Private Equity

Eleonora CalzavaraThe Global Financial System and the Credit Crisis Zurich, 1stApril 2009University of ZurichPrivate EquityAgenda:1.What is Private Equity?2.History of Private Equity3.Charts4.Investments in Private Equity5.Structure of a generic Private Equity Fund6.Private Equity Investments6.1Leveraged Buyout6.2Venture Capital6.3Growth Capital6.4Distressed and Special Situations6.5Mezzanine Capital6.6Secondaries7.Other Strategies8.Liquidity in the Private Equity Market9.Typical Risks10.Private Equity FirmsWhat is Private Equity?Private Equity is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange.Investments in Private Equity can be investment of capital into an operating company or the acquisition of the company.Capitals for Private Equity are given for a large part from Institutional Investors.This kind of investments need a long time-horizon, usually 10-15 years.There a lot of type of Private Equity and the term Private Equity has different type of connotations among different counties. Usually returns in the first years are very low because there will bea liquidity return later when the company that is the objective ofthe investment will be sold.History of Private Equity(1)The beginning of Private Equity rises again in 1946 with two venture capital firms in the USA:⏹American Research and Development Corporation (ARDC)⏹J.H. Whitney & CompanyARDC was founded by Georges Doriot with capital raised from institutional investors to encourage private sector investments in businesses run by soldiers who were returning from World War II. The investment in Digital Equipment Corporation (DEC) is its most important investment because the initial price was70.000$ in 1957 and in 1968 after the company’s initial pubblicoffering it was valued at over $355 million.History of Private Equity(2)J.H. Whitney & Company was founded by John Whitney in 1946 after the World War II to finance entrepreneurs with business plans who were unwelcome at banks. Its most important investment was in Florida Foods Corporation which developed an innovative method for delivering nutrition to American soldiers that was called Minute Maid orange juice and was sold to the Coca-Cola Company in 1960.Chart on European PrivateEquityThis chart describes the development of Private Equity in Europe:Source: CMBOREurope=Austria, Belgium, Denmark, France, Finland, Germany, Ireland (Eire), Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK.The last column regards the first half of 2008.Investments in Private Equity(1)Institutional Investors provide private equity capital because they hope to achieve risk adjust returns that are higher that the possible that they can obtained in the public equity markets. Most institutional investors don’t invest directly in privately held companies but they invest through a private equity fund. In some cases the institutional investors develop a Private Equity Fund.Investments in Private Equity(2)Usually Private Equity Firms receive a return in one of this way:⏹Initial Public Offering (IPO): when shares are offered to themarket the financial sponsor as the public market have animmediately return.⏹Merger or Acquisition: the company is sold for either cash orshares in another company.⏹Recapitalization: cash is distributed to the shareholders and itsprivate equity funds either from cash flow generated by thecompany or through raising debt or other securities to fund the distribution.Structure of a generic Private Equity Fund:Private Equity Investments(1)Private Equity Investments can be:⏹Leveraged Buyout⏹Venture Capital⏹Growth Capital⏹Distressed and Special Situations⏹Mezzanine Capital⏹SecondariesLeveraged Buyout(1):It is a strategy of making Equity Investments as part of a transaction in which a company, business unit or business asset is acquired from the current shareholders typically with the use of financial leverage. Usually, the companies involved in these transactions are typically mature and generate operating cash flows.There is usually a financial sponsor agreeing to an acquisition without itself committing all the capital required for the acquisition. Acquisition debt in a LBO is often non-recourse to the financial sponsor and has no claim on other investment managed by the financial sponsor; an LBO is attractive to a fund’s limited partners allowing them the benefits of leverage but greatly limiting the degree of recourse of that leverage.Leveraged Buyout(2):This kind of financing structure leverage benefits to an LBO‘s financial sponsor in two ways:(1)the investor itself only need to provide a fraction of thecapital for the acquisition(2)the returns to the investor will be enhanced (as long as thereturn on asset exceeds the cost of the debt).Venture CapitalVenture Capital are investments made in less mature companies for the launch, early development or expansion of a business. It is made in the most often cases of application of new technology, new marketing concepts and new products that have to be proven.Usually it is sub-divided by the stage of development of the company ranging from early stage capital used for the launch of start-up companies to late stage and growth-capital that is often used to fund expansion of existing business that are generating return but may not be profitable or generating cash flow to fund future growth.Venture capital is most suitable for businesses with large up-front capital requirements which cannot be financed by cheaper alternatives such as debt.Growth CapitalThis strategy is referred to equity investments that in this case are minority investments in relatively mature companies that need capital to expand, restructure operations, enter in new markets or finance a major acquisition without a change of control of the business.Usually companies that use this kind of capital want to finance a transformation in their lifecycle.Another typical target for the use of growth capital is restructuring of a company’s