私人股本和战略资产配置[文献翻译]

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1、原文：PrivateEquityandStrategicAssetAllocationPrivateequityisbothanassetclassandaninvestmentstrategy.Distinguishingbetweentheprivateequityassetclassandtheprivateequityinvestmentstrategycanbeconfusingandcreateschallengesforthetraditionalapproachtoassetallocation.Assetal

2、locationdecisionsshouldbebasedontheriskandreturncharacteristicsoftheassetclass,althoughinreality,mostprivateequitydecisionsarebasedontheperceivedriskandreturncharactersoftheavailableprivateequityvehicles.Publiccompaniescollectivelyformthepublicequityassetclass.Inves

3、torscangainexposuretothepublicequityassetclassbypurchasingsharesofpubliclytradedcompaniesorsharesofinvestmentvehicles,suchasmutualfunds,thatpurchasethepublicshares.Private(non-public)companiescollectivelyformtheprivateequityassetclass.Investorscangainexposuretothepr

4、ivateequityassetclassbypurchasingsharesofprivatelyheldcompaniesorsharesofinvestmentvehicles,suchasprivateequityfunds,thatpurchasethenon-publicshares.Alargenumberofprivatecorporationsaregenerallyassumedtobepubliccorporations,includingDunkinDonuts,Hertz,Linens-N-Thing

5、s,Neiman-Marcus,andToys-R-Us.Commonreasonsforbeingprivateincludefamilyownedbusinessesthathavealwaysbeenprivate,leveragebuyouts,andventurestart-upsstillwaitingtogopublic.Fromamodernportfolioperspective,ideally,onecouldinvestinabasketofallprivatecorporationsinwhichthe

6、weightsofthecompaniesinthebasketarebasedontheirtruevalues.Suchabasketwithreal-timepricingwouldincludethousandsofconstituentsandwouldbeatruerepresentationoftheprivateequityassetclass.Insuchaworld,allvalue-weightedbenchmarkswouldleadtoverysimilarconclusionsontheperfor

7、manceoftheassetclass.Unfortunately,thisisnotpossibleand,philosophically,nothowmostpeopleconceptualizeaprivateequityinvestment.Wheninvestorsmakeanallocationtoprivateequity,itisnotapassiveinvestmentinthebasketofall(ormost)privatecompaniesthatformtheprivateequityassetc

8、lass.Rather,formostinvestors,theallocationtoprivateequityisaninvestmentinaskill-basedstrategy,inwhichthetwoprimarysub-strategiesareleverag