specialized. Industry expertise is increasingly important, both to deliver on the full potential of portfolio companies and to be able to quickly respond to disruptions such as COVID-19. In addition, funds with strategic specializations (such as distressed businesses or corporate carve outs) could see an increased supply of assets and will be better able to price those assets than generalist funds. A second option for GPs is to achieve scale by expanding into adjacent asset classes. In line with many global firms, leading Chinese GPs have begun to transform themselves into firms with arms in multiple industries or areas such as credit, real estate, or infrastructure. At the same time, pension funds, insurers, and other Chinese investors have added PE arms. Operating at a larger scale can promote greater brand recognition, a larger set of deal opportunities (e.g., larger, more complex, cross-border), scale effects in the back-office, an enhanced ability to diversify risk, and potential synergies between asset classes. For example, some funds are leveraging their public markets or debt teams to support portfolio companies in their debt-raising, IPO preparation, or bolt-on M&A activities. 【注释】

stand out：脱颖而出
value creation propositions：价值创造主张
corporate carve outs：企业拆分上市
adjacent asset classes：相邻资产类别
pension funds：养老金
brand recognition：品牌知名度
debt-raising：债务融资
bolt-on M&A activities：补强型并购活动

7.2 实现人才、治理和组织卓越
在中国，人才仍然非常稀缺，特别是在私募股权等专业服务行业。尽管具备丰富经验和专业能力的人才数量正在增加，其中一些人甚至可能曾经与PE投资人共事，但如何找到并吸引这些人才仍然是一大挑战。Talent is still at a premium in China, especially in professional services industries such as private equity. While there is an increasing number of experienced and specialized people available— some of whom might have even worked with PE firms in the past—finding and attracting them still poses a challenge. 【注释】

at a premium：非常珍贵; 非常需要; 渴求

A. 组织流程和组织架构制度化在中国这样的高速增长环境中，由创始人经营且业务集中的小公司可能能够成功。但随着公司的发展，这样的模式将会遭遇越来越多的困难。GP需要加强人才培养举措、建立更大的人才库、储备背景更丰富的人才、确定正式的继任计划并制定新的组织流程和架构。中国很多本土公司的创始人都已年满50、甚至60岁，却仍无意放手，没有制定退休计划。而在未来的募资行动中，LP们很可能会问及继任计划。
为提升人才的多样性，PE公司可以在招聘和人员培养过程中融入相关指导原则和举措。PE公司还可以建立正式组织架构并明确定义相关职能，为组织引入基于严谨分析和事实的决策流程。而且，PE公司应该超越传统上只注重财务风险管理的做法，发展更多能力去主动管理网络安全和声誉风险。将新的流程和架构固化到组织中，这对于GP逐渐从高度依赖贝塔增长转向更关注阿尔法收益，也将带来益处。经过验证的战术手册和组织架构能确保GP吸取行业最佳实践并有效利用公司在特定领域的经验和专识。一些中国公司正在围绕数字化、采购和运营等主题打造内部专业能力。这类专业能力手册能够大大缩短项目实施时间，在某些情况下，可提速6到12个月。尽管其他亚洲市场或成熟市场的某些专业性战术手册可以给在华PE提供借鉴，但中国市场在很多领域都需要一套量身定制的计划。原因在于，中国有独特的数字化环境，投资分散在各个行业、较为零散，而且相关能力很难实现跨行业或跨地区通用。为了创造出持久影响力，在华经营的PE公司需要具备综合能力，既有职能专识、设计和实施价值创造计划的能力，还要有变革管理能力。PE公司往往善于聘用职能专家，但却常常忽视后两类能力。由一支较小的核心团队在被投公司中协调与安排转型计划，可能是更佳的解决方案。为此，PE公司需要与内部和外部专家紧密合作。A. Update processes and strutures
Small, founder-run firms with centralized operations can succeed in high-growth environments like China, but this becomes more difficult as they grow. GPs need to step up their talent development initiatives by building a larger talent bench with a more diverse range of skill profiles, institute formal succession planning, and develop new organizational processes and structures. While many founders of regional and local firms in China are now in their 50s or 60s, and may have no plans to slow down or retire, LPs will likely ask about succession planning during future fundraising efforts.
PE firms can also promote diversity in their talent base by embedding guidelines and initiatives into their recruitment and personnel development processes. PE firms can also install formal structures and define clear roles that introduce rigorous analytical and fact-based decision making into their organization. And PE firms should go beyond their traditional focus on managing financial risk and develop capabilities that enable them to proactively manage cybersecurity and reputational risks. Embedding new processes and structures into their organizations will also help GPs as they transition from a strong reliance on beta growth to a greater focus on alpha value creation. Tried and tested playbooks and structures help ensure that GPs are leveraging industry best practices, as well as firm-specific learnings and expertise. Some firms in China are building up internal expertise around functional topics such as digitization, procurement, and operations. Such playbooks also significantly compress the time before implementation can start. In some instances, they can reduce this by 6–12 months. Though some functional playbooks can be borrowed from other Asian or mature markets, in many areas, China requires a bespoke plan. This is due to China’s unique digital environment, fragmented investments spread across a wider range of industry sectors, and capabilities that don’t transfer easily across sectors or geographies. To create sustainable impact, PE firms operating in China need a combination of functional expertise, the capacity to design and implement value creation plans, and the ability to manage change. While firms are often good at hiring functional experts, the latter two categories are often overlooked. A better solution may be having a smaller core team tasked with orchestrating a transformational program in a specific portfolio company. To make this happen, firms need to work closely with internal and external specialists. 【注释】

