私募基金词汇中英文

合集下载

私募基金词汇中英文

基金通常是以有限合伙的方式构建的。在有限合伙的情况下，合伙人以自己的出资额为限对合伙企业承担责任。
锁定期（封闭期）(Lock-in Period)
是指投资于基金的资金不得赎回的期间。
管理费用(Management Expenses)
是指基金经理在管理投资基金过程中所发生的费用。
管理费(Management Fee)
术语
定义
管理资产规模(AUM)(Assets Under Management )
管理资产规模指投资人交付给基金而由基金经理所管理的资产的货币价值。
资本(Capital)
是指基金所持有的用于投资的资本额。
附带权益(Carried Interest)
附带权益是向私募基金普通合伙人支付的，以基金利润的一定股份比例计算的一种绩效激励。
收购后的服务包括基金经理或投资顾问们所行使的，使私募股权投资产生价值的职能。某些私募基金经理采取比较激进的方法，在收购以后将自己公司的职员安排进被收购公司的董事会，以便影响被收购公司的公司策略。
私募基金(Private Equity Fund)
是一种着眼于中长期股份持有的集合投资手段。通常，私募基金的投资者是一些诸如养老保险基金之类的机构投资者，也包括一些拥有大量财富的个人。私募基金通常设有固定的期限。
安永金融服务转让定价
C–私募基金的定义及概念
下文中的术语可能被用于安永对私募基金转让定价的陈述中。应注意的是，这些术语的定义仅为提供背景资料，其中某些术语的定义专用于转让定价。当用于其它场合时，该术语或许会有不同的解释。此外，业内不同当事方对于某些术语的理解存在轻微的差异，我们在此提供的仅仅是较为常用的释义。
基金经理(Fund Manager)
基金经理持有跟基金所签署的投资管理合同，负责提供投资管理服务。通常，基金经理会把许多职能外包给关联方，但仍保留作为基金经理的信托责任。

一文读懂股权融资常用的24个英文术语

以下是股权融资中常用的24个英文术语：Equity：股本，公司所有者拥有的资产。

Stock：股票，代表公司的一部分所有权。

Shares：股份，股票的一部分，代表公司的一部分所有权。

Board of Directors：董事会，公司的最高决策机构，由股东选举产生。

Shareholder：股东，持有公司股票的人。

Management：管理层，负责公司的日常运营和决策。

Initial Public Offering (IPO)：首次公开募股，公司首次向公众出售股票。

Secondary Offering：二次发行，公司在首次公开募股后再次向公众出售股票。

Private Equity (PE)：私募股权，非公开交易的股权投资。

Venture Capital (VC)：风险投资，提供给初创企业的股权投资。

11.天使投资人（Angel Investor）：提供种子期资金的人，通常是个人投资者。

12.兼并（Merger）：两家或多家公司合并为一个新的公司。

收购（Acquisition）：一家公司购买另一家公司的全部或部分股权。

反收购（Anti-Takeover）：公司采取措施防止被其他公司收购。

股权稀释（Equity Dilution）：由于新发行股票或其他方式导致现有股东所持股份比例下降。

估值（Valuation）：对公司的价值进行评估。

优先股（Preferred Stock）：具有特殊权利的股票，通常在分红和投票方面优于普通股。

可转债（Convertible Bonds）：可以转换为股票的债券。

尽职调查（Due Diligence）：在交易前对潜在投资目标进行详细的调查和分析。

路演（Roadshow）：向投资者展示公司或产品的推广活动。

招股说明书（Prospectus）：包含公司详细信息的文件，用于吸引投资者购买股票。

基石投资者（Cornerstone Investors）：在首次公开募股中承诺购买大量股票的投资者。

私募基金专用词汇

私募基金专用词汇
《私募基金专用词汇》
私募基金是一种由私人投资者或机构投资者管理的基金，它通常不对公众开放，但可吸收特定的投资者加入。

在私募基金行业中，存在许多专用词汇，了解这些术语对于理解私募基金运作和投资策略至关重要。

1. GP (General Partner): 私募基金中的普通合伙人，通常是基金的管理者和投资者之一。

GP负
责管理基金的日常运作和投资决策。

2. LP (Limited Partner): 有限合伙人，是私募基金的投资者。

LP通常是基金的出资方，但对于
基金决策和管理没有直接的权利和责任。

3. Capital Call: 资金募集，指私募基金向LP征集资金的过程。

4. Fund of Funds: 基金的基金，指投资于其他私募基金的基金。

这种基金可以通过分散投资来
降低风险。

5. IRR (Internal Rate of Return): 内部收益率，是用来衡量私募基金投资回报的指标。

6. Hurdle Rate: 障碍利润率，指私募基金在投资中需要达到的最低回报率。

7. Carry: 分成，指私募基金投资者在达到一定回报率后，基金管理者获取的额外利润分成。

8. Due Diligence: 尽职调查，指投资者对潜在投资项目进行的调查和分析过程。

以上是私募基金行业中常见的一些专用词汇，对于想要深入了解私募基金运作和投资的人来说，熟悉这些术语是非常重要的。

理解这些术语有助于投资者更好地理解基金的运作方式，从而更好地进行投资决策。

私募基金知识表格全解

2.共同基金的资金为公司法人的资本，即股份。 3.共同基金的结构同一般的股份公司一样，设有董事会和股东大会。基金资产由公司拥有，投资者则是这家公司的股东，也是该公司资产的最终持有人。股东按其所拥有的股份大小在股东大会上行使权利。 4.依据公司章程，董事会对基金资产负有安全增值之责任。为管理方便，共同基金往往设定基金经理人和托管人。基金经理人负责基金资产的投资管理，托管人负责对基金经理人的投资活动进行监督。托管人可以(非必须)在银行开设户头，以自己的名义为基金资产注册。为明确双方的权利和义务，共同基金公司与托管人之间有契约关系，托管人的职责列明在他与共同基金公司签定的"托管人协议"上。如果共同基金出了问题，投资者有权直接向共同基金公司索取。有限合伙制基金公司有限合伙制是合伙制的一种特殊形式，对外在整体上也同样具有无限责任性质，但在其内部设置了一种与普通合伙制有根本区别的两类法律责任绝然不同的权益主体：一类合伙人作为真正的投资者，投入绝大部分资金，但不得参与经营管理，并且只以其投资的金额承担有限责任，称为有限合伙人；另一类合伙人作为真正的管理者，只投入极少部分资金，但全权负责经营管理，并要承担无限责任，称为普通合伙人，亦称一般合伙人或无限合伙人。这就是有限合伙制的主要特点，也是其在组织安排和制度设计上主要的创新之处 1. 在资金募集上,主要通过非公开方式面向少数机构投资者或个人募集, 它的销售和赎回都是基金管理人通过私下与投资者协商进行的。另外在投资方式上也是以私募形式进行，绝少涉及公开市场的操作,一般无需披露交易细节 2. 多采取权益型投资方式，绝少涉及债权投资。PE 投资机构也因此对被投资企业的决策管理享有一定的表决权。反映在投资工具上，多采用普通股或者可转让优先股，以及可转债的工具形式。 3. 一般投资于私有公司即非上市企业，绝少投资已公开发行公司，不会涉及到要约收购义务。 4. 比较偏向于已形成一定规模和产生稳定现金流的成形企业，这一点与 VC 有明显区别。 5. 投资期限较长，一般可达 3 至 5 年或更长，属于中长期投资。 6. 流动性差，没有现成的市场供非上市公司的股权出让方与购买方直接达成交易。 7. 资金来源广泛，如富有的个人、风险基金、杠杆并购基金、战略投资者、养老基金、保险公司等。 8. PE 投资机构多采取有限合伙制，这种企业组织形式有很好的投资管理效率，并避免了双重征税的弊端 9. 投资退出渠道多样化，有 IPO、售出(TRADE SALE) 、兼并收购(M&A)、标的公司管理层回购等等。

