WILLIAM BLAIR

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Private Equity
??? ????????? ?????? ???? ??? ??? 2006
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?? ?? ????? ????? ??????????? Private Equity
?
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?? ?? ????? Private Equity?

• ?? ???? ?????? ??? ?? ????? ???????
  ??????? ?????? ??????
• ??? ????? ?-Private Equity ??? ??? ????????
  ????"? ?????? ???? ??????? ????? ????? ?????
• ??? ????? ?????? ???????????? ????? ??- 500
  ??????? ????
• ??? ????? ???? ??????? ???? (???? ????? ???
  ??????) ??? ??????? ?? ???????

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?? ?? ????? Private Equity? (????)

• ????? ????? ??????????? ????? ????? (????? ???
  ?????) ?? ?????? ?????
• ????? ????? ??????????? ???? ???? ??????? ??????
  ????? ?????, ????? ???? ???? ?????? ??????
  ?????? ??? ?"? ??-?????
• ??? ???????? ????? ?- asset allocation

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??? Private Equity ???? ??????
6
??? ????? ?- J ?
100
IRR ?????? ???? ?-9-10 ????
80
60
IRR
40
????? ?????? ?? ????
20
?????
0
???? ?????? ?? ???? IRR ????? ???????? ?? ????
??? ????? ???? ?? ???? ?????? ?????
(20)
(40)
(60)
(80)
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2
3
4
5
6
7
8
9
10
(100)
???
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????
General Partner
Management Fee 1.5-3 Carried Interest 20-25
Limited Partnership
Disposal Proceeds (realized gains)
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????? ??????
????? ???? ???????????? ??????? ??? ???? ?????
??? ?????
?? ????? ?????? ??????
?????? ?????
??? ?????? ?????????
????? ?????? ?????? ????????? ?? ?????
????? ??? ?????
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??? ????? ? Private Equity
????? ??? ?????
????? LBO
????? ??????
????? ?????? ??? ????? ?? ????? ???? tailor made
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???? ????? ????? Private Equity
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????? ?????? ??????? ??????

• ??? ?????? ??????
• ??? ?????? ?????
• ????? ????? ???? ?? ??????
• ??????? ?????????
• ??????? ???????

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??? ????? Private Equity ????

• ????? ?????????
• ????? ???????
• ?????
• ?????????
• ???? ????
• ????????? ??????? ??????
• ?????? ?????
• ????????? ?????? ??? ????? ??????? ????? ??????
  ?????!

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?? ?????

• ???? ???? ???
• ??? ????
• ??? ?????? ???????
• ?? ??????
• ?????!!!
• ????? ???? ????? (?? ?? ??????)
• Deal Flow
• Corporate network X2
• ????? Deal making /execution
• ???? ???? ?????

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???????? ???? ?????? Private Equity ??????

• ?????? ??? ?????? ????? ???????????
• ????? ???????? ????? ????? ?????
• ????? ?? ??????? ??????? ???????
• ?????? ???????? ?? ?????? ????
• ?????? ?????? ??????????? ????? ????
• ??????? ????? ????? ???? ??????? ?????? ???????
  ????

put your money were your mouth is
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...???? ?? ???? ????

• ??? ???
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• ??? ??????
• ??? ????? ?????? ??? ?????? ??? ?????
• ??????
• ???? ????? ???? ???? ???... ?? ?????? ??
  ?????????!
• ?? ????? ????? ?? ???? ????? ???? ???? (??? ?? ??
  ?????...)
• Only time will tell if its a temporary trend or
  here to stay

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?????? ????
????? ????? ???????????
?????? ???'??
?????? ???"?
Fund of Funds
?????? ????? lll
?????????
PE Funds
???? ??????
?????
???? ??????
???'?? l
???'?? ll
???'?? lll
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??? ?????? ???"? Case Study

• ??? ?????? ?????? ???"? ????? ?????? ???????
• ????? ?????? ?? ????? ?? ?"? ?????? ????
• ???? ??????? ????????
• ???? ?????? ?????? ????

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??? ?????? ???"? Case Study

• ????? ???????? ??????
• ????? ????? ????, ?????? ?? ??????
• ????? ????? ??????
• ????? ????? ?????? ??????
• ?????? ??????? ????
• ???? ????
• ????? ?- 92 ????? ???? ??? ???????
• ????? ?????? ?????

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????!
?????? ???? ??? ????? ??????? 46 ?"? ?????-
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