250亿，LP分钱了

Core Viewpoint - The article emphasizes the importance of cash returns (DPI) in private equity, highlighting Lone Star Funds' significant cash distribution to its limited partners (LPs) as a benchmark in the industry [1][6]. Group 1: Lone Star Funds' Performance - Lone Star Funds plans to return approximately $3.5 billion (around 250 billion RMB) to its LPs, marking a significant liquidity event for the firm [1][3]. - The firm has managed over $85 billion in private equity and credit strategy assets since its inception in 1995, and its recent exits have led to substantial returns for its investors [2][3]. - Lone Star's Fund XI, which began investing in 2019, has a DPI of 0.9x, while its previous fund from 2017 has a DPI of 1.35x, contrasting sharply with the broader industry average of 0.1x for funds post-2019 [3]. Group 2: Recent Exits and Returns - A notable exit was the sale of AOC, a Dutch chemical company, for $4.35 billion, yielding over three times the initial investment and generating approximately $1.8 billion in cash for Lone Star [4]. - Lone Star is also set to receive $1.1 billion in dividends from Novo Banco, a Portuguese bank in which it holds over 70% stake, with an IPO expected soon [4][5]. - Other contributions to the cash distribution include investments in Titan Acquisition Holdings and GTT Communications, which underwent successful restructuring [5]. Group 3: Industry Context and Challenges - The article discusses the broader challenges faced by the private equity industry, including a liquidity crisis where LPs are experiencing significant delays in capital returns, with many waiting over 13 years for full liquidation [9][12]. - The average dividends paid by private equity funds in the past three years have been half of historical averages, leading to a record backlog of unsold private equity transactions amounting to $3 trillion [9][12]. - The sentiment among LPs is shifting, with many expressing frustration over the lack of cash returns and a growing emphasis on DPI as a critical performance metric [8][9].