{"id":5660,"date":"2025-02-04T17:03:52","date_gmt":"2025-02-04T09:03:52","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=5660"},"modified":"2025-02-04T17:06:33","modified_gmt":"2025-02-04T09:06:33","slug":"%e9%87%91%e8%9e%8d%e5%85%a5%e9%96%80%ef%bd%9c%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e8%88%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%ac%8a%e5%9f%ba%e9%87%91%e6%9c%89%e4%bd%95%e5%88%a5%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e9%87%91%e8%9e%8d%e5%85%a5%e9%96%80%ef%bd%9c%e7%a7%81%e5%8b%9f%e5%9f%ba%e9%87%91%e8%88%87%e7%a7%81%e5%8b%9f%e8%82%a1%e6%ac%8a%e5%9f%ba%e9%87%91%e6%9c%89%e4%bd%95%e5%88%a5%ef%bc%9f\/","title":{"rendered":"\u91d1\u878d\u5165\u9580\uff5c\u6709\u9322\u4eba\u7684\u904a\u6232\uff1a\u79c1\u52df\u57fa\u91d1\u8207\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u6709\u4f55\u5225\uff1f"},"content":{"rendered":"\n<p>\u79c1\u52df\u57fa\u91d1\uff08Privately Offered Fund\uff09\u8207\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff08Private Equity Fund\uff0cPE\uff09\u807d\u4e0a\u53bb\u795e\u79d8\u83ab\u6e2c\uff0c\u9999\u6e2f\u96f6\u552e\u6295\u8cc7\u8005\u5728\u807d\u5230\u91cd\u5927\u91d1\u878d\u65b0\u805e\u63d0\u53ca\u9019\u985e\u57fa\u91d1\u6642\u5f80\u5f80\u6478\u4e0d\u8457\u982d\u8166\uff0c\u672c\u6587\u6df1\u5165\u5256\u6790\u9019\u5169\u7a2e\u57fa\u91d1\u7684\u6295\u8cc7\u908f\u8f2f\u3001\u7279\u9ede\u53ca\u5dee\u7570\uff0c\u52a0\u6df1\u8b80\u8005\u91d1\u878d\u77e5\u8b58\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u79c1\u52df\u57fa\u91d1\uff1f<\/h1>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"540\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2.jpg\" alt=\"\" class=\"wp-image-5661\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2.jpg 960w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2-300x169.jpg 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2-768x432.jpg 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2-747x420.jpg 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-2-696x392.jpg 696w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>\u79c1\u52df\u57fa\u91d1\uff08Privately Offered Fund\uff09\u662f\u6307\u63a1\u7528\u975e\u516c\u958b\u52df\u96c6\u65b9\u5f0f\u5411\u4f01\u696d\u6295\u8cc7\u8005\u6216\u8d85\u9ad8\u6de8\u503c\u4eba\u58eb\u7c4c\u96c6\u8cc7\u91d1\u7684\u57fa\u91d1\uff0c\u5728\u9999\u6e2f\u53ea\u9650\u64c1\u6709\u5c08\u696d\u6295\u8cc7\u8005\uff08professional investor\uff09\u8cc7\u683c\u7684\u6295\u8cc7\u8005\u5165\u5834\uff0c\u5165\u5834\u91d1\u984d\u6700\u5c11100\u842c\u7f8e\u5143\uff08780\u842c\u6e2f\u5143\uff09\uff0c\u6295\u8cc7\u7684\u9805\u76ee\u53ef\u4ee5\u5305\u62ec\u516c\u958b\u53ca\u79c1\u4eba\u516c\u53f8\u80a1\u6b0a\u3002<\/p>\n\n\n\n<p>\u79c1\u52df\u57fa\u91d1\u7684\u76f8\u53cd\u662f\u300c\u516c\u52df\u57fa\u91d1\u300d\uff08Publicly Offered