{"id":25784,"date":"2025-06-16T07:09:44","date_gmt":"2025-06-16T07:09:44","guid":{"rendered":"https:\/\/digify.com\/?p=25784"},"modified":"2026-02-26T13:27:46","modified_gmt":"2026-02-26T13:27:46","slug":"define-investment-thesis-usp-fund-structure","status":"publish","type":"post","link":"https:\/\/staging-x.digifyteam.com\/tr\/define-investment-thesis-usp-fund-structure\/","title":{"rendered":"Yat\u0131r\u0131m Tezinizi, USP'nizi ve Fon Yap\u0131n\u0131z\u0131 Tan\u0131mlama"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"25784\" class=\"elementor elementor-25784\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2ad8004 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2ad8004\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a6d70de\" data-id=\"a6d70de\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5588745 elementor-widget elementor-widget-text-editor\" data-id=\"5588745\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><i><span style=\"font-weight: 400;\">Bu makale, a\u015fa\u011f\u0131daki b\u00f6l\u00fcm\u00fcn bir par\u00e7as\u0131d\u0131r <a href=\"https:\/\/digify.com\/fundraising-guide.html\" target=\"_blank\" rel=\"noopener\">LP'lerden Fon Toplamak i\u00e7in Eksiksiz K\u0131lavuz<\/a>. Rehber, yat\u0131r\u0131m tezinizi tan\u0131mlamaktan stratejik kaynak yaratma planlar\u0131 olu\u015fturmaya, yat\u0131r\u0131mc\u0131 durum tespitinde ustala\u015fmaya ve yapay zeka ve ESG entegrasyonu gibi yeni trendleri y\u00f6nlendirmeye kadar her \u015feyi kaps\u0131yor.<\/span><\/i><\/p><p><i><span style=\"font-weight: 400;\">Her b\u00f6l\u00fcm bir \u00f6ncekinin \u00fczerine in\u015fa edilerek size eksiksiz bir ba\u011f\u0131\u015f toplama oyun kitab\u0131 sunuyor. A\u015fa\u011f\u0131daki makale olduk\u00e7a bilgilendirici olsa da, ba\u011f\u0131\u015f toplama s\u00fcrecinizi nas\u0131l h\u0131zland\u0131rabilece\u011finizi g\u00f6rmek i\u00e7in k\u0131lavuzun tamam\u0131n\u0131 okuyarak en fazla de\u011feri elde edeceksiniz.<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-823e2bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"823e2bb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-018c6f0\" data-id=\"018c6f0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51961fc elementor-widget elementor-widget-text-editor\" data-id=\"51961fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Kaynak yaratmada ilk izlenimler belirleyicidir. Kurumsal yat\u0131r\u0131mc\u0131lar, aile ofisleri ve sofistike y\u00fcksek net de\u011ferli bireyler (HNWI), sermaye bir yana, ilgi g\u00f6stermeden \u00f6nce giderek daha fazla i\u00e7erik talep etmektedir. Bir fonun lansman\u0131n\u0131n ilk a\u015famalar\u0131nda, \u00fc\u00e7 unsur birlikte \u00e7al\u0131\u015fmal\u0131d\u0131r: net bir yat\u0131r\u0131m tezi, zorlay\u0131c\u0131 bir benzersiz sat\u0131\u015f teklifi (USP) ve de\u011fer sunumunu engellemek yerine m\u00fcmk\u00fcn k\u0131lan bir fon yap\u0131s\u0131. Bunlar\u0131 do\u011fru yapmak, t\u00fcm fon yaratma \u00e7abas\u0131n\u0131n \u00fczerinde y\u00fckselece\u011fi veya \u00e7\u00f6kece\u011fi iskeledir.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2e344bd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e344bd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e1ef1cb\" data-id=\"e1ef1cb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bbd782e elementor-widget elementor-widget-heading\" data-id=\"bbd782e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Yat\u0131r\u0131m Tezi: F\u0131rsat\u00e7\u0131l\u0131\u011fa Kar\u015f\u0131 Disiplin<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-477a8e3 elementor-widget elementor-widget-text-editor\" data-id=\"477a8e3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Bir