Secondly, after determining the value of the invested enterprise, it is necessary to solve the rights and interests enjoyed by PE as one of the shareholders of the invested enterprise in the whole invested enterprise, that is, to investigate and solve the rights and obligations arrangement between PE and other shareholders of the invested enterprise.
Finally, after the rights and interests of the whole PE fund are determined, we can further analyze and determine the number and characteristics of the rights and interests occupied by LP who intends to sell the fund rights and interests in the whole PE fund, that is, we need to investigate and solve the rights and obligations arrangement between LP and other LPs and between LP and GP.
Only by completing the above three levels of pricing and evaluation can we correctly and scientifically draw a scientific and reasonable conclusion on the transfer transaction of LP equity share, that is, the pricing and evaluation of PE secondary market transactions.
The above-mentioned primary pricing and evaluation is the basis of the pricing and evaluation of the whole private secondary market, and it has the importance of "skin" in the "skin does not exist, hair will be attached". This level of pricing and evaluation is to determine the value of the invested enterprise at a certain point in the future.
The above-mentioned second-tier pricing evaluation refers to the determination of the value of the invested enterprise that PE fund can obtain as a minority shareholder. The basis and foundation of this determination is a series of legal documents and laws and regulations, mainly including SPA (Equity Purchase Agreement) transaction documents formed between PE funds and invested enterprises, articles of association of invested enterprises and other internal documents of enterprises, as well as national laws and regulations regulating equity transfer behavior and daily operation of the company.