succession planning：接班人计划；继任计划
embed guidelines and initiatives：融入相关指导原则和举措
cybersecurity and reputational risks：网络安全和声誉风险
digitization, procurement, and operations：数字化、采购和运营
functional playbooks：功能手册
orchestrat：协调与安排

B. 提早在被投公司启动人事变革，实现人才与价值相匹配为了与被投企业管理层建立良好关系，PE公司往往会推迟对被投公司高管层的变革。尽管大多数PE公司都声称在投资中倾向于选择优秀的管理团队，但根据我们对全球180笔投资交易的分析，只有44%的被投公司CEO能够从交易签署一直留任到交易退出。平均而言，在交易完成后的2.2年内，CEO就会被替换。我们在中国地区也看到了类似趋势，因此尽早进行人才评估至关重要。人才评估包括两个主要部分。首先，GP需要确定被投公司中25至50个最重要的角色。这些角色通常关系到公司当前的息税折旧摊销前利润（EBITDA）的创造，或者对未来某个能够产生并获得的EBITDA流至关重要。这些角色可能雪藏于组织的更深层级，而非高管层。那些能够推动价值创造的关键角色同样不可忽视，例如关键地区的销售主管或产品开发负责人。其次，GP需要确保在这些关键角色上拥有合适的人选；应当为每个角色列出关键任务清单并评估当前在任高管的履职能力。例如，某家总部位于中国的大型PE基金要求在交易完成后立即对每家被投公司进行人才/价值配置评估。通常组织中2%的人会创造80%的价值，因此需要在整个组织中找到这些人才。为了找出核心价值创造者，首先，交易团队和运营团队会共同评估最大的价值创造机会，并确定实现该价值所需的技能和思维方式。然后，他们会评估适任人选是否到位，尽快替换不适人选并努力留存并激励适任者。B. Front-load portfolio companies’ talent decisions and match talent to value Firms have a tendency to delay making decisions about their portfolio companies’ executives in the interest of building positive relationships with management teams. Although most firms claim to always invest in a strong management team, based on our analysis of 180 investments globally, only 44 percent of portfolio company CEOs stay from deal signing to exit. On average, CEOs are replaced 2.2 years after deal closing, and we see a similar trend in the China region. Therefore, performing a talent check up as early as possible is essential. A talent check up has two major parts. First, GPs need to identify the 25–50 most important roles in the company. Those roles are usually either associated with the EBITDA the company currently creates or an EBITDA stream that it could generate and capture in the future, and they may be much deeper in the organization than just the top management. But it is also important not to overlook the key roles—such as the head of sales in key regions or the head of product development—that enable value creation. Second, GPs need to ensure that they have the right talent in these critical roles; they should develop a list of the key tasks that need to be performed in each and assess the capability of the executive currently holding the position to perform them.

