[{"data":1,"prerenderedAt":78},["ShallowReactive",2],{"story-9370-cn":3},{"id":4,"slug":5,"slugs":5,"currentSlug":5,"title":6,"subtitle":7,"coverImagesSmall":8,"coverImages":9,"content":19,"questions":20,"relatedArticles":30,"body_color":76,"card_color":77},"9370",null,"私募股权的生存策略：驾驭僵尸公司末日","市场停滞之际，延续型基金成为被困投资的最后选择",[],[10,11,12,13,14,15,16,17,18],"https://images.ft.com/v3/image/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F4eca89c8-c272-4161-97af-8c2da2219c54.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","https://marketminute.ghost.io/content/images/size/w1200/2025/12/c91ffa43-be84-4bab-81dc-4a56b1203f19.png","https://images.seattletimes.com/wp-content/uploads/2025/12/LoTWrAL7.jpg?d=2040x1360","https://static01.nyt.com/images/2025/12/23/multimedia/23biz-pe-problems-tvhl/23biz-pe-problems-tvhl-articleLarge.jpg?quality=75&auto=webp&disable=upscale","https://static01.nyt.com/images/2025/12/24/business/24biz-pe-continuation-funds/24biz-pe-continuation-funds-articleLarge.jpg?quality=75&auto=webp&disable=upscale","https://rsmus.com/content/dam/rsm/insights/industries/private-equity/1social/social-media-continuation-vehicles.jpg","https://www.thedailyupside.com/wp-content/uploads/2025/12/upiphotosthree110067-scaled-e1766533830724.jpg","https://m.economictimes.com/thumb/msid-126180885,width-1200,height-900,resizemode-4,imgsize-265262/investors-warn-of-rot-in-private-equity-as-funds-come-up-with-circular-deals.jpg","https://imgproxy.watchmedier.dk/watchmedier/resize:fill:3840:0:0/plain/https://photos.watchmedier.dk/Images/18821342/160cri/ALTERNATES/master-3_2/arthur-d--little-jonas-fagerlund","**私募股权行业**正处于一个关键的转折点，它正与一个前所未有的挑战作斗争：一个巨大的**僵尸公司**积压，这些公司既不增长，也不吸引买家。截至2025年12月，该行业管理着高达31,000笔投资，价值3.7万亿美元，这代表着一个威胁整个投资生态系统的战略泥潭。\n\n核心困境源于宏观经济压力的完美风暴。**高利率**和充满挑战的监管环境极大地限制了传统的退出策略，迫使公司采取越来越具有创造性的生存机制。**续期工具**已成为该行业的主要生命线，允许私募股权公司本质上在其自身的基金工具之间交易公司——这一举动既表明了创新，也可能表明了绝望。\n\n**技术转型**正在成为生存的关键区分因素。摩根士丹利报告称，一半的私募股权中端市场投资组合公司现在都有积极的**人工智能计划**，这表明技术基础设施已成为投资者评估潜力的主要视角。拥有强大技术能力的中间市场公司正在成为最具吸引力的收购目标，而那些缺乏数字竞争力的公司则面临着永久陷入**僵尸投资**类别的风险。\n\n市场正在见证结构性变革。平台收购预计将在2026年占据至少25%的交易活动，这表明了向更具整合性、技术驱动的投资方法的转变。对于投资者而言，这既代表着重大风险，也代表着前所未有的机会来重新构想投资组合管理策略。\n\n至关重要的是，当前的形势要求彻底重新构想价值创造。投资者现在必须超越传统指标，而是专注于技术适应性、运营效率和数字化转型的潜力。被动资本配置的时代已经彻底结束。",[21,24,27],{"title":22,"answer":23,"author":5,"avatar":5,"time":5},"为什么私募股权公司难以退出投资？","高利率、充满挑战的监管环境以及有限的买家兴趣共同制造了一场完美的风暴。 整个行业持有 31,000 家公司，总价值 3.7 万亿美元，许多公司无法以可接受的价格出售，也找不到合适的收购目标。",{"title":25,"answer":26,"author":5,"avatar":5,"time":5},"什么是延续车辆？它们为什么重要？","续期载体是一种创新的金融机制，允许私募股权公司在其自身的基金载体之间出售公司。它们为退出挑战提供了暂时的解决方案，使公司能够记录账面收益并维持投资者信心，同时等待更有利的市场条件。",{"title":28,"answer":29,"author":5,"avatar":5,"time":5},"科技如何影响私募股权投资策略？","技术已成为关键的评估指标。摩根士丹利报告称，50% 的中端市场投资组合公司目前拥有积极的 AI 项目。拥有强大技术基础设施的公司正变得更具吸引力的收购目标，而那些缺乏数字化能力的公司则面临成为“僵尸投资”的风险。",[31,36,41,46,50,54,58,63,67,71],{"id":32,"title":33,"source":34,"logo":10,"time":35},152409,"How one private equity group’s deals show risks of firms selling to themselves","https://www.ft.com/content/69bd2bea-4f52-4f7b-9ece-89133e4964e6","5天前",{"id":37,"title":38,"source":39,"logo":13,"time":40},152408,"Once Wall Street’s High Flyer, Private Equity Loses Its Luster","https://www.nytimes.com/2025/12/23/business/private-equity-stock-market.html","3天前",{"id":42,"title":43,"source":44,"logo":11,"time":45},152407,"The Declining Luster of Private Equity: Why the Golden Age is Yielding to Public Markets","https://markets.financialcontent.com/stocks/article/marketminute-2025-12-25-the-declining-luster-of-private-equity-why-the-golden-age-is-yielding-to-public-markets","1天前",{"id":47,"title":48,"source":49,"logo":5,"time":45},152406,"Private Equity Faces Scrutiny Over Continuation Funds","https://scanx.trade/stock-market-news/global/private-equity-industry-under-fire-as-investors-question-continuation-fund-practices/28254937",{"id":51,"title":52,"source":53,"logo":17,"time":45},152405,"Investors warn of 'rot in private equity' as funds come up with circular deals","https://m.economictimes.com/markets/stocks/news/investors-warn-of-rot-in-private-equity-as-funds-come-up-with-circular-deals/articleshow/126180887.cms",{"id":55,"title":56,"source":57,"logo":15,"time":40},152579,"Continuation vehicles: Tax considerations to drive private equity fund value","https://rsmus.com/insights/industries/private-equity/continuation-vehicles-tax-considerations.html",{"id":59,"title":60,"source":61,"logo":14,"time":62},152578,"Investors Warn of ‘Rot in Private Equity’ as Funds Strike Circular Deals","https://www.nytimes.com/2025/12/24/business/private-equity-continuation-funds.html","2天前",{"id":64,"title":65,"source":66,"logo":12,"time":45},152577,"Once Wall Street’s high-flyer, private equity loses its luster","https://www.seattletimes.com/business/once-wall-streets-high-flyer-private-equity-loses-its-luster/",{"id":68,"title":69,"source":70,"logo":16,"time":45},152576,"Exit Strategizing: Private Equity Carries Record Backlog of Companies into 2026","https://www.thedailyupside.com/finance/private-equity/exit-strategizing-private-equity-carries-record-backlog-of-companies-into-2026/",{"id":72,"title":73,"source":74,"logo":18,"time":75},152410,"Continuation funds “not a sustainable 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