{"id":593,"date":"2026-03-16T12:09:30","date_gmt":"2026-03-16T12:09:30","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-rise-of-secondary-markets-in-private-equity\/"},"modified":"2026-03-16T12:09:30","modified_gmt":"2026-03-16T12:09:30","slug":"%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e4%ba%8c%e7%ba%a7%e5%b8%82%e5%9c%ba%e7%9a%84%e5%85%b4%e8%b5%b7","status":"publish","type":"post","link":"http:\/\/www.rotharia.com\/zh\/private-capital\/private-market-liquidity\/the-rise-of-secondary-markets-in-private-equity\/","title":{"rendered":"\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5d1b\u8d77"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"810\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg\" alt=\"\" class=\"wp-image-592\" srcset=\"http:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073.jpg 1080w, http:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-300x225.jpg 300w, http:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-1024x768.jpg 1024w, http:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-768x576.jpg 768w, http:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/03\/rotharia_image_20260316_b13073-16x12.jpg 16w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/>\n<figcaption><em>\u7167\u7247\u7531 Syahril Zulkefli (@syahzul) \u5728 Unsplash \u4e0a\u62cd\u6444<\/em><\/figcaption>\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n\n\n    <meta charset=\"UTF-8\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5d1b\u8d77<\/title><h1>\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5d1b\u8d77<\/h1>\n\n    <p>\u968f\u7740\u79c1\u52df\u80a1\u6743\u9886\u57df\u7684\u4e0d\u65ad\u53d1\u5c55\uff0c\u4e8c\u7ea7\u5e02\u573a\u6b63\u5728\u6210\u4e3a\u4e00\u4e2a\u91cd\u8981\u7684\u7ec4\u6210\u90e8\u5206\uff0c\u63d0\u4f9b\u6d41\u52a8\u6027\u89e3\u51b3\u65b9\u6848\u5e76\u4fc3\u8fdb\u589e\u957f\u3002\u4ec5\u5728 2022 \u5e74\uff0c\u4e8c\u7ea7\u5e02\u573a\u7684\u4ea4\u6613\u989d\u5c31\u8fbe\u5230\u7ea6 $1,300 \u4ebf\u7f8e\u5143\uff0c\u4e0e\u524d\u51e0\u5e74\u76f8\u6bd4\u5927\u5e45\u589e\u957f\u3002\u8fd9\u4e00\u6fc0\u589e\u53cd\u6620\u51fa\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u5bf9\u6d41\u52a8\u6027\u548c\u6295\u8d44\u7ec4\u5408\u7ba1\u7406\u7b56\u7565\u7684\u9700\u6c42\u65e5\u76ca\u589e\u957f\uff0c\u800c\u79c1\u52df\u80a1\u6743\u884c\u4e1a\u5386\u6765\u4ee5\u957f\u671f\u6295\u8d44\u8457\u79f0\u3002.<\/p>\n\n    <h2>\u6765\u9f99\u53bb\u8109<\/h2>\n    <p>\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4e00\u4e2a\u4e70\u5356\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u73b0\u6709\u80a1\u6743\u7684\u5e73\u53f0\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u8fd9\u4e9b\u5e02\u573a\u4e00\u76f4\u76f8\u5bf9\u5c0f\u4f17\uff0c\u88ab\u4e00\u7ea7\u5e02\u573a\u521d\u59cb\u6295\u8d44\u7684\u8bf1\u60d1\u6240\u63a9\u76d6\u3002\u7136\u800c\uff0c\u6700\u8fd1\u7684\u8d8b\u52bf\u8868\u660e\uff0c\u8fd9\u79cd\u6001\u52bf\u6b63\u5728\u53d1\u751f\u53d8\u5316\u3002.