One large China-based PE fund, for example, mandates that, immediately after a deal closes, each of its portfolio companies conduct a talentto-value exercise. Typically, 2 percent of the people in their organization create 80 percent of the value—and that they need to identify those people throughout the entire organization. To find these core value creators, first the deal team and operating team jointly review the largest value creation opportunities and determine what skill sets and mindsets are required to deliver that value. They then assess whether the right people are in place, swiftly replace those who don’t work out, and work to retain and motivate those who are a good fit. 【注释】

portfolio companies：被投企业
A talent check up：人才评估
EBITDA：息税折旧摊销前利润。Earnings Before Interest, Taxes, Depreciation and Amortization
a talentto-value exercise：人才/价值配置评估

C. 规范和完善GP的人才储备由于中国的人才池相对较浅，特别是具有PE经验的高管人员，因此在中国寻找并留住合适的人才尤为关键。未来，人才竞争可能会加剧，拥有合适的人才将变得更加重要。随着基金的平均规模不断扩大，为被投公司创造价值所需的能力门槛也在不断提高。疫情下的经济环境可能为主动获取顶尖人才提供了绝佳的机会。
PE人才发展应该注重多个维度。随着行业迈向更高的专业化程度，PE人才也需要更加专业化，他们应有能力尽早发现潜在投资目标的价值创造机会，并与管理层合作去实现这些机会。GP不应该拘泥于拥有传统财务背景的人才，要积极招募转型和数字化等领域以及在定价、运营等特定职能领域的专家。PE公司应建立一张跨地区、职能和行业的广泛顾问网络，以便能够迅速集结团队。最后，GP需要做好准备去重新构建合伙人制度。为吸引和培养下一代领导者，未来PE公司的股权结构应反映出不断变化的领导团队结构。曾担任主导合伙人的创始人需要开始放手，并将更多的交易分配给下一代领袖。发达市场的GP在这方面走得更远。但在中国，随着创始人年龄的增长，制定明确继任计划变得越来越重要，加之LP越来越关注这一点，继任计划将成为一个更加突出的问题。C. Formalize and refine the talent pipeline for GPs Finding and retaining the right talent in China is especially crucial given its relatively shallow talent pool, particularly for executives with PE experience. Competition for talent will likely intensify, and having the right talent will become even more important, since the average fund size is increasing and the bar is rising on the capabilities needed to create value in portfolio companies. The COVID-19 economic environment could present a good opportunity to proactively acquire top talent. PE talent should evolve on multiple dimensions. As the industry moves change greater specialization, it requires more specialized people who can spot value creation opportunities at potential investment targets early on, and then later work with management to deliver them. GPs should also look beyond traditionally financial backgrounds and actively recruit functional experts in areas such as transformation and digitization, or in specific functional areas like pricing or operations. Firms should build up a wider network of advisors across geographies, functions, and industries so that they can ramp up quickly. Finally, GPs need to be prepared to restructure their partnerships. To attract—and apprentice—the next generation of leaders, the shareholding structure of future PE firms should acknowledge the changing structure of the leadership team. Founders who were formerly lead partners need to begin stepping back and allot a larger share of deal upside to the next generation of leaders. GPs in more developed markets are further along in this process. In China, however, succession planning will become a more salient issue as founders age and the need for a clear plan becomes more important, and as LPs increasingly put more focus on this. 【注释】

the talent pipeline：人才储备
proactively acquire top talent：主动获取顶尖人才
multiple dimensions：多个维度
ramp up：集结团队
the shareholding structure：股权结构

D. 评估PE公司的组织健康度尽管投资人已开始采取更为结构化的方法来评估被投公司的人才，但大部分PE并未以同样严格的标准审视自身组织。中国某大型PE公司从与业绩相关的七个维度对员工进行了调研。它们分析了领导力、组织方向感、创新和学习等诸多主题。调研结果在证实公司实力的同时，也突显了领导层的一些不足，公司高管团队为此有针对性地布置了一系列的人才辅导与发展课程。D. Assess PE firms’ organizational healthWhile some investors have started to take a more structured approach to assessing talent in their portfolio companies, most are still in the early stages of applying the same rigor to their own organizations. One large PE firm in China surveyed its employees across seven dimensions that correlate with company performance. They looked at topics ranging from leadership effectiveness and sense of direction to innovation and learning. While the survey results confirmed the firm’s strengths, they also highlighted gaps in leadership which the firm’s top executive team addressed with a series of coaching and development sessions. 【注释】

rigor：严格、严厉
sense of direction：组织方向感
coaching and development sessions：人才辅导与发展课程

E. 评估PE基金的人才价值主张为吸引和留住最优秀的人才，PE公司需要仔细调整薪酬、非财务激励、文化和职业发展机会等各个环节。财务激励发挥着重要作用，而强调整体文化和职业路径则可加强PE基金的人才价值主张。运营团队的员工经常担忧，认为相比交易部门的同事，他们的价值没有得到足够重视。随着运营团队的重要性日益彰显，打消运营部门员工的顾虑对于吸引适任人才至关重要。
E. Evaluate fund’s value proposition for talent Attracting and retaining the best talent requires a careful calibration across compensation, nonfinancial incentives, culture, and professional development opportunities. While financial rewards play a large role, paying more attention to overall culture and career paths might strengthen a fund’s talent proposition. Staff working in operating groups often express the concern that they are not valued as much as deal partners. Resolving this perception could provide an advantage in attracting the right people to operating groups, an area of increasing importance.
【注释】

calibration across compensation：调整薪酬
nonfinancial incentives：非财务激励
financial rewards：财务激励

