外文翻譯-----私募股權(quán)投資

1、<p>　　本科畢業(yè)論文外文原文</p><p>　　外文題目： Private Equity </p><p>　　出 處：Investment Banking,2010:19-43,DOI:10.1007/978-3-540-937 65-4-2

2、 </p><p>　　作 者： Professor Giuliano Iannotta </p><p><b>　　原 文：</b></p><p>　　1. Introduction</p><p>　　One may wo

3、nder why a book about investment banking includes a chapter on private equity.</p><p>　　I can provide two different answers. First, private equity funds are increasingly important clients of investment banks

4、. Fruhan (2006) reports that private equity firms account for about 25% of total revenues for major investment banks. In 2005 about 20% of total US M&As volume was related to private equity. In Germany the percentage

5、 was even higher (about 35%). In the 2001–2006 period out of the 701 US IPOs about 70% were private equity backed. Second, investment banks are increasingly importan</p><p>　　This chapter aims at analyzing t

6、he main technical aspects of the private equity business. The chapter proceeds as follows. Section 2.2 provides a classification of the private equity activity. Section 2.3 analyzes the agreement between the investors, w

7、ho put the money, and the professionals who manage that money. Section 2.4 describes how to measure the performance of private equity funds. Section 2.5 summarizes the main features of the term sheet that regulate privat

8、e equity investments. Sectio</p><p>　　Definitions </p><p>　　Within the private equity industry it is possible to classify two main areas: (a)venture capital (VC) and (b) buy-out.</p><

9、;p>　　The key feature defining VC is expected rapid “internal growth” of the backed companies: that is proceeds are used to build new business, not to acquire existing business. The VC industry can be further broken do

10、wn into: (a) early-stage, (b) expansion-stage, and (c) late-stage.</p><p>　　Early-stage investments include everything through the initial commercialization of a product. A company might not even be existent

11、 yet. Within the early stage two kinds of investments are usually identified: (a) seed investments through which a small amount of capital is provided to prove a concept and to qualify for start-up financing; (b) start-u

12、p investments, aimed at completing the product development, market studies, assembling key management, developing a business plan. Truly early stage </p><p>　　Buy-out investing is the largest category of pri

13、vate equity in term of funds under management. Buy-out investors pursue a variety of strategies, but the key feature is that they almost always take the majority of their companies. In contrast VCs usually take minority

14、stakes. In large buy-outs of public companies investors usually put up an equity stake and borrow the rest from banks and public markets, hence the term leveraged buyout (LBO). Most buy-outs firms are engaged in purchasi

15、ng “middle-m</p><p>　　Notice that there is a definitional difference between Europe and the US. In the US the term venture capital refers to all kind of professionally-managed equity investments in growth fi

16、rms. In Europe the term venture capital tends to indicate just early and expansion investments.</p><p>　　Also note that the private equity activity is often overlapping with hedge fund activity. Hedge funds

17、are flexible investing vehicles that share many characteristics of private equity funds. The main difference is that hedge funds tend to invest in public securities. Moreover, in contrast to other pooled investment vehic

18、les, hedge funds make extensive use of short-selling, leverage, and derivatives. The greatest overlap with private equity is on the buy-out area, in particular distress investmen</p><p>　　The Agreement</p

19、><p>　　Most private equity funds are organized as limited partnership sponsored by a private equity firm. Private equity firms are small organizations (averaging ten professionals) who serve as the general part

20、ners (GPs) for the private equity fund. A fund is a limited partnership with a finite lifetime (usually 10 years). The limited partners (LPs) of the fund are the investors (pension funds, banks, endowments, high-net-wort

21、h-individuals, etc.). When a fund is raised the LPs promise to provide a give</p><p>　　3.1 Management Fee</p><p>　　The typical arrangement is for LPs to pay a given percentage of committed capit

22、al every year, most commonly 2%. Sometimes the fee is constant over time, sometimes it drops after the first five years. Lifetime fees are the sum of the annual management fees for the life of the fund. The investment ca

23、pital is the committed capital less the lifetime fees. An example might be of help. Consider a fund with committed capital equal to?100 ml and 2% management fee for all the 10 year life of the fund. Th</p><p&g

24、t;　　The industry-standard practice is to compute the management fee on committed capital, but there is also another method. First, let’s define the difference between realized and unrealized investments: the former are t

25、hose investments that have been exited (or those in companies that have been shut down), while the latter are those investments that have not yet been exited in companies that still exist. The cost basis of an investment

