Not all investors get the same lock - up terms , and the ones with the longest ? however short that may be ? could be the last to collect their money 不是所有的投資者能取得同樣長的期權(quán)鎖定,那些獲取最長鎖定期的? ?也可能是短的? ?都可能成為獲利的最末者。
One of the most prestigious recently secured a ten - year lock - up ? enough to withstand a biblical plague , let alone a private - equity cycle 其中一位最著名的投資者近期做出保證說姑且不管私募股權(quán)的循環(huán)周期,一個十年的鎖定期足以抵御圣經(jīng)中的末日大災(zāi)難。
For investors such as pension funds , buying a stake in a listed entity may appeal if their internal rules stop them investing directly in private - equity or hedge funds 在退休基金這樣的投資者角度來看,如其內(nèi)部投資策略不允許投資于私募股本或者對沖基金,買入基金的股票可以規(guī)避這樣的條例,另一方面也可規(guī)避鎖定期的風(fēng)險。
Lock - ups have also enabled hedge funds to shift from quick - fire investment strategies such as convertible and merger arbitrage , where competition is fierce , into more exotic and less liquid areas 期權(quán)鎖定期同時也使對沖基金從急射投資戰(zhàn)略(諸如競爭激烈的可轉(zhuǎn)換套利和兼并套利領(lǐng)域)轉(zhuǎn)移到更異乎尋常且流動性更弱的領(lǐng)域。