yat\u0131r\u0131m tezi genellikle bir fonun \u201ckuzey y\u0131ld\u0131z\u0131\u201d olarak tan\u0131mlan\u0131r, ancak bu metafor onun i\u015flevini hafife al\u0131r. Bir tez, bir yat\u0131r\u0131m fonunun <\/span><i><span style=\"font-weight: 400;\">ne<\/span><\/i><span style=\"font-weight: 400;\"> fon yapacak, <\/span><i><span style=\"font-weight: 400;\">neden<\/span><\/i><span style=\"font-weight: 400;\"> ba\u015far\u0131l\u0131 olacak ve <\/span><i><span style=\"font-weight: 400;\">nas\u0131l<\/span><\/i><span style=\"font-weight: 400;\"> yat\u0131r\u0131mc\u0131lar de\u011ferin ger\u00e7ekle\u015fmesini bekleyebilirler.<\/span><\/p><p><span style=\"font-weight: 400;\">G\u00fcn\u00fcm\u00fcz\u00fcn kalabal\u0131k piyasas\u0131nda, genel bir tez - \u201cb\u00fcy\u00fcme a\u015famas\u0131ndaki teknoloji \u015firketlerine yat\u0131r\u0131m yap\u0131yoruz\u201d- di\u011fer y\u00fczlercesinden neredeyse ay\u0131rt edilemez. Yat\u0131r\u0131mc\u0131lar art\u0131k belirsiz h\u0131rslar\u0131 \u00f6d\u00fcllendirmiyor. Bunun yerine, i\u00e7g\u00f6r\u00fcye dayanan bir inan\u00e7 ar\u0131yorlar: piyasan\u0131n verimsizliklerinin ayr\u0131nt\u0131l\u0131 bir g\u00f6r\u00fcn\u00fcm\u00fc, fonun bunlardan yararlanma avantaj\u0131 ve bu avantajlar\u0131n devam edece\u011fine inanmak i\u00e7in rasyonel bir temel.<\/span><\/p><p><span style=\"font-weight: 400;\">Preqin'in 2021\u00a0<\/span><a href=\"https:\/\/www.preqin.com\/insights\/global-reports\/2021-preqin-global-private-equity-and-venture-capital-report\" target=\"_blank\" rel=\"noopener\">K\u00fcresel \u00d6zel Sermaye ve Giri\u015fim Sermayesi Raporu bulundu<\/a><span style=\"font-weight: 400;\">\u00a0LP'lerin 62%'si bir fon y\u00f6neticisini se\u00e7melerinin en \u00f6nemli nedeni olarak g\u00fc\u00e7l\u00fc ve tekrarlanabilir bir yat\u0131r\u0131m stratejisini g\u00f6stermi\u015ftir.<\/span><span style=\"font-weight: 400;\"> Bu durum, yat\u0131r\u0131mc\u0131lar\u0131n netlik ve disipline genelci h\u0131rslardan daha fazla \u00f6ncelik verdi\u011fini g\u00f6stermektedir.<\/span><\/p><p><span style=\"font-weight: 400;\">Etkili bir tez haz\u0131rlamak, \u00fc\u00e7 soruya entelekt\u00fcel d\u00fcr\u00fcstl\u00fckle yan\u0131t vermeyi gerektirir:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fonun benzersiz olarak g\u00f6rd\u00fc\u011f\u00fc f\u0131rsat nedir?<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Neden \u015fimdi? Zamanlama, piyasa ko\u015fullar\u0131 ve rekabet dinamikleri \u00f6nemlidir.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bu f\u0131rsat setinde ba\u015far\u0131ya s\u00fcrekli olarak nas\u0131l ula\u015f\u0131lacak?<br \/><br \/><\/span><\/li><\/ul><p>Bu noktalar\u0131 etkili bir \u015fekilde ifade etmek i\u00e7in, bir yat\u0131r\u0131m tezi kapsam\u0131n\u0131 belirli, yap\u0131land\u0131r\u0131lm\u0131\u015f de\u011fi\u015fkenlerle tan\u0131mlamal\u0131d\u0131r. Bunlar genellikle \u015funlar\u0131 i\u00e7erir\u00a0<\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hedef \u015firketin geli\u015fim a\u015famas\u0131 (\u00f6rne\u011fin, tohum, b\u00fcy\u00fcme, sat\u0131n alma)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">odaklan\u0131lan kesin sekt\u00f6r(ler) veya end\u00fcstri dikeyleri (\u00f6rne\u011fin, FinTech altyap\u0131s\u0131, s\u00fcrd\u00fcr\u00fclebilir tar\u0131m teknolojisi)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ilgili demografik \u00f6zellikler (\u00f6rne\u011fin, belirli t\u00fcketici segmentlerine veya co\u011frafi b\u00f6lgelere hizmet veren \u015firketler) ve\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fonun yat\u0131r\u0131mlardaki ama\u00e7lanan rol\u00fc, \u00f6rne\u011fin turlara liderlik mi edece\u011fi yoksa ba\u015fkalar\u0131yla birlikte mi kat\u0131laca\u011f\u0131.