7.3 传达新颖、明确的价值主张

过去，那些增长迅速的目标公司，其所有者往往并不热衷于出售多数股权，因为他们没有必要这么做。同时，PE投资人自身若没有相应的能力，也倾向于投资一个管理团队并选择信任这个团队去经营被投公司。因此，中国大部分的PE投资交易都是少数股权投资（过去10年平均来看，此类交易的数量占比超过90%，价值超过80%），这表明中国GP可能并没有在并购型交易定价或执行方面投资相应的能力及人才。在华经营的GP需要增强并购型交易和其他更复杂交易的项目寻源能力，并培养对可投资产进行判断与定价的行业专业能力。他们还必须提升后续价值创造能力。为此，GP必须建立项目寻源的专业能力，并提升运营团队能力。In the past, owners of fast-growing target companies were not keen to sell majority stakes, since they typically didn’t need to do so. Also, PE investors that didn’t have the right capabilities themselves tended to invest in a management team and trust them to run the company. As a result, most PE investment deals in China have been minority investments—in the past 10 years over 90 percent by deal count, and 80 percent by deal value, on average—which suggests that GPs in China might not have invested in the capabilities or talent needed to price and execute buyout deals. GPs operating in China need to increase their capabilities around the sourcing of buyout deals and other more complex deals, as well as developing the sector expertise needed to judge and price available assets. They must also improve their ability to deliver on subsequent value creation. To do so, they must build expertise in deal sourcing and increase the efficacy of their operating team. 【注释】

price：vt. 给……定价；问……的价格
buyout deals：并购型交易

A. 建立交易寻源和执行能力很多交易需要几年时间才能完成，因此PE公司有时间去主动评估机会，在许多西方市场这都是普遍做法，但迄今为止这点在中国却较为少见。无须讳言，许多中国PE公司往往只是在卖方发起之后，才会被动地对投资机会做出反应，结果导致其对行业和标的了解不足。然而，我们也看到在有些交易中，PE公司开始主动行动并获得了先发优势。采取如此做法的PE往往能与标的公司管理层建立更紧密的关系、与行业专家合作制定更精准的投资逻辑、并在更长时间内跟踪行业动态和类似交易。在行业内打造人际网络，并与潜在标的公司和顾问建立联系，这些都十分重要；而且在中国市场尤其如此，因为随着中国第一代企业家们进入退休年龄，预计将有更多家族企业待售。PE应该广泛搜寻并优先关注家族企业，通过参与并制定具有战略性的所有权过渡计划，来主动与这些企业接触。此外，当前的经济形势可能会为专业化投资人带来更多机会，比如帮助陷入困境的公司获得贷款融资。补强型并购的机会可能也会增加。不过，由于卖方还在根据宏观经济环境的变化来调整估值预期，合适的机会可能仍需等待数月才会出现。交易执行也至关重要。在新冠疫情和中国经济增长放缓的背景下，GP（尤其是规模相对较小的公司）必备的核心能力之一就是搜寻和处理更为复杂的交易。鉴于当前的经济形势，复杂交易（如重新考虑业务组合的公司将部分业务拆分出来）的数量可能会增加。例如，某在华经营的PE公司意识到股权拆分的潜在价值，同时也发现自身缺乏执行此类交易的能力。而该基金的一名合伙人具备该类交易的必要知识，于是公司为他匹配了建设相关能力的资源。该合伙人定期对行业进行扫描，以确定适合做股权拆分的企业（其较长期目标是主动与这些公司建立联系）。他们还在早期与能够就股权拆分或相关行业提供建议的外部专家及标的公司的管理团队建立了联系。A. Build expertise around deal sourcing and execution Many transactions take several years to complete. This gives firms time to proactively assess opportunities—a more common practice in Western markets than has been observed in China so far. More often than funds in China care to admit, they respond only to investment opportunities initiated by the sell side. This results in a less than ideal understanding of the industry and target.
We have, however, seen several deals where PE firms that proactively started earlier enjoyed an advantage. They often were able to build closer relationships with the target company’s management, engaged with industry experts to develop a more precise investment thesis, and able to track the industry and similar deals for a longer period of time. Particularly in China, it will be crucial to build relationships within a sector and with possible target companies and advisors, since family business sell-offs are expected to increase as the first generation of Chinese entrepreneurs enter retirement. PE firms should scan and prioritize family-owned companies, and proactively engage with them by building an ownership transition plan supported by a strong strategic rationale for the PE investor to play a role. In addition, the current economic climate may lead to an increase in opportunities for specialized investors and loan financing for distressed companies. There may also be more scope for bolt-on acquisitions. However, it may still take a few months for the right opportunities to arise, as sellers often need to adjust their expected valuations to reflect changes in the macroeconomic environment. Deal execution will also be crucial. In light of COVID-19 and the background of slower growth in China, one of the core capabilities necessary for GPs—and particularly relatively small players—will be the ability to explore and handle more complex transactions. The number of complex transactions— such as carve outs from companies rethinking their business portfolio—is likely to grow given the current economic climate. For example, a China-based PE firm recognized the potential value in carve outs and realized that it lacked needed capabilities to execute this. One partner within the fund was tasked to own the topic and was given resources to build up the necessary capabilities. The partner regularly scans the industry to identify the companies where carve outs could come up (with a longer term goal to proactively approach these companies). They also, early on, build up relationships with external experts (who can advise on carve outs or the relevant industries) and with the management teams of target companies. 【注释】