专业英语学习基金常用词汇

专业英语学习：基金常用词汇套戥 Arbitrage效率前缘 Efficient Frontier高收益 High Yield基金公会 HKIFA基金经理 Fund Manager基金销售文件 Prospectus基准 Benchmarks被动式管理 Passive Management离岸基金 Offshore Fund跌幅 Maximum Drawdown揣测时机 Market Timing期货管理型基金Managed Futures短仓 / 淡仓 Short Position跌势差 Downside Deviation雇主供款 Employer Contribution雇员供款 Employee Contribution新高价 High-On-High Basis新兴市场 Emerging Markets新兴市场基金 Emerging Markets Fund管理费 ManagemantFee增长和收入基金Growthand Income Fund严格评估 Due Diligence买入价 Bid Price买卖差价 Bid-offer Spread传统基金 Traditional Fund债券基金 Bond Fund单一对冲基金 Single Strategy Hedge Fund单位 Unit单位信托基金 Unit Trust卖出价 Offer Price奖励费 Incentive Fees对冲 Hedge对冲基金 Hedge Fund对冲基金的基金Fund Of Hedge Funds (FoHFs) 对冲基金指引 Hedge Funds Guidelines开放式基金 Open-end Fund强制性供款 Mandatory Contributions强积金 Mandatory Provident Fund Scheme-MPF 总回报 Total Return标准差 Standard Deviation毕苏期权定价模式Black-Scholes环球宏观 Macro Funds环球基金 Global Fund绝对回报 Absolute Return认可基金 Authorised Funds认沽期权 Put Option/Put认股权证基金 Warrant Fund认购期权 Call Option/Call证券借出 Stock Lending贝他系数 Beta资产分配 Asset Allocation资产净值 Net Asset value-NAV赎回 Redemption赎回通知期 Redemption Notice Period 赎回费 Redemption Fee。

私募基金 a类 b类新规

私募基金a类b类新规（中英文实用版）**Private Fund: New Regulations for Category A and Category B** In recent times, the private fund industry has been subject to new regulations, which have caused quite a stir among practitioners.These new rules pertain to the classification of private funds into two main categories: A and B.近期，私募基金行业受到新的规定，这让业内人士颇感震动。

这些新规定主要涉及私募基金的分类，分为A类和B类两大类。

The new regulations provide clear definitions and criteria for distinguishing between Category A and Category B private funds.This is expected to bring greater transparency and efficiency to the industry, while also protecting the interests of investors.新规定为区分A类和B类私募基金提供了明确的定义和标准。

预计这将提高行业的透明度和效率，同时保护投资者的利益。

One of the key changes introduced by the new regulations is the requirement for private fund managers to obtain a license from the regulatory authorities.This is designed to ensure that only qualified professionals are allowed to manage private funds, thereby enhancing the overall professionalism of the industry.新规定引入的一项关键变化是要求私募基金管理人从监管机构获得许可。

私募基金范本

私募基金范本PRIVATE EQUITY FUND TEMPLATE1. IntroductionPrivate equity funds have gained significant popularity in recent years as a preferred investment vehicle for many high-net-worth individuals and institutional investors. These funds provide investors with opportunities to participate in various investment strategies, such as venture capital, leverage buyouts, and distressed investments. This article aims to provide a comprehensive template for a private equity fund, outlining key components and considerations.2. Fund Structure2.1 Fund Name: [Insert Fund Name]2.2 Fund Structure: [Insert General Partner (GP) and Limited Partner (LP) Structure]2.3 Fund Duration: [Insert Fund Duration]2.4 Investment Strategy: [Describe the investment strategy employed by the fund]3. General Partner (GP) Details3.1 GP Name: [Insert GP Name]3.2 GP Background: [Provide background information on the GP, including their experience and expertise]3.3 GP Responsibilities: [Outline the GP's responsibilities, such as deal sourcing, due diligence, and portfolio management]3.4 GP Compensation: [Detail the GP's compensation structure, including management fees and carried interest]4. Limited Partner (LP) Details4.1 LP Criteria: [Define the criteria for selecting LPs, such as minimum investment amounts and suitability requirements]4.2 LP Rights and Obligations: [Outline the rights and obligations of LPs, including capital commitments and access to information]4.3 LP Fees: [Specify any fees charged to LPs, such as administrative fees or performance fees]4.4 LP Exit Provisions: [Discuss the process for LPs to exit the fund, including redemption rights or secondary market options]5. Fundraising and Capital Deployment5.1 Fundraising Period: [Specify the duration of the fundraising period]5.2 Capital Commitment: [Describe the process for LPs to commit capital to the fund]5.3 Investment Criteria: [Define the key criteria used to evaluate potential investments]5.4 Due Diligence Process: [Outline the steps involved in conducting due diligence on potential investment opportunities]5.5 Deal Selection and Execution: [Explain the process for selecting and executing investment opportunities]6. Fund Governance6.1 Investment Committee: [Detail the responsibilities and composition of the investment committee]6.2 Reporting and Transparency: [Specify the frequency and format of reporting to LPs, as well as access to fund information]6.3 Valuation: [Describe the valuation methodology used for portfolio companies]6.4 Risk Management: [Outline the risk management policies and procedures implemented by the fund]7. Fund Performance and Reporting7.1 Performance Measurement: [Explain how fund performance will be measured, such as using internal rate of return (IRR) or multiple of invested capital (MOIC)]7.2 Reporting: [Detail the frequency and content provided in investor reports]7.3 Distribution of Profits: [Discuss the process for distributing profits to LPs, including carried interest calculations]8. Fund Dissolution8.1 Fund Dissolution Process: [Describe the process for winding up the fund, including the distribution of remaining assets]8.2 Liquidation Preferences: [Discuss any provisions related to liquidation preferences for LPs]9. Risk Factors9.1 Market Risk: [Highlight the potential risks associated with market fluctuations]9.2 Operational Risk: [Identify operational risks, such as risks related to investment execution or internal processes]9.3 Exit Risk: [Outline the risks associated with exiting investments]10. ConclusionThis private equity fund template provides a comprehensive framework for establishing and operating a private equity fund. It covers key elements such as fund structure, GP and LP details, fundraising, governance, performance reporting, and risk factors. It is essential for fund managers to adapt this template to their specific requirements and regulatory frameworks in order to ensure a successful private equity fund operation.。

私募基金词汇中英文

安永金融服务转让定价C –私募基金的定义及概念下文中的术语可能被用于安永对私募基金转让定价的陈述中。

应注意的是，这些术语的定义仅为提供背景资料，其中某些术语的定义专用于转让定价。

当用于其它场合时，该术语或许会有不同的解释。

此外，业内不同当事方对于某些术语的理解存在轻微的差异，我们在此提供的仅仅是较为常用的释义。

术语定义管理资产规模(AUM) (Assets Under Management ) 管理资产规模指投资人交付给基金而由基金经理所管理的资产的货币价值。

资本(Capital) 是指基金所持有的用于投资的资本额。

附带权益(Carried Interest) 附带权益是向私募基金普通合伙人支付的，以基金利润的一定股份比例计算的一种绩效激励。

附带权益可以基于整个基金计算（取决于基金经理对整个基金全部投资组合的收益），也可以基于单个投资计算（取决于投资经理代表基金经理所进行的单个投资所取得的收益）。

交易搜索(Deal Sourcing) 是指对潜在投资机会的发现和确认。

尽职调查(Due Diligence) 是指对潜在投资机会的调查或者稽核，通常包括对投资目标的运作、财务和税务方面所作的尽职调查。

基金经理(Fund Manager) 基金经理持有跟基金所签署的投资管理合同，负责提供投资管理服务。

通常，基金经理会把许多职能外包给关联方，但仍保留作为基金经理的信托责任。

普通合伙人(General Partner) 私募基金管理公司的管理合伙人对于有限合伙企业的债务和其他义务负有无限责任，同时，其有权参与该有限合伙企业的管理。

普通合伙人是资本投资者与寻求资本以获得发展的企业二者之间的中间人。

高水平线(High-WaterMark)是指基金经理为了获得附带权益而必须达到的基金收益目标。

投资顾问(Investment Advisor) 投资顾问受基基金经理委派，扮演投资建议提供者的角色。

投资顾问通常承担交易搜获和尽职调查的职责。

基金词汇中英对照

基金词汇中英对照基金词汇中英对照在平凡的学习、工作、生活中，大家都接触过很多的词汇吧，那么关于基金的词汇你又知道哪些呢？以下是店铺精心整理的基金词汇中英对照，仅供参考，欢迎大家阅读。

