一项研究发现,私人股本行业在2006年以前一直跑赢股票市场,其长期业绩也已从2008年之后的谷底恢复。
But no matter how much leverage and ambition it injects into a company, a private equity fund cannot easily compensate for overpaying.
但是,无论私人股本基金向被投资企业注入多大杠杆和野心,收购价过高会让他们无法轻易获得补偿。
This is the pressing problem: one investor estimates that his fund must pay 15 or 20 per cent more to buy a company with stable earnings than it did two years ago.
这是当前的迫切问题:据一位投资者估算,他的基金必须支付高出两年前15%或20%的价格,才能买到一家盈利稳定的公司。
Funds prefer to find companies and take time — sometimes years — to size them up and get to know their founders or executives. The new reality is often that, as one partner describes it: “You get a book sent by Goldman Sachs, one dinner with a camera-ready executive team, and then an auction.”
私人股本基金更喜欢物色企业,然后花费时间(有时是几年)对之作出评估和了解其创始人或高管。而如今,一名基金合伙人描述道,新的现实经常是,“你得到高盛(Goldman Sachs)寄来的一本书,跟随时准备拍照的管理团队吃一顿晚餐,然后就是一场拍卖。”
They are not only competing against each other. The most enthusiastic bidders are often companies in the same industry that can obtain cost savings by integrating a smaller rival. Pension funds are also getting in on the act by co-investing with private equity funds, and sometimes investing directly.
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