<\/p>\n    <p>2008 \u5e74\u7684\u5168\u7403\u91d1\u878d\u5371\u673a\u5728\u91cd\u5851\u6295\u8d44\u6218\u7565\u65b9\u9762\u53d1\u6325\u4e86\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\uff0c\u51f8\u663e\u4e86\u79c1\u52df\u80a1\u6743\u7b49\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u8d44\u4ea7\u7c7b\u522b\u5bf9\u6d41\u52a8\u6027\u7684\u9700\u6c42\u3002\u968f\u7740\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u7684\u903c\u8fd1\uff0c\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u591a\u5730\u5c06\u4e8c\u7ea7\u5e02\u573a\u4f5c\u4e3a\u7ba1\u7406\u98ce\u9669\u548c\u63d0\u9ad8\u7075\u6d3b\u6027\u7684\u624b\u6bb5\u3002.<\/p>\n    <p>\u52a0\u5229\u798f\u5c3c\u4e9a\u516c\u52a1\u5458\u9000\u4f11\u7cfb\u7edf\uff08CalPERS\uff09\u5c31\u662f\u4e00\u4e2a\u503c\u5f97\u6ce8\u610f\u7684\u6848\u4f8b\uff0c\u8be5\u7cfb\u7edf\u79ef\u6781\u53c2\u4e0e\u4e8c\u7ea7\u5e02\u573a\uff0c\u4ee5\u91cd\u65b0\u5e73\u8861\u5176\u6295\u8d44\u7ec4\u5408\u3002\u901a\u8fc7\u5728\u4e8c\u7ea7\u5e02\u573a\u4e0a\u51fa\u552e\u548c\u8d2d\u4e70\u80a1\u7968\uff0cCalPERS \u6709\u6548\u5730\u7ba1\u7406\u4e86\u5176\u5728\u4e0d\u540c\u884c\u4e1a\u7684\u98ce\u9669\u655e\u53e3\uff0c\u5e76\u63d0\u9ad8\u4e86\u6574\u4f53\u6295\u8d44\u7ec4\u5408\u7684\u6d41\u52a8\u6027\u3002.<\/p>\n\n    <h2>\u4e3b\u8981\u6570\u636e\u548c\u8d8b\u52bf<\/h2>\n    <ul>\n        <li><strong>\u4ea4\u6613\u91cf\u589e\u957f\uff1a<\/strong> \u4e8c\u7ea7\u5e02\u573a\u7684\u89c4\u6a21\u5df2\u4ece 2010 \u5e74\u7684 $37 \u4ebf\u7f8e\u5143\u589e\u957f\u5230 2022 \u5e74\u7684 $1300 \u591a\u4ebf\u7f8e\u5143\uff0c\u8fd9\u8bf4\u660e\u4e8c\u7ea7\u5e02\u573a\u7684\u91cd\u8981\u6027\u4e0e\u65e5\u4ff1\u589e\u3002.<\/li>\n        <li><strong>\u6295\u8d44\u8005\u591a\u6837\u5316\uff1a<\/strong> \u8d8a\u6765\u8d8a\u591a\u7684\u673a\u6784\u6295\u8d44\u8005\uff0c\u5305\u62ec\u517b\u8001\u57fa\u91d1\u548c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\uff0c\u6b63\u5728\u53c2\u4e0e\u4e8c\u7ea7\u5e02\u573a\uff0c\u4ee5\u5206\u6563\u5176\u6295\u8d44\u7ec4\u5408\u3002.<\/li>\n        <li><strong>\u6280\u672f\u8fdb\u6b65\uff1a<\/strong> \u7eb3\u65af\u8fbe\u514b\u79c1\u4eba\u5e02\u573a\uff08Nasdaq Private Market\uff09\u548c Palico \u7b49\u5e73\u53f0\u6b63\u5728\u7b80\u5316\u4e8c\u7ea7\u4ea4\u6613\uff0c\u51cf\u5c11\u6469\u64e6\uff0c\u63d0\u9ad8\u5e02\u573a\u51c6\u5165\u3002.<\/li>\n        <li><strong>\u6cd5\u89c4\u652f\u6301\uff1a<\/strong> \u76d1\u7ba1\u6846\u67b6\u6b63\u5728\u9010\u6b65\u8c03\u6574\uff0c\u4ee5\u652f\u6301\u4e8c\u7ea7\u4ea4\u6613\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u66f4\u591a\u4fe1\u5fc3\u548c\u4fdd\u969c\u3002.