<br \/><br \/><\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Bu parametrelerin belirlenmesi, fonun stratejisi i\u00e7in netlik ve uygulanabilir s\u0131n\u0131rlar sa\u011flar. \u00d6rne\u011fin, alt orta piyasa lojistik \u015firketlerini sat\u0131n almaya odaklanan bir fon, sekt\u00f6rdeki b\u00fcy\u00fcmeye at\u0131fta bulunmakla yetinmemelidir. Asimetrik bilgi avantajlar\u0131n\u0131, kaynak ili\u015fkilerini, rakiplerin kullanamad\u0131\u011f\u0131 operasyonel kald\u0131ra\u00e7lar\u0131 ve zamanlamay\u0131 do\u011frulayan olumlu demografik veya d\u00fczenleyici e\u011filimleri g\u00f6stermelidir.<\/span><\/p><p><span style=\"font-weight: 400;\">Tezin ikna edici olabilmesi i\u00e7in, rekabet ortam\u0131n\u0131n net bir \u015fekilde anla\u015f\u0131lmas\u0131 \u00fczerine in\u015fa edilmesi gerekir. Bu, yaln\u0131zca do\u011frudan rakiplerin (tan\u0131mlad\u0131\u011f\u0131n\u0131z yat\u0131r\u0131m alan\u0131n\u0131n tam \u2018kesi\u015fiminde\u2019 faaliyet g\u00f6steren di\u011fer fonlar) de\u011fil, ayn\u0131 zamanda \u2018bir serbestlik derecesi uzakta\u2019 faaliyet g\u00f6sterenlerin de haritas\u0131n\u0131 \u00e7\u0131karmay\u0131 i\u00e7erir. Bu, benzer bir sekt\u00f6r ancak farkl\u0131 bir a\u015famaya odaklanma veya ayn\u0131 a\u015fama ancak ilgili bir sekt\u00f6r gibi temel yat\u0131r\u0131m parametrelerinizin hepsini olmasa da baz\u0131lar\u0131n\u0131 payla\u015fabilecek fonlar\u0131n belirlenmesi anlam\u0131na gelir. Bu titiz rekabet haritalamas\u0131, fonun benzersiz konumunu ve belirlenen f\u0131rsat\u0131 yakalamak i\u00e7in neden en uygun oldu\u011funu g\u00f6sterir.<\/span><\/p><p><span style=\"font-weight: 400;\">Sa\u011flam bir tez, bir fonu yaln\u0131zca ba\u015fka bir kat\u0131l\u0131mc\u0131 olarak de\u011fil, gizli piyasa de\u011ferini ger\u00e7ekle\u015ftirmek i\u00e7in gerekli bir ara\u00e7 olarak konumland\u0131r\u0131r.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-64dfb67 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"64dfb67\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b55c8f\" data-id=\"3b55c8f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f73d29f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f73d29f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6dd59e4\" data-id=\"6dd59e4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-641fcfd elementor-widget elementor-widget-heading\" data-id=\"641fcfd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">USP: Savunulabilir Bir Kenara Sahip Olmak<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02e07d4 elementor-widget elementor-widget-text-editor\" data-id=\"02e07d4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">E\u011fer tez \u015funlar\u0131 a\u00e7\u0131kl\u0131yorsa <\/span><i><span style=\"font-weight: 400;\">ne<\/span><\/i><span style=\"font-weight: 400;\"> ve <\/span><i><span style=\"font-weight: 400;\">neden<\/span><\/i><span style=\"font-weight: 400;\">, USP ise daha zor olan soruyu yan\u0131tlar: <\/span><i><span style=\"font-weight: 400;\">Neden sen?<\/span><\/i><\/p><p><span style=\"font-weight: 400;\">Fon y\u00f6neticilerinin \u00e7o\u011fu bir avantaja sahip olduklar\u0131na inan\u0131yor. \u00c7ok az\u0131 bunu a\u00e7\u0131k\u00e7a ifade edebilir ve daha da az\u0131 \u015f\u00fcpheci sorgulama alt\u0131nda bunu savunabilir. LP sofistikasyonu artt\u0131k\u00e7a, \u00f6zg\u00fcn, do\u011frulanabilir farkl\u0131la\u015ft\u0131r\u0131c\u0131lar konusundaki \u0131srarlar\u0131 da art\u0131yor.