基金词汇中英对照 1效率前缘 Efficient Frontier高收益 High Yield基金公会 HKIFA基金经理 Fund Manager基金销售文件 Prospectus基准 Benchmarks被动式管理 Passive Management离岸基金 Offshore Fund最大跌幅 Maximum Drawdown揣测最佳时机 Market Timing期货管理型基金 Managed Futures短仓 /淡仓 Short Position跌势差 Downside Deviation雇主供款 Employer Contribution雇员供款 Employee Contribution新高价 High-On-High Basis新兴市场 Emerging Markets新兴市场基金 Emerging Markets Fund管理费 ManagemantFee增长和收入基金 Growthand Income Fund严格评估 Due Diligence买入价 Bid Price买卖差价 Bid-offer Spread传统基金 Traditional Fund债券基金 Bond Fund单一对冲基金 Single Strategy Hedge Fund单位 Unit单位信托基金 Unit Trust卖出价 Offer Price奖励费 Incentive Fees对冲 Hedge对冲基金 Hedge Fund对冲基金的基金 Fund Of Hedge Funds (FoHFs) 对冲基金指引 Hedge Funds Guidelines开放式基金 Open-end Fund强制性供款 Mandatory Contributions强积金 Mandatory Provident Fund Scheme-MPF 总回报 T otal Return标准差 Standard Deviation环球宏观 Macro Funds环球基金 Global Fund绝对回报 Absolute Return认可基金 Authorised Funds认沽期权 Put Option/Put认股权证基金 Warrant Fund认购期权 Call Option/Call证券借出 Stock Lending贝他系数 Beta资产分配 Asset Allocation资产净值 Net Asset value-NAV赎回 Redemption赎回通知期 Redemption Notice Period赎回费 Redemption Fee赎回费 / 买入费 Redemption Price / Bid Price 进取型的投资管理 Aggressive Growth进取型增长基金 Aggressive Growth Fund长 / 短仓持股 Long/Short Equity长仓 / 好仓 / 持货 Long Position预设回报率 Hurdle Rateh主动式管理 Active ManagementCalmar 比率 Calmar RatioSharpe比率 Sharpe RatioSortino比率 Sortino Ratio入息基金 Income Fund子基金 Baby Funds/Underlying Funds已调整风险回报 Risk-adjusted Return互惠基金 Mutual Fund公积金计划 Pension Plan分散投资 Diversification主要经纪 Prime Broker可换股债券套戥 Convertible Bond Arbitrage 另类投资 Alternative Investment市场中立 Market Neutral平均成本效益 Dollor-cost Averaging再投资 Reinvestment合并套戥 Merger Arbitrage地区基金 Regional Fund如计划为伞子基金 Umbrella Fund有限责任 Limited Liability自愿性供款 Voluntary Contributions行业/主题基金 Sector/Theme Fund价值型管理 value均衡基金 Balanced Funds投资年期 Time Horizon投资组合 Portfolio投资顾问 Investment Adviser杠杆 Leverage/Gearing杠杆借贷比率 Leverage Ratio每日估值 Daily Valuation每年回报 Annual Return供款 Contribution受压 / 濒临破产的' 证券 Distressed Securities定息工具套戥 Fixed Income Arbitrage定息基金 Fixed-income Fund承受风险能力 Risk T olerance注册地 Domicile沽空 Short Selling波幅 Volatility股份 Share股息分派 Dividened Distributions股票基金 Equity Fund表现费 Performance Fees阿尔法系数 Alpha非认可基金 Unauthorised Fund信托人 Trustee保本对冲基金 Capital Guaranteed Hedge Funds封闭式基金 Closed-end Fund界定利益计划 Defined Benefit Plan界定供款计划 Defined Contribution Plan相关系数 Correlation重大事件主导的投资 Event Driven/Special Situations 首次认购费 Front-end Fee基金词汇中英对照 2Efficient Frontier效率前缘High Yield高收益HKIFA基金公会Fund Manager基金经理Prospectus基金销售文件Benchmarks基准Passive Management 被动式管理Offshore Fund离岸基金Maximum Drawdown 最大跌幅Market Timing揣测最佳时机Managed Futures期货管理型基金Short Position短仓 /淡仓Downside Deviation 跌势差Employer Contribution 雇主供款Employee Contribution 雇员供款High-On-High Basis新高价Emerging Markets新兴市场Emerging Markets Fund新兴市场基金Managemant Fee管理费Growthand Income Fund 增长和收入基金Due Diligence严格评估Bid Price买入价Bid-offer Spread买卖差价Traditional Fund传统基金Bond Fund债券基金Single Strategy Hedge Fund 单一对冲基金Unit单位Unit Trust单位信托基金Offer Price卖出价Incentive Fees奖励费Hedge对冲Hedge Fund对冲基金Fund Of Hedge Funds (FoHFs)对冲基金的基金Hedge Funds Guidelines对冲基金指引Open-end Fund开放式基金Mandatory Contributions强制性供款Mandatory Provident Fund Scheme-MPF 强积金Total Return总回报Standard Deviation标准差Black-Scholes毕苏期权定价模式Macro Funds环球宏观Global Fund环球基金Absolute Return绝对回报Authorised Funds认可基金Put Option/Put认沽期权Warrant Fund认股权证基金Call Option/Call认购期权Stock Lending证券借出Beta贝他系数Asset Allocation资产分配Net Asset value-NAV资产净值Redemption赎回Redemption Notice Period 赎回通知期Redempti。

证券投资中英文对照术语

《证券投资学》英文词汇实物资产real assets金融资产financial assets资产负债表balance sheet现金流量表statement of cash flows损益表income statement会计收入accounting earnings帐面价值book value流动比率current ratio速动比率quick ratio酸性测试比率acid test ratio资产周转率asset turnover (ATO)应收帐款平均收款期或应收天数average collection period or day’s receivvables 积极管理active management积极型资产组合active portfolio美式期权、欧式期权American depository \ European depository看涨期权call option看跌期权put option套利arbitrage套利定价理论arbitrage pricing theory资产配置决策asset allocation decision资本配置决策capital allocation decision银行贴现收益率bank discount yield银行承兑汇票banker’s acceptance基差basis基差风险basis risk二叉树模型binomial model布莱克舒尔斯顶界公式Black-Scholes formula大宗交易block transactions普通股common stock优先股preferred stock债券bond面值par value公司债券corporate bonds可赎回债券callable bond可卖回债券put bond可转换债券convertible bond信用债券或无担保债券debenture or unsecured bond现金/债券选择cash \ bond selection经纪人市场brokered market佣金经纪人commission broker牛市、熊市bullish \ bearish经济周期business cycle赎回保护期call protection资本利得capital gains资本市场capital market资本市场线capital market line (CML)现金交割cash delivery现金等价物cash equivalents清算所clearinghouse交易所exchanges股票交易所stock exchanges场外交易市场over-the-counter market抵押品collateral有担保的抵押债务collateralized mortgage obligation封闭型（共同）基金closed-end (mutual) fund整个资产组合complete portfolio固定增长模型constant growth model或有债权contingent claim交叉持股cross holdings经常项目current account衍生资产derivative asset衍生证券derivative security红利折现模型discounted dividend model (DDM)红利支付率dividend payout ratio可分散风险diversifiable risk分散化diversification有效分散化efficient diversification道氏理论Dow theory久期duration有效率边界efficient frontier欧洲美元Eurodollars超额收益excess return名义利率nominal interest rate真实利率real interest rate实际复利realized compound yield汇率exchange rate汇率风险exchange rate risk(利率的)预期假定expectations hypothesis (of interest rates) 预期收益expected return面值face value因素模型factor model金融资产financial assets金融中介financial intermediary财政政策fiscal policy固定收益证券fixed-income security浮动利率债券floating-rate bond外汇市场foreign exchange market外汇互换foreign exchange swap利率互换interest rate swap远期合约forward contract远期利率forward interest rate期货合约futures contract期货期权futures option期货价格futures price基本面分析fundamental analysis套期保值hedging持有期收益holding-period return指数模型index model指数期权index option通货膨胀inflation首次公开发行initial public offering内部信息inside information内幕交易insider trading清偿价值liquidation value(企业的)内在价值intrinsic value（of a firm）期权的内在价值intrinsic value of an option投资银行investment bankers投资级债券investment-grade bond垃圾债券junk bond投资组合investment portfolio一价定律law of one price流动性liquidity流动偏好理论liquidity preference theory流动性溢价liquidity premium市场或系统风险market or systematic risk非系统风险nonsystematic risk交易所的会员或席位membership or seat on a exchange 最小方差边界minimum-variance frontier最小方差资产组合minimum-variance portfolio最优风险资产组合optimal risky portfolio现代资产组合理论modern portfolio theory (MPT)资产组合管理portfolio management货币政策monetary policy货币市场money market抵押担保证券mortgage-backed security转手证券pass-through security单因素模型single-factor model单指数模型single-index model多因素CAPM模型multifactor CAPM共同基金mutual fund开放型基金open-end fund纳斯达克Nasdaq消极投资策略passive investment strategy 消极管理passive management消极型资产组合passive portfolio消极策略passive strategy波峰peak市盈率price-earnings ratio市盈率效应P/E effect公司利润再投资率plowback ratio溢价premium原生证券primitive security衍生证券derivative security一级市场primary market二级市场secondary market本金principal利润率profit margin公开发行public offering私募private placement随机漫步random walk资产收益率return on assets (ROA)股本收益率return on equity (ROE)销售收益率return on sales (ROS)风险套利risk arbitrage风险厌恶risk-averse风险中性risk-neutral风险偏好者risk lover无风险资产risk-free asset无风险收益率risk-free rate风险溢价risk premium风险资产risk asset证券化securitization证券分析security analysis证券市场线security market line证券选择security selection有效市场假定efficient market hypothesis 强有效市场假定strong-form EMH半强有效市场假定semistrong-form EMH弱有效市场假定weak- form EMH资产分割separation property短期利率short interest rate空头头寸short position套期hedge卖空short sale投机speculation投机级债券speculative-grade bong即期利率spot rate股票选择上stock selection股票拆分stock split止损指令stop-loss order对敲straddle技术分析technical analysis基本分析利率期限结构term structure of interest rate时间价值time value三级市场third market国库券treasury bill中长期国债treasury bond or note承销underwriting波动性风险volatility risk认股权证warrant周末效应weekend effect充分分散化的资产组合well-diversified portfolio 收益率曲线yield curve到期收益率yield to maturity零息票债券zero-coupon bond零投资组合zero-investment portfolio欢迎您的下载，资料仅供参考！致力为企业和个人提供合同协议，策划案计划书，学习资料等等打造全网一站式需求。