26、 is the value of the original investment. The invested capital i</p><p>　　Notice that the management fee usually does not cover all operating expenses. Moreover contracts allow reinvestment rights, subject t

27、o given requirements (e.g., the original investment has been exited within 1 year). When reinvestment does occur, the sum of investment capital and lifetime fees would be greater than committed capital.</p><p&

28、gt;　　3.2 Carried Interest (Carry)</p><p>　　The basic idea is simple: if the committed capital is ?100 ml and total exit proceeds are ?200 ml, the total profit is ?100 ml. A 20% carried interest would produce

29、 ?20 ml. The standard carried interest is indeed 20%. There are many variations of the basic story. </p><p>　　Carried interest basis: It is the threshold that must be exceeded before the GPs can claim a prof

30、its: the majority of funds use the committed capital, but sometimes the investment capital is used. Consider two different carried interest structures for a ?100 ml. fund. Both structures have management fee of 2% per ye

31、ar (on commitment capital) for all ten years. Under structure I, the fund would receive a 20% carry with a basis of all committed capital. Under structure II, the GPs would receive a </p><p>　　Timing: The po

32、rtion of committed capital that has already been transferred from the LPs to the GPs is called contributed capital. Many funds require the return of (at least a portion of) the contributed before any carried interest can

33、 be returned. Clearly, this timing is more GP-friendly than requiring the return of the whole basis. </p><p>　　Hurdle return: Sometimes a given rate of return is promised to the LPs before the GPs can get th

34、e carried interest. This rate is called hurdle return (or priority return). Most hurdle return also have a catch up provision, which provides the GPs with a greater share of the profits once the priority return has been

35、paid and until the preset carry percentage has been reached. Consider a ?100 ml fund with a 20% carry on commitment capital, a priority return of 8%, and a 100% catch-up. Imagine that </p><p>　　Under this ru

36、le all ?108 ml would go to the LPs, satisfying the 8% priority return. On year later the catch up provision implies that the whole ?2 ml would go the GPs, thus receiving the 20% of the profits. The final distribution wou

37、ld be split ?72 ml for the LPs and ?18 ml for the GPs. The presence of a priority return and a catch-up provision affect the timing of the carry, but not the amount. In contrast, the absence of catch up provision would h

38、ave meant that the GP would have received only </p><p>　　Clawback: The early payment of carried interest can cause complications if the fund begins well, but performs poorly afterwards. The refund of carried

39、 interest is accomplished with a contractual provision known as clawback. This provision is complicated by many factors: e.g., the GPs do not have the money (usually there is a guarantee by individual GPs), or specificat

40、ion of whether clawback will be net or gross of taxes already paid by the GPs. Suppose that a ?100 ml fund has a 20% carry with a </p><p><b>　　譯 文：</b></p><p><b>　　私募股權(quán)投資<

41、/b></p><p><b>　　一、引言</b></p><p>　　人們可能不知道為什么一本投資銀行的書包含了私人股本的章節(jié)。我可以提供兩種不同的答案。首先，私募股權(quán)基金是投資銀行日益重要的客戶。Fruhan（2006）報(bào)告說，私人股本占主要投資銀行總收入的25%以上，2005年私人股本占美國(guó)并購(gòu)收入20%。在德國(guó)的比例則更高（約35％）。2001-200

42、6年期間701次美國(guó)上市中有70%進(jìn)行了首次公開發(fā)行私募基金。其次，投資銀行是私募股權(quán)行業(yè)的日益重要的參與者。幾乎所有主要的投資銀行都管理一些私募股本基金。例如，Morrison and Wilhelm (2007)報(bào)告說，高盛比其他私人股本參與者有更多的資本投資于私人股本。這兩個(gè)原因也解釋了人力資源從投資銀行流向私人股本行業(yè)的流動(dòng)性日益增加。</p><p>　　本章旨在分析私人股權(quán)業(yè)務(wù)的主要技術(shù)問題。本章的過

43、程如下。2.2節(jié)提供了一個(gè)私人股本活動(dòng)分類。2.3節(jié)分析了提供資金的投資者和管理資金的專業(yè)人士之間的協(xié)議。2.4節(jié)介紹了如何衡量私募基金的業(yè)績(jī)。2.5節(jié)總結(jié)了長(zhǎng)期負(fù)債表的主要特點(diǎn)以規(guī)范私人股權(quán)投資。第2.6和2.7節(jié)說明估價(jià)方式用于私人股本專業(yè)人士來決定他們的投資方法。第2.8節(jié)是結(jié)論。</p><p><b>　　二、定義</b></p><p>　　私人股本行業(yè)可

