PE capital exit process can be described as to achieve its"Nirvana". The exit quality can largely determine the level of the starting point of the next PE cycle. Based on the substance of private equity funds exit i.e. stock right transfer realization, and according to different transferees, the private equity investment fund exit channels are divided into three categories: external transfer exit, internal transfer exit and public transfer exit. Through game analysis, this paper analyzes the three exit channels from four aspects: companies, investment banks, stock market and equity transferee. Eventually it is concluded that public transfer is the best exit way for private equity funds exit.%PE 槃资本实现退出的过程可谓之其“涅”，退出的好坏能在很大程度上决定下一次PE循环的起点高低。基于私募股权投资基金退出即股权转让变现的实质，按照股权受让方的不同，将私募股权投资基金退出渠道分为三类：外部转让退出、内部转让退出、公开转让退出。本文通过博弈分析对私募股权投资基金三类退出渠道从公司、投资银行、股票交易市场、股权受让方四个角度进行分析，最终得出公开转让是私募股权投资基金最理想的退出方式。
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