基金常用英语词汇

基金常用词汇套戥Arbitrage效率前缘Efficient Frontier高收益High Yield基金公会HKIFA基金经理Fund Manager基金销售文件Prospectus基准Benchmarks被动式管理Passive Management离岸基金Offshore Fund最大跌幅Maximum Drawdown揣测最佳时机Market Timing期货管理型基金Managed Futures短仓/淡仓Short Position跌势差Downside Deviation雇主供款Employer Contribution雇员供款Employee Contribution新高价High-On-High Basis新兴市场Emerging Markets新兴市场基金Emerging Markets Fund管理费ManagemantFee增长和收入基金Growthand Income Fund严格评估Due Diligence买入价Bid Price买卖差价Bid-offer Spread传统基金Traditional Fund债券基金Bond Fund单一对冲基金Single Strategy Hedge Fund单位Unit单位信托基金Unit Trust卖出价Offer Price奖励费Incentive Fees对冲Hedge对冲基金的基金Fund Of Hedge Funds (FoHFs) 对冲基金指引Hedge Funds Guidelines开放式基金Open-end Fund强制性供款Mandatory Contributions强积金Mandatory Provident Fund Scheme-MPF 总回报Total Return标准差Standard Deviation毕苏期权定价模式Black-Scholes环球宏观Macro Funds环球基金Global Fund绝对回报Absolute Return认可基金Authorised Funds认沽期权Put Option/Put认股权证基金Warrant Fund认购期权Call Option/Call证券借出Stock Lending贝他系数Beta资产分配Asset Allocation资产净值Net Asset value-NAV赎回Redemption赎回通知期Redemption Notice Period赎回费Redemption Fee赎回费/ 买入费Redemption Price / Bid Price 进取型的投资管理Aggressive Growth进取型增长基金Aggressive Growth Fund长/ 短仓持股Long/Short Equity长仓/ 好仓/ 持货Long Position预设回报率Hurdle Rateh主动式管理Active ManagementCalmar 比率Calmar RatioSharpe比率Sharpe RatioSortino比率Sortino Ratio入息基金Income Fund子基金Baby Funds/Underlying Funds已调整风险回报Risk-adjusted Return公积金计划Pension Plan分散投资Diversification主要经纪Prime Broker可换股债券套戥Convertible Bond Arbitrage 另类投资Alternative Investment市场中立Market Neutral平均成本效益Dollor-cost Averaging再投资Reinvestment合并套戥Merger Arbitrage地区基金Regional Fund如计划为伞子基金Umbrella Fund有限责任Limited Liability自愿性供款Voluntary Contributions行业/主题基金Sector/Theme Fund价值型管理value均衡基金Balanced Funds投资年期Time Horizon投资组合Portfolio投资顾问Investment Adviser杠杆Leverage/Gearing杠杆借贷比率Leverage Ratio每日估值Daily Valuation每年回报Annual Return供款Contribution受压/ 濒临破产的证券Distressed Securities 定息工具套戥Fixed Income Arbitrage定息基金Fixed-income Fund承受风险能力Risk Tolerance注册地Domicile沽空Short Selling波幅Volatility股份Share股息分派Dividened Distributions股票基金Equity Fund表现费Performance Fees阿尔法系数Alpha非认可基金Unauthorised Fund信托人Trustee保本对冲基金Capital Guaranteed Hedge Funds封闭式基金Closed-end Fund界定利益计划Defined Benefit Plan界定供款计划Defined Contribution Plan相关系数Correlation重大事件主导的投资Event Driven/Special Situations 首次认购费Front-end Fee。

基金术语100条

基金术语100条1. 基金（fund）- 一种由投资者共同出资并由专业基金经理管理的投资工具。

2. 资产配置（asset allocation）- 投资组合中不同资产类别的分配比例。

3. 管理费（management fee）- 基金经理为管理投资组合所收取的费用。

4. 申购（subscription）- 投资者购买基金份额的过程。

5. 赎回（redemption）- 投资者出售基金份额的过程。

6. 净值（net asset value）- 每个基金份额的当前市值。

7. 比较基准（benchmark）- 用于衡量基金业绩的参考指标。

8. 收益率（return）- 投资组合的回报率。

9. 分红（dividend）- 基金将收到的股息派发给投资者的过程。

10. 波动率（volatility）- 投资组合的价格波动程度。

11. 前端收费（front-end load）- 投资者购买基金份额时需要支付的费用。

12. 超额收益（excess return）- 基金的实际回报超过比较基准的收益率。

13. 指数基金（index fund）- 追踪特定指数的投资基金。

14. 交易费（transaction fee）- 投资者进行买卖交易时需要支付的费用。

15. 年化收益率（annualized return）- 投资组合的平均年回报率。

16. 投资组合（portfolio）- 由多种资产类别组成的投资组合。

17. 资本增值（capital appreciation）- 投资组合价值的增加。

18. 收益风险比（return-risk ratio）- 投资组合的预期回报率与相应风险的比例。

19. 长期投资（long-term investment）- 投资者长期持有投资组合的策略。

20. 短期投资（short-term investment）- 投资者短期持有投资组合的策略。

21. 分散化（diversification）- 投资组合包含不同资产类别以降低风险。

常用证券业务名词中英文对照

常用证券业务名词中英文对照ADR（American Depositary Receipt ）美国存托凭证存托凭证（Depository Receipts,简称DR），又称存券收据或存股证．是指在一国证券市场流通的代表外国某一有价证券的可转让凭证，属公司融资业务范畴的金融衍生丁具。

美同存托凭证（ADR）是面向美国投资者发行并在美国证券市场交易的存托凭证。

Block trading 大宗交易所谓大宗交易，是指证券单笔买卖申报达到交易所规定的数额规模时，交易所采用的与通常交易方式不同的交易方式。

而所谓与通常交易方式不同的交易方式，即在证券交易过程中，不采用实行价格优先、时间优先的集中竞价交易原则，而以协商一致作为达成大宗交易的手段。

Capital appreciation funds 资本增值型基金寻求最大限度的资本增值，红利不是主要目标。

包括积极成长型基金、成长型基金、部门基金等。

CEPA（Closer Economic Partnership Arrangement）内地和香港关于建立更紧密经贸关系的安排CEPA是适应近年来香港经济结构调整和经济转型的迫切需要，中央政府支持香港经济发展的又一重大举措，CEPA主要内容有两点：一是零关税政策，内地将自2004年1月1日起，对原产香港进口金额较大的273个税目的产品实行零关税。

内地将不迟于2006年1月1日对以上273种以外原产香港的进口货物实行零关税，但须事先由特区政府核定产品确实在港生产，并由双方核定产品清单和确定原产地标准；二是内地向香港进一步开放服务业，包括医疗、金融、零售、法律、运输、影视等诸多行业，在部分行业，基本上将港资视同为内资，比如说货代业务就比照内资企业运作。

CDR（Chinese Depositary Receipt）中国预托证券CDR是境外注册并上市的公司在中国内地上市集资的一种方式，投资者购买后就相当于购买了该上市公司的股票。

