Ukuqonda Imigqa Yokubhalisa Ku-Private Equity
Kwadalwa ngo 03.15
Ukuqonda Imigqa Yokubhalisa Ezimalini Ezizimele: Imigqa Ejulile ekuphathweni kwezimali
Isingeniso: Ukwanda Kwemigqa Yokubhalisa kanye Nemigqa Yayo Ejulile ezingcingweni zemali
Eminyakeni yamuva nje, imigqa yokubhalisa yesikweletu isanda kutholakala kakhulu kubaphathi be-private equity, okubonisa ushintsho olukhulu endleleni izimfuno zemali ezilawulwa ngayo. Lezi zinsimbi zezimali, ezivame ukubizwa nje ngokuthi imigqa yokubhalisa, zinikeza izinkampani ze-private equity uketshezi lwesikhashana ngokuboleka ngokumelene nemali ezibophezele kubalingani abanomkhawulo. Lo mkhuba udala imigqa ejulile yesikweletu esithinta isikhathi nokuhamba kwezimfuno zemali, ekugcineni kuthinte ukuhamba kokutshalwa kwezimali nokusebenza kwezimali. Njengoba i-private equity iqhubeka nokuthuthuka, ukuqonda le migqa ejulile kubalulekile kubatshalizimali nabaphathi bezimali ngokufanayo, ikakhulukazi phakathi kokubhekwa okukhulayo mayelana nokucaca kanye nemiphumela yezindleko.
Imiphumela yemigqa yokubhalisa yeqi ngaphezu kokulula; ithinta ukubikezela kokugeleza kwemali, izinzuzo zezimali, kanye nesikhathi sokwabiwa kozakwethu abanomkhawulo. Lesi sihloko sihluza incazelo nomlando wemigqa yokubhalisa, sihlola imiphumela yayo ngamacala ezifundo, futhi sihluza izinzuzo ezibalulekile kanye neziqondiso kubo bonke abathintekayo. Ngokugxila kule migqa ejulile, sihlose ukucacisa indima yayo endaweni eyinkimbinkimbi yokuphathwa kwezimali kwezimali ezizimele.
Yini Umugqa Wokubhalisa? Incazelo, Umongo Womlando, kanye Nezimo Zamanje
Ulayini wokubhalisa uyisikhungo sesikweletu esijikelezayo esisetshenziswa izimali zangasese ukuthola imali yesikhashana ngaphambi kokucela ngokusemthethweni imali kubalingani abanomkhawulo. Ngokuyisisekelo, ivumela izimali ukuthi zisebenzise umugqa wesikweletu oqinisekiswe izibopho zokubhalisa zabatshalizimali. Ngokomlando, le milayini yayisetshenziswa kancane, ikakhulukazi ukusebenza kahle kwezokuphatha noma ukugcwalisa izidingo zesikhashana zemali. Kodwa-ke, emashumini eminyaka adlule, ukusetshenziswa kwayo kuye kwanda kakhulu, kwaba yithuluzi elijwayelekile embonini.
Imigqa ejulile eyenziwa ngezinsiza zokubhalisa ivumela izimali ukuthi zenze utshalomali olusheshayo ngaphandle kokulinda ukuthi izimfuno zemali zicwengwe. Lokhu kushesha kwenze imigqa yokubhalisa yaba yindlela ekhangayo yokuphatha ukuhamba kwemali nokuhlela utshalomali ngamasu. Amathrendi amanje abonisa ukuthi abaphathi abaningi be-private equity bathembele kakhulu kule migqa yesikweletu hhayi nje ukuze bahlanganise kodwa futhi ukuze balungise izimfuno zemali futhi banciphise umthelela we-J-curve, isimo esivame ukubangela ukubuyisa okungalungile ekuqaleni ekusebenzeni kwesikhwama.