balance sheet in order to reduce the amount the leverage.Distressed and SpecialSituationsThis kind of investment is a big category referring to investments in equity or debt securities of financially stressed companies.The distressed category encompasses also these two sub-strategy:⏹“Distressed-to-Control" or "Loan-to-Own" strategies where theinvestor acquires debt securities in the hopes of emerging from a corporate restructuring in control of the company's equity ⏹"Special Situations" or "Turnaround" strategies where an investorwill provide debt and equity investments, often "rescue financings"to companies undergoing operational or financial challenges.Mezzanine CapitalMezzanine capital refers to subordinated debt or preferred equity securities that often represent the most junior portion of a company's capital structure that is senior to the company's common equity.SecondariesSecondary investments refer to investments made in existing private equity assets including private equity fund interests or portfolios of direct investments in privately held companies through the purchase of these investments from existing institutional investors.Other Strategies(1):There are other strategies that can be considered Private Equity or a close adjacent market:⏹Infrastructure⏹Energy and Power⏹Merchant BankingOther Strategies(2):Infrastructure:investments in various public works that are made typically as part of a privatization initiative on the part of a government entity.Energy and Power:investments in a big variety of companies engaged in the production and sale of energy, fuel extraction, manufacturing, refining and distribution.Merchant Banking:negotiated private equity investment by financial institutions in the unregistered securities of either privately or publicly held companies.Market(1)The private equity secondary market (also often called private equity secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors. For the vast majority of private equity investments, there is no listed public market.Market(2)Secondary transactions can be generally split into two basic categories:⏹Sale of Limited Partnership Interests: this categoryincludes the sale of an investor's interest in a private equity fund or portfolio of interests in various funds through the transfer of the investor's limited partnership interest in the fund.Nearly all types of private equity funds (e.g., including buyout, growth equity, venture capital, mezzanine, distressed and real estate) can be sold in the secondary market. The transfer of the limited partnership interest typically will allow the investor to receive some liquidity for the funded investments as well as a release from any remaining unfunded obligations to the fund.⏹Sale of Direct Interests: this category refers to the sale ofportfolios of direct investments in operating companies, rather than limited partnership interests in investment funds. These portfolios historically have originated from either corporate development programs or large financial institutions.Typical Risks(1)⏹Excessive Leverage: the amount of credit that lenders arewilling to extend on private equity transactions has risensubstantially. This lending may not be entirely prudent. Given current leverage levels and recent developments in the credit cycle, the default of a large private equity backed company seems inevitable.⏹Unclear ownership of the economic risk: the duration andpotential impact of any credit event may be exacerbated by operational issues which make it difficult to identify whoultimately owns the economic risk associated with a leveraged buyout and how these owners will react in a crisis.Typical Risks(2)⏹Reduction in overall capital market efficiency:the quality, sizeand depth of the public markets may be damaged by the expansion of the private equity market. An increasing proportion of companies with growth potential are being taken private and fewer private companies are going public.⏹Market Abuse:the significant flow of price sensitive informationin relation to private equity transactions creates considerable potential for market abuse. The involvement of participants in both public and private markets and the development of related products traded in different markets, e.g. CDS (Credit Default Swaps) on leveraged loans, increases the potential for abuse.Typical Risks(3)⏹Conflicts of Interest:material conflicts arise in private equityfund management between the responsibilities the fund manager has to itself (including its owners/staff), the investors in the separate funds/share classes it manages and the companies owned by the funds.⏹Market Access Constraints:retail investors currently only havelimited access to the private market via venture capital trusts (which offer access to arguably the riskiest part of the market) and a small number of private equity investment trusts. This enhances the perceived complexity and reduces the internal rate of return associated with private equity investing.Typical Risks(4)Market Opacity:although transparency to existing investors is extensive, transparency to the wider market is limited and is subject to significant variation in methodology (e.g. for valuation, fee disclosure etc) and format. This makes relative performance assessment and comparison complex, which may deter investment by various professional investors who may not be comfortable interpreting the information.Private Equity Firms:According to an updated 2008 ranking created by industry magazine Private Equity International, the largest private equity firm in the world today is The Carlyle Group, based on the amount of private equity direct-investment capital raised over a five-year window. As ranked in this article, the 10 largest private equity firms in the world are:⏹The Carlyle Group⏹Goldman Sachs Principal Investment Area⏹TPG⏹Kohlberg Kravis Roberts⏹CVC Capital Partners⏹Apollo Management⏹Bain Capital⏹Permira⏹Apax PartnersThe Blackstone Group。

