凱雷聯(lián)合創(chuàng)始人：私募股權(quán)已經(jīng)復(fù)興
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????凱雷集團(tuán)（The Carlyle Group）聯(lián)合創(chuàng)始人大衛(wèi)?魯本斯坦認(rèn)為，如今的私募股權(quán)行業(yè)要比大蕭條之前更加繁榮。 ????魯本斯坦在柏林舉行的超級(jí)回報(bào)國(guó)際會(huì)議（SuperReturn International）上演講時(shí)表示，雷曼兄弟（Lehman Brothers）破產(chǎn)之后，私募股權(quán)曾面臨多種嚴(yán)重的威脅，不僅籌資量和交易量出現(xiàn)了巨幅下滑，而且限制性監(jiān)管法規(guī)的出臺(tái)、私募股權(quán)公司的破產(chǎn)以及有限責(zé)任合伙人難以做出資本承諾的現(xiàn)象也會(huì)成為可能。 ????魯本斯坦說(shuō)，雖然籌資和交易的特征有所改變，但是它們已在很大程度上得到了恢復(fù)。例如，越來(lái)越多的主權(quán)財(cái)富基金和個(gè)人投資者參與到了有限合伙人領(lǐng)域。如今，私募股權(quán)交易的股權(quán)承諾規(guī)模比以往更大。一些會(huì)議發(fā)言人認(rèn)為，當(dāng)前信貸市場(chǎng)的泡沫已回到了2006年或2007年的水平，他對(duì)此表示反對(duì)。 ????他還說(shuō)，大多數(shù)顧慮都沒(méi)有變成現(xiàn)實(shí)。監(jiān)管機(jī)構(gòu)從來(lái)沒(méi)有把私募股權(quán)看成是一種體系風(fēng)險(xiǎn)，而且私募股權(quán)行業(yè)的主要公司也都健在。只有少數(shù)有限合伙人出現(xiàn)了違約，而且基于私募股權(quán)的業(yè)務(wù)出現(xiàn)違約的現(xiàn)象要比基于非私募股權(quán)的業(yè)務(wù)少得多。 ????魯本斯坦說(shuō)，私募股權(quán)這種已經(jīng)得到證實(shí)的適應(yīng)性讓投資者對(duì)這個(gè)行業(yè)產(chǎn)生了更大的信心，也讓私募股權(quán)基金和投資者的合作越來(lái)越緊密?；旧?，熬過(guò)絕境的人會(huì)變得更加強(qiáng)大。 ????魯本斯坦總結(jié)說(shuō)：“對(duì)于私募股權(quán)來(lái)說(shuō)，最重要的事情在于，私募股權(quán)的回報(bào)超過(guò)了其他所有現(xiàn)有投資類(lèi)別的回報(bào)，而且我認(rèn)為這一局面仍將繼續(xù)。”（財(cái)富中文網(wǎng)） |
????David Rubeinstein, co-founder of The Carlyle Group (CG), believes that the private equity industry is stronger today than before the Great Recession. ????Speaking at the SuperReturn International conference in Berlin, Rubenstein argued that private equity faced several serious threats in the wake of the Lehman Brothers collapse. Not only massive decreases in fundraising and deal-making, but also the possibilities of debilitating regulation, PE firm collapses and limited partners failing to meet capital commitments. ????But both fundraising and deal-making have largely recovered, Rubenstein said, although the characteristics of each has shifted. The limited partner universe, for example, now includes much more participation from sovereign wealth funds and individual investors. Private equity deals now include larger equity commitments than in the past, and he rejected the argument of other conference speakers that credit markets are as frothy as they were back in 2006 or 2007. ????Most of those other concerns, he added, failed to materialize. Regulators never seemed to deem private equity to be a systemic risk, while none of the industry's major players went out of business. Only a small handful of LP defaults were reported, and defaults of PE-backed businesses came at a much lower rate than for non-PE-backed businesses. ????Such proven resiliency, Rubenstein said, has resulted in greater faith in private equity and better alignment between private equity funds and their investors. Basically, what doesn't kill you makes you stronger. ????"The most important thing about private equity is that private equity returns still outpace all other readily available investment classes, and I think that will continue," Rubenstein concluded. |
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