Isithakazelo emigqeni yokubhalisa siqhubeka nokukhula, njengoba kwenza ukugxila komthetho nabatshalizimali emiphumeleni yabo, ikakhulukazi maqondana nezimali, izindleko, kanye neziqondiso zezintela. Ukuqonda izindlela eziyisisekelo zalemigqa ejulile kubalulekile ukuhlola izinzuzo zayo zamasu kanye nemiphumela engaba khona.
Umthelela Womugqa Wokubhalisa: Ukuqhathaniswa Kokusebenza Ngamacala Ezifundo
Imigqa yokubhalisa inethonya elikhulu ekusebenzeni kwezimali kanye nokuqongelela imali. Ukuze sichaze, sicabangele izimali ezimbili ezithile zezimali ezizimele: i-Fund A isebenzisa umugqa wokubhalisa, kanti i-Fund B ithembele kuphela ekubizeni ngqo imali. I-Fund A ingasebenzisa imali ngokushesha nangempumelelo, okuholela ekuhambeni okubushelelayo kokutshalwa kwezimali kanye nokwanda kwezinga langaphakathi lokubuyisa (IRR). Ngokuphambene, isivinini sokutshala imali se-Fund B asihleli, sivame ukubambezeleka ngezikhathi zokucubungula izicelo zemali, okungadala ukubambezeleka kwemali futhi kwandise umphumela we-J-curve.
Amagrafu aqhathanisa lezi zimali ngokuvamile abonisa ukuthi ukusetshenziswa komugqa wokubhalisa kuholela kumaphethini wokugeleza kwemali angabikezelekayo kanye nokujikeleza okusheshayo kokutshalwa kwezimali. Izingqinamba zokubuyekezwa nazo zigcizelela ukuthi ngenkathi imigqa yokubhalisa ihlanganisa izintshisekelo nezimali, izinzuzo zokusebenza kanye nokusebenza kahle kwezisebenzi kuvame ukudlula lezi zindleko. Ngaphezu kwalokho, ezinye izimali zisebenzisa imigqa yokubhalisa ngokukhetha phakathi nezikhathi zokutshalwa kwezimali eziphakeme, zigweme ukuboleka okungadingekile phakathi nezikhathi ezibuthakathaka.
Izinsiza ezibonakalayo njengamashadi nemifanekiso yomugqa wesikhathi zibonisa ukuthi imigqa ejulile ingenza kanjani ukuthi umugqa wokutshala izimali ube mpo, okuvumela izimali ukuthi zingene ezikhundleni ngokushesha futhi zisebenzise kahle ukusetshenziswa kwemali. Noma kunjalo, kubalulekile ukulinganisa lezi zinzuzo nokuphikisana nokwanda kokuyinkimbinkimbi ekubhalweni kwezimali nasezinkokhelweni.
Izinzuzo Zemigqa Yokubhalisa: Izindlela Zokugeleza Kwemali Ezingabikelelekayo, Ukutshalwa Kwezimali Okusheshayo, kanye Nokunciphisa i-J-Curve
Imigqa yokubhalisa inikeza izinzuzo ezimbalwa ezibalulekile eziye zavuza ukwamukelwa kwayo kabanzi phakathi kwezinkampani zezimali zangasese. Okokuqala, ihlinzeka ngezindlela zokugeleza kwemali ezingabikelelekayo ngokugudluza isikhathi sokubizwa kwemali. Abalingani abanomkhawulo (ama-LP) bayazuza njengoba ukubizwa kwemali kuba kuncane kakhulu, kuthuthukisa ukuphathwa kwemali yabo kanye nokuhlelwa kwezimali.
Okwesibili, imigqa yokubhalisa ivumela ukwenziwa okusheshayo kokutshalwa kwezimali. Ngokuthola isikweletu kusengaphambili, abaphathi bezimali bangakwazi ukuhambisa ngokushesha amathuba akhangayo ngaphandle kokulinda izingcingo ezisemthethweni zemali, ezingathatha amasonto ukucutshungulwa. Leli jubane libalulekile ezimakethe ezincintisanayo, lapho isikhathi singenza umehluko omkhulu emiphumeleni yezivumelwano.