私募股权分类一、什么是私募股权私募股权（Private Equity）是指以非公开方式募集资金，投资于未上市公司的一种投资方式。

私募股权投资主要包括天使投资、风险投资和成长期投资等。

二、私募股权的分类私募股权可以按照不同的标准进行分类，以下是几种常见的分类方式：2.1 按投资阶段分类私募股权投资按照投资的不同阶段可以分为天使投资、初创期投资、成长期投资和回报期投资等。

2.1.1 天使投资天使投资是指投资者在创业公司刚刚开始筹备阶段就进行的投资，通常由个人投资者或天使投资基金提供资金支持。

天使投资的风险相对较高，但投资回报也有可能非常可观。

2.1.2 初创期投资初创期投资是指投资者在创业公司已经具有初步市场验证和商业模式的阶段进行的投资。

此时，创业公司需要资金支持进行产品开发、市场拓展等。

初创期投资相对于天使投资来说，风险较低，但回报潜力也有限。

2.1.3 成长期投资成长期投资是指投资者在创业公司已经进入市场成熟阶段，具备稳定收入和盈利能力的阶段进行的投资。

此时，创业公司需要资金支持进行规模扩张、市场份额提升等。

成长期投资的风险相对较低，回报潜力也较大。

2.1.4 回报期投资回报期投资是指投资者在创业公司进入成熟期，已经具备高度市场竞争力的阶段进行的投资。

此时，创业公司需要资金支持进行业务整合、并购等。

回报期投资通常以退出机制为目标，即通过股权转让或公司上市等方式获取投资回报。

2.2 按投资对象分类私募股权投资按照投资的不同对象可以分为直接投资和间接投资等。

2.2.1 直接投资直接投资是指投资者直接投资于创业公司，成为其股权的持有者。

投资者在直接投资时，通常需要对创业公司进行尽职调查、进行谈判并签订股权投资协议等。

直接投资通常需要更多的专业知识和经验。

2.2.2 间接投资间接投资是指投资者通过基金等中介机构进行投资，由中介机构管理和操作投资事务。

投资者在间接投资时，通常需要购买私募股权基金的份额，由基金经理进行投资决策和管理。

以下是股权融资中常用的24个英文术语：Equity：股本，公司所有者拥有的资产。

Stock：股票，代表公司的一部分所有权。

Shares：股份，股票的一部分，代表公司的一部分所有权。

Board of Directors：董事会，公司的最高决策机构，由股东选举产生。

Shareholder：股东，持有公司股票的人。

Management：管理层，负责公司的日常运营和决策。

Initial Public Offering (IPO)：首次公开募股，公司首次向公众出售股票。

Secondary Offering：二次发行，公司在首次公开募股后再次向公众出售股票。

Private Equity (PE)：私募股权，非公开交易的股权投资。

Venture Capital (VC)：风险投资，提供给初创企业的股权投资。

11.天使投资人（Angel Investor）：提供种子期资金的人，通常是个人投资者。

12.兼并（Merger）：两家或多家公司合并为一个新的公司。

收购（Acquisition）：一家公司购买另一家公司的全部或部分股权。

反收购（Anti-Takeover）：公司采取措施防止被其他公司收购。

股权稀释（Equity Dilution）：由于新发行股票或其他方式导致现有股东所持股份比例下降。

估值（Valuation）：对公司的价值进行评估。

优先股（Preferred Stock）：具有特殊权利的股票，通常在分红和投票方面优于普通股。

可转债（Convertible Bonds）：可以转换为股票的债券。

尽职调查（Due Diligence）：在交易前对潜在投资目标进行详细的调查和分析。

路演（Roadshow）：向投资者展示公司或产品的推广活动。

招股说明书（Prospectus）：包含公司详细信息的文件，用于吸引投资者购买股票。

基石投资者（Cornerstone Investors）：在首次公开募股中承诺购买大量股票的投资者。

Unit 13The Business of Making MoneyExercises1. Questions on the text:1)What are the latest developments in private equity in recent yearsCompared to the 1980s, the targets of today’s private equity groups are much bigger in size. In recent years, the private equity industry has raised record money and its share of mergers and acquisitions has grown massively. The industry has also become a byword for money-making skills but its wealth has also brought many enemies.2)According to the article, what are the main inconveniences for a company to bea publicly quoted companyThe main inconveniences for a publicly quoted company include: its executives have to face intrusive media coverage; it has to obey strict and long corporate-governance codes; it also has to face the threats of activist investors and short sellers and the scrutiny by some politicians.3)What are the main reasons for a company to get listed on a stockmarketTraditionally there are three main reasons to get a company’s share listed on a stockmarket. The first is to raise capital, either to expand the business or to allow the founders to realise their wealth. The second is to help retain staff, who can be offered share options as an incentive to stay and work hard. The third involves prestige; customers, suppliers and potential employees may be reassured (and attracted) by the apparent seal of approval given by a public listing. Meanwhile, being publicly listed gives a company better access to fund investors and retail investors.4)Why are companies in the Anglo-Saxon economies reluctant to borrow frombanksCompanies in the Anglo-Saxon economies were reluctant to borrow from banks because their often felt nervous about the possibility of the sudden withdrawal of credit from the banks, due to a change in lending policy, new management or an economic downturn.5)According to the article, what are the main sources for today’s companies toraise money (including equity capital and debt)Nowadays the main sources for companies to raise money are: first, equity market; second, banks, though much less important than they used to be; third, bond market; fourth, private equity.6)How do private-equity firms respond to the problems identified by ProfessorJensen with regard to public companiesProfessor Jensen argued that the structure of a public company creates an inherent conflict between investors and the managers they hire to run the business, particularly with regard to the use of free cash flow. He also arguedthat borrowing imposed discipline on executives. Private-equity firms have applied his argument in practice by gearing up the balance sheets of companies they buy with more debt than public firms are willing to accept. Though private equity firms, in the process, often have a bad reputation for relentlessly cutting unprofitable operations and shedding jobs, academic studies suggest that they create jobs rather than destroy them.7)What are the similarities and differences between today’s private-equity firmsand the conglomerates of the 1970s and 1980sSimilarities between today’s private-equity firms and the conglomerates of the 1970s and 1980s are: first, both of them use their financial power to construct diverse industrial empires; second, both claim that they could improve the companies they owned