<\/span><\/p><p><span style=\"font-weight: 400;\">Bir USP, rakiplerin kolayca kopyalayamayaca\u011f\u0131 \u00f6zg\u00fcn yeteneklere veya eri\u015fime dayanmal\u0131d\u0131r. Bunlar \u015funlar\u0131 i\u00e7erebilir:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u00d6zel anla\u015fma kayna\u011f\u0131:<\/b><span style=\"font-weight: 400;\"> G\u00fcvenilir bir \u015fekilde \u00fcst\u00fcn boru hatt\u0131 ak\u0131\u015f\u0131 \u00fcreten a\u011flar, teknolojiler veya s\u00fcre\u00e7ler.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sekt\u00f6r uzmanl\u0131\u011f\u0131:<\/b><span style=\"font-weight: 400;\"> Yat\u0131r\u0131mlar\u0131n riskini azaltan ve de\u011fer yarat\u0131m\u0131n\u0131 h\u0131zland\u0131ran derin operasyonel veya teknik bilgi.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u00d6nceki sicili:<\/b><span style=\"font-weight: 400;\"> \u00d6zellikle \u00fc\u00e7\u00fcnc\u00fc taraflarca do\u011frulanm\u0131\u015fsa, benzer stratejilerle elde edilen tarihsel getiriler.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u0130lk hamle tematik avantaj\u0131:<\/b><span style=\"font-weight: 400;\"> Yerle\u015fik \u015firketlerin bulunmad\u0131\u011f\u0131 veya kay\u0131ts\u0131z kald\u0131\u011f\u0131 geli\u015fmekte olan piyasalara veya varl\u0131k s\u0131n\u0131flar\u0131na giri\u015f.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\"><br \/>Bu farkl\u0131la\u015ft\u0131r\u0131c\u0131lar kritik \u00f6neme sahiptir \u00e7\u00fcnk\u00fc bir fonun t\u00fcm yat\u0131r\u0131m ya\u015fam d\u00f6ng\u00fcs\u00fc boyunca operasyonel \u00fcst\u00fcnl\u00fc\u011f\u00fcn\u00fc tan\u0131mlarlar - genellikle <\/span><b>\u2018G\u00f6r, Se\u00e7, Kazan\u2019 \u00e7er\u00e7evesi<\/b><span style=\"font-weight: 400;\">.<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bkz (Anla\u015fma Kaynak Bulma ve Eri\u015fim):<\/b><span style=\"font-weight: 400;\"> Fon, geni\u015f ve y\u00fcksek kaliteli bir f\u0131rsat hatt\u0131na s\u00fcrekli olarak nas\u0131l g\u00f6r\u00fcn\u00fcrl\u00fck kazan\u0131yor? Kapsaml\u0131 bir end\u00fcstri a\u011f\u0131, yerle\u015fik bir marka veya veriye dayal\u0131 ke\u015fif ara\u00e7lar\u0131 gibi \u00f6zel anla\u015fma tedarik mekanizmalar\u0131 \u00e7ok \u00f6nemlidir. Bu, fonun sadece f\u0131rsatlar\u0131 g\u00f6rmesini de\u011fil <\/span><i><span style=\"font-weight: 400;\">baz\u0131<\/span><\/i><span style=\"font-weight: 400;\"> anla\u015fmalar, ama <\/span><i><span style=\"font-weight: 400;\">Yeterince<\/span><\/i><span style=\"font-weight: 400;\"> en uygun ve gelecek vaat eden f\u0131rsatlar\u0131n, \u00e7o\u011fu zaman yayg\u0131n olarak bilinmeden \u00f6nce tespit edilmesi.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Se\u00e7im (Se\u00e7im ve \u00d6zen):<\/b><span style=\"font-weight: 400;\"> Bir anla\u015fma \u2018g\u00f6r\u00fcld\u00fc\u011f\u00fcnde\u2019, fonun bir\u00e7ok f\u0131rsat aras\u0131ndan en iyisini se\u00e7mesini sa\u011flayan benzersiz yetenekler nelerdir? Derin sekt\u00f6r uzmanl\u0131\u011f\u0131, bir fonun pazar uyumunu h\u0131zla de\u011ferlendirmesine, temel riskleri belirlemesine ve kapsaml\u0131 bir durum tespiti yapmas\u0131na olanak tan\u0131r. Bu uzmanl\u0131k bilgisi, ger\u00e7ek potansiyeli abart\u0131dan ay\u0131rt etmeye yard\u0131mc\u0131 olarak fonun a\u015fa\u011f\u0131dakileri bilmesini sa\u011flar <\/span><i><span style=\"font-weight: 400;\">nas\u0131l se\u00e7ilir<\/span><\/i><span style=\"font-weight: 400;\"> y\u00fcksek inan\u00e7la do\u011fru yat\u0131r\u0131mlar yapmak.