44、能分成兩個(gè)主要領(lǐng)域：（一）風(fēng)險(xiǎn)資本（VC）和（二）買斷。</p><p>　　界定風(fēng)險(xiǎn)投資的主要特點(diǎn)是迅速地預(yù)期備份公司的“內(nèi)部增長(zhǎng)”：即所得款項(xiàng)用于建立新的業(yè)務(wù)，而不是收購(gòu)現(xiàn)有業(yè)務(wù)。風(fēng)險(xiǎn)投資行業(yè)，可以進(jìn)一步細(xì)分為：（一）早期階段，（二）擴(kuò)展階段，以及（三）后期階段。</p><p>　　早期階段的投資，包括一個(gè)產(chǎn)品的初始商品化所通過的一切事物。也許根本就不存在公司。兩種類型的早期投資通常

45、被確定為：（一）種子投資即通過提供的少量資金，以證明一個(gè)概念及可以獲得創(chuàng)業(yè)啟動(dòng)資金;（二）創(chuàng)業(yè)投資，旨在完成目標(biāo)產(chǎn)品開發(fā)，市場(chǎng)研究，組裝密鑰管理，制定商業(yè)計(jì)劃。真正的早期階段的投資資金一般是由“天使”投資，而不是風(fēng)險(xiǎn)資本家。天使是不同于風(fēng)險(xiǎn)資本家的富裕人士，他們用的是自己的錢而且不是正式組織。梅金森（2004）報(bào)告說，低于2％的風(fēng)險(xiǎn)投資是真正的早期階段。固定資產(chǎn)投資膨脹和周轉(zhuǎn)資金。該公司可能獲得利潤(rùn)也可能沒有。最后，在后期階段，應(yīng)達(dá)到相

46、對(duì)穩(wěn)定的增長(zhǎng)。再次，它可能盈利也可能不盈利，但盈利的可能性比以往階段要高。此外，在這個(gè)階段應(yīng)該能水平看見一個(gè)合理的退出。</p><p>　　買斷投資是管理長(zhǎng)期私募股權(quán)基金管理最大的類別。買斷投資者追求各種各樣的戰(zhàn)略，但關(guān)鍵特征是，它們幾乎總是占其公司的大多數(shù)。風(fēng)險(xiǎn)投資公司通常采取與此相反的少數(shù)股權(quán)。上市公司的投資者在大型收購(gòu)中通常提出一個(gè)股權(quán)，從銀行及公共市場(chǎng)借款，因此被稱為長(zhǎng)期杠桿收購(gòu)（杠桿收購(gòu)）。大多數(shù)贖買

47、公司從事采購(gòu)“中間市場(chǎng)”公司。通常買斷公司有穩(wěn)定的現(xiàn)金流量和內(nèi)部增長(zhǎng)潛力有限，雖然這并非總是如此。一些收購(gòu)基金重點(diǎn)在于虧本的公司。</p><p>　　注意，這里是一個(gè)歐洲和美國(guó)之間的定義區(qū)別。在美國(guó)，長(zhǎng)期風(fēng)險(xiǎn)資本是指所有在增長(zhǎng)的公司專業(yè)管理的股權(quán)投資類。在歐洲，長(zhǎng)期風(fēng)險(xiǎn)資本往往只說明早期和擴(kuò)張投資。</p><p>　　還要注意的是，私人股本活動(dòng)經(jīng)常與對(duì)沖基金活動(dòng)重疊。投資對(duì)沖基金是共有

48、私募基金的許多特點(diǎn)靈活的工具。主要的區(qū)別是，對(duì)沖基金往往投資于公共證券。此外，相對(duì)于其他集合投資工具，對(duì)沖基金利用賣空，杠桿和衍生工具廣泛使用。與私人股本最大的重疊就是買斷區(qū)域，特別是風(fēng)險(xiǎn)投資。不過，雖然私募基金往往以增加對(duì)虧本公司的控制權(quán)，重組，并轉(zhuǎn)售，對(duì)沖基金通常通過快速的決策倒賣證券利潤(rùn)的意圖貿(mào)易虧本公司的證券。</p><p><b>　　三、協(xié)議</b></p>&l

