CFA二級知識精講-另類：Alternative Investments

AlternativeInvestments1BriefIntroductionStudySession1-2&10%-15%5%-10%5%-10%10%-15%5%-10%10%-15%10%-15%5%-10%5%-10%5%-15%StudySession3AnalysisStudySession4StudySession5-6StudySession7-8StudySession9-11StudySession12-13StudySession14StudySession15StudySession16-17FinancialandAnalysisFinanceIncome100%2Contents?Study15:?★★★?PubliclySecurities★★?★★★?CommoditiesandCommodityAn★3BriefIntroduction考綱對比:?與2018年相比，2019年的考綱沒有任何變化。4BriefIntroduction學習建議:?本課程總體難度不高，知識點與其他課程（權益，財報，衍生品等）有交集?重點掌握各另類資產(chǎn)的特征和估值方法?一定要掌握課程中重點強調(diào)的知識?建議做原版教材章節(jié)后練習題和歷年?？碱}5PrivateEstateInvestmentsBasicsofRealEstate?Classifyanddescribebasicof?Describethetheclassification,andbasicsegmentsof?Describetypes,includingtheir6BasicFormsofEstateInvestmentsEquityDebtsuchassoleorindirectlyandcommingledfundsPubliclyofcompanies(REOCs)andsecurities(MBS)7BasicFormsofEstateInvestments?becauseoftheindivisibilityofandilliquid.?Publiclyliquidand?Debttypicallydonotininoftheunderlying?equityincludeincomeandappreciation.8RealEstateCharacteristics?and?Buildingsinuse,location,age,typeofconstruction,andandleasing?Highunit??Includingtheproperties,negotiatingleases,?High??Needdebt?Illiquidity?Priceisdifficult9PropertyClassifications?Residential?Single-family??Non-residential?Commercial(includingpurchasedwiththeincome,industrialandhospitalityproperties).?andtimberland10CommercialPropertyTypesOffice?Demanddependson?Theofleaseglobally?lease?lease?leasethe?Theownerisresponsibletheintheincreaseinamountispassedtheasanreimbursement?11CommercialPropertyTypesIndustrialand?Demanddependsontheoftheandeconomicimportand?Leasesleases?Demanddependsoninconsumerspending,whichdependsonjobandpopulationand?Leasedependbothonthequalityoftheandontheandimportanceofthe(anchor?typicallyadditionaloncetheirsalesacertain(lease).12CommercialPropertyTypes?Demanddependson:?especiallytheageapartments?Thepropensityintheculture?theofcompareswiththeofowning(theofhomeprices?Financing13Summary?Importance:☆??Basicof??Classificationsof?tips:?熟悉不動產(chǎn)投資形式?了解不動產(chǎn)特征?了解不動產(chǎn)分類14PrivateEstateInvestmentsInvestmentCharacteristicsandValuationApproach?Explaintheinaeconomicandprincipalof?theincome,andsalecomparisonapproaches15BenefitsofinvestinginEstate?incomeandfinancing??and?Inflation?Bothandpricesriseinaninflationary?(duewithotherclasses)?benefits16RiskFactorsinEstateBusinessemployment,income,LongleadtimeandofDemographicsanddistributionofthepopulation,distributionofsocio-economicLackofliquidityissuesofManagement(assetmanagement,andmanagement)17ValuationApproachesDefinitionsof?:theprobablesaleprice.?:theaparticular,couldbehigherorthandependingonthefitsthetherisk?use:theaparticularuser.?lendingvalue:thebeintheofsale,offluctuations.18ValuationApproachesIncomeapproach?Theoftheincometheincludingtheendofholdingperiod.approach?Theconceptisshouldnotthantheofbuyinglandanda?Adjustmentsmadethebetweenthesubjectandthenew19ValuationApproachesSalescomparisonapproach?Theconceptisshouldnotthansimilar?pricesofusedasbenchmark,madethe(age,location,conditionoftheconditionsatthetimeofsale,).20HighestandbestUse?Thehighestanduseofaistheuseinthehighesttheland?Impliedland=completion–construction?Theconstructionincludesathe?ThehighestandusenotnecessarilytheusewiththehighestApartmentOffice2,500,0005,000,0004,000,000constructionConstructionImpliedland(2,000,000)500,000(4,800,000)200,000(3,000,000)1,000,00021Summary?Importance:☆☆??Benefitsofin?Riskin?approaches?tips:?熟悉不動產(chǎn)投資的好處和風險?理解不動產(chǎn)估值的三種方法?掌握土地的最高和最佳使用價值22PrivateEstateInvestmentsIncomeApproach(1)?andtheinputstheandcashmethods?theofausingthemethods23IncomeApproachThemethod?AisappliedtheNOI.TheDCFmethod?ApplyNOIwhichais24IncomeApproachincome(NOI)?Incomedeductingsuchinsurance,maintenance,utilities,butdeductingwithfinancinganddeductingincome?NOIisaofincome.?ItisnecessaryconsiderleasewhenNOIincome(NOI)=incomefulloccupancy+otherincome(suchasparking)–andcollectionloss–25IncomeApproachNOI-A50-unitapartmentbuilding$1,000perunitperIthas45unitsincludinginsurance,maintenance,andadvertising,typically40ofincome.Themanagerispaid10ofincome.Otherincomeparkingandlaundryis$500perunitpertheNOI.26IncomeApproachNOI–Solutionincomefulloccupancy50*1,000*1250*500600,000Otherincome25,000625,000-62,500562,500-56,250-225,000281,250incomeloss5/50or10%*625,000incomemanagementOtherincome10%*562,50040%*562,50027IncomeApproachThemethod?ThemethodtheNOIaknownastheorcapshort.=?ThecapisthanthediscountbecauseitisusingtheNOIthediscountisappliedandNOI.?WhenincomeacompoundCap=discount–28IncomeApproachThemethod?Thecapcanbeas:Cap=NOI)/salespriceof?Ifall(netlease),thecapdividingbysalespricesofiscalledallyield(ARY).=NOI?IftheNOIisnotofthetypicalusetheNOIthe29IncomeApproachwithaNOI–Abeingpurchasedsomebewithproperties.willbethesellerthesellerIfititNOIof￥9millionwhichbeincrease3pernormallya12IRR(discountpurchasetheitBecauseofthetheNOIwillonlybe￥4millionButtheNOIisbethesameasitbeifhadbeenthetimeofpurchase.isthepriceatypicaliswillingthe30IncomeApproachwithaNOI–SolutionIfthe(andtheNOI=￥9,000,000/(0.12–0.03)=￥100,000,000TheoftheincomeisLoss=￥5,000,000/(1.12)=￥4,464,286oftheproperty=￥100,000,000-￥4,464,286=￥95,535,714{￥4,000,000+[￥9,000,000(1.03)]/(0.12–0.03)]}/(1.12)=￥95,535,71431Summary?Importance:☆☆☆??methods?tips:?必須掌握不動產(chǎn)估值的現(xiàn)金流折現(xiàn)法?能區(qū)分直接資本化法和現(xiàn)金流折現(xiàn)法32PrivateEstateInvestmentsIncomeApproach(2)?theofausingcashmethods?theandcashmethods33IncomeApproachTheflowmethod1–thetheendoftheholdingperiod(usemethodifNOIis2–DiscounttheNOItheholdingperiodandthe34IncomeApproachThecashflowmethod-income(NOI)isbe$100,000perthebecauseofleases.Startingin6,theNOIisincrease$120,000becauseofleaseandincrease2perTheisalsoincrease2per5.a12andholdtheistheofthe35IncomeApproachThecashflowmethod–Solution1price(residual)or“terminal”