金融词汇英汉对照

金融词汇英汉对照AABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者。

Accredit value 自然增长值Accrediting 本金增值适用于多种工具，指名义本金在工具（如上限合约、上下限合约、掉期和互换期权）的期限内连续增长。

Accrual basis 应计制；权责发生制Accrued interest 应计利息ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Acquisition 收购Across the board 全面一致；全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actual price 现货价Actual useful life 实际可用年期Actuary 精算师；保险统计专家ADB 亚洲开发银行(Asian Development Bank的英文缩写)ADR 美国存股证；美国预托收据；美国存托凭证(参见American Depository Receipt栏目）ADS 美国存托股份(American Depository Share的英文缩写)Ad valorem 从价；按值Ad valorem stamp duty 从价印花税Adjudicator 审裁员Adjustable rate mortgage (ARM) 调息按揭Admitted value 认可值Advance 垫款Affiliated company 关联公司；联营公司After date 发票后，出票后After-hours dealing 收市后交易After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。

金融词汇

私募股权基金（PE）1) PE概念及运作机制PE（Private Equity）私募股权投资是通过私募形式对非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。

广义上的PE对处于种子期、初创期、发展期、扩展期、成熟期等各个时期的企业进行投资。

狭义的PE主要指对已经形成一定规模的，并产生稳定现金流的成熟企业的私募股权投资部分，主要是指创业投资后期的私募股权投资部分，而这其中并购基金和夹层资本在资金规模上占最大的一部分。

（并购基金是专注于对目标企业进行并购的基金，其投资手法是，通过收购目标企业股权，获得对目标企业的控制权，然后对其进行一定的重组改造，持有一定时期后再出售。

并购基金与其他类型投资的不同表现在，风险投资主要投资于创业型企业，并购基金选择的对象是成熟企业；其他私募股权投资对企业控制权无兴趣，而并购基金意在获得目标企业的控制权。

并购基金经常出现在MBO和MBI中。

）2) 私募股权投资的作用私募股权投资基金是推动资本市场可持续发展的力量。

私募股权基金产业的快速发展将为提高金融业的收益率提供新的方法，也为解决民营小企业的金融困境提供有效的途径，打通产业需求和金融资本获利的需求。

风险投资（VC）企业行为1) VC概念及运作机制风险投资VC（Venture Capital）又称“创业投资”是指由职业金融家投入到新兴的、迅速发展的、有巨大竞争力的企业中的一种权益资本，是以高科技与知识为基础，生产与经营技术密集的创新产品或服务的投资。

风险投资在创业企业发展初期投入风险资本，待其发育相对成熟后，通过市场退出机制将所投入的资本由股权形态转化为资金形态，以收回投资。

风险投资的运作过程分为融资过程、投资过程、退出过程。

2) 风险投资的作用风险投资是企业成长与科技成果转化的孵化器。

主要表现在：a) 融资功能：风险资本为创新企业提供急需的资金,保证创业对资金的连续性。

私募股权英语词汇(Private Equity Glossary)