49、t;p>　　大多數(shù)私人股權(quán)基金的組織是一個(gè)私人股權(quán)投資公司主辦的有限合伙企業(yè)。私人股權(quán)投資公司是作為普通合伙人的私人股本基金（GPS）的服務(wù)的小機(jī)構(gòu)（平均十個(gè)專業(yè)人員）?；鹗蔷邆溆邢薜膲勖ㄍǔＪ?0年）有限合伙企業(yè)?；鹩邢藓匣锶耍↙PS）即投資者（養(yǎng)老基金，銀行，捐贈(zèng)基金，個(gè)人高凈值等）。當(dāng)基金引發(fā)的有限合伙人承諾以提供一個(gè)給定的資本，無論是在指定時(shí)間內(nèi)或在自由裁量權(quán)下的GP：因資本注入的資本要求，縮編或撤除而聞名。該承諾的

50、資金總額就是所謂承諾資本：一旦籌集承諾資金，基金就關(guān)閉。典型的基金，將動(dòng)用超過其最初五年（投資期或承諾期）的資本。一家成功的私募股權(quán)投資公司將每隔數(shù)年提出一個(gè)新的基金并給連續(xù)的資金編號(hào)。該GP的補(bǔ)償通常分為：（一）管理費(fèi)及（b）附帶權(quán)益（或只是附帶）。</p><p><b>　?。ㄒ唬┕芾碣M(fèi)</b></p><p>　　典型的管理是有限合伙人每年支付一定比例的承諾資

51、本，最常見的2％。有時(shí)費(fèi)用隨著時(shí)間的推移不變化，有時(shí)它第一個(gè)五年內(nèi)會(huì)變動(dòng)。終生費(fèi)用為投資基金的年度總和管理費(fèi)。投資資本是承諾資本較少的終生費(fèi)用。有一個(gè)例子可能會(huì)有幫助。考慮一個(gè)承諾資本等于?100ml和所有10年期基金的管理費(fèi)基金的2%。終身費(fèi)用為?20 ml以及投資資本為?80 ml。因此，基金投資需要獲得至少是終身回報(bào)25％以彌補(bǔ)管理費(fèi)。</p><p>　　行業(yè)標(biāo)準(zhǔn)的做法是對(duì)承諾資金管理費(fèi)進(jìn)行計(jì)算，但也有另

52、一種方法。首先，讓我們定義與實(shí)現(xiàn)及未實(shí)現(xiàn)投資的區(qū)別：前者是指那些已經(jīng)退出（或在公司里已經(jīng)被關(guān)閉）的投資，而后者則是那些尚未被公司退出而仍然存在的投資。投資基本成本是原始投資的價(jià)值。投資資本是作為已部署的投資資金的成本基礎(chǔ)。凈投資資本是在投資資本減去投資基本成本上實(shí)現(xiàn)的。有時(shí)候基本管理費(fèi)變動(dòng)于五年投資期結(jié)束之后的凈投資資本。一旦基金在其發(fā)展過程中的第二階段實(shí)現(xiàn)投資（即投入現(xiàn)金），在這此時(shí)期凈投資資本通常下降?？紤]下面這個(gè)簡(jiǎn)單的例子。假設(shè)一

53、個(gè)?100 ml基金有每年2％的管理費(fèi)用。該費(fèi)用是第一個(gè)5年支付的承諾資金以及在剩下的5年支付的凈投資資本。假設(shè)基金在今年5月底實(shí)現(xiàn)完全投資。鑒于這種構(gòu)造，管理費(fèi)用將等于每個(gè)首5年?2 ml。在今年5月末投資資本將為?90 ml。假設(shè)該基金實(shí)現(xiàn)其余5年的每年投資資本的20％，即每年?18 ml。因此，在今年6月末的凈投資資本為?72 ml以及相應(yīng)的管理費(fèi)為?1.44 ml。在今年七月末，投資資金和管理費(fèi)分別為?54 ml和?1.08 m

54、l，等等。換句話說，管理費(fèi)在頭5年是常量而5年以下就下降。</p><p>　　請(qǐng)注意，管理費(fèi)通常不涵蓋所有營(yíng)運(yùn)開支。此外合同允許再投資的權(quán)利，但須考慮特定的要求（如，原投資已在1年內(nèi)退出）。當(dāng)確實(shí)發(fā)生再投資，投資資本和終身費(fèi)用的總和將比承諾資本更多。</p><p>　?。ǘ└綆?quán)益（包含）</p><p>　　基本的概念很簡(jiǎn)單：如果承諾資本總額為?100 ml