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Kazan (Kapan\u0131\u015f ve De\u011fer Yaratma):<\/b><span style=\"font-weight: 400;\"> Rekabet\u00e7i teklif ortamlar\u0131nda, kurucular ve sat\u0131c\u0131lar neden bu \u00f6zel fonu se\u00e7iyor? Sadece sermayenin \u00f6tesinde, bir fonun USP'si portf\u00f6y \u015firketlerinin ba\u015far\u0131l\u0131 olmas\u0131na nas\u0131l yard\u0131mc\u0131 oldu\u011funu ifade etmelidir. Bu, uygulamal\u0131 operasyonel destek sa\u011flayan sekt\u00f6r uzmanl\u0131\u011f\u0131ndan, kurucu dostu bir ortak olma konusundaki g\u00fc\u00e7l\u00fc itibar\u0131ndan veya ortak yat\u0131r\u0131mc\u0131lar\u0131 \u00e7ekme konusundaki kan\u0131tlanm\u0131\u015f becerisinden kaynaklanabilir. En g\u00f6zde anla\u015fmalar i\u00e7in kurucular genellikle \u2018ak\u0131ll\u0131 paraya\u2019 \u00f6ncelik verirler - stratejik de\u011fer, a\u011f eri\u015fimi ve net bir b\u00fcy\u00fcme yolu sunan ortaklar, fonu tercih edilen se\u00e7enek haline getirir. <\/span><i><span style=\"font-weight: 400;\">kazanmak<\/span><\/i><span style=\"font-weight: 400;\"> Anla\u015fma.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\"><br \/>Bain &amp; Company'nin K\u00fcresel <a href=\"https:\/\/www.bain.com\/insights\/private-equity-market-in-2021-global-private-equity-report-2022\/\" target=\"_blank\" rel=\"noopener\">\u00d6zel Sermaye Raporu 2021 belirgin bir de\u011fi\u015fimin alt\u0131n\u0131 \u00e7iziyor<\/a> Uzmanla\u015fmaya do\u011fru, \u00f6zellikle teknoloji ve sa\u011fl\u0131k hizmetlerini hedefleyen sekt\u00f6r odakl\u0131 fonlara akan sermaye pay\u0131n\u0131n artmas\u0131yla birlikte, her ne kadar bu de\u011fi\u015fimi \u00f6l\u00e7mese de.<\/span><\/p><p><span style=\"font-weight: 400;\">Uzmanla\u015fma ustal\u0131\u011f\u0131 ifade eder. Genellik s\u0131radanl\u0131k anlam\u0131na gelir.<\/span><\/p><p><span style=\"font-weight: 400;\">LP'lerin fon potansiyelini nas\u0131l de\u011ferlendirdi\u011fini d\u00fc\u015f\u00fcnmenin bir yolu basit bir kavramsal form\u00fcld\u00fcr:<\/span><\/p><p><b>Fon B\u00fcy\u00fckl\u00fc\u011f\u00fc = Takip Kayd\u0131 \u00d7 Farkl\u0131la\u015fma \/ Karma\u015f\u0131kl\u0131k<\/b><\/p><p><span style=\"font-weight: 400;\">\u0130\u015fte, \u0130z Kayd\u0131<\/span> <span style=\"font-weight: 400;\">fon y\u00f6neticisinin veya ekibinin ge\u00e7mi\u015f yat\u0131r\u0131m performans\u0131n\u0131 temsil eder. Ger\u00e7ekle\u015fen getirileri, yat\u0131r\u0131mc\u0131lara yap\u0131lan da\u011f\u0131t\u0131mlar\u0131 ve \u00f6nceki fonlar veya yat\u0131r\u0131mlar aras\u0131ndaki performans tutarl\u0131l\u0131\u011f\u0131n\u0131 kapsar. Farkl\u0131la\u015ft\u0131rma, daha \u00f6nce tart\u0131\u015f\u0131ld\u0131\u011f\u0131 gibi fonun Benzersiz Sat\u0131\u015f Teklifini (USP) ve savunulabilir \u00fcst\u00fcnl\u00fc\u011f\u00fcn\u00fc ifade eder.<\/span><\/p><p><span style=\"font-weight: 400;\">Karma\u015f\u0131kl\u0131k, fonun stratejisinin, yap\u0131s\u0131n\u0131n veya ileti\u015fiminin potansiyel yat\u0131r\u0131mc\u0131lar i\u00e7in s\u00fcrt\u00fc\u015fme, belirsizlik veya zorluk yaratan herhangi bir y\u00f6n\u00fcn\u00fc yakalayan bir terimdir. Bu, a\u015fa\u011f\u0131dakiler gibi \u00e7e\u015fitli nedenlerden kaynaklanabilir:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Stratejik A\u00e7\u0131kl\u0131k:<\/b><span style=\"font-weight: 400;\"> Belirsiz, tutars\u0131z veya net, tekrarlanabilir bir s\u00fcre\u00e7ten yoksun bir yat\u0131r\u0131m tezi.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Yap\u0131sal Karma\u015f\u0131kl\u0131k:<\/b><span style=\"font-weight: 400;\"> Gereksiz derecede karma\u015f\u0131k bir yasal veya mali fon yap\u0131s\u0131.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Operasyonel Olgunla\u015fmam\u0131\u015fl\u0131k:<\/b><span style=\"font-weight: 400;\"> Sa\u011flam i\u00e7 s\u00fcre\u00e7lerin, raporlaman\u0131n veya y\u00f6neti\u015fimin olmamas\u0131.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Belirsiz Mesajla\u015fma:<\/b><span style=\"font-weight: 400;\"> Fonun ger\u00e7ek de\u011fer \u00f6nerisini gizleyen jargon dolu, tutars\u0131z veya kafa kar\u0131\u015ft\u0131r\u0131c\u0131 ileti\u015fim.