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什么是 GP、LP、PE、VC、FOF？
会员昵称：劳先生 提问时间：2021/01/02
问题描述：最近看到的文章，讨论GP和LP的越来越多。
请教其和PE的区别和联系。
另求解释什么是FOF
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郜先生
回答数：58|被采纳数：0
GP: General Partner, fund manager.
LP: Limited Partner, investor who give money when you tryna raise fund
PE: Private Equity, mainly invest in late-stage firms. Main PE investments include leveraged buyout(LBO), management buyout (MBO), mezz capital, special situations/distressed investing, growth capital (especially in China).
VC: Venture Capital, mainly invest in early-stage (Seed/pre-IPO).
FoF: fund of funds, a fund that only invests in other funds; asset classes mainly include Private equity/hedge funds
Example:
Blackstone (BX, A PE firm) is trying to raise a new fund "BX Capital Partners VIII", and they go to institutions to ask for money. Let's say GE and GIC give BX 10 billion. Then BX acts as the fund manager, which is the GP, for the fund VIII, with AUM 10 bn. GE & GIC are the LPs, and they do have the rights/power to throw shits to Blackstone when necessary.
When Blackstone invest in Hilton, it's a PE investment since Hilton is a very matured corporation, meaning that they are not a start-up that needs capital to establish. If BX uses debt when they buy hilton, then that's LBO. If the management team of Hilton participate in the LBO, then it's MBO. If BX uses mezz debt (a bit complicated here, please check wiki for details) to finance the investment, then it's a Mezz capital. If Hilton is doing poorly financially, or it's in a turnaround situation etc, then it's a distressed investment. If Hilton just needs some money to expand their business, and will do IPO later, it's then a growth capital investment since it's more about helping Hilton to grow bigger, while in LBO it's control-based cuz Blackstone having large equity stake will participate in operation/business development to manage the firm.
If Hilton is a technological start-up, then it's a early-stage investment (VC investing). It's high risk cuz most of start-up will fail but it's gonna give shit tons of money if you find the next Google, Facebook etc.
If Blackstone draw down their capital to invest in other hedge funds, then it's a FoF. (check BAAM, Blackstone Alternative Asset Management)
Simply speaking here.
LP: Limited Partner, investor who give money when you tryna raise fund
PE: Private Equity, mainly invest in late-stage firms. Main PE investments include leveraged buyout(LBO), management buyout (MBO), mezz capital, special situations/distressed investing, growth capital (especially in China).
VC: Venture Capital, mainly invest in early-stage (Seed/pre-IPO).
FoF: fund of funds, a fund that only invests in other funds; asset classes mainly include Private equity/hedge funds
Example:
Blackstone (BX, A PE firm) is trying to raise a new fund "BX Capital Partners VIII", and they go to institutions to ask for money. Let's say GE and GIC give BX 10 billion. Then BX acts as the fund manager, which is the GP, for the fund VIII, with AUM 10 bn. GE & GIC are the LPs, and they do have the rights/power to throw shits to Blackstone when necessary.
When Blackstone invest in Hilton, it's a PE investment since Hilton is a very matured corporation, meaning that they are not a start-up that needs capital to establish. If BX uses debt when they buy hilton, then that's LBO. If the management team of Hilton participate in the LBO, then it's MBO. If BX uses mezz debt (a bit complicated here, please check wiki for details) to finance the investment, then it's a Mezz capital. If Hilton is doing poorly financially, or it's in a turnaround situation etc, then it's a distressed investment. If Hilton just needs some money to expand their business, and will do IPO later, it's then a growth capital investment since it's more about helping Hilton to grow bigger, while in LBO it's control-based cuz Blackstone having large equity stake will participate in operation/business development to manage the firm.
If Hilton is a technological start-up, then it's a early-stage investment (VC investing). It's high risk cuz most of start-up will fail but it's gonna give shit tons of money if you find the next Google, Facebook etc.
If Blackstone draw down their capital to invest in other hedge funds, then it's a FoF. (check BAAM, Blackstone Alternative Asset Management)
Simply speaking here.
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