Western markets：西方市场
be crucial to：对...至关重要
sell-offs：待售
family-owned companies：家族企业
economic climate：经济形势
bolt-on acquisitions：补强型并购
carve outs：股权拆分

B. 提升运营团队效能随着全球PE公司都在寻求更高投资回报，很多公司都在组织中建立了运营团队。这些团队致力于为被投公司提供战略指导和支持，例如推动可衡量的绩效改善、监控与报告、支持更广泛的变革工作。然而我们观察到，很多情况下，这些运营团队往往被作为特殊任务小组，他们的职权范围狭窄，而且往往不是投资主题的核心组成团队。尽管运营团队已成为大多数大型PE公司的既有组织架构的一部分，但其规模和构成却相差很大。运营团队非常重要，尤其是在危机期间。我们回顾了2009年以来120家活跃PE公司的业绩，并计算了其在全球金融危机之前、之中和之后的回报。我们的调查结果显示，运营团队在经济低迷时期最有价值。在2009年至2013年期间，拥有运营团队的GP，其内部收益率比没有运营团队的GP高出约500个基点。以一家亚洲大型PE公司为例，该公司曾领投过一家全球生物科技公司，从2014年A轮投资进入，持有至2018年IPO退出。该PE公司利用深厚的行业研究能力和制药行业专识为被投公司提供战略支持，尤其是帮助被投公司制定了在中国和美国的产品上市计划。PE公司的团队积极参与被投公司管理团队在商务策略、注册政策、临床开发、国际合作战略和人才招聘方面的工作。B. Increase the efficacy of operating groups As global PE firms seek to boost investment returns, operating groups have become an increasingly prevalent feature of their organizations. These groups focus on providing strategic direction and support to their portfolio companies. For example, they drive measurable performance improvement, monitor and report, and support broader change efforts. Nevertheless, we observe too often that operating groups are more oftenly used as SWAT teams when there is a narrowly defined topic, and are less often a core part of the investment thesis. Although operating groups are now an established part of most large PE firms, their size and composition vary significantly. Operating groups matter, especially during a crisis. We reviewed the performance of 120 PE firms active since 2009 and calculated their returns before, during, and after the global financial crisis. Our results indicate that portfolio operating groups may have proved their worth most clearly in the downturn; between 2009 and 2013, GPs with operating groups achieved IRRs roughly 500 bps higher than those without. Take the example of one of the largest Asian PE firms that was the lead investor in a global biotech company, which it took from a Series A investment in 2014 to IPO in 2018. The firm used in-depth research and pharmaceutical industry expertise to provide strategic support, especially in formulating the company’s go-to-market plan in China and the United States. The PE firm’s team is actively involved with the portfolio company’s management team in commercial strategy, registration policy, clinical development, international cooperation strategy, and talent recruitment. 【注释】

investment returns：投资回报
SWAT teams：特殊任务小组
the downturn：经济低迷时期
a Series A investment：A轮投资
pharmaceutical industry expertise：制药行业专识