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Ekip Uyum Sorunlar\u0131:<\/b><span style=\"font-weight: 400;\"> Yat\u0131r\u0131m ekibi i\u00e7inde alg\u0131lanan i\u00e7 anla\u015fmazl\u0131klar veya belirsiz roller.\u00a0<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\"><br \/>Bu denklem, kaynak yaratman\u0131n temel bir ger\u00e7e\u011fini ortaya koymaktad\u0131r: Toplad\u0131\u011f\u0131n\u0131z sermaye ne kadar b\u00fcy\u00fck ve kararl\u0131 olursa, kan\u0131tlanm\u0131\u015f performans, a\u00e7\u0131k rekabet \u00fcst\u00fcnl\u00fc\u011f\u00fc ve uygulama netli\u011finin bir kombinasyonunu o kadar fazla yans\u0131t\u0131r. Etkileyici bir ge\u00e7mi\u015f performans, ger\u00e7ek bir USP ile e\u015fle\u015ftirildi\u011finde yat\u0131r\u0131mc\u0131lar\u0131n dikkatini \u00e7eker. Ancak fonun yap\u0131s\u0131, stratejisi veya mesaj\u0131 ne kadar karma\u015f\u0131k veya kafa kar\u0131\u015ft\u0131r\u0131c\u0131 olursa, LP'ler anlamakta, de\u011ferlendirmekte ve sermaye taahh\u00fct etmekte zorland\u0131klar\u0131 i\u00e7in bu ilgi o kadar azal\u0131r.<\/span><\/p><p><span style=\"font-weight: 400;\">K\u0131sacas\u0131: LP'ler a\u00e7\u0131kl\u0131k, g\u00fcvenilirlik ve basitli\u011fi \u00f6d\u00fcllendirir. Karma\u015f\u0131kl\u0131k, gerekli ve iyi gerek\u00e7elendirilmi\u015f olmad\u0131\u011f\u0131 s\u00fcrece, s\u00fcrt\u00fcnmedir.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bd2b85c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bd2b85c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-06814da\" data-id=\"06814da\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3bcc530 elementor-widget elementor-widget-heading\" data-id=\"3bcc530\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fon Yap\u0131s\u0131: Sessiz Sinyal<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2daa31a elementor-widget elementor-widget-text-editor\" data-id=\"2daa31a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Yap\u0131 genellikle teknik bir mesele olarak ele al\u0131n\u0131r ve hukuk m\u00fc\u015favirlerine veya muhasebecilere havale edilir. Bu b\u00fcy\u00fck bir hatad\u0131r. Fon yap\u0131s\u0131, bir y\u00f6neticinin ciddiyeti ve yat\u0131r\u0131mc\u0131 empatisi hakk\u0131nda herhangi bir sunum veya sicil kayd\u0131 kadar \u00e7ok \u015fey anlat\u0131r.<\/span><\/p><p><span style=\"font-weight: 400;\">Yanl\u0131\u015f yap\u0131n\u0131n se\u00e7ilmesi, aksi takdirde cazip olabilecek bir f\u0131rsat\u0131 diskalifiye edebilir. Likidite h\u00fck\u00fcmlerinin yanl\u0131\u015f hizalanmas\u0131, yanl\u0131\u015f de\u011ferlendirilmi\u015f \u00fccret yap\u0131lar\u0131 veya vergi verimsizlikleri amat\u00f6rl\u00fck sinyalleri olarak yorumlan\u0131r.<\/span><\/p><p><span style=\"font-weight: 400;\">McKinsey'in <a href=\"https:\/\/www.mckinsey.com\/~\/media\/mckinsey\/industries\/private%20equity%20and%20principal%20investors\/our%20insights\/mckinseys%20global%20private%20markets%20report\/2021\/mckinsey-global-private-markets-review-2021-v3.pdf\" target=\"_blank\" rel=\"noopener\">K\u00fcresel \u00d6zel Piyasalar \u0130ncelemesi 2021 onayl\u0131yor<\/a> kapal\u0131 u\u00e7lu s\u0131n\u0131rl\u0131 ortakl\u0131k yap\u0131lar\u0131n\u0131n uzun zamand\u0131r \u00f6zel sermaye fonlar\u0131, \u00f6zellikle de $500 milyonun \u00fczerindekiler i\u00e7in standart oldu\u011funu belirtmi\u015ftir.<\/span><span style=\"font-weight: 400;\"> Devam fonlar\u0131 ve NAV bazl\u0131 kredilendirme gibi yenilikler ilgi g\u00f6rmeye ba\u015flasa da, kurumsal LP'ler aras\u0131ndaki varsay\u0131lan beklenti kapal\u0131 u\u00e7lu modellere s\u0131k\u0131 s\u0131k\u0131ya ba\u011fl\u0131 kalmaya devam ediyor.