Updated 9/9/02Private Equity Glossary“A” round – a financing event whereby venture capitalists become involved in a fast growth company that was previously financed by founders and/or angels.Accredited investor – a person or legal entity, such as a company or trust fund, that meets certain net worth and income qualifications and is considered to be sufficiently sophisticated to make investment decisions in complex situations. Regulation D of the Securities Act of 1933 exempts accredited investors from protection under the Securities Act. Typical qualifications for a person are: $1 million net worth and annual income exceeding $200,000 individually or $300,000 with a spouse. Directors and executive officers are considered to be accredited investors.Alternative asset class – a class of investments that includes private equity, real estate, and oil and gas, but excludes publicly traded securities. Pension plans, college endowments and other relatively large institutional investors typically allocate a certain percentage of their investments to alternative assets with an objective to diversify their portfolios.Angel – a wealthy individual that invests in companies in relatively early stages of development. Usually angels invest less than $1 million per startup. The typical angel-financed startup is in concept or product development phase.Anti-dilution – a contract clause that protects an investor from a substantial reduction in percentage ownership in a company due to the issuance by the company of additional shares to other entities. The mechanism for making adjustments is called a Ratchet.“B” round – a financing event whereby professional investors such as venture capitalists are sufficiently interested in a company to provide additional funds after the “A” round of financing. Subsequent rounds are called “C”, “D” and so on.Best efforts offering – a commitment by a syndicate of investment banks to use best efforts to ensure the sale to investors of a company’s offering of securities. In a best efforts offering, the syndicate avoids any firm commitment for a specific number of shares or bonds.This document was developed by Professor Colin Blaydon and Professor Fred Wainwright as a basis for class discussion rather thanto illustrate either effective or ineffective management. The authors gratefully acknowledge the support of the Foster Center For Private Equity.Copyright Colin C. Blaydon, 2001, 2002. All rights reserved.Beta Product – a product that is being tested by potential customers prior to being formally launched into the marketplace.Blow-out round – see Cram-down round.Board of directors – a group of individuals, typically composed of managers, investors and experts, which have a fiduciary responsibility for the well being and proper guidance of a corporation. The board is elected by the shareholders.Boat anchor – a person, project or activity that hinders the growth of a company.Book – see Private placement memorandum.Bootstrapping – the actions of a startup to minimize expenses and build cash flow, thereby reducing or eliminating the need for outside investors.Bridge financing – temporary funding that will eventually be replaced by permanent capital from equity investors or debt lenders. In venture capital, a bridge is usually a short term note (6 to 12 months) that converts to preferred stock. Typically, the bridge lender has the right to convert the note to preferred stock at a price that is a 20% discount from the price of the preferred stock in the next financing round.See Wipeout bridge and Hamburger Helper bridge.Broad-based weighted average ratchet - a type of anti-dilution mechanism. A weighted average ratchet adjusts downward the price per share of the preferred stock of investor A due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to a weighted average of investor A’s price and investor B’s price. A broad-based ratchet uses all common stock outstanding on a fully diluted basis (including all convertible securities, warrants and options) in the denominator of the formula for determining the new weighed average price. See Narrow-based weighted average ratchet.Burn rate – the rate at which a startup with little or no revenue uses available cash to cover expenses. Usually expressed on a monthly or weekly basis.Business plan – a document that describes a new concept for a business opportunity. A business plan typically includes the following sections: executive summary, market need, solution, technology, competition, marketing, management, operations and financials.Buyout – a sector of the private equity industry. Also, the purchase of a controlling interest of a company by an outside investor (in a leveraged buyout) or a management team (in a management buyout).Buy-sell agreement – a contract that sets forth the conditions under which a shareholder must first offer his or her shares for sale to the other shareholders before being allowed to sell to entities outside the company.C corporation – an ownership structure that allows any number of individuals or companies to own shares. A C corporation is a stand-alone legal entity so it offers some protection to its owners, managers and investors from liability resulting from its actions. Capital call – when a private equity fund manager (usually a “general partner” in a partnership) requests that an investor in the fund (a “limited partner”) provide additional capital. Usually a limited partner will agree to a maximum investment amount and the general partner will make a series of capital calls over time to the limited partner as opportunities arise to finance startups and buyouts.Capitalization table – a table showing the owners of a company’s shares and their ownership percentages. It also lists the forms of ownership, such as common stock, preferred stock, warrants and options.Capital gains – a tax classification of investment earnings resulting from the purchase and sale of assets. Typically, an investor prefers that investment earnings be classified as long term capital gains (held for a year or longer), which are taxed at a lower rate than ordinary income.Capital stock – a description of stock that applies when there is only one class of shares. This class is known as “common stock”.Capped participating preferred stock – preferred stock whose participating feature is limited so that an investor cannot receive more than a specified amount. See Participating preferred stock.Carried interest – a share in the profits of a private equity fund. Typically, a fund must return the capital given to it by limited partners plus any preferential rate of return before the general partner can share in the profits of the fund. The general partner will then receive a 20% carried interest, although some successful firms receive 25%-30%. Also known as “carry” or “promote.”Catch-up – a clause in the agreement between the general partner and the limited partners of a private equity fund. Once the limited partners have received a certain portion of their expected return, the general partner can then receive a majority of profits until the previously agreed upon profit split is reached.Change of control bonus – a bonus of cash or stock given by private equity investors to members of a management group if they successfully negotiate a sale of the company for a price greater than a specified amount.Clawback – a clause in the agreement between the general partner and the limited partners of a private equity fund. The clawback gives limited partners the right to reclaim a portion of disbursements to a general partner for profitable investments based on significant losses from later investments in a portfolio.Closing – the conclusion of a financing round whereby all necessary legal documents are signed and capital has been transferred.Collateral – hard assets of the borrower, such as real estate or equipment, for which a lender has a legal interest until a loan obligation is fully paid off.Commitment – an obligation, typically the maximum amount that a limited partner agrees to invest in a fund.Common stock – a type of security representing ownership rights in a company. Usually, company founders, management and employees own common stock while investors own preferred stock. In the event of a liquidation of the company, the claims of secured and unsecured creditors, bondholders and preferred stockholders take precedence over common stockholders. See Preferred stock.Comparable – a publicly traded company with similar characteristics to a private company that is being valued. For example, a telecommunications equipment manufacturer whose market value is 2 times revenues can be used to estimate the value of a similar and relatively new company with a new product in the same industry. See Liquidity discount.Control – the authority of an individual or entity that owns more than 50% of equity in a company or owns the largest block of shares compared to other shareholders.Consolidation – see Rollup.Conversion – the right of an investor or lender to force a company to replace the investor’s preferred shares or the lender’s debt with common shares at a preset conversion ratio. A conversion feature was first used in railroad bonds in the 1800’s.Convertible debt – a loan which allows the lender to exchange the debt for common shares in a company at a preset conversion ratioConvertible preferred stock – a type of stock that gives an owner the right to convert to common shares of stock. Usually, preferred stock has certain rights that common stock doesn’t have, such as decision-making management control, a promised return on investment (dividend), or senior priority in receiving proceeds from a sale or liquidation of the company. Typically, convertible preferred stock automatically converts to common stock if the company makes an initial public offering (IPO). Convertible preferred is the most common tool for private equity funds to invest in companies.Convertible security – a security that gives its owner the right to exchange the security for common shares in a company at a preset conversion ratio. The security is typically preferred stock, warrants or debt.Co-sale right- the right that gives the investor a contractual right to sell some of the investor’s stock along with the founder’s stock if the founder elects to sell stock to a third-party.Cost of revenue – the expenses generated by the core operations of a company.Covenant – a legal promise to do or not do a certain thing. For example, in a financing arrangement, company management may agree to a negative covenant, whereby it promises not to incur additional debt. The penalties for violation of a covenant may vary from repairing the mistake to losing control of the company.Cram down round – a financing event upon which new investors with substantial capital are able to demand and receive contractual terms that effectively cause the issuance of sufficient new shares by the startup company to significantly reduce (“dilute”) the ownership percentage of previous investors..Cumulative dividends – the owner of preferred stock with cumulative dividends has the right to receive accrued (previously unpaid) dividends in full before dividends are paid to any other classes of stock.Current ratio – the ratio of current assets to current liabilities.Deal flow – a measure of the number of potential investments that a fund reviews in any given period.Debt service – the ratio of a loan payment amount to available cash flow earned during a specific period. Typically lenders insist that a company maintain a certain debt service ratio or else risk penalties such as having to pay off the loan immediately.Default – a company’s failure to comply with the terms and conditions of a financing arrangement.Defined benefit plan – a company retirement plan in which both the employee and the employer contribute to the plan. Typically the plan is based on the employee’s salary and number of years worked. Fixed benefits are outlined when the employee retires. The employer bears the investment risk and is committed to providing the benefits to the employee. Defined benefit plan managers can invest in private equity funds.Defined contribution plan – a company retirement plan in which the employee elects to contribute some portion of his or her salary into a retirement plan, such as a 401(k) or 403(b). With this type of plan, the employee bears the investment risk. The benefits depend solely on the amount of money made from investing the employee’s contributions. Defined contribution plan capital cannot be invested in private equity funds.Demand rights – a type of registration right. Demand rights give an investor the right to force a startup to register its shares with the SEC and prepare for a public sale of stock (IPO).Dilution – the reduction in the ownership percentage of current investors, founders and employees caused by the issuance of new shares to new investors.Dilution protection – see Anti-dilution and Ratchet.Direct costs – see Cost of revenue.Disbursement – an investment by a fund in a company.Discount rate – the interest rate used to determine the present value of a series of future cash flows.Discounted cash flow (DCF) – a valuation methodology whereby the present value of all future cash flows expected from a company is calculated.Distribution – the transfer of cash or securities to a limited partner resulting from the sale, liquidation or IPO of one or more portfolio companies in which a general partner chose to invest.Dividends – regular payments made by a company to the owners of certain securities. Typically, dividends are paid quarterly, by approval of the board of directors, to owners of preferred stock.Down round – a round of financing whereby the valuation of the company is lower than the value determined by investors in an earlier round.Drag-along rights – the contractual right of an investor in a company to force all other investors to agree to a specific action, such as the sale of the company.Drive-by VC – a venture capitalist that only appears during board meetings of a portfolio company and rarely offers advice to management.Due diligence – the investigatory process performed by investors to assess the viability of a potential investment and the accuracy of the information provided by the target company.Early stage – the state of a company after the seed (formation) stage but before middle stage (generating revenues). Typically, a company in early stage will have a core management team and a proven concept or product, but no positive cash flow.Earnings before interest and taxes (EBIT) – a measurement of