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????路博邁（Neuberger Berman）日前宣布，它已為旗下的第三只私募股權(quán)二級市場基金募集了20億美元。這只基金將主要專注于從杠桿收購、成長股份和特殊狀況基金中購入有限合伙人權(quán)益。

????它輕松成為這個集團迄今最大的二級市場基金，今年整體二級市場資金籌集和交易量看起來將繼續(xù)高歌猛進?？勺鰠⒖嫉氖?，2012年是私募股權(quán)二級市場募資規(guī)模第二高的年份（僅次于2009年），資本認繳額200億美元，交易量與2011年持平，交易額達到250億美元左右。

????私募股權(quán)二級市場持續(xù)看漲的理念對于我而言仍然難以理解，畢竟2011-2013年很多交易量是受到以下四個因素的推動：

????1.有限合伙人進行投資組合重新配置，他們不愿再冒流動性危機的風險；

????2.2005-2008年超大杠桿收購基金環(huán)境的延續(xù)；

????3.金融改革導致某些金融和保險集團剝離業(yè)務(wù)；

????4.一些捐贈基金慢慢退出了耶魯（Yale）模式。

????因此，我花了一些時間與路博邁私募股權(quán)二級市場基金負責人布萊恩?塔伯特進行了電話溝通，了解他的集團計劃將這20億美元投資到什么領(lǐng)域。

????塔伯特主要指出，我在上面提到的很多因素還將繼續(xù)存在。舉例來說，他說，雖然大多數(shù)美國金融和保險機構(gòu)已剝離了有問題的私募股權(quán)資產(chǎn)，但歐洲(由于巴塞爾協(xié)議III等）有更多剝離需要進行。他還相信，雖然大型美國養(yǎng)老基金最開始認募二級市場基金是出于對未來流動性危機的擔憂，現(xiàn)在它們開始將二級市場基金作為審慎的再平衡工具——他認為，這正在成為常規(guī)做法的一部分。

????塔伯特補充說，他的公司更注重單一資產(chǎn)收購，可能有4-7年歷史的全盤收購基金小型投資組合（與尾端基金及/或僵尸基金有顯著差別）。至于定價，他說，目前拍賣市場（路博邁傾向于不參與其中）中的折價為每1美元折85-90美分(去年為80-85美分），而一些更高品質(zhì)的資產(chǎn)則以凈資產(chǎn)值（NAV）出售。（財富中文網(wǎng)）

????Neuberger Berman yesterday announced that it has raised $2 billion for its third private equity secondaries fund, which mostly focuses on acquiring LP stakes in leveraged buyout, growth equity and special situations funds.

????It is easily the group's largest secondaries effort to date, in the midst of what is shaping up to be another banner year for secondaries fundraising and deal volume. For context, 2012 was the second-best year on record for PE secondaries fundraising (after 2009) with $20 billion in capital commitments, and effectively tied 2011 for the most-ever deal volume with around $25 billion in transactional value.

????The idea of an ongoing bull market in PE secondaries is a bit confounding to me, given that so much of the 2011-2013 volume was driven by 4 factors:

????1.Portfolio reallocations by LPs who didn't want to risk another liquidity squeeze;

????2. Hangover from the 2005-2008 mega-LBO fund environment;

????3. Financial reform that caused certain financial and insurance groups to divest;

????4. Certain endowments slowly moving away from the Yale model.

????So I spent some time on the phone with Brian Talbot, head of PE secondaries at Neuberger Berman, to understand where his group plans to invest $2 billion.

????Talbot primarily argued that many of my aforementioned factors are ongoing. For example, he says that while most U.S. financial and insurance institutions already unloaded their troublesome PE assets, there is still much more divestiture to go in Europe (thanks to Basel III, etc.). He also believes that while large U.S. pension funds first began engaging in secondary sales due to future liquidity crunch fears, they've now begun to use secondaries as a prudent rebalancing tool – something he believes is becoming part of business as usual.

????Talbot adds that his firm is focused more on single-asset purchases or small portfolios of buyout funds that are 4-7 years into their lives (which is distinct from tail-end and/or zombie funds). As for pricing, he says that auction market – where NB prefers not to play – is seeing discounts move up to 85-90 dents on the dollar (compared to 80-85 cents last year), while he's seeing some higher-quality funds getting sold at NAV.