Fund\uff09\uff0c\u4ea6\u53ef\u7a31\u70ba\u300c\u5171\u540c\u57fa\u91d1\u300d\uff0c\u5411\u975e\u7279\u5b9a\u7684\u6295\u8cc7\u8005\u516c\u958b\u52df\u96c6\u8cc7\u91d1\u3002\u7531\u65bc\u516c\u52df\u57fa\u91d1\u9762\u5411\u666e\u901a\u5927\u773e\u6295\u8cc7\u8005\uff0c\u4e00\u822c\u60c5\u6cc1\u4e0b\u5165\u5834\u9580\u6abb\u8f03\u4f4e\uff0c\u4f46\u53d7\u5230\u8f03\u56b4\u683c\u7684\u76e3\u7ba1\uff0c\u6295\u8cc7\u7bc4\u570d\u548c\u64cd\u4f5c\u90fd\u6709\u8f03\u591a\u9650\u5236\uff0c\u4f8b\u5982\u9700\u8981\u5b9a\u671f\u5c0d\u5916\u62ab\u9732\u8a73\u7d30\u7684\u6295\u8cc7\u7d44\u5408\u8cc7\u8a0a\uff0c\u80fd\u5920\u63a1\u7528\u7684\u6295\u8cc7\u7b56\u7565\u76f8\u5c0d\u4fdd\u5b88\u548c\u6a19\u6e96\u5316\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u4ec0\u9ebc\u662f\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff1f<\/h1>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"540\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1.jpg\" alt=\"\" class=\"wp-image-5663\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1.jpg 960w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1-300x169.jpg 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1-768x432.jpg 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1-747x420.jpg 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-1-696x392.jpg 696w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>\u5f9e\u5ee3\u7fa9\u800c\u8a00\uff0c\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff08Private Equity Fund\u3001PE Fund\uff09\u4e3b\u8981\u5c08\u6ce8\u65bc\u6295\u8cc7\u975e\u4e0a\u5e02\u516c\u53f8\u7684\u80a1\u6b0a\uff0c\u76f8\u95dc\u80a1\u4efd\u6c92\u6709\u5728\u80a1\u7968\u4ea4\u6613\u6240\u5831\u50f9\u6216\u4ea4\u6613\uff0c\u800c\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u900f\u904e\u70ba\u88ab\u6295\u8cc7\u516c\u53f8\u63d0\u4f9b\u8cc7\u91d1\u652f\u6301\u3001\u6539\u5584\u516c\u53f8\u904b\u71df\u548c\u7ba1\u7406\u3001\u63a8\u52d5\u516c\u53f8\u4e0a\u5e02\u6216\u88ab\u4f75\u8cfc\u7b49\u65b9\u6cd5\u70ba\u6295\u8cc7\u8005\u5275\u9020\u50f9\u503c\u3002<\/p>\n\n\n\n<p>\u3010\u66f4\u591a\u57fa\u91d1\u76f8\u95dc\u6587\u7ae0\u3011<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%94%B6%E6%81%AF-%E6%B4%BE%E6%81%AF-%E5%82%B5%E5%88%B8-%E5%9F%BA%E9%87%91\/\">\u6bcf\u6708\u6536\u606f\u7522\u54c1\u6bd4\u8f03\uff5c\u6d3e\u606f\u57fa\u91d1vs\u50b5\u5238\u57fa\u91d1\u5206\u5225\u4fc2\u908a?\u9ede\u6a23\u63c0\u597d?<\/a><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u79c1\u52df\u57fa\u91d1\u8207\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u6709\u4ec0\u9ebc\u5206\u5225\uff1f<\/h1>\n\n\n\n<p>\u5169\u8005\u540c\u6a23\u63a1\u7528\u975e\u516c\u958b\u52df\u96c6\u8cc7\u91d1\u7684\u57fa\u91d1\uff0c\u50c5\u9762\u5411\u4f01\u696d\u6295\u8cc7\u8005\u6216\u8d85\u9ad8\u6de8\u503c\u4eba\u58eb\uff0c\u7c21\u800c\u8a00\u4e4b\u5373\u6709\u9322\u4eba\u7684\u73a9\u610f\u3002\u4e0d\u904e\u6578\u4ee5\u767e\u842c\u5143\u8a08\u7684\u8d85\u9ad8\u9580\u6abb\u4e26\u975e\u57fa\u91d1\u516c\u53f8\u6545\u610f\u70ba\u96e3\uff0c\u800c\u662f\u57fa\u65bc\u79c1\u52df\u985e\u578b\u57fa\u91d1\u7684\u7279\u6b8a\u6027\u8cea\uff1a\u6295\u8cc7\u8005\u627f\u64d4\u66f4\u9ad8\u7684\u98a8\u96aa\u3001\u8f03\u4f4e\u7684\u8cc7\u7522\u6d41\u52d5\u6027\u3001\u8f03\u9577\u6642\u9593\u7684\u8cc7\u91d1\u9396\u5b9a\u671f\u4ee5\u7372\u53d6\u8f03\u9ad