carried interest

简明释义

附带权益

英英释义

例句

1.Investors are often attracted to funds that offer a high carried interest rate.

投资者通常被提供高附带利益率的基金所吸引。

2.The fund manager receives a portion of the profits as carried interest, which is typically around 20%.

基金经理获得一部分利润作为附带利益，通常约为20%。

3.In private equity, carried interest is a significant part of the compensation package for general partners.

在私募股权中，附带利益是普通合伙人薪酬方案的重要组成部分。

4.The structure of carried interest incentivizes fund managers to maximize returns for their investors.

附带利益的结构激励基金经理为投资者最大化回报。

5.Understanding how carried interest works can help investors evaluate fund performance better.

理解附带利益的运作方式可以帮助投资者更好地评估基金表现。

作文

Understanding the concept of carried interest is essential for anyone involved in investment management, private equity, or venture capital. The term refers to the share of profits that fund managers receive as compensation, which is typically a percentage of the profits generated by the investments they manage. This compensation structure aligns the interests of the fund managers with those of the investors, as the managers only earn this profit share if the investments perform well. In essence, carried interest serves as an incentive for fund managers to maximize returns for their investors.

To illustrate how carried interest works, let’s consider a private equity fund that raises $100 million from investors. The fund manager agrees to take a 20% carried interest on any profits made above a certain threshold, often referred to as the 'hurdle rate.' If the fund generates a total return of $150 million after several years, the profits amount to $50 million. After paying back the original investment of $100 million, the fund has $50 million in profits to distribute. Since the fund manager's carried interest is 20%, they would receive $10 million (20% of $50 million) as their compensation, while the remaining $40 million would be distributed among the investors.

This structure has significant implications for both fund managers and investors. For fund managers, carried interest can represent a substantial portion of their total compensation, especially in successful funds. It motivates them to work diligently and make informed investment decisions, knowing that their financial success is directly tied to the performance of the fund. Moreover, the tax treatment of carried interest often allows fund managers to pay lower capital gains tax rates on these earnings compared to ordinary income tax rates, making it a lucrative form of compensation.

For investors, understanding carried interest is crucial when evaluating potential investments in private equity or hedge funds. Investors should consider the terms of the carried interest arrangement, including the hurdle rate and the percentage of profits allocated to the fund manager. A well-structured carried interest agreement can enhance alignment between the interests of the fund manager and the investors, fostering a collaborative approach to achieving financial success.

However, carried interest has also faced scrutiny and criticism. Some argue that the favorable tax treatment of carried interest allows wealthy fund managers to benefit disproportionately compared to average workers, who pay higher tax rates on their earnings. This has led to calls for tax reform to address perceived inequities in the system. Additionally, there are concerns that the focus on short-term profits associated with carried interest may encourage risky investment behaviors that could jeopardize the long-term stability of funds.

In conclusion, carried interest is a fundamental concept in the world of investment management that plays a critical role in shaping the relationship between fund managers and investors. By aligning interests and providing incentives for strong performance, carried interest can drive successful investment strategies. However, it is essential to remain aware of the broader implications and criticisms surrounding this compensation structure, as it continues to evolve in response to changing market dynamics and regulatory environments.

理解carried interest的概念对任何参与投资管理、私募股权或风险投资的人来说都是至关重要的。这个术语指的是基金经理作为报酬所获得的利润份额，通常是他们管理的投资所产生利润的一定百分比。这种补偿结构使基金经理的利益与投资者的利益保持一致，因为经理只有在投资表现良好时才能获得这一利润份额。从本质上讲，carried interest作为一种激励措施，促使基金经理为投资者最大化回报。

为了说明carried interest的运作方式，让我们考虑一个从投资者那里筹集了1亿美元的私募股权基金。基金经理同意在超过某个阈值（通常称为“障碍率”）的任何利润上收取20%的carried interest。如果该基金经过数年产生了1.5亿美元的总回报，则利润总额为5000万美元。在偿还1亿美元的原始投资后，基金有5000万美元的利润可分配。由于基金经理的carried interest为20%，因此他们将获得1000万美元（5000万美元的20%）作为报酬，而剩余的4000万美元将分配给投资者。

这种结构对基金经理和投资者都有重要影响。对于基金经理而言，carried interest可能占其总补偿的相当大一部分，尤其是在成功的基金中。它激励他们努力工作并做出明智的投资决策，因为他们的财务成功与基金的表现直接相关。此外，carried interest的税收待遇通常允许基金经理以较低的资本利得税率来支付这些收入，而不是普通所得税率，使其成为一种有利可图的补偿形式。

对于投资者而言，理解carried interest在评估私募股权或对冲基金的潜在投资时至关重要。投资者应考虑carried interest安排的条款，包括障碍率和分配给基金经理的利润百分比。一个结构良好的carried interest协议可以增强基金经理与投资者之间的利益一致性，促进实现财务成功的合作方式。

然而，carried interest也面临审查和批评。一些人认为，carried interest的有利税收待遇使富有的基金经理受益过多，相比之下，普通工人支付更高的税率。这导致人们呼吁进行税制改革，以解决系统中存在的感知不平等。此外，人们担心与carried interest相关的短期利润关注可能会鼓励冒险的投资行为，从而危及基金的长期稳定性。

总之，carried interest是投资管理领域的一个基本概念，在塑造基金经理与投资者之间的关系中发挥着关键作用。通过保持利益一致并为强劲表现提供激励，carried interest可以推动成功的投资策略。然而，必须意识到围绕这一补偿结构的更广泛影响和批评，因为它在市场动态和监管环境变化的响应中不断发展。