2.4 提高运营团队效率的做法

PE公司若要着力发掘阿尔法收益，则应通过以下做法提高其运营团队效率：A. 聚焦运营价值。根据我们的经验，许多运营团队无法抓住最能带来影响力的增值点。如果不对最具改进潜力的领域进行量化，可能就无法充分挖掘其价值。此外，由于交易团队并不了解被投企业中的哪项资产最具增值潜力，有时他们可能会对运营团队应该在哪些资产上投入更多时间造成不必要的干扰。我们发现，比起努力挽救陷入困境的资产，进一步提升优质资产往往能带来更多价值。PE需建立有益的价值创造大局观，以深厚的专业和行业专识去识别、衡量并创造价值。B. 合适的运营团队配置。运营团队的架构应能够补强被投公司的需求和基金的整体战略。运营合作伙伴或外部顾问不一定仅仅提供建议和指导，他们也可以与管理团队一起工作，提供特定行业的深厚知识与转型能力。因此，除执行团队外，运营团队还应包括相关行业专家和交易合作伙伴（或与之建立联系，方便获得支持）。随着交易项目变得更加专业化、价值实现变得更加复杂，GP将需要考虑如何在各被投公司间优化运营资源和外部专家资源。PE firms looking to redouble their focus on alpha should increase the efficacy of their operating team by adopting the following practices: A. Focus on operational value.In our experience, many operating teams struggle to focus on the most impactful value-adding levers. Without a quantified view on the areas with the largest improvement potential, value may be left on the table. Further, with a limited understanding of where the biggest pockets of value in the company lie, the deal partner may sometimes exercise an outsized influence on which portfolio companies the operating team spends their time. We have found that more value can often be achieved in moving an asset from good to great rather than trying to rescue troubled assets. Building a useful overview of value creation requires deep functional and industry expertise to identify, size, and then execute on value creation.B. The right operating group setup.The structure of an operating group should complement the needs of the portfolio company and the overall strategy of the fund. Operating partners or external advisors need not solely provide advice and guidance. They can also work alongside management teams to provide deep sector-specific knowledge and transformation capabilities. In addition to the execution team, therefore, the operating group should include—or have access to—both industry experts and deal partners. As deals become more specialized and value capture more complex, GPs will need to think about how best to deploy operating resources and external expertise across their portfolio companies. 【注释】

value-adding levers：增值点
a quantified view：量化
an operating group：运营团队
deep sector-specific knowledge：特定行业的深厚知识
transformation capabilities：转型能力

C. 定期检视投资组合。运营团队和交易团队需要就投资组合的详细现状达成一致。月度投资组合检视应基于关键绩效指标（KPI）体系聚焦价值创造，这些指标应在整个投资组合层面保持统一，并且比基本的红黄绿状态分级更加精细。
检视应具有前瞻性（例如包括后续工作，未来3个月、6个月和12个月计划，以及下一步应重点关注的KPI），贯穿至退出的整个过程中，并对应具体行动。最近几个月来的形势表明，基金及其被投公司需要充分考虑关键性的行业因素，并对其可能的发展演化建立潜在情景。疫情期间，拥有明确现金管理战略的PE公司，比缺乏此类计划的公司更快掌控局面，并能实现收购提速和市场份额增长。D. 超越百天计划的详细运营手册。运营手册可以让GP在特定投资领域和执行领域建立起独特能力，帮助GP快速改变被投公司并执行复杂的战略行动。例如，经过验证的间接支出降本机制，使交易团队在潜在的资金节省及资本回收方面更有信心。而详细阐释公司股权拆分和基本业务职能建立步骤（以便其能够独立运作）的战术手册，则会让投资人对自己承担的风险做到心中有数，对于实现投资回报的流程步骤也更有把握。C. Rigorous portfolio review rhythm.The operating group and deal partners need to be aligned on the details of the portfolio’s current status. A monthly portfolio review should focus on value creation through a system of key performance indicators (KPIs) that is both consistent across the portfolio and more granular than a basic redyellow-green classification. The review should take a forward-looking perspective—including, for example, next steps, three-, six-, and 12-month plans, and the next set of KPIs to focus on—mapped to concrete actions along the entire length of the journey to exit.
One thing that has become clear in recent months is that funds and their portfolio companies need to think through key industry factors and build scenarios for how these could play out. During COVID-19, PE firms that had clear cash management playbooks in place were able to get the situation under control and shift toward market share growth and acquisitions faster than firms that lacked such plans. D. Detailed operational playbook beyond the 100-day plan.Playbooks allow GPs to differentiate their capabilities around specific investment areas and execution capabilities. They should be used to implement rapid changes to portfolio companies and execute complex strategic moves. A well-tested mechanism to reduce indirect spending, for example, will provide deal teams with reassurance about the volume of savings that can be underwritten, and how quickly these can be banked. A playbook that details the steps needed to carve out a company and set up essential business functions so it can operate independently will provide investors with a greater degree of comfort about the risks they are taking on—and the steps in the process toward realizing a return on their investment.
【注释】