Okwesithathu, imigqa yokubhalisa isiza ukunciphisa umthelela we-J-curve. Ekuqaleni kwempilo yefondi, izimbuyiselo zivame ukubonakala zingezinhle ngenxa yemali yokuphatha kanye nokutshalwa kwezimali kokuqala okungakavuthwa. Ngokusebenzisa imigqa ejulile yesikweletu, amafomu angabambezela izingcingo zemali kuze kube yilapho izimali ziqala ukukhiqiza izimbuyiselo, okuholela kumodeli yezimbuyiselo ebushelela kakhulu kanye nama-IRR abikwe kakhulu.
Ngaphezu kwalokho, imigqa yokubhalisa inganciphisa imithwalo yokuphatha ehambisana nezingcingo ezivamile zemali, ivumela abaphathi bezimali ukuthi bagxile emisebenzini yokutshala izimali kunokuba balawule izinto zokuqoqa izimali. Lokhu kusebenza kahle kuyinzuzo yokuncintisana endaweni eyinkimbinkimbi yezimali ezizimele.
Izinto Okufanele Zicatshangelwe Ngemigqa Yokubhalisa: I-Carried Interest, Izindleko, Nokukhiqizwa kwe-UBTI
Naphezu kwezinzuzo zazo, imigqa yokubhalisa iletha izinto eziningana ezibalulekile kubaphathi bezimali nabatshalizimali. Inkinga eyodwa ebalulekile umthelela ku-carried interest, ingxenye yenzuzo abaphathi bezimali abayitholayo. Isikhathi kanye nemvelo yokuboleka kungathinta indlela i-carried interest ebalwa ngayo, okungadala ukudideka ekuhlukanisweni kwemali kanye nembuyiselo yabatshalizimali.
Izindleko ezihambisana nemigqa yokubhalisa, okubandakanya izindleko zenzalo kanye nemali, nazo zifanelwe ukunakwa. Lezi zindleko zivame ukubekwa esikhwameni, okunganciphisa izinzuzo ezicacile kubalingani abanomkhawulo. Ukucaca ngalezi zindleko kubalulekile ukuqinisekisa ukuthi abatshalizimali baqonda umthelela wazo.
Ngaphezu kwalokho, imigqa yokubhalisa ingakhiqiza i-Unrelated Business Taxable Income (UBTI) kubatshalizimali abathile abakhululiwe kuntela njengezikhwama zempesheni kanye nezikhwama zokunikezela. Lesi sici sidinga ukuhlelwa ngokucophelela ukuze kugwenywe imiphumela yentela engahlosiwe, okwenza ukubambisana phakathi kwabaphathi bezimali nabacebisi bentela kubaluleke kakhulu.
Abatshalizimali kufanele futhi bacabangele amathuba okuncika kakhulu emgqeni wokubhalisa, ongakwazi ukufihla isivinini sangempela sokusetshenziswa kwemali futhi uhlanekele izilinganiso zokusebenza. Imikhuba eqinile yokubika nokudalula ibalulekile ukugcina ukuhambisana phakathi kozakwethu abajwayelekile kozakwethu abakhawulelwe.
Izinto Ezibalulekile Ezivela KuCanterbury: Ukubaluleka Nokungathathi Hlangothi Kwemigqa Yokubhalisa Kozakwethu Abakhawulelwe
Ngokusekelwe emiqondweni evela kuCanterbury, inkampani ehlonishwayo yocwaningo lwezimali ezizimele, imigqa yokubhalisa kufanele ibhekwe njengezinsimbi ezingathathi hlangothi kunokuba ibe ngenye indlela eyinhle noma embi. Ukubaluleka kwazo kutholakala ekuthuthukiseni ukusebenza kahle kwezisebenzi nokusheshisa ukutshalwa kwezimali ngaphandle kokushintsha kakhulu izinto ezibalulekile zezezimali zesikhwama.