through superior management. The differences are: first, the conglomerates used highly rated shares to buy companies while private-equity firms use borrowed money; second, the conglomerates used to make ever-bigger acquisitions continuously to expand while private-equity firms claim to sell regularly their portfolio companies or business for profit.8)What make it impossible for the private-equity model to become the norm forcompaniesThere are several reasons: first, what might be logical for an individual company might not be best for the economy overall. If all companies were to substitute debt for equity on the scale that private-equity firms have, there would be an increase in the cost of debt. That would lead to lower equity returns; second, since private-equity firms need an exit route to sell their investments, a public market will be needed in the end for someone to realise their profit; third, a bigger role for private equity might make the economy more vulnerable because in a world where most companies carried private-equity-style debt levels, companies would be much more vulnerable and recessions might become much more frequent and consequently monetary policy would become more difficult, and even government revenues might be affected.9)According to the article, what factors have helped the development ofprivate-equity firms since 2003Those factors are: low interest rates, lots of liquidity and rising asset prices10)What are the signs showing that private-equity firms may now face the peak ofthe cycleThose signs are: first, bond yields have been rising, making takeovers more expensive; second, the high level of corporate profits suggests that it could be difficult for private-equity firms to wring more money out of these companies;third, the relentless campaign against private-equity tax privileges may lead to government actions against the interests of private-equity firms; last, more and more private-equity deals often leads to more competition and thus lower returns.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1)The journey usually takes six weeks but you should allow for delays caused bybad weather.2) A popular bicycle rental scheme in Paris that has transformed travel in the cityhas run into problems just 18 months after its successful launch.3)China’s import as a proportion of total trade has substantially increased inrecent years as it’s been pursuing a more balanced trade.4) A growing pile of evidence shows that skimping on sleep promotes weight gain.5)Such a move would put the bank in danger of going bust.6)We have turned down four applicants already.7)When you're cooking, you should keep all the ingredients close at hand.8)She wrote to him in the belief that he would help her.9)Dr. Cong will continue to lead the company as its CEO and hold a stake in it forthree years.10)A lot of questions were being asked at the conference today and surprisingly theofficials answered them in spades.11)In the absence of outside leadership, we have created these guidelines in orderto respond timely and effectively.12)With the joining of South Africa, the Bric club of influential emerging economiesis now in pursuit of a common market among them.3. Match the terms in column A with the explanations in column B:A B1) corporate governance a) An investor who attempts to force a corporation tomake changes in management, board structure,investment policies, use of retained earnings, orother practices, often by introducing shareholderproposals or putting forward alternative directors.62) bridge financing b) An interest group that endeavors to influencepublic policy and especially governmentallegislation, regarding its particular concerns andpriorities. 83) trade union c) A privilege, sold by one party to another, thatgives the buyer the right, but not the obligation, tobuy or sell a stock at an agreed-upon price withinacertain period or on a specific date. 104) stakeholder d) A method of financing, used by companies beforetheir IPO, to obtain necessary cash for themaintenance of operations. 25) short seller e) The set of processes, customs, policies, laws, andinstitutions affecting the way a corporation (orcompany) is directed, administered or controlled.16) activist investor f) A n organization of workers that have bandedtogether to achieve common goals such as higherwages or better working conditions. 37) venture capital g) The process of buying an undervalued companywith the intent to sell off its assets for a profit. 9 8) pressure group h) An investor who sells a commodity, currency, orsecurity which he or she does not own at the timeof sale. 59) asset stripping i) Money provided by investors to startup firms andsmall businesses with perceived long-term growthpotential. 710) stock option j) Person, group, or organization that has direct orindirect stake in an organization because it canaffect or be affected by the organization's actions,objectives, and policies. 44.Translate the following into Chinese:出于几个原因，上市的前景对私募股权投资公司而言具有相当的吸引力。