portfolio review rhythm：投资组合审查节奏
be aligned on：达成一致
KPIs：key performance indicators，关键绩效指标
scenario：情景
reassurance：恢复信心

八、为成功推出做好准备
在追求健康的回报时，大多数GP都会把主要精力放在出色的交易上。尽管很多GP也深谙被投公司业务转型之道，但他们往往对完美退出关注不足。
在华经营的PE公司必须应对另一项挑战：退出途径仍很匮乏，而有限的途径上也十分拥挤。几乎所有中国被投公司的退出路径都是在二级市场上被企业买家收购；IPO退出极为罕见。此外，当前的经济形势可能会进一步限制企业买家的并购计划，给业已十分拥挤的中国PE公司退出路径带来更大压力。因此，对中国投资人而言，积极主动并及早启动退出规划（至少比预计退出时间提早18个月）就显得格外重要。那些更严格筹备退出计划的公司有能力将EBITDA提升2%到5%，并能向潜在买家呈现令人信服的EBITDA增长证据。要实现这些成果，PE公司必须比计划退出时间提早18个月左右便启动相应计划；在计划退出前的12到18个月，PE应着手进行第二轮绩效改善举措。PE投资人还应准备好应对买家提出的难题。在退出前大约6个月，PE投资人应认真寻找并研究潜在买家，并确定最能吸引他们的股权投资故事。从战术上讲，有必要根据潜在买家群体的成熟度和认识水平来定制股权投资故事，并在必要时进行投资人教育。股权投资故事应基于事实对棘手的问题做出回答，并为下一个买家的价值创造故事埋下伏笔。PE公司应在最初就将退出计划纳入所有被投公司价值创造的日程。理想情况下，在准备出售前的两至三年，GP就应该考虑构建相关要素，为下一个买家的股权投资故事和投资逻辑做准备。管理层有可能需要为此启动新举措，打造对未来买家至关重要的一些要素。In the pursuit of healthy returns, most private equity GPs are primarily focused on making great entries. While many also understand the need for great business transformations for their portfolio, they often pay less attention to making a great exit.PE firms operating in China have to contend with an additional challenge: exit routes that continue to be limited, or at least crowded. At exit, nearly all Chinese portfolio companies are sold to corporations in the secondary market—there are extremely few IPOs. Moreover, the current economic climate threatens to further limit corporate buyers in their M&A plans, putting more pressure on already squeezed exit routes for Chinese firms. Therefore it is even more important for investors in China to be more proactive and to start exit planning early. Those that succeed in more rigorously preparing for exits can increase EBITDA by between 2 and 5 percent and generate convincing proof of EBITDA upside for potential buyers. To achieve these results, firms must conduct readiness planning about 18 months prior to a planned exit, Between 12–18 months prior to a planned exit, PE owners should embark on a second wave of performance improvement. PE investors should also be ready to answer buyers’ tough questions.Approximately six months prior to exit, PE investors should take a hard look at who they think will be interested in buying their asset and determine what equity story would be most compelling to them. At a more tactical level, it is necessary to tailor an equity story to the level of sophistication and awareness of the universe of potential buyers, educating them where necessary. An equity story provides factbased answers to difficult questions and plant seeds for the value creation story for the next buyer.To get started, PE firms should make exit plans part of the value creation agenda for all portfolio companies from the start. Ideally, two to three years before they intend to sell, GPs should start thinking about credible elements that could be part of the equity story and the investment thesis of the next buyer.
This might result in management starting new initiatives to create some of the elements that will be important for a future buyer.【注释】

M&A：Mergers and Acquisitions，即企业并购，包括兼并和收购两层含义、两种方式。
tactical：adj. 战术的；策略的；善于策略的
sophistication：n. 复杂；诡辩；老于世故；有教养
factbased answers：基于事实的答案
Ideally：理想情况下