<\/span><\/p><p><span style=\"font-weight: 400;\">Yayg\u0131n yap\u0131lar \u015funlard\u0131r:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>S\u0131n\u0131rl\u0131 Ortakl\u0131klar (LP'ler)<\/b><span style=\"font-weight: 400;\">: Kapal\u0131 u\u00e7lu \u00f6zel sermaye fonlar\u0131 i\u00e7in geleneksel ve hala bask\u0131n olan yap\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in s\u0131n\u0131rl\u0131 sorumluluk ve do\u011frudan vergilendirme sunar.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>S\u0131n\u0131rl\u0131 Sorumluluk \u015eirketleri (LLC'ler)<\/b><span style=\"font-weight: 400;\">: LP'lerle benzer s\u0131n\u0131rl\u0131 sorumluluk ve do\u011frudan vergilendirme avantajlar\u0131 sunan, ancak daha esnek y\u00f6netim se\u00e7eneklerine sahip, bazen daha k\u00fc\u00e7\u00fck veya tek yat\u0131r\u0131m fonlar\u0131 i\u00e7in tercih edilir.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Paralel Fon Yap\u0131lar\u0131<\/b><span style=\"font-weight: 400;\">: Belirli d\u00fczenleyici veya vergisel hususlar\u0131 ele al\u0131rken yan yana yat\u0131r\u0131m yapan birden fazla kurulu\u015f olu\u015fturarak farkl\u0131 yat\u0131r\u0131mc\u0131 t\u00fcrlerini (\u00f6r. vergiden muaf, uluslararas\u0131) bar\u0131nd\u0131rmak i\u00e7in kullan\u0131l\u0131r.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Alternatif Yat\u0131r\u0131m Fonlar\u0131 (AIF'ler)<\/b><span style=\"font-weight: 400;\">: L\u00fcksemburg SICAV, \u0130rlanda QIAIF veya Cayman Adalar\u0131 muaf s\u0131n\u0131rl\u0131 ortakl\u0131k gibi ABD d\u0131\u015f\u0131nda kullan\u0131lan ve her biri belirli yat\u0131r\u0131mc\u0131 t\u00fcrleri ve yat\u0131r\u0131m stratejileri i\u00e7in farkl\u0131 avantajlar sunan \u00e7e\u015fitli yap\u0131lar.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Evergreen Yap\u0131lar<\/b><span style=\"font-weight: 400;\">: \u00d6zel kredi ve ikincil yat\u0131r\u0131mlar gibi belirli stratejiler i\u00e7in giderek daha pop\u00fcler hale gelen, s\u00fcrekli sermaye art\u0131r\u0131mlar\u0131na ve itfalara izin veren a\u00e7\u0131k u\u00e7lu yat\u0131r\u0131m ara\u00e7lar\u0131.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\"><br \/>Do\u011fru arac\u0131n se\u00e7ilmesi sadece kurum i\u00e7i tercihlere de\u011fil, ayn\u0131 zamanda hedef LP beklentilerinin ger\u00e7ek\u00e7i bir \u015fekilde anla\u015f\u0131lmas\u0131na, yarg\u0131 alanlar\u0131ndaki d\u00fczenleyici etkilere ve stratejinin kendisinin operasyonel taleplerine ba\u011fl\u0131d\u0131r.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-228b697 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"228b697\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e0431ad\" data-id=\"e0431ad\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3872eff elementor-widget elementor-widget-heading\" data-id=\"3872eff\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Entegre Bir Yakla\u015f\u0131m<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cbb1f4 elementor-widget elementor-widget-text-editor\" data-id=\"7cbb1f4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Kritik olarak, tez, USP ve yap\u0131dan olu\u015fan bu \u00fc\u00e7 unsur birbirinden ba\u011f\u0131ms\u0131z olarak geli\u015ftirilemez. \u00d6rne\u011fin, f\u0131rsat\u00e7\u0131 s\u0131k\u0131nt\u0131l\u0131 gayrimenkule odaklanan bir fon, belirsiz elde tutma s\u00fcreleri \u00f6neren her zaman ye\u015fil bir yap\u0131 \u00f6nerirse inand\u0131r\u0131c\u0131l\u0131\u011f\u0131n\u0131 kaybedebilir. Benzer \u015fekilde, farkl\u0131la\u015ft\u0131r\u0131lm\u0131\u015f giri\u015fim uzmanl\u0131\u011f\u0131n\u0131 \u00f6ne \u00e7\u0131karan bir y\u00f6netici, fon tasar\u0131m\u0131n\u0131n sadece kat\u0131 \u00e7ok y\u0131ll\u0131 kilitlemeleri de\u011fil, h\u0131zl\u0131 da\u011f\u0131t\u0131m ve geri d\u00f6n\u00fc\u015f\u00fcm esnekli\u011fini destekledi\u011finden emin olmal\u0131d\u0131r.