Kubalingani abanikezela ngemali, ukusetshenziswa kwemigqa ejulile ngokusebenzisa izikhungo zokubhalisa akukhuphuli ubungozi ngokwemvelo uma kwembulwa futhi kuphathwa kahle. Kunalokho, zingahlinzeka ngokubikezela okuthuthukisiwe nokuthunyelwa kwemali okubushelelayo, okuzuzisa abahlomulayo nabaphathi bezimali.
I-Canterbury igcizelela isidingo sokuba sobala mayelana nokusetshenziswa kwemigqa yokubhalisa, okuhlanganisa ukuxhumana okucacile mayelana nezindleko, isikhathi, nomthelela ekubuyiseleni imali. Ukudalulwa okunjalo kukhuthaza ukwethembana futhi kusiza abalingani abanikezela ngemali ukuthi benze izinqumo ezinolwazi mayelana nokuzibophezela kwabo.
Ekugcineni, imigqa yokubhalisa imele ukuguquka ekuphathweni kwemali ye-private equity, okubonisa ubuchwepheshe kanye nokuqanjwa kabusha embonini. Abalingani abanikezela ngemali kufanele bahlole lezi zinsiza ngaphakathi komongo obanzi wecebo lesikhwama nokusebenza kunokuba njengezinto ezihlukene.
Isiphetho: Ukuzulazula Emigqeni Ejulile Yemali Ye-Private Equity
Imigqa yokubhalisa isiyingxenye ebalulekile yemisebenzi yezimali ezizimele zesimanje, idala imigqa ejulile yokudlulisela imali ebonakalayo eshukumisa kakhulu isikhathi sokubiza imali kanye nokusebenza kokutshalwa kwezimali. Ukwanda kwayo kubonisa ukugxila kwalo mkhakha ekubeni namandla okuguquguquka, ukusebenza kahle, kanye nokuthuthukisa ukusebenza. Ngenkathi lezi zinsiza zinikeza izinzuzo ezicacile njengokuhamba kwemali okubikezelwayo, amandla okutshala imali ngokushesha, kanye nokunciphisa i-J-curve, ziphinde zibeke izinto okufanele kucatshangelwe ezihlobene nezindleko, inzalo ethwalwayo, kanye nemiphumela yentela.
Kubatshalizimali nabaphathi bezimali ngokufanayo, ukuqonda izindlela kanye nemiphumela yemigqa yokubhalisa kubalulekile ukuzulazula kahle emkhakheni wezimali ezizimele wanamuhla. Njengoba lo mkhakha uqhubeka nokuthuthuka, ukuba sobala kanye nokusetshenziswa kwezinhloso kwale migqa ejulile kuyoba okubalulekile ekuhambisaneni kwezintshisekelo nasekuphakamiseni imiphumela yezimali.
Ukuze uthole imininingwane eyengeziwe mayelana nezenzo zokutshalwa kwezimali kwabanye kanye nezixazululo zezimali ezintsha, sicela ucabange ukuhlola izinsiza ezengeziwe kanye nezipho zenkampani ezikhonjiswe abaholi bemboni njengo Dermax, abagxila ekuqanjweni okusha kanye nobuchwepheshe kwezobuchwepheshe bokulawula imali.
Okuqukethwe Okuhlobene Nokufundwa Okwengeziwe
Izigaba ezingeziwe: Izigaba zezindatshana ezihlobene kanye nemibono yakamuva
Hlola izigaba ezifana namasu okuphatha imali, ukuthuthukisa ukusebenza kwezimali, kanye nobuchwepheshe bezimali obusakhula. Hlala unolwazi ngezindaba zakamuva kanye nokuhlaziywa kochwepheshe okusiza abatshalizimali nabaphathi baqonde imigqa ejulile njengemigqa yokubhalisa kanye nendima yayo ekubumbeni ikusasa le-private equity.
Xhumana
Shiya imininingwane yakho futhi sizokuthinta.
电话
WhatsApp