8\u7684\u56de\u5831\uff0c\u6240\u4ee5\u5c0d\u8c61\u5fc5\u9808\u662f\u5be6\u529b\u96c4\u539a\u7684\u6295\u8cc7\u8005\u3002<\/p>\n\n\n\n<p>\u79c1\u52df\u57fa\u91d1\u7684\u6295\u8cc7\u7bc4\u570d\u8f03\u5ee3\uff0c\u53ef\u4ee5\u5305\u62ec\u516c\u958b\u4ea4\u6613\u7684\u80a1\u7968\u3001\u50b5\u5238\u3001\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u3001\u4ee5\u53ca\u975e\u4e0a\u5e02\u516c\u53f8\u80a1\u6b0a\uff0c\u4e0d\u904e\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u5247\u4e3b\u8981\u5c08\u6ce8\u65bc\u6295\u8cc7\u975e\u4e0a\u5e02\u516c\u53f8\u7684\u80a1\u6b0a\uff0c\u6240\u4ee5\u6709\u5e02\u5834\u4eba\u58eb\u6703\u8996\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\u70ba\u79c1\u52df\u57fa\u91d1\u7684\u5176\u4e2d\u4e00\u500b\u7d30\u5206\u985e\u3002<\/p>\n\n\n\n<p>\u81f3\u65bc\u79c1\u52df\u57fa\u91d1\u7684\u5176\u4ed6\u985e\u578b\u5c1a\u5305\u62ec\u5c08\u9580\u6295\u8cc7\u521d\u5275\u4f01\u696d\u7684\u5929\u4f7f\u6295\u8cc7\u57fa\u91d1\uff0f\u5275\u6295\u57fa\u91d1\uff08Venture Capital\uff09\u3001\u5168\u76e4\u63a5\u7ba1\u6539\u9020\u4f01\u696d\u7684\u69d3\u687f\u4f75\u8cfc\u57fa\u91d1\uff08Leveraged Buy-Out\uff09\u3001\u4ecb\u65bc\u80a1\u6b0a\u8207\u50b5\u6b0a\u4e4b\u9593\u593e\u5c64\u878d\u8cc7\u57fa\u91d1\uff08Mezzanine Fund\uff09\u3001\u5c08\u9580\u6295\u8cc7\u5373\u5c07\u4e0a\u5e02\u4f01\u696dPre IPO\u57fa\u91d1\u7b49\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">\u9999\u6e2f\u79c1\u52df\u57fa\u91d1\u5e02\u5834\u60c5\u6cc1<\/h1>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"540\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3.jpg\" alt=\"\" class=\"wp-image-5665\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3.jpg 960w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3-300x169.jpg 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3-768x432.jpg 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3-747x420.jpg 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2025\/02\/\u79c1\u52df-\u80a1\u6b0a-\u57fa\u91d1.pptx-3-696x392.jpg 696w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>\u6839\u64da<a href=\"https:\/\/www.fstb.gov.hk\/tc\/blog\/blog211024.htm\">\u8ca1\u7d93\u4e8b\u52d9\u53ca\u5eab\u52d9\u5c40\u6578\u64da<\/a>\uff0c\u9999\u6e2f\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u7684\u8cc7\u672c\u984d\u4f4d\u5217\u4e9e\u6d32\u7b2c\u4e8c\uff0c\u622a\u81f32024\u5e74\u4e0a\u534a\u5e74\u8d85\u904e2,339\u5104\u7f8e\u5143\uff0c\u53cd\u6620\u9999\u6e2f\u4f5c\u70ba\u4e9e\u6d32\u9818\u5148\u79c1\u52df\u57fa\u91d1\u4e2d\u5fc3\u7684\u5730\u4f4d\u3002<\/p>\n\n\n\n<p>\u70ba\u9032\u4e00\u6b65\u63a8\u52d5\u79c1\u52df\u5e02\u5834\u7684\u767c\u5c55\uff0c\u6e2f\u5e9c\u8a08\u5283\u512a\u5316\u79c1\u52df\u57fa\u91d1\u7684\u7a05\u52d9\u512a\u60e0\uff0c\u5305\u62ec\u62d3\u5bec\u57fa\u91d1\u5b9a\u7fa9\u3001\u64f4\u5c55\u5408\u8cc7\u683c\u8cc7\u7522\u985e\u5225\uff0c\u53ca\u512a\u5316\u57f7\u884c\u5b89\u6392\u7b49\u3002\u7576\u4e2d\u5305\u62ec\u4fbf\u5229\u79c1\u52df\u57fa\u91d1\u5206\u767c\u9644\u5e36\u6b0a\u76ca\uff08carried 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