cap=12%?2%=10%ApplythisNOIin6:=$120,000/0.10=$1,200,0002DiscounttheNOItheandtheprice.PMT=$100,000FV=$1,200,000n=5i=12%SolvingPtheofthebe$1,041,390.theimpliedgoing-incapis$100,000/$1,041,390=9.60%.36IncomeApproachAdaptinglease?Ifthebetweentheandthemethodsused:?andapproach?Theisthetheisthe?Theofthecomponentsusing?Themethod?Itassumesoneofincomeistheasitcontinue?Anotheristhethe37IncomeApproachandapproach-Aaago￡400,000peroccurThe(ERV)intheis￡450,000,andtheallyield(caponfullyis6Aof5isconsidereddiscountthebecauseitislessriskythan(ERV).theofthe38IncomeApproachandapproach-Solution￡400,00025%of=￡743,764￡450,000perpetuity6%26%￡450,000÷0.06=￡7,500,000ofreversion=￡6,674,973=￡7,418,73739IncomeApproachThemethod-theisbe5pencent,andtheisbe6pencent.theoftheusingthemethod.40IncomeApproachThemethod-Solution￡400,000inperpetuity5%ofindefinite￡400,000÷0.05=￡8,000,000perpetuity6%26%￡450,000–￡400,000=￡50,000￡50,000/0.06=￡833,333of=￡741,664=￡8,741,66441IncomeApproachAdvancedDCF:lease-by-leaseanalysis?incomeleases?assumptionsaboutlease?assumptionsabout?assumptionsabout?assumptionsaboutabsorptionofspace??Selectdiscountfindofcash42Differences?Underthemethod,aisappliedNOI.Implicitinthecapisanincreasein?UndertheDCFmethod,thecashincludingtheandtheholdingperiodandthediscountFutureofNOIistheDCFmethod.Choosingthediscountandcapcrucialassmallinthecansignificantly43Summary?Importance:☆☆☆??TheDCFmethods?ThecomparisonofmethodsandtheDCFmethods?tips:?必須掌握不動產(chǎn)估值的現(xiàn)金流折現(xiàn)法?能區(qū)分直接資本化法和現(xiàn)金流折現(xiàn)法44PrivateEstateInvestmentsCostApproaches?theofausingtheapproaches45CostApproachwithapplyingtheapproach1.theoftheland.2.thebuilding’sassumingitbuiltusingconstructionand3.Theis?(curableandincurable)?functionalobsolescence?locationalobsolescence?economicobsolescence4.Theofthelandisaddedthethe46CostApproach?istheageofthebecausetheouttime.?meansfixingthewilladdisasastheofthecure,theoffixingbedeductedthe?Incurablemeanstheoffixingthetheadded.Asimpleusedthisdepreciationisbaseitontheageoftheitseconomictheappliedthedeductsthedepreciation.47CostApproach?Functionalobsolescenceisalossdueadesignisnottheuseofthe?Usuallyinlessincomeorhigher?Theoffunctionalobsolescencetheoftheincomeloss.?Locationalobsolescencewhentheisnotoptimalthe?obsolescencewhenconstructionisnotundereconomicconditions.48CostApproach-ExampleofthelandincludingReduction$4,000,000$16,750,000($1,000,000)($3,150,000)Reductioneconomicandis50and10soofis20%Reductionfunctionalobsolescence(poorfloorplanandefficiency)($1,750,000)($1,000,000)($1,000,000)$12,850,000Reductionlocationalobsolescenceconstructionofinparklandthusreducingamenity)ReductioneconomicobsolescenceconstructionofcompetingpropertiesthussupplyandFinal(buildingandland)49Summary?Importance:☆☆☆??Thesalescomparison?tips:?