基小律观点 | 私募股权基金所投资产的七条退出路径

Core Viewpoint - The article discusses the various exit strategies for private equity and venture capital funds during the liquidation phase, emphasizing the importance of effective asset disposal to ensure a smooth fund closure [2][17]. Exit Strategies - Path 1: IPO Exit The ideal exit strategy for fund managers is through an IPO, preferably in the domestic market. However, due to stricter A-share listing reviews, many companies are opting for listings in Hong Kong or the US, which may lead to delays and liquidity issues [2][3]. - Path 2: M&A/Transfer Exit For projects without a clear IPO timeline, funds can consider exits through mergers and acquisitions, potentially achieving premium returns. Fund managers are advised to seek potential buyers through various channels, including financial advisors and industry contacts [4]. - Path 3: Non-Cash Distribution Non-cash distribution of assets, such as real estate or infrastructure, is a significant exit strategy, especially for assets that cannot be listed. This requires agreement from other shareholders and careful consideration of rights and obligations [5]. - Path 4: Founder or Company Buyback If a company fails to meet performance targets, fund managers can negotiate buybacks. However, financial constraints may limit the company's ability to fulfill all buyback requests, necessitating prompt action to avoid legal complications [6][7]. - Path 5: Company Liquidation If no buyback agreements exist, funds may need to consider liquidation options based on the company's circumstances, including voluntary or forced liquidation due to operational difficulties [10][12]. - Path 6: Auction of Unlisted Company Shares In cases where companies are non-operational, funds may resort to auctioning shares. This process requires adherence to shareholder rights and careful selection of auction platforms [14]. - Path 7: Low or Zero-Cost Buyback or Write-Off As a last resort, funds may negotiate for a buyback at minimal cost or write off the investment. This approach should be agreed upon by all partners to avoid disputes [16].