新投资人当“接盘侠”、持续赚“管理费”--美国私募巨头的“庞氏游戏”

Core Insights - The article highlights the alarming trend of private equity firms in the U.S. engaging in self-serving behavior by selling assets to themselves at record speeds, raising concerns about potential conflicts of interest and the sustainability of this practice [1][2][3]. Group 1: Industry Trends - Private equity firms are expected to raise an astonishing $107 billion through continuation vehicles by 2025, significantly up from $70 billion last year, indicating a growing reliance on internal funding mechanisms [1]. - Approximately 20% of private equity exits this year involved continuation funds, a notable increase from 12-13% in previous years, showcasing a shift in exit strategies amid frozen market conditions [3]. - Major players in the private equity sector, such as PAI Partners and Vista Equity, are increasingly utilizing continuation funds to retain core assets rather than seeking external buyers, transforming this strategy from a last resort to a preferred method [4]. Group 2: Conflicts of Interest - The self-dealing nature of these transactions raises significant concerns about pricing power, as private equity firms act as both buyers and sellers, potentially leading to undervaluation of assets to benefit new funds [5][6]. - The Abu Dhabi Investment Authority has initiated lawsuits against firms like Energy & Minerals Group for allegedly undervaluing assets in self-sales, highlighting the growing frustration among limited partners regarding valuation manipulation [5][6].