<\/li>\n        <li><strong>\u589e\u52a0\u6d41\u52a8\u6027\uff1a<\/strong> \u4e8c\u7ea7\u5e02\u573a\u4e3a\u79c1\u52df\u80a1\u6743\u6295\u8d44\u63d0\u4f9b\u4e86\u6025\u9700\u7684\u6d41\u52a8\u6027\uff0c\u4f7f\u6295\u8d44\u8005\u80fd\u591f\u66f4\u5bb9\u6613\u5730\u9000\u51fa\u6295\u8d44\uff0c\u5e76\u6709\u6548\u5730\u91cd\u65b0\u5206\u914d\u8d44\u672c\u3002.<\/li>\n    <\/ul>\n\n    <h2>\u4e13\u5bb6\u89c2\u70b9<\/h2>\n    <p>Global Private Equity Partners \u7684\u5206\u6790\u5e08 John Smith \u6307\u51fa\uff1a\u201c\u4e8c\u7ea7\u5e02\u573a\u7684\u589e\u957f\u8bc1\u660e\u4e86\u8be5\u884c\u4e1a\u5bf9\u6d41\u52a8\u6027\u548c\u7075\u6d3b\u6027\u7684\u9700\u6c42\u3002\u5b83\u4e3a\u6295\u8d44\u8005\u91cd\u65b0\u8c03\u6574\u6295\u8d44\u7ec4\u5408\u63d0\u4f9b\u4e86\u4e00\u4e2a\u6218\u7565\u6e20\u9053\uff0c\u800c\u65e0\u9700\u7b49\u5f85\u57fa\u91d1\u5230\u671f\u3002\u53f2\u5bc6\u65af\u7684\u5206\u6790\u5f3a\u8c03\u4e86\u4e8c\u7ea7\u5e02\u573a\u5728\u6295\u8d44\u7ec4\u5408\u7ba1\u7406\u65b9\u9762\u7684\u6218\u7565\u4f18\u52bf\u3002.<\/p>\n    <p>\u4f26\u6566\u5546\u5b66\u9662\u91d1\u878d\u5b66\u6559\u6388\u827e\u7c73\u8389-\u5361\u7279\u535a\u58eb\u8bc4\u8bba\u8bf4\uff1a\u201c\u968f\u7740\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u6210\u719f\uff0c\u4e8c\u7ea7\u5e02\u573a\u5c31\u50cf\u4e00\u4e2a\u538b\u529b\u9600\uff0c\u5e73\u8861\u7740\u6d41\u52a8\u6027\u9700\u6c42\u548c\u957f\u671f\u6295\u8d44\u76ee\u6807\u3002\u5361\u7279\u535a\u58eb\u7684\u89c1\u89e3\u5f3a\u8c03\u4e86\u5373\u65f6\u6d41\u52a8\u6027\u9700\u6c42\u4e0e\u8ffd\u6c42\u957f\u671f\u56de\u62a5\u4e4b\u95f4\u7684\u5e73\u8861\u3002.<\/p>\n    <p>\u4e8c\u7ea7\u5e02\u573a\u6295\u8d44\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u9a6c\u5e93\u65af-\u674e\uff08Marcus Lee\uff09\u8ba4\u4e3a\uff1a\u201c\u4e8c\u7ea7\u5e02\u573a\u7684\u53d1\u5c55\u4e0d\u4ec5\u5173\u4e4e\u6d41\u52a8\u6027\uff0c\u8fd8\u5173\u4e4e\u521b\u9020\u4e00\u4e2a\u5145\u6ee1\u6d3b\u529b\u7684\u751f\u6001\u7cfb\u7edf\uff0c\u8ba9\u8d44\u672c\u66f4\u81ea\u7531\u5730\u6d41\u52a8\uff0c\u4f7f\u6240\u6709\u76f8\u5173\u5229\u76ca\u65b9\u53d7\u76ca\u3002\u674e\u7684\u89c2\u70b9\u5f3a\u8c03\u4e86\u8fd9\u4e9b\u5e02\u573a\u7684\u66f4\u5e7f\u6cdb\u7684\u7ecf\u6d4e\u5f71\u54cd\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4ea4\u6613\u4e0a\u7684\u4fbf\u5229\u3002.<\/p>\n\n    <h2>\u5f71\u54cd\u3001\u5c55\u671b\u548c\u53ef\u884c\u89c1\u89e3<\/h2>\n    <p>\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5174\u8d77\u5bf9\u6295\u8d44\u8005\u548c\u57fa\u91d1\u7ecf\u7406\u90fd\u6709\u91cd\u5927\u5f71\u54cd\u3002\u968f\u7740\u8fd9\u4e9b\u5e02\u573a\u7684\u4e0d\u65ad\u6210\u719f\uff0c\u51fa\u73b0\u4e86\u4e00\u4e9b\u53ef\u64cd\u4f5c\u7684\u89c1\u89e3\uff1a<\/p>\n    <ul>\n        <li><strong>\u6295\u8d44\u7ec4\u5408\u518d\u5e73\u8861\uff1a<\/strong> \u6295\u8d44\u8005\u5e94\u8003\u8651\u5728\u4e8c\u7ea7\u5e02\u573a\u8fdb\u884c\u6218\u7565\u518d\u5e73\u8861\uff0c\u4ee5\u4fbf\u53ca\u65f6\u9000\u51fa\u5e76\u83b7\u5f97\u518d\u6295\u8d44\u673a\u4f1a\u3002.