Devam fonu (continuation vehicle, CV veya “GP<\/a> liderli\u011finde ikincil” olarak da adland\u0131r\u0131l\u0131r), GP’nin bir veya daha fazla portf\u00f6y varl\u0131\u011f\u0131n\u0131 mevcut bir fondan ayn\u0131 GP taraf\u0131ndan y\u00f6netilen yeni bir araca transfer etti\u011fi bir \u00f6zel sermaye<\/a> yap\u0131s\u0131d\u0131r. Eski fondaki mevcut LP’ler \u015fu se\u00e7eneklere sahiptir: nakit \u00e7\u0131kma (varl\u0131ktaki \u00e7\u0131karlar\u0131n\u0131 nakit i\u00e7in satma), devretme (yeni araca benzer ko\u015fullarda taahh\u00fct etme) veya status quo (baz\u0131 yap\u0131larda orijinal fonda kalma\u2014ancak bu nadirdir). Devam fonlar\u0131 ni\u015f i\u015flemlerden ana ak\u0131m PE likidite \u00e7\u00f6z\u00fcm\u00fcne h\u0131zla b\u00fcy\u00fcd\u00fc.<\/p>\n Standart PE fon yap\u0131lar\u0131n\u0131n sabit terimleri vard\u0131r (tipik olarak 10 y\u0131l art\u0131 uzatmalar). Bir fon teriminin sonuna yakla\u015ft\u0131\u011f\u0131nda ancak GP’nin y\u00f6netmeye devam etmek istedi\u011fi\u2014veya daha fazla de\u011fer yarat\u0131labilece\u011fine inand\u0131\u011f\u0131\u2014de\u011ferli varl\u0131klar\u0131 tuttu\u011funda, devam fonu bir \u00e7\u00f6z\u00fcm sunar. GP’lerin CV’ler pe\u015finde olmas\u0131n\u0131n nedenleri: GP’nin daha uzun tutmak istedi\u011fi y\u00fcksek kanaat varl\u0131klar\u0131, kabul edilebilir de\u011ferlemelerde \u00e7ekici M&A \u00e7\u0131k\u0131\u015f<\/a> f\u0131rsatlar\u0131n\u0131n yoklu\u011fu, orijinal fonun yapamayaca\u011f\u0131 takip sermayesini da\u011f\u0131tma yetene\u011fi ve yeni \u00fccret ak\u0131\u015flar\u0131n\u0131n olu\u015fturulmas\u0131 (CV \u00fczerinde y\u00f6netim \u00fccreti<\/a> yenidir). LP’lerin devretmesinin nedenleri: y\u00fcksek kaliteli varl\u0131klara s\u00fcregelen maruziyet, bu belirli varl\u0131klar \u00fczerinde GP track record ve vergilendirilebilir kazan\u00e7 tan\u0131nmas\u0131ndan ka\u00e7\u0131nma.<\/p>\n Devam fonlar\u0131 do\u011fal \u00e7\u0131kar \u00e7at\u0131\u015fmalar\u0131 yarat\u0131r. Ayn\u0131 GP her ikisine de dan\u0131\u015fmanl\u0131k yapar: satan fon (GP g\u00fcven y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn sat\u0131\u015f de\u011ferini maksimize etmek oldu\u011fu\u2014y\u00fcksek fiyat) ve yeni fon (GP g\u00fcven y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn varl\u0131klar\u0131 \u00e7ekici ko\u015fullarda elde etmek oldu\u011fu\u2014d\u00fc\u015f\u00fck fiyat). Sekt\u00f6r en iyi uygulamalar\u0131 bunu ele al\u0131r: akredite \u00fc\u00e7\u00fcnc\u00fc taraflarca ba\u011f\u0131ms\u0131z de\u011ferleme<\/a>, fiyatland\u0131rma ve s\u00fcrecin LP dan\u0131\u015fma komitesi onay\u0131, mevcut LP’ler i\u00e7in “Status Quo Se\u00e7ene\u011fi” (belirlenen de\u011ferde devam et veya nakit \u00e7\u0131k), pazar fiyat\u0131n\u0131 test etmek i\u00e7in rekabet\u00e7i a\u00e7\u0131k art\u0131rma s\u00fcreci ve CV s\u00fcre\u00e7leri hakk\u0131nda ILPA yay\u0131mlanm\u0131\u015f rehberlik. Buna ra\u011fmen, \u00e7at\u0131\u015fmalar d\u00fczenleyici endi\u015fe olmaya devam ediyor\u2014SEC<\/a> CV uygulamalar\u0131n\u0131 inceledi.<\/p>\n Devam fonu hacmi 2018’de y\u0131ll\u0131k 10B$’dan az iken 2024’te 50B+ dolara b\u00fcy\u00fcd\u00fc. B\u00fcy\u00fck ikincil yat\u0131r\u0131mc\u0131lar (Lexington, HarbourVest, AlpInvest, Coller Capital) CV’lerdeki LP \u00e7\u0131karlar\u0131n\u0131n al\u0131c\u0131lar\u0131d\u0131r. Yap\u0131 \u00f6zellikle “trophy varl\u0131klar” i\u00e7in yayg\u0131n hale geldi\u2014\u00fcst\u00fcn performans g\u00f6steren ve GP’lerin y\u00f6netmeye devam etmek istedi\u011fi ola\u011fan\u00fcst\u00fc portf\u00f6y \u015firketleri. Ele\u015ftirmenler \u015fu konularda endi\u015felenir: s\u0131n\u0131rl\u0131 LP bilgisi, koruyucu \u00f6nlemlere ra\u011fmen \u00e7at\u0131\u015fmalar, yeni \u00fccret ak\u0131\u015flar\u0131 arac\u0131l\u0131\u011f\u0131yla artan y\u00f6netici tazminat\u0131 ve LP portf\u00f6y analizi i\u00e7in karma\u015f\u0131kl\u0131k.<\/p>\n","protected":false},"excerpt":{"rendered":" TLDR: Devam fonu (continuation vehicle, CV veya “GP liderli\u011finde ikincil” olarak da adland\u0131r\u0131l\u0131r), GP’nin bir veya daha fazla portf\u00f6y varl\u0131\u011f\u0131n\u0131 mevcut bir fondan ayn\u0131 GP taraf\u0131ndan y\u00f6netilen yeni bir araca transfer etti\u011fi bir \u00f6zel sermaye yap\u0131s\u0131d\u0131r. Eski fondaki mevcut LP’ler \u015fu se\u00e7eneklere sahiptir: nakit \u00e7\u0131kma (varl\u0131ktaki \u00e7\u0131karlar\u0131n\u0131 nakit i\u00e7in satma), devretme (yeni araca benzer ko\u015fullarda […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12608","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12608"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12608\/revisions"}],"predecessor-version":[{"id":12895,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12608\/revisions\/12895"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Devam Fonlar\u0131 Neden Var<\/h3>\n
\u00c7at\u0131\u015fmalar ve En \u0130yi Uygulamalar<\/h3>\n
B\u00fcy\u00fcme ve Pazar Etkisi<\/h3>\n