九、结语
显然，在华经营的PE公司仍有很多机会，其机会之多，甚至可能超过以往。然而，在中国PE市场，投资人不能再依赖不断增加的交易倍数和整体市场增长来实现回报。GP需要打造新的运营能力，使其能够与被投公司的管理团队紧密合作，共同创造出阿尔法收益。
多年来，尽管中国的PE公司一直将阿尔法收益挂在嘴边，但现实中，它们仍主要依靠贝塔收益。而在经济增长减缓的新环境下，这些公司必须加倍努力，积极探索如何创造出真正的阿尔法收益。尽管有些PE公司已经零星建立起一些能力，但更多在华经营的PE公司尚未通过我们上文所描述的系统性方式来打造起这些相应能力。如果PE公司能果断采用系统性方法增强其为被投公司创造价值的能力，便可赢得真正的优势。当前PE公司不仅要度过危机，还要为迎接下一个新常态做好准备，因此具备上述优势尤其重要。当前这场危机的持续时间和经济复苏时点都不确定，因此，PE能在多大程度上有效管理危机、并为复苏做好准备，将成为测试PE基金实力强弱的试金石。如今，中国PE公司还有机会去学习如何创造阿尔法收益。而在不久的将来，创造阿尔法收益将成为PE公司生存、乃至繁荣发展的必备能力。Clearly, there is still a great deal of opportunity for PE firms operating in China. Perhaps more than ever before. However, in China’s PE market, investors can no longer rely on ever-increasing multiples and overall market growth to achieve required returns. Rather, GPs will need to acquire new operational capabilities that will enable them to work closely with management teams to create alpha. For many years now, PE firms in China have said they needed to generate alpha. In reality, however, they’ve been supported by beta-driven returns. In the new environment of slower economic growth, however, funds will need to work extra hard to understand how to generate true alpha. While some PE firms have developed these capabilities in an ad hoc fashion, many firms operating in China have not yet taken the comprehensive approach we have described. Those firms that do choose to take a decisive and comprehensive approach to enhancing their ability to create value for their portfolio companies can gain a real advantage. This is particularly true given PE firms’ need to weather the current economic crisis and prepare for the next normal. The degree to which firms can effectively manage the crisis while preparing for a recovery whose timing and duration is uncertain will be a major differentiating factor between stronger and weaker funds. Today, PE firms in China have a window of opportunity learn what it takes to generate ‘true alpha.’ Going forward, generating alpha will be essential to surviving—and thriving.【注释】

ever-increasing multiples：不断增加的交易倍数
ad hoc：源自于拉丁语，意思是“for this”引申为“for this purpose only”，即“为某种目的设置的，特别的”。
economic crisis：经济危机
have a window of opportunity：有机会

在“双循环”发展格局下，越来越多的私募股权投资基金专注于投早、投小、投科技，私募股权投资在服务实体经济、支持科技创新发挥日益重要的作用。行业上，医疗健康、人工智能与高端制造、IT信息化、新能源新材料等六大行业将成为风口；策略上，将会出现更多的上市公司与控股型交易，同时ESG会加速发展（ESG是环境Environmental、社会Social和治理Governance三个英文首字母的缩写，用来衡量上市公司是否具备足够的社会责任感）。此外，后疫情时代将更急凸显专业化投后管理的价值杠杠作业，投资机构的下半场竞争从价值发现走向价值创造，其中降本增效与数字化赋能将成为关键抓手。

——前法国巴黎银行（香港）投行部朱华川REITs研究社部分成员的履职背景

徐照宜，REITs研究社学术委员兼“照宜政研”研究组组长，藤桥书院教育机构联合创始人，芝加哥大学经济学硕士，宾夕法尼亚大学沃顿商学院访问学者，金融学博士在读；曾获“挑战杯”竞赛全国一等奖（第一作者），“挑战杯”省级优秀指导老师。

主要研究方向为宏观经济与管理、货币政策和汇率制度、数字经济和金融科技，担任包括Computational Economics在内的4本SSCI、SCI期刊审稿人，以第一作者身份发表SSCI、SCI、CSSCI期刊论文十余篇，并在中央机关和国务院的政策研究专报上发表过数篇内参报告。其他参与翻译人员：

朱华川

REITs研究社特邀评论员

曾供职于法巴(香港)投行部

香港科大投资管理硕士
胡威廉

REITs研究社基建地产组长

某商业银行投行部高级经理

南洋理工金融硕士

徐诺亚

REITs研究社副主编

纽约州立大学经济学学士

转自REITs研究社作者 REITs君

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