Search
Hermes Volkswagen British Energy WalMart Celgene6 per cent in 2005 its profits grew by 70 in a yearThe Bank has published yesterday a net loss of 23While Insee provides a rise in the unemployment rate of 7More issue of expansion to everything goesAs the benefits go far beyond the fundingProbably more than the situation warrantsIt is now the practitioners take the penIts truth is to search for the fountain in Molière4 of the population in France is unlikelyIf banks have closed the tap since the collapse of the financial crisis, institutional investors, they continue to agree the treasures of war of the Fund (see also pages 2-3). "They know that a strategy of" stop and go "is not winning and that their exposure to the non-coté must build in the long term", explains Sonia Trocmé, co-founder and Chief Executive Officer of Global Private Equity investment.
In the "private equity" allocation indeed presents a double benefit for the investor: it allows him to diversify risks in a portfolio and to provide a differential positive earnings from other classes of assets, as market shares. So, subscribers are not all-out; they prefer even a handful of segments. List is the mezzanine: "in the current environment, it presents an attractive couple risk-profitability for investors, explains David Hoppenot, associated with the"mezzaneur"Capzanine.". A portion of earnings namely paid and capitalized interest is forecast and is therefore not dependent on the evolution of the development of society.
For eighteen months, the reversal, also, made recipe. Crumbling under the weight of the debt, the first LBO in difficulty are talking about them. By mirror effect, the "buy-out" industry harvest less votes than in the past: in the first half of 2008, she brought together 21 less than the end of June 2007, or $ 108 billion worldwide, according to the Private Equity Intelligence indicator.
Appetite for the redemption of debt
According a study conducted by Almeida Capital with 170 subscribers, last spring, are management teams dedicated to the LBO of small and medium size should be larger containers of money to come. It must be said that those involved on the top of the market are actually abused so emerging competition from sovereign wealth funds (see below). While the bank debt being rare, they finance their operations with more capital. But this will not be enough to put all their money to work. Result: they must find new investment opportunities.
While some opt for a foray to the rated sphere or development capital, others are positioned on the redemption of debt, that they are brought by their interests as the operation led by KKR and Permira on the German audiovisual operator ProSiebenSat.1 Media for EUR 100 million, in September last or discounted in the secondary market. Thus, the Fund of origin British 3i has an envelope of EUR 800 million to buy back, opportunistically, décotées debts. Following the same logic, the IDI target firms which the haircuts are related to inefficiencies of market and non-structural problems which underpin a high probability of default.
Redemptions shares of funds, portfolios or lines secondary should also multiply. "The collapse of the rated values mechanically increases exposure to the"private equity"institutional." "Some of them have reached their limits of allowance had conduct of re-identification of thresholds", summarizes Sonia Trocmé. Among the hundreds of subscribers surveyed by the paste Capital Fund, in a survey published in July, a quarter had transferred assets in high school and more than a third in had acquired in the second half of last year. A trend that would continue: the investment capital will be less profitable in the future, because detention times will increase and decrease leverage. At the end of 2007, the French Association of investors in capital (Afic) estimated that the net TRI of the profession since the original was 14.7 in France.