必須掌握不動產(chǎn)估值的成本法50PrivateEstateInvestmentsSalesComparisonApproaches?theofausingthesalescomparisonapproaches51SalesComparisonApproachwithapplyingthesalescomparisonapproach:1.Adjustthepricesofsimilar(comparable)age,condition,andconditionsthetimeofsale,2.theper-square-priceaccordingeachprice.3.theofalltheper-square-prices.?besimilarthesubject4.Multiplytheper-square-pricetheofthesubjectthe52SalesComparisonApproach-ExampleThethemadethetheofthesubjectproperty:1.2.5perannum.2.Conditionisaccount:Good,none;10%;20%.3.Prime,none;20%.4.hasbeenrising0.5per53SalesComparisonApproach-Example3Subjectproperty1245e15,0001025,00020,00010,00016,00012,500Age15101520ConditionGoodGoodGoodSecondarSecondarSecondar312yyyofsale(monthsago)967$5,500,$3,000,0$1,300,0$1,750,00$1,300,0Sale0000000000Sale$220$150$130$109$10454SalesComparisonApproach-SolutionSubjectproperty1-22.5%-10%0230412.5%05AgeCondition10-12.5%-10%20%25%10%0-10%20%20%ofsale(monthsago)1.5%4.5%$1533%3.5%6%$151.8$146.9$148.24$146.64$149.3$2,239,50055Summary?Importance:☆☆☆??Thesalescomparison?tips:?必須掌握不動產(chǎn)估值的交易比較法56PrivateEstateInvestmentsRealEstateIndicesandDebt?Describeduediligenceinequity?Discussequityindices?andfinancialusedand57DueDiligence?duediligenceconfirmtheandconditionstheofthetransaction.?Duediligenceleases,confirminginspections,surveyingthedocuments,andverifyingcompliance.58RealEstateIndices?Appraisal-BasedIndicesonhowtheofaofischangingtime.?Indicesbasedonactualtransactions?salesonsalesofthesame?Hedoniconlyonesale,includesinainage,qualityofconstruction,?Appraisal-basedindiceslagtransaction-basedindicesandandwithotherclasses.59PrivateMarketRealEstateDebt?Theofdebtancanonisusuallyeithertheoftheloantheofthe(loanororthedebtservice(DSCR),dependingonwhichintheloanamount.DebtserviceDSCR=NOI)/debtserviceV=(loan/60PrivateMarketRealEstateDebtAhasbeen$5millionandisNOIof$400,000intheThelenderwillinganloanan8aslongastheloan-to-valuedoesnot80andtheDSCRis1.25.Thebalanceoftheloanwillbeduemuchofaloancanbeobtained?61PrivateMarketRealEstateDebtSolutionBasedontheloan-to-valuetheloanbe80of$5millionor$4million.WithaDSCRof1.25,thedebtservicebe$400,000/1.25=$320,000.Iftheloanisthencantheloansimplydividingthethe$320,000/0.08=$4,000,000.Inthiscase,thesameloanamountbasedoneithertheVorDSCRoftheIfonehadinaloannormallybethecouldbe62Summary?Importance:☆☆??Duediligence?indices?debts?tips:?了解私人不動產(chǎn)投資的盡職調(diào)查?了解私人不動產(chǎn)投資指數(shù)?掌握私人不動產(chǎn)負債財務分析比值和最低貸款額計算63PubliclyEstateCharacteristicsofPubliclyTradedRealEstateSecurities?Describetypesofpubliclysecurities?Explainandofinpubliclysecurities64BasicFormsofRealEstateInvestments?entitiestypicallyandaincome-producingincludeequityand?Companiesordinarycompanies.incountriesdonotaREITorwhentheyaintheofwiththesell.?Securities(MBS)debtincludeMBSandMBS.65AdvantagesofPubliclyTradedRealEstateInvestments?Superior?minimum??Accessproperties.?management.?accordedpubliclysecurities.????Highyield.66DisadvantagesPubliclyTradedRealEstateInvestments??Lackof?ofapublicly?Priceisdeterminedthe?Structuralconflictsof?income?equityissuance.?Lackof67Summary?Importance:☆☆??ofpubliclysecurities?andofpubliclysecurities?tips:?