the operating profit of a company. One possible valuation methodology is based on a comparison of private and public companies’ value as a multiple of EBIT.Earnings before interest, taxes, depreciation and amortization (EBITDA) – a measurement of the cash flow of a company. One possible valuation methodology is based on a comparison of private and public companies’ value as a multiple of EBITDA.Earn out- an arrangement in which sellers of a business receive additional future payments, usually based on financial performance metrics such as revenue or net income.Elevator pitch – a concise presentation, lasting only a few minutes (an elevator ride), by an entrepreneur to a potential investor about an investment opportunity.Employee Stock Ownership Program (ESOP) – a plan established by a company to reserve shares for long-term incentive compensation for employees.Equity – the ownership structure of a company represented by common shares, preferred shares or unit interests. Equity = Assets – Liabilities.ESOP – see Employee Stock Ownership Program.Evergreen fund – a fund that reinvests its profits in order to ensure the availability of capital for future investments.Exit strategy – the plan for generating profits for owners and investors of a company. Typically, the options are to merge, be acquired or make an initial public offering (IPO). Expansion stage – the stage of a company characterized by a complete management team and a substantial increase in revenues.Fairness opinion – a letter issued by an investment bank that charges a fee to assess the fairness of a negotiated price for a merger or acquisition.Firm commitment - a commitment by a syndicate of investment banks to purchase all the shares available for sale in a public offering of a company. The shares will then be resold to investors by the syndicate.Flipping – the act of selling shares immediately after an initial public offering. Investment banks that underwrite new stock issues attempt to allocate shares to new investors that indicate they will retain the shares for several months. Often management and venture investors are prohibited from selling IPO shares until a “lock-up period” (usually 6 to 12 months) has expired.Founder – a person who participates in the creation of a company. Typically, founders manage the company until it has enough capital to hire professional managers.Founders stock – nominally priced common stock issued to founders, officers, employees, directors, and consultants.Friends and family financing – capital provided by the friends and family of founders of an early stage company. Founders should be careful not to create an ownership structure that may hinder the participation of professional investors once the company begins to achieve success.Full ratchet – an anti-dilution protection mechanism whereby the price per share of the preferred stock of investor A is adjusted downward due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to match the price of investor B’s preferred stock. Usually as a result of the implementation of a ratchet, company management and employees who own a fixed amount of common shares suffer significant dilution. See Narrow-based weighted average ratchet and Broad-based weighted average ratchet. Fully diluted basis – a methodology for calculating any per share ratios whereby the denominator is the total number of shares issued by the company on the assumption that all warrants and options are exercised and preferred stock.Fund-of-funds – a fund created to invest in private equity funds. Typically, individual investors and relatively small institutional investors participate in a fund-of-funds to minimize their portfolio management efforts.Gatekeepers- intermediaries which endowments, pension funds and other institutional investors use as advisors regarding private equity investments.General partner (GP) – a class of partner in a partnership. The general partner retains liability for the actions of the partnership. In the private equity world, the GP is the fund manager while the limited partners (LPs) are the institutional and high net worth investors in the partnership. The GP earns a management fee and a percentage of profits (see Carried interest).GP – see General partner.Grossing up – an adjustment of an option pool for management and employees of a company which increases the number of shares available over time. This usually occurs after a financing round whereby one or more investors receive a relatively large percentage of the company. Without a grossing up, managers and employees would suffer the financial and emotional consequences of dilution, thereby potentially affecting the overall performance of the company.Growth stage – the state of a company when it has received one or more rounds of financing and is generating revenue from its product or service. Also known as “middle stage.”Hamburger helper – a colorful label for a traditional bridge loan that includes the right of the bridge lender to convert the note to preferred stock at a price that is a 20% discount from the price of the preferred stock in the next financing round.Hart-Scott-Rodino Act – a law requiring entities that acquire certain amounts of stock or assets of a company to inform the Federal Trade Commission and the Department of Justice and to observe a waiting period before completing the transaction.Harvest – to generate cash or stock from the sale or IPO of companies in a private equity portfolio of investments.Hockey stick – the general shape and form of a chart showing revenue, customers, cash or some other financial or operational measure that increases dramatically at some point in the future. Entrepreneurs often develop business plans with hockey stick charts to impress potential investors.Hot issue – stock in an initial public offering that is in high demand.Hurdle rate – a minimum rate of return required before an investor will make an investment.Incorporation – the process by which a business receives a state charter, allowing it to become a corporation. Many corporations choose Delaware because its laws are business-friendly and up to date.Incubator – a company or facility designed to host startup companies. Incubators help startups grow while controlling costs by offering networks of contacts and shared backoffice resources.Initial public offering (IPO) – the first offering of stock by a company to the public. New public offerings must be registered with the Securities and Exchange Commission. An IPO is one of the methods that a startup that has achieved significant success can use to raise additional capital for further growth. See Qualified IPO.Inside round – a round of financing in which the investors are the same investors as the previous round. An inside round raises liability issues since the valuation of the company has no third party verification in the form of an outside investor. In addition, the terms of the inside round may be considered self-dealing if they are onerous to any set of shareholders or if the investors give themselves additional preferential rights. Institutional investor – professional entities that invest capital on behalf of companies or individuals. Examples are: pension plans, insurance companies and university endowments.Internal rate of return (IRR) – the interest rate at which a certain amount of capital today would have to be invested in order to grow to a specific value at a specific time in the future.Investment thesis / Investment philosophy – the fundamental ideas which determine the types of investments that an investment fund will choose in order to achieve its financial goals.IPO – see Initial public offering.IRR – see Internal rate of return.Issuer – the company that chooses to distribute a portion of its stock to the public.Junior debt – a loan that has a lower priority than a senior loan in case of a liquidation of the asset or borrowing company. Also known as “subordinated debt”.Later stage – the state of a company that has proven its concept, achieved significant revenues compared to its competition, and is approaching cash flow break even or positive net income. Typically, a later stage company is about 6 to 12 months away from a liquidity event such as an IPO or buyout. The rate of return for venture capitalists that invest in later stage, less risky ventures is lower than in earlier stage ventures.LBO – see Leveraged buyout.Lead investor – the venture capital investor that makes the largest investment in a financing round and manages the documentation and closing of that round. The lead investor sets the price per share of the financing round, thereby determining the valuation of the company.Letter of intent – a document confirming the intent of an investor to participate in a round of financing for a company. By signing this document, the subject company agrees to begin the legal and due diligence process prior to the closing of the transaction. Also known as a “Term Sheet”.Leverage – the use of debt to acquire assets, build operations and increase revenues. By using debt, a company is attempting to achieve results faster than if it only used its cash available from pre-leverage operations. The risk is that the increase in assets and revenues does not generate sufficient net income and cash flow to pay the interest costs of the debt.Leveraged buyout (LBO) – the purchase of a company or a business unit of a company by an outside investor using mostly borrowed capital.Limited liability company (LLC) – an ownership structure designed to limit the founders’ losses to the amount of their investment. An LLC does not pay taxes, rather its owners pay taxes on their proportion of the LLC profits at their individual tax rates. Limited partnership – a legal entity composed of a general partner and various limited partners. The general partner manages the investments and is liable for the actions of the partnership while the limited partners are generally protected from legal actions and any losses beyond their original investment. The general partner receives a management fee and a percentage of profits (see Carried interest), while the limited partners receive income, capital gains and tax benefits.Limited partner (LP) – an investor in a limited partnership. The general partner is liable for the actions of the partnership while the limited partners are generally protected from legal actions and any losses beyond their original investment. The limited partner receives income, capital gains and tax benefits.Liquidation – the selling off of all assets of a company prior to the complete cessation of operations. Corporations that choose to liquidate declare Chapter 7 bankruptcy. In a liquidation, the claims of secured and unsecured creditors, bondholders and preferred stockholders take precedence over common stockholders.Liquidation preference – the contractual right of an investor to priority in receiving the proceeds from the liquidation of a company. For example, a venture capital investor with a “2x liquidation preference” has the right to receive two times its original investment upon liquidation.Liquidity discount – a decrease in the value of a private company compared to the value of a similar but publicly traded company. Since an investor in a private company cannot readily sell his or her investment, the shares in the private company must be valued less than a comparable public company.Liquidity event – a transaction whereby owners of a significant portion of the shares of a private company sell their shares in exchange for cash or shares in another, usually larger company. For example, an IPO is a liquidity event.Lock-up agreement – investors, management and employees often agree not to sell their shares for a specific time period after an IPO, usually 6 to 12 months.By avoiding large sales of its stock, the company has time to build interest among potential buyers of its shares.LP – see Limited partner.Management buyout (MBO) – a leveraged buyout controlled by the members of the management team of a company or a division.Management fee – a fee charged to the limited partners in a fund by the general partner. Management fees in a private equity fund typically range from 0.75% to 3% of capital under management, depending on the type and size of fund.Management rights – the rights often required by a venture capitalist as part of the agreement to invest in a company. The venture capitalist has the right to consult with management on key operational issues, attend board meetings and review information about the company’s financial situation.Market capitalization – the value of a publicly traded company as determined by multiplying the number of shares outstanding by the current price per share.MBO – see Management buyout.Mezzanine – a layer of financing that has intermediate priority (seniority) in the capital structure of a company. For example, mezzanine debt has lower priority than senior debt but usually has a higher interest rate and often includes warrants. In venture capital, a mezzanine round is generally the round of financing that is designed to help a company have enough resources to reach an IPO.Middle stage – the state of a company when it has received one or more rounds of financing and is generating revenue from its product or service. Also known as “growth stage.”Multiples – a valuation methodology that compares public and private companies in terms of a ratio of value to an operations figure such as revenue or net income. For example, if several publicly traded computer hardware companies are valued at approximately 2 times revenues, then it is reasonable to assume that a startup computer hardware company that is growing fast has the potential to achieve a valuation of 2 times its revenues. Before the startup issues its IPO, it will likely be valued at less than 2 times revenue because of the lack of liquidity of its shares. See Liquidity discount.Narrow-based weighted average ratchet – a type of anti-dilution mechanism. A weighted average ratchet adjusts downward the price per share of the preferred stock of investor A due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to a weighed average of investor A’s price and investor B’s price. A narrow-based ratchet uses only common stock outstanding in the denominator of the formula for determining the new weighed average price.NDA – see Non-disclosure agreement.Non-compete – an agreement often signed by employees and management whereby they agree not to work for competitor companies or form a new competitor company within a certain time period after termination of employment.。

