硅谷银行的单谁来买？美国VC和PE的代价：5000亿美元

华尔街见闻2023-03-25

据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。本周五，彭博智库分析师Gaurav Patankar在一份报告中写道： “在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族...

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The cost of VC and PE in the United States: $500 billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PE":1,"SIVB":1,"SIVBQ":1,"VC":1},"content_text":"据彭博智库(Bloomberg Intelligence)最新报告，硅谷银行破产后，总规模达2万亿美元的风险投资行业或面临25%至30%的投资组合减值，总损失规模或高达5000亿美元。\n本周五，彭博智库分析师Gaurav Patankar在一份报告中写道：\n\n“在SVB破产之后，我们预计会有更严格的估值审查和信息披露，尤其是在养老基金的一大部分‘信托’资金流入这些市场的情况下——同捐赠基金和家族办公室不同，这些机构并没有展期和假装（extend and pretend）的渠道。”\n\n在本周五的采访中，Patankar补充说，一些风险投资和私募股权公司正在采用这种“extend and pretend”的策略，这意味着他们将继续持有资产，以避免真正的价格发现。\n这方面的例子还包括资产净值贷款(允许普通合伙人从基金内的投资组合公司池借款)、gp牵头的二级结构(基金发起人将其管理的基金中的一项或多项资产出售给新基金)，以及通过私人信贷进行的另类融资。\n但他表示，这些方法只能延缓而不能否认风险投资估值所面临的“站不住脚”和“不切实际”的本质问题。Patankar称:\n\n\"有足够多的'僵尸公司'估值过高，它们需要重组、价格发现。当然，他们还要调整业务模式，以适应紧缩的信贷、收入不景气和更高的利率的世界。\"\n\n金融界的“缓兵之计”：extend and pretend\n有时候，在借贷合同的原始条件下要求偿还贷款的时候，银行和借款人会将偿还期限延长，以便借款人继续偿还贷款。这就是所谓的“展期”（extend）。\n而“假装”（pretend）的部分则是在人们理解到，即使进行了慷慨的调整，贷款接收方也不太可能能够全额还清贷款。\n在短期内，贷方可以享受这种虚构，以避免对资产进行减记；而借款方则可以延迟偿还债务的日子。\n这种看似缓兵之计的做法，在金融界被称为“extend and pretend”。\n简单总结，extend and pretend就是延长贷款期限，将成本或风险推迟到未来，现在假装一切都好。风险提示及免责条款\n\n            市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.2","shortVersion":"4.26.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322176521"}