了解公開交易的不動產(chǎn)證券類型?了解公開交易的不動產(chǎn)證券的優(yōu)缺點68PubliclyEstateRealEstateInvestmentTrust(REIT)?Explaineconomicprincipalandduediligence?Describetypesof69PubliclyTradedEquityREITStructure?Simpleholdand?partnershipunderwhichtheREIThasainandservesasthepartnerownsandalloroftheproperties.?DOWNREITisaoftheUPREITunderwhichtheREITownsthanonepartnershipandboththeREITandthepartnership70PubliclyTradedEquity?income?Highdividendyield.?income?secondaryequity71PubliclyTradedEquityDueDiligence?lease??Occupancyandleasing?In-place?re-leasespace.?inthe?financialhealth.?supplydemand.?Balancesheetanalysis.?Qualityofmanagement.72TypesofREITs?insuchasregionalshoppingmalls,communityshoppingorspace?Leasetypically3-10?anetplusaofthecommonbasedontheirofthespaceleasedOffice?inandmanage?Leasetypicallylong(5-25?Withbaseand?alsotheirofcommonand73TypesofREITsResidential("multi-family")?inandmanageapartments,typicallyusingone-yearleases?typicallyleases.Health?inskilledlivingandindependenthospitals,medicalbuildings,and?typicallynotthesethemselves?Leasestypicallyleases.74TypesofREITsIndustrial?usedinmanufacturing,anddistribution?Leasetypically5-25?Ownbutusuallynotthethemselves.?incometypicallyaccountsthemajorportionofacash?Theiscyclicalandnotbylong-termleases.75TypesofREITs?Ownandindividualsandbusinesses.?typicallyleases,usuallyonamonthlybasis?Ownandinmultipletypesof76TypesofREITsRisk?Significantbetweensupplyanddemand(particularlyhealthand?occupancyashortperiodoftime(especially?Qualityandofheld?Financingof77Summary?Importance:☆??of?Duediligenceof?of?tips:?了解不動產(chǎn)投資信托基金的特征，盡職調(diào)查，和類型78PubliclyEstateNetAssetValuePerShare?JustifytheuseofperinREIT?basedoncashincome79Valuation–NetAssetValueApproach?isthebetweenaandliabilities,alldividedbythenumberofoutstanding.?DiscountsintheREITpriceundervaluation.?intheREITpriceintheabsenceofsuchassuccessfulorhighbyamanagementsuggest80Valuation–NetAssetValueApproachinApproach1.ofheldbyandcapitalizingthe(NOI)usingacap?NOInon-cashdueaccountingoflining”theloneleases.?NOIisalsoincreasedafullacquiredduringtheofthe?NOIisthenincreasedinclude81Valuation–NetAssetValueApproach2.Thebookofothertangibleassetsincludingcash,landprepaidadded?Goodwilland3.Debtandotherliabilities?liabilities4.Divisionbythenumberofproduces82Valuation–NetAssetValueApproachcashNOI÷Assumedcap=of+other(Cashandland,goodwilland－Debtandotherliabilitiesliabilities=÷=83NetAssetValueApproach-Example12-monthsNOILess:Non-cash$270,432-$7,667Plus:fullimpactofacquisitions(1)+$4,534cashNOI12monthsPlus:12inNOI(2)12monthscashNOIAssumedcap(3)=$267,299+$4,009=$271,3087.00%ofPlus:Cashand=$3,875,829+$65,554+$34,566+$45,667+$23,456=$4,045,072Plus:LandheldfuturePlus:AccountsPlus:Prepaid/Other(4)asset84NetAssetValueApproach-ExampleLess:debt-$1,010,988Less:Otherliabilitiesasset-$119,886=$2,914,19855,689=$52.33(1)50oftheonacquisitionsmadeinthemiddleof2010.