LP投顾：2025年长期资本耐心资本最佳实践研究报告

1 LP投顾简介 LP投顾是赛诺佳易（北京）国际商务咨询有限公司旗下的投顾平台。 定位 LP投顾是代表LP利益，为LP配置股权基金及另类资产（VC/PE、不动产、夹层、特殊机会等）提供赋能的一站式平台。LP投顾以研究、数据和社群为驱动，为各类LP提供专业的投顾服务。 特色 代表LP群体利益独立投资顾问，中国保险资产管理业协会会员智库型研究机构，非媒体属性 愿景 中国及全球最具广泛代表性、最具影响力的LP社群平台中国最专业的投资顾问（Gatekeeper） 联系我们 wechat：lpi-rainresearch@lpi.org.cnwww.lpi.org.cn 目录 前言...............................................................................................................................1 1引言与核心概念界定............................................................................................2 1.1研究背景与意义.............................................................................................21.2核心概念定义.................................................................................................21.2.1与短期主义的对立及成因探讨..............................................................31.2.2所有权结构与投资期限..........................................................................31.2.3耐心资本与创新及经济增长..................................................................31.2.4信息不对称与信任机制..........................................................................31.2.5定义与测量的挑战..................................................................................4 2长期资本/耐心资本的特征与驱动因素...............................................................5 2.1.1延长的投资视界......................................................................................52.1.2对非流动性与高度不确定性的容忍......................................................52.1.3聚焦基本面与长期战略价值..................................................................52.1.4积极的、建设性的伙伴关系..................................................................52.1.5显著的周期韧性与反周期投入能力......................................................52.1.6与可持续性及影响力目标的潜在强关联..............................................52.1.7战略性的行业聚焦..................................................................................6 2.2.1特定类型的LP........................................................................................62.2.2投资策略的内在需求..............................................................................62.2.3机构哲学与核心价值观..........................................................................6 3长期资本/耐心资本的最佳实践...........................................................................7 3.1.1制定并执行明确的长期配置策略..........................................................73.1.2审慎选择并深度理解GP.......................................................................73.1.3建立现实的业绩预期与考核周期..........................................................83.1.4寻求并构建灵活、共赢的合作结构......................................................83.1.5实施战略性监督并保持有效沟通..........................................................8 3.2GP层面最佳实践...........................................................................................9 3.2.1清晰定位并传递长期投资哲学..............................................................93.2.2设计并执行匹配的基金与组织结构......................................................93.2.3采取专注且深耕的投资策略................................................................103.2.4实施“穿透周期”的深度尽职调查........................................................103.2.5提供“主动、深度”的投后赋能............................................................103.2.6打造专业、稳定且理念一致的团队与文化........................................113.2.7制定灵活且战略驱动的退出策略........................................................11 4耐心资本在实践中：案例研究..........................................................................13 4.1.1加拿大养老基金投资公司（CPP Investments / CPPIB）..................134.1.2淡马锡（Temasek）.............................................................................144.1.3新加坡政府投资公司（GIC）.............................................................144.1.4总结........................................................................................................15 4.2风险投资：支持前沿科学与硬科技...........................................................16 4.2.1ARCH Venture Partners........................................................................164.2.2Flagship Pioneering...............................................................................174.2.3Lux Capital.............................................................................................174.2.4总结........................................................................................................18 4.3.1突破能源基金（Breakthrough Energy Ventures-BEV）..................194.3.2BDT & MSD Partners............................................................................204.3.3世代投资管理公司（Generation Investment Management）.............214.3.4总结........................................................................................................21 4.4结构性创新：接续基金机制详解与案例分析...........................................22 4.4.1机制概述................................................................................................224.4.2耐心资本体现........................................................................................234.4.3案例分析举例（Clearlake Capital / Ivanti交易为例）......................234.4.4总结与趋势..............................................................