你知道基金常见中英词汇嘛

基金/对冲基金投资常见词汇定息基金 Fixed-income Fund承受风险能力 Risk Tolerance注册地 Domicile沽空 Short Selling波幅 Volatility股份 Share股息分派 Dividened Distributions股票基金 Equity Fund表现费 Performance Fees阿尔法系数 Alpha非认可基金 Unauthorised Fund信托人 Trustee保本对冲基金 Capital Guaranteed Hedge Funds封闭式基金 Closed-end Fund界定利益计划 Defined Benefit Plan界定供款计划 Defined Contribution Plan基金公会 HKIFA基金经理 Fund Manager可换股债券套戥 Convertible Bond Arbitrage另类投资 Alternative Investment市场中立 Market Neutral平均成本效益 Dollor-cost Averaging再投资 Reinvestment合并套戥 Merger Arbitrage地区基金 Regional Fund如计划为伞子基金 Umbrella Fund有限责任 Limited Liability自愿性供款 Voluntary Contributions行业/主题基金 Sector/Theme Fund价值型管理 value主动式管理 Active ManagementCalmar 比率 Calmar RatioSharpe比率 Sharpe RatioSortino比率 Sortino Ratio入息基金 Income Fund子基金 Baby Funds/Underlying Funds已调整风险回报 Risk-adjusted Return互惠基金 Mutual Fund公积金计划 Pension Plan分散投资 Diversification主要经纪 Prime Broker均衡基金 Balanced Funds投资年期 Time Horizon投资组合 Portfolio投资顾问 Investment Adviser杠杆 Leverage/Gearing杠杆借贷比率 Leverage Ratio每日估值 Daily Valuation每年回报 Annual Return供款 Contribution受压 / 濒临破产的证券 Distressed Securities 定息工具套戥 Fixed Income Arbitrage基金销售文件 Prospectus基准 Benchmarks被动式管理 Passive Management离岸基金 Offshore Fund最大跌幅 Maximum Drawdown揣测最佳时机 Market Timing期货管理型基金 Managed Futures短仓 /淡仓 Short Position跌势差 Downside Deviation雇主供款 Employer Contribution雇员供款 Employee Contribution新高价 High-On-High Basis新兴市场 Emerging Markets新兴市场基金 Emerging Markets Fund管理费 ManagemantFee增长和收入基金 Growthand Income Fund严格评估 Due Diligence买入价 Bid Price买卖差价 Bid-offer Spread传统基金 Traditional Fund债券基金 Bond Fund单一对冲基金 Single Strategy Hedge Fund 单位 Unit单位信托基金 Unit Trust卖出价 Offer Price奖励费 Incentive Fees环球基金 Global Fund绝对回报 Absolute Return认可基金 Authorised Funds认沽期权 Put Option/Put认股权证基金 Warrant Fund认购期权 Call Option/Call证券借出 Stock Lending贝他系数 Beta资产分配 Asset Allocation资产净值 NetAsset value-NAV赎回 Redemption赎回通知期 Redemption Notice Period赎回费 Redemption Fee赎回费 / 买入费 Redemption Price / Bid Price进取型的投资管理 Aggressive Growth进取型增长基金 Aggressive Growth Fund长 / 短仓持股 Long/Short Equity长仓 / 好仓 / 持货 Long Position预设回报率 Hurdle Rate相关系数 Correlation重大事件主导的投资 Event Driven/Special Situations 首次认购费 Front-end Fee套戥 Arbitrage效率前缘 Efficient Frontier高收益 High Yield对冲 Hedge对冲基金 Hedge Fund对冲基金的基金 Fund Of Hedge Funds (FoHFs)对冲基金指引 Hedge Funds Guidelines开放式基金 Open-end Fund强制性供款 Mandatory Contributions强积金 Mandatory Provident Fund Scheme-MPF总回报 Total Return标准差 Standard Deviation毕苏期权定价模式 Black-Scholes环球宏观 Macro Funds。

私募和并购常用词汇表以及解释

A Glossary of the Most CommonPrivate Equity/M&A/LBO Legal DocumentsBy Ken Fagan, MBAA freelance French to English Private Equity Legal TranslatorDocument PurposeAllotment letter In the case of a capital increase of a quotedfirm, this is the letter sent to theshareholders to inform them of their rights(to subscribe for the increase, sell warrants,etc.)Acquisition agreement Document defining the acquisitionagreement between the target and thebuyer. This document contains all of theacquisition’s terms and conditions for thetwo parties: exchange of securities,payment in cash by the relevant due datesand clauses covering the continuedpresence of the shareholders in the newcapital.Asset purchase agreement Agreement further to which one or more purchasers buy assets and taken on certainliabilities (related to the purchased assets)from one or more sellers.Book (or “Sale Memorandum”) The selling document that is prepared by the investment bank retained on behalf of abusiness seller (vendor) It describes thebusiness to be sold and will be circulated toa (usually restricted) group of potentialpurchasers, who will typically include atleast 2 or 3 buyout houses.By-laws (of a private equity fund) In addition to the general provisions thatdescribe the fund’s objectives and the legal,accounting and financial requirements, theby-laws include the terms of themanagement agreement specific to eachfund.Co-investment agreement An agreement that sets out the terms onwhich several parallel vehicles comprisinga fund (each suiting a different class ofinvestor) may or may not invest in parallel.Commitment Letter (or “MandateLetter”)A letter from the bank(s) to the borrowersetting out the basis on which the bank(s)will, in principle, make debt facilitiesavailable to the borrower and on whatterms.Disclosure letter The document sent by the seller (and/or the guarantors) to the beneficiary of the Reps &Warranties in which the seller definesexceptions to the representations of saidReps & Warranties and to which it will notbe possible to apply the Reps & WarrantiesFees letters Both senior and mezzanine lenders willenter into fees letters with Newco that setout the terms of the arrangement,underwriting, commitment and other feespayable for the provision of the senior andmezzanine debt.Information memorandum (and/or“Placing memorandum”)This document is drawn up once theGeneral Partner is satisfied that there isdemand for its product (fund). It describesthe offering and its terms in detail Sets outthe key attributes of a company, usuallyassociated with soliciting buyers orinvestors.Inter-creditor agreement Agreement entered into between, among others, borrowers, secured creditors, intragroupcreditors and investors to regulate asbetween each other the priority of theirsecurity and claims and, more generally, ofany payment due to them by the borrowersunder the finance documentsInvestment agreement Otherwise known as the “shareholder agreement” or the “subscriptionagreement”.Letter of Intent The letter submitted to the seller by a potential buyer to indicate the latter’sintention to acquire the target or to lookinto the possibility of acquiring the target,subject, in general, to the performance ofcertain due diligence and audits needed todetermine and/or refine the price offered.The seller is often asked to countersign theLetter of Intent in order to authorise thepotential buyer to carry out audits and tocovenant to offer it exclusive negotiationrights.Limited Partnership Agreement(“LPA”)The document used to form the LPMaster agreement In an acquisition transaction involvingmore than one country, refers to the masteragreement to be adapted or applied in eachcountry concerned, in accordance withlocal rules (ex. All countries in which theacquired group has subsidiaries).Mezzanine subscription agreement A subscription agreement to which are attached the terms and conditions of themezzanine bonds.Memorandum of Understanding(“MOU”)A pre-sale draft agreement entered intobetween the seller and the potential buyer,defining the outline, the main terms and theprincipal conditions in which the sale couldtake place.Offering Memorandum (“OM”) A document issued by or on behalf of a PE firm with the object of raising money fromthe investment community. Also referred toas the Private Placement Memorandum.Non-disclosure agreement (“NDA”) An undertaking to keep proprietary information confidential.Private Placement Memorandum(“PPM”)See “Offering memorandum” (“OM”).Prospectus [IPO] A prospectus is essentially an invitation oroffer to the public to subscribe for or buythe securities of a company. A prospectusmust contain all relevant information aboutthe company making the IPO, and must beRepurchase agreement An agreement in which a holder of sharesagrees that the person from whom itpurchased the securities may repurchasethem in certain events.Sale and purchase agreement (“S&P”or“SPA”)The principal document that sets out themain terms and conditions of the sale andpurchase of a company or business andallocation of the risk associated betweenthe buyer and seller.Sale Memorandum (see “Book’) See “Book”Senior Loan Agreement Typically a syndicated agreement between several banks setting forth the terms of thesenior loan and senior revolving creditfacility and will usually include a guaranteeobligation for each obligor to guarantee theindebtedness of other members of the group(if any).Service agreements Employment contracts that govern the relationship between management teammembers and the company.Shareholder loan instrument Newco will establish the terms and conditions of the shareholder bonds, settingout the terms of the shareholder bonds thatthe private equity house will subscribe forin order to supply a substantial part of the“equity” of the transaction.Shareholders agreement Agreement setting out the terms of the fund’s participation’s (including, thenumber of shares to be acquired, price to bepaid, rights attaching and restrictions andcovenants to be placed on the portfoliocompany.Subscription agreement Agreement pursuant to which one or more investors undertake to subscribe to andwhereby the competent corporate body (orthe members thereof) undertakes to decide(or to vote in favour of), an upcoming issueby one or more target companies of shares,bonds, warrants or other financialinstruments to such investors. It will set outthe type and amount of instruments to beissued, the representations & warranties,the indemnification in the event ofmisrepresentation and may also include post-closing covenants. Term Sheet A document prepared by the investor,setting out the proposed terms of theinvestment. It is not legally binding butdoes represent a serious intent to invest.Trust indenture This document constitutes the high yield bonds themselves and empowers the trusteeto act as trustee on behalf of thenoteholders.w ww.。

私募基金词汇中英文

私募基金词汇中英文

一文读懂股权融资常用的24个英文术语

私募基金专用词汇

私募基金知识表格全解

专业英语学习基金常用词汇

私募基金 a类 b类 新规

私募基金范本

私募基金词汇中英文

基金词汇中英对照

证券投资中英文对照术语

基金常用英语词汇

基金术语100条

常用证券业务名词中英文对照

金融词汇英汉对照

金融词汇

私募股权英语词汇(Private Equity Glossary)

你知道基金常见中英词汇嘛

私募和并购常用词汇表以及解释

私募基金 a类 b类新规