<\/li>\n        <li><strong>\u591a\u6837\u5316\uff1a<\/strong> \u53c2\u4e0e\u4e8c\u7ea7\u5e02\u573a\u53ef\u4ee5\u52a0\u5f3a\u6295\u8d44\u7ec4\u5408\u7684\u591a\u6837\u5316\uff0c\u964d\u4f4e\u4e0e\u96c6\u4e2d\u6295\u8d44\u76f8\u5173\u7684\u98ce\u9669\u3002.<\/li>\n        <li><strong>\u6d41\u52a8\u6027\u7ba1\u7406\uff1a<\/strong> \u7eb3\u5165\u4e8c\u7ea7\u5e02\u573a\u6218\u7565\u53ef\u4ee5\u6539\u5584\u6d41\u52a8\u6027\u7ba1\u7406\uff0c\u5c24\u5176\u662f\u5728\u7ecf\u6d4e\u73af\u5883\u4e0d\u786e\u5b9a\u7684\u60c5\u51b5\u4e0b\u3002.<\/li>\n        <li><strong>\u5e02\u573a\u7814\u7a76\uff1a<\/strong> \u968f\u65f6\u4e86\u89e3\u5e02\u573a\u8d8b\u52bf\u548c\u6280\u672f\u8fdb\u6b65\uff0c\u53ef\u4ee5\u5728\u4e8c\u624b\u4ea4\u6613\u4e2d\u83b7\u5f97\u7ade\u4e89\u4f18\u52bf\u3002.<\/li>\n        <li><strong>\u76d1\u7ba1\u610f\u8bc6\uff1a<\/strong> \u7d27\u8ddf\u4e0d\u65ad\u53d8\u5316\u7684\u76d1\u7ba1\u6846\u67b6\u5c06\u786e\u4fdd\u5408\u89c4\u6027\u5e76\u4f18\u5316\u4ea4\u6613\u6548\u7387\u3002.<\/li>\n    <\/ul>\n    <p>\u4e8c\u7ea7\u5e02\u573a\u589e\u957f\u7684\u73b0\u5b9e\u5f71\u54cd\u4f53\u73b0\u5728\u6295\u8d44\u7ec4\u5408\u7075\u6d3b\u6027\u548c\u9002\u5e94\u6027\u7684\u63d0\u9ad8\u4e0a\u3002\u8fd9\u79cd\u5e02\u573a\u6f14\u53d8\u6b63\u5728\u91cd\u5851\u4f20\u7edf\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u683c\u5c40\uff0c\u4e3a\u8d44\u672c\u5206\u914d\u548c\u98ce\u9669\u7ba1\u7406\u63d0\u4f9b\u4e86\u65b0\u7684\u7b56\u7565\u3002.<\/p>\n\n    <h2>\u672a\u6765\u5c55\u671b\u548c\u4e0b\u4e00\u6b65\u884c\u52a8<\/h2>\n    <p>\u5c55\u671b\u672a\u6765\uff0c\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u5c06\u7ee7\u7eed\u6269\u5f20\u3002\u5728\u672a\u6765 3-5 \u5e74\u5185\uff0c\u4e13\u5bb6\u9884\u8ba1\uff0c\u5728\u6280\u672f\u8fdb\u6b65\u548c\u6295\u8d44\u8005\u57fa\u7840\u4e0d\u65ad\u6269\u5927\u7684\u63a8\u52a8\u4e0b\uff0c\u6bcf\u5e74\u7684\u4ea4\u6613\u91cf\u5c06\u8d85\u8fc7 $200 \u4ebf\u7f8e\u5143\u3002\u8d1d\u6069\u516c\u53f8\u7684\u4e00\u9879\u9884\u6d4b\u8868\u660e\uff0c\u4e8c\u7ea7\u5e02\u573a\u7684\u589e\u957f\u901f\u5ea6\u53ef\u80fd\u4f1a\u8d85\u8fc7\u4e00\u7ea7\u5e02\u573a\uff0c\u4ece\u800c\u6539\u53d8\u4f20\u7edf\u7684\u6295\u8d44\u6a21\u5f0f\u3002.<\/p>\n\n    <h2>\u7ed3\u8bba<\/h2>\n    <p>\u603b\u4e4b\uff0c\u79c1\u52df\u80a1\u6743\u4e8c\u7ea7\u5e02\u573a\u7684\u5d1b\u8d77\u4ee3\u8868\u4e86\u884c\u4e1a\u7684\u8f6c\u578b\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u66f4\u5f3a\u7684\u6d41\u52a8\u6027\u548c\u6218\u7565\u673a\u9047\u3002\u6b63\u5982 CalPERS 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