私募股权基金及其权益价值评估方法的探析

Analysis of Private Equity Funds and their Equity Value Valuation Methods

私募股权基金是指以非公开方式向特定投资者募集资金并从事非上市公司股权投资的基金。当前对私募股权基金的研究多注重于基金发展现状的梳理,基金治理与代理问题的研究,以及基金投资理念和投资策略的研究,较少从私募股权基金权益价值的角度去深入分析。本文从资产评估的角度研究私募股权基金权益价值,分析私募股权基金的特点,梳理其投资范围和基本运作方式,并总结出一般评估思路,再以有限合伙人持有私募股权基金权益价值评估为例,形成私募股权基金权益价值评估的一般路径。

Private equity funds refer to funds that raise funds from specific investors in a non-public manner and engage in equity investments in unlisted companies.The current research on private equity funds mostly focuses on the combing of fund development status,the research on fund governance and Principal–agent problem issues,as well as the research on fund investment philosophy and investment strategy,and less on in-depth analysis from the perspective of private equity fund equity value.This paper studies the equity value of private equity funds from the perspective of asset evaluation,analyzes the characteristics of private equity funds,combs their investment scope and basic operation methods,and summarizes the general evaluation ideas.Then,taking the evaluation of the equity value of private equity funds held by limited partners as an example,a general path for the evaluation of the equity value of private equity funds is formed.