55、和出口收益為?200 ml，利潤(rùn)總額為?100 ml。20％的附帶權(quán)益將產(chǎn)生?20 ml。標(biāo)準(zhǔn)附帶權(quán)益確實(shí)是20％?；厩闆r有很多變化。</p><p>　　附帶權(quán)益的基礎(chǔ)：這是GPs能夠要求利潤(rùn)必須超過的起始點(diǎn)：大部分的資金使用承諾資金，但有時(shí)候使用投資資金。考慮一?100 ml基金兩種不同的附帶權(quán)益的結(jié)構(gòu)。這兩種結(jié)構(gòu)十年內(nèi)都有每年2％的管理費(fèi)用（承諾資本）。在結(jié)構(gòu)一，基金將獲得所有承諾資本基礎(chǔ)</p&g

56、t;<p>　　的20％。在結(jié)構(gòu)二，GPs將會(huì)得到所有投資資金基礎(chǔ)的18％。假設(shè)在基金的整個(gè)發(fā)展過程中所有投資的出口收益總額是?200 ml。在結(jié)構(gòu)一中附帶權(quán)益為20% ?(200–100) =?20 ml。在結(jié)構(gòu)二，終身費(fèi)用為2％*?100ml*10年=?20 ml。因此，投資資本為?80ml。因此，進(jìn)位為18％*（200 - 80）=?21.6 ml。對(duì)于什么樣的出口收益數(shù)額將使這兩種結(jié)構(gòu)產(chǎn)生同樣數(shù)量的附帶權(quán)益？答案是

57、?280 ml（進(jìn)位等于?36 ml）。</p><p>　　定時(shí)：已經(jīng)從 LPs轉(zhuǎn)移到GPs已承諾的那部分資金被稱為實(shí)繳資本。許多基金在附帶權(quán)益收回之前要求實(shí)繳資金的回報(bào)（至少是一部分）。顯然，定時(shí)比規(guī)定的要求全部回報(bào)更好。</p><p>　　障礙回報(bào)：有時(shí)候，一個(gè)給定的回報(bào)率是承諾LPS可以在GPS之前得到附帶權(quán)益。這個(gè)比率是所謂的障礙回報(bào)（或優(yōu)先回報(bào)）。大多數(shù)障礙回報(bào)也有不固定的規(guī)

58、定，是一旦優(yōu)先回報(bào)已支付和直到預(yù)定的比例已達(dá)到，為我們提供了更大份額的利潤(rùn)的GPs?？紤]一個(gè)?100 ml基金，有20％的承諾資金，8％的優(yōu)先回報(bào)，和100％不固定回報(bào)。想象一下，所有承諾資本第一天被提取，并有?200 ml的總出口收入，?108 ml第一投資后未來一年的收益，?2 ml。未來一年后的今天及?90 ml。在這以后未來的一年。</p><p>　　根據(jù)這項(xiàng)規(guī)則的所有?108 ml將要成為L(zhǎng)Ps，滿足

59、8％的優(yōu)先回報(bào)。在一年后，固定規(guī)定意味著全部?2 ml都會(huì)成為GPS，從而獲得利潤(rùn)的20％。最后分配將被分為?72 ml的LPs 和?18 ml的GPS?，F(xiàn)場(chǎng)優(yōu)先回報(bào)和不固定的規(guī)定影響執(zhí)行時(shí)間，但不是數(shù)量。與此相反，在缺少規(guī)定的情況將意味著在GP將只獲得20%* ?(200–108)= ?18.4 ml。 </p><p>　　回?fù)軝C(jī)制：如果基金開始運(yùn)行很好，但后來表現(xiàn)不佳，在早期支付的利息可引起

60、并發(fā)癥。附帶權(quán)益的退還是完成一個(gè)名為回補(bǔ)的合同條款。這項(xiàng)規(guī)定是由許多復(fù)雜的因素構(gòu)成的：例如，GPs 沒有資金（通常個(gè)別GPs 有擔(dān)保），或規(guī)范是否回補(bǔ)將凈賺，或已由GPs繳納稅收總額。假設(shè)一個(gè)?100 ml的基金有20％附帶的所有承諾資本基礎(chǔ)，但允許支付附帶收益只要實(shí)繳資本以返還給LPs。試想，在第三年，實(shí)繳資本為?50 ml，第一出口產(chǎn)品為?60 ml。由于攜帶規(guī)則，該基金將返還第一個(gè)?50 ml。對(duì)于它的LPs，其余?10 ml將被