私募股權基金投資運作模式及案例探討_以台灣為例

私募股權基金(Private Equity Fund)始於1970年代的歐美市場，歷經數十年時間的發展，歐美等市場已步入成熟或茁壯階段，而亞洲市場則仍處於萌芽發展階段。根據2018年Bain & Company’s的報導，在去年，私募股權基金公司在全球募集的資金總額達7,010億美元，長達五年募資金額持續成長，已從投資者籌集了超過3兆美元的資本，顯示目前私募股權基金具有大筆資金動能等待投資。本文在一開始先對私募股權基金作出明確定義後，介紹其主要的組織架構與參與者，接著簡介私募股權基金的各種操作型態，並分析目前全球私募股權基金的發展狀況與介紹近年國際私募股權基金在台灣投資的重要案件，及小型私募股權基金在台灣投資案例。　　最後依據國際私募股權基金發展經驗提供未來台灣在私募股權基金市場的發展建議。

關鍵字

私募股權基金；有限合夥人；一般合夥人；槓桿併購；過橋資金

並列摘要

Private Equity Funds have been existing in America and Euro capital market since 1970s. After decades of development, Industry has been thrived. However, the Asian market still stays in the embryonic stage. In 2018, according to Bain & Company’s report, Last year, PE firms raised $701 billion globally over the course of the year, capping an astonishing five-year stretch during which they raised more than $3 trillion in capital from investors, which reveals great amount of capital is finding opportunities to invest. At the beginning of the article, we will define private equity fund and introduce the structure、participants and bring in their operation types. And then, we will introduce crucial cases in Taiwan of big private equity fund worldwide and small private equity fund. Finally, we were according development of private equity fund worldwide nowadays to give some recommendations to Taiwan’s development of private equity fund.