<\/span><\/p><p><span style=\"font-weight: 400;\">Strateji, farkl\u0131la\u015fma ve yap\u0131 aras\u0131ndaki uyum, yat\u0131r\u0131mc\u0131lara y\u00f6neticinin yaln\u0131zca f\u0131rsat yakalama konusunda de\u011fil, ayn\u0131 zamanda yat\u0131r\u0131mc\u0131 deneyimi, operasyonel esneklik ve fonun uzun \u00f6m\u00fcrl\u00fcl\u00fc\u011f\u00fc hakk\u0131nda da derinlemesine d\u00fc\u015f\u00fcnd\u00fc\u011f\u00fcn\u00fc g\u00f6sterir.<\/span><\/p><p><span style=\"font-weight: 400;\">Sermayenin giderek daha se\u00e7ici oldu\u011fu bir d\u00f6nemde, fon y\u00f6neticileri kaynak yaratmaya k\u00f6pr\u00fc tasarlayan bir m\u00fchendis titizli\u011fiyle yakla\u015fmal\u0131d\u0131r. Farkl\u0131la\u015ft\u0131rma i\u00e7ermeyen bir yat\u0131r\u0131m tezi ilgisizli\u011fe davetiye \u00e7\u0131kar\u0131r. Kan\u0131t\u0131 olmayan bir USP \u015f\u00fcphecili\u011fe davetiye \u00e7\u0131kar\u0131r. Hizalanmam\u0131\u015f bir yap\u0131 g\u00fcvensizli\u011fe davetiye \u00e7\u0131kar\u0131r.<\/span><\/p><p><span style=\"font-weight: 400;\">Bu \u00fc\u00e7 s\u00fctunda ustala\u015fanlar sadece daha etkili bir \u015fekilde sermaye toplamakla kalmaz, ayn\u0131 zamanda profesyonel m\u00fckemmelli\u011fi tan\u0131yan ve \u00f6d\u00fcllendiren yat\u0131r\u0131mc\u0131larla kal\u0131c\u0131, bile\u015fik ili\u015fkiler i\u00e7in temel olu\u015ftururlar.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-67962df elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"67962df\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2558dc3\" data-id=\"2558dc3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6a43ae7 elementor-widget elementor-widget-image\" data-id=\"6a43ae7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"#gated-footer-popup1\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"229\" src=\"https:\/\/staging-x.digifyteam.com\/wp-content\/uploads\/2025\/04\/Blog-Footer-Banner-2-1.png\" class=\"attachment-large size-large wp-image-25765\" alt=\"\" srcset=\"https:\/\/staging-x.digifyteam.com\/wp-content\/uploads\/2025\/04\/Blog-Footer-Banner-2-1.png 1000w, https:\/\/staging-x.digifyteam.com\/wp-content\/uploads\/2025\/04\/Blog-Footer-Banner-2-1-300x107.png 300w, https:\/\/staging-x.digifyteam.com\/wp-content\/uploads\/2025\/04\/Blog-Footer-Banner-2-1-768x275.png 768w, https:\/\/staging-x.digifyteam.com\/wp-content\/uploads\/2025\/04\/Blog-Footer-Banner-2-1-18x6.png 18w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Yat\u0131r\u0131m tezi, USP ve fon yap\u0131s\u0131 gibi fon yaratma temelleri hakk\u0131nda bilgi edinin.<\/p>","protected":false},"author":5,"featured_media":25786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[30],"class_list":["post-25784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-fundraising"],"_links":{"self":[{"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/posts\/25784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/comments?post=25784"}],"version-history":[{"count":4,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/posts\/25784\/revisions"}],"predecessor-version":[{"id":38765,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/posts\/25784\/revisions\/38765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/media\/25786"}],"wp:attachment":[{"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/media?parent=25784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/categories?post=25784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging-x.digifyteam.com\/tr\/wp-json\/wp\/v2\/tags?post=25784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}