(2)is1.5(3)Capisbasedontransactionsinthe(4)Thisdoesnotincludeassets.85Valuation–NetAssetValueApproachinapproach?TheusedaownercouldbethediscountusedREIT?theofaREITa?implicitlytheREITasapoolof(sum-of-the-parts).?canbecomesubjectivewhenbecomeilliquidandwhenhundredsof86Summary?Importance:☆☆☆???in?tips:?必須掌握計算?了解的缺點87PubliclyEstateFundFromOperation(FFO)AdjustedFundFromOperation(AFFO)?DescribetheuseoffundsandfundinREIT?theofaREITusingprice-to-FFOandprice-to-AFFO88Valuation–RelativeValue(pricemultiple)Approach?andmultiplesusedin?(fundsAccountingearnings++-Gainssalesofanddebt=Funds89Valuation–RelativeValue(pricemultiple)Approach?FormulaAFFOfundsFFO(funds－Non-cash－maintenance-typeandleasingcommissions=AFFOfunds90Valuation–RelativeValue(pricemultiple)ApproachCfindstheaparticularindustrialincome(NOI):$710,000Funds(FFO):$630,000Assumedcap6%Sharesoutstanding:90,000multiple:13x.Industrialmultiple:10x.decidesaonthisTheperofthisREITusingaprice-to-FFOis91Valuation–RelativeValue(pricemultiple)ApproachSolution=FFO/=$630,000/90,000=Thesubsectormultipleistheindustrialof10xxmultiple=$7.00x10x=$70.0092Summary?Importance:☆☆☆??FFOandAFFO?tips:?必須掌握FFO和AFFO計算?使用P/FFO和P/AFFO估值93PrivateEquityValuationFundamentalsofPrivateEquityInvestments?Explainofinequity?Explainhowequityfirmsaligntheirwiththoseoftheofcompanies?Distinguishbetweentheofbuyoutand94SourcesofValueCreationinPrivateEquity?Reengineerfirm–bring?debtfinancingaccesscheapand?goalalignmentbetweenmanagementandequity95AlignmentofEconomicInterests?onlongperformanceshort?Mechanismsalignofequityfirmandspecifiedinsheet.?ofmechanismsspecifiedinsheet:?Compensation–closelyperformanceandgoal?gAlongClause–managementhasbuyequitypositionifPEfirmsellsit96ValuationCharacteristicsofVentureCapitalInvestments?Cash–unpredictable?–uncertainfuturebasedontechnology?Assetbaseis?Managementhas?equity?Riskisdifficult97ValuationCharacteristicsofVentureCapitalInvestments?Exitisunpredictable(IPOorfirmsale)?–Highcashburn?Capitalinphase?highlysuccessfulwith?Notinpublic?Futurefunding–lessscalable?Carriedcommon,notransactionandmonitoring98ValuationCharacteristicsofBuyoutInvestments?Cash–and??base?Experiencedmanagement?Highlywithseniordebt?Riskassessed99ValuationCharacteristicsofBuyoutInvestments?Exitis?Reductionininefficiencies??insuccess,?inpublic?Subsequentfundingwithperformance?Carriedtransaction,andmonitoring100Summary?Importance:☆??SourcesofinPE?Alignmentof?ofandBuyouts?tips:?了解PE價值創(chuàng)造來源?了解PE與組合公司管理層利益聯(lián)盟?了解和估值特征101PrivateEquityValuationComponentsofPerformancefromLBOExitRoutes?Describeissuesinbuyoutandtransactions?ExplaininPEandtheirimpacton102ValuationIssuesinPrivateEquityBuyoutUseofDCFusedUncertaincashUseofdebtDCFHighNoequityEPSEdebtreductionfuturedilution103ComponentsofPerformancefromaLeveragedBuyout?Exit=+Earnings+MultipleExpansion+ReductioninDebt?Notbutpriceand?dueefficiencies?Increaseinpricemultipledueincreased?Applyscenarioanalysis104ComponentsofPerformancefromaLeveragedBuyoutSupposeisa€5,000(amountsinmillions)inaPEtransaction.Thetransactionisfinancedwith50debtand50The€2,500equityisfurther€2,400ofownedthePEfund,€95ofequityownedthePEfund,and€5ofmanagementThea12annual(paidThePEfirmequityis95oftheresidualofthefirmandpaid,andmanagementequitytheremaining5Assumetheis1.6timestheoriginalTheinitialof€5,000hasanof€8,000.thespecifictheclaimants?(Seniordebthasbeenpartially$9,000)105ComponentsofPerformancefromaLeveragedBuyoutSolution:?Seniordebthasbeenpartiallywithcashreducingdebt€2,500€1,600.So€1,600.?paida125sothey€2,400(1.12)^5=€4,230.?PEFundequity95oftheequityor0.95[8000?(4230+1600)]=€2,061.?Managementequity5oftheterminalequityor0.05[8000?(4230+1600)]=€109.106ExitRoutesandPEValue1)InitialPublic(IPO):?:highesthigheraccessandgoodmanagement?Cons:Lessand?Whenuse:prospects,?Timingis107ExitRoutesandPEValue2)Secondarysale:saleonefirmanother?secondhighest3)ManagementBuyout:firmsoldmanagementwithsignificantuseof4)Liquidation:Outrightsaleofassets,firmnolongerviable?Con:publicperception108Summary?Importance:☆☆??issuesinPE?ComponentsofperformanceLBO?Exit?tips:?重點掌握LBO的投資業(yè)績組成?了解PE退出策略109PrivateEquityValuationRisks,CostsandotherdetailsofPEinvesting?Explainequityfundandduediligenceintheofanofequityfund?Explainandofinequity110RisksinPrivateEquityInvesting?Liquidityrisk–notpublicly?Competitionrisk–dealswithgood?Agencyrisk–principalconflict?Capitalrisk–ofdueincreaseinbusinessandfinancialrisk?risk–?xrisk–ofchanges?risk–subjectivejudgement?risk–poorlyand?risk–longsuchasand111CostsofPrivateEquityInvesting?–duediligence,bankfinancing,?Fundup–usuallyoffund?–andaccounting?Audit?=2%(typical)?=20%(typical)?Dilution–resultingadditionaloffinancingandoptions?Placement–asmuchasa2%orannualpaidplacement112PrivateEquityDetails?Structure–partnership(LP)funding,noGPliablealldebtsandunlimited10-12?–onlywith>$1.0mmin?–1.5%-2.0%?Carried–of?–ofequitybetweenandfundmanagement113PrivateEquityDetails?–IRRGPcancarried(7%-10%)?fund–Signalsabilityfunds,belowsignal?–fund114PrivateEquityDetails?Governance:?manclause–incaseofthedepartureofnamedortimeinmanagementofthefund,theGPbemakingais?Disclosureandconfidentiality?ClawbacktheGPinoftheagreedsplitbetweentheGPand115PrivateEquityDetails?DistributionisamechanismanofdistributionstheGPcarried?Deal-by-dealearlierdistributionofcarriedtheGP?earlierdistributions?TheGPcarriedonlythefundhasthe?TheGPcarriedondistributionaslongastheoftheacertainthreshold116PrivateEquityDetails?alongrights:acquirerofthenotacquirewithoutanacquisitionallincludingthemanagement.?:aGPbewithoutcauseasupermajorityof?:eitheraoftheGPoranearlierofthefundcause.??117Summary?Importance:☆☆??andofPE?Structures,andofPE?tips:?理解PE投資的風險和成本?熟悉PE投資的結構，術語和治理條款118PrivateEquityValuationFinancialPerformanceofPEFunds?andfinancialperformanceofPEfundstheofan?managementcarriedpaidin(DPI),paidin(RVPI),andpaidin(TVPI)ofaPEfund.119FinancialPerformanceofPrivateEquityFunds?RecommendedGIPS:SinceinceptionIRR?SI-IRRisamoney?AssumescashIRRbutPEfundsbeilliquid?orof?timeofmoney120FinancialPerformanceofPrivateEquityFunds?Multiples:simple,useandbetweenandspecifiedGIPS?inCapital(PIC)–usedGP?PIC(DPI)–LPcashoncash?PIC(RVPI)–?PIC–andsumofand121FinancialPerformanceofPrivateEquityFundsTheFundamanagementof2%andcarriedof20%,whichispaidThethefund$180millionmanagementcarriedanddistributions,DPI,andTVPI122FinancialPerformanceofPrivateEquityFundsSolution:Management=2%×inCapital20072008inManagement15016033.2123FinancialPerformanceofPrivateEquityFunds?Carried=20%×distributions-?carried?=$180?distributions=$94.2in2006,$181.2in2007,and$227.8in2008?In2007,carriedis20%×distribution–Capital)=20%×($181.2–$180)=$0.24?In2008,carriedis20%×changeindistribution=20%×($227.8–$181.2)=$9.32124FinancialPerformanceofPrivateEquityFundsNdistributions=distribution+calleddown–+results?2008distribution?2007distribution=$141.0?2008calleddown=$10.0?2008management=$3.2?=$80.0?2008distributions=$141.0+$10.0–$3.2+$80.0=$227.8125FinancialPerformanceofPrivateEquityFundsNdistributions=distribution–carried-distribution?2008distributions:?2008distributions=$227.8?2008Carried=$9.32?2008Distributions=$60?2008distributions=$227.8–$9.3–$60=$158.5126FinancialPerformanceofPrivateEquityFundsPIC(DPI)LPorcashoncashDPI=Distributions/Paid-in-Capital?Distributionsin2007=$40,?2008=$60?2009=$100?Assume2009paid-in-capital$1652009PIC=($40+$60+$100)/$165=1.21127FinancialPerformanceofPrivateEquityFundsResidualPIC(RVPI)–=Distributions/Assume:?2009distributions=$177.7?2009paid=$1652009ResidualPIC=$177.7/$165=1.08128FinancialPerformanceofPrivateEquityFundsPIC(TVPI)–(DPI)and(RVPI)TVPI=DPI+Assume:?2009DPI=1.21?2009=1.082009PIC=1.21+1.08=2.29129Summary?Importance:☆☆☆??FinancialperformanceofPEfunds?tips:?必須掌握PE基金投資業(yè)績的相關計算（managementcarriedNDPI,TVPI）130PrivateEquityValuationVCValuation?andpriceperapplyingthemethod1)withsingleandmultiplefinancingand2)inofIRR.?methodsaccountriskin131TheVentureCapitalMethodandaSingleFinancingRound?Atheycansellthefirm$60(FV)in5?Initial$7mm(INV)?hold1?Discountof40%?andfractionandpriceperinIRR132TheVentureCapitalMethodandaSingleFinancingRound+r)=N000==066+0.40)5Pre-MoneyPRE=－INVPRE=11,156,066－7,000,000=$4,156,066133TheVentureCapitalMethodandaSingleFinancingRoundOwnership(?):INVf=POST7,000,000f==62.75%066PEfirmfS=S[]pee-f)0.6275S=000,]=684,564pe-0.6275)134TheVentureCapitalMethodandaSingleFinancingRoundPriceperP=SP==135TheVCMethod,aSingleFinancingRound,andtheIRR?Intheuseda?usetheIRRwithasinglefinancing?Thefirmsell$60millionin5need$7million1million&disc.40%?PEfirm136TheVCMethod,aSingleFinancingRound,andtheIRRFuture(W):W=INV′+r)NW=7,000,000′+0.40)=$37,647,6805OwnershipthePEfirm:Wf=f==137TheVCMethod,aSingleFinancingRound,andth