1、天使投资：指早期投资，尤其指个人早期投资。

2、VC：Venture Capital，所谓风险投资、创业投资，是相对靠前的非公开市场股权投资。

（就是紫金科创或者紫金科贷）3、PE：Private Equity，所谓私募资本、非公开市场资本，既是私募股权投资的统称，又特指相对靠后的股权投资。

（这是你要做好准备的）4、A轮和B轮：A轮就是第一次融资，这时候企业首次接受外部机构投资，B轮投资就是第二轮投资，这时候A轮的投资这也可以跟投或者放弃。

（有点类似紫金科创的投资，但是，规模更大可能是多家机构联合向你投资）风险投资（venture capital）简称是VC在我国是一个约定俗成的具有特定内涵的概念，其实把它翻译成创业投资更为妥当。

广义的风险投资泛指一切具有高风险、高潜在收益的投资；狭义的风险投资是指以高新技术为基础，生产与经营技术密集型产品的投资。

根据美国全美风险投资协会的定义，风险投资是由职业金融家投入到新兴的、迅速发展的、具有巨大竞争潜力的企业中一种权益资本。

从投资行为的角度来讲，风险投资是把资本投向蕴藏着失败风险的高新技术及其产品的研究开发领域，旨在促使高新技术成果尽快商品化、产业化，以取得高资本收益的一种投资过程。

从运作方式来看，是指由专业化人才管理下的投资中介向特别具有潜能的高新技术企业投入风险资本的过程，也是协调风险投资家、技术专家、投资者的关系，利益共享，风险共担的一种投资方式。

【风险投资的运作方式】风险投资一般采取风险投资基金的方式运作。

风险投资基金在法律结构是采取有限合伙的形式，而风险投资公司则作为普通合伙人管理该基金的投资运作，并获得相应报酬。

在美国采取有限合伙制的风险投资基金，可以获得税收上的优惠，政府也通过这种方式鼓励风险投资的发展。

【风险投资的六要素】风险资本、风险投资人、投资对象、投资期限、投资目的和投资方式构成了风险投资的六要素。

一、风险资本风险资本是指由专业投资人提供的快速成长并且具有很大升值潜力的新兴公司的一种资本。

⏹在欧洲，银行/养老基金/保险是PE重要资金来源⏹在美国，养老基金/个人/捐赠基金是PE重要资金来源6美国PE基金占据了该行业绝大多数的投资在美国之外的国家地区，则收到很少的投资7VC、PE比对分析类型投资行业投资阶段投资规模投资期限风险及收益多投资于新兴初创期的企较小，几百风险高、收VC 及高科技行业业万到几千万4－8年益也高多投资于高成成长期和即较大，几千风险相对低、PE长的传统行业将上市的企业万到数十亿3－7年收益也相应较低VC选择的行业面较窄，所能容纳的资金体量有限，高风险高收益；反之，PE对行业的选择面较广，容纳资金体量巨大，风险与收益都相对比较低。

本质区别：VC投资的对象其实就是“创新”。

是那些对已有成熟行业（技术或经营模式）可能带来成功挑战的“创新”。

而PE则是通过促进成长型企业和成熟型企业的效率提升来实现价值-8-增长。

效率提升包含结构效率（产业层面）和运营效率（公司层面），前者多涉及并购整合，后者则在企业内部经营范畴内完成。

相对于VC，PE投资回报更加稳健，所能容纳的资本和事业空间越大。

成长资本、并购资本、PRE-IPO比对分析狭义PE（尤其在国内）包含成长资本、并购资本和PRE-IPO资本。

类型企业阶段阶段投资规模投后管理投资期限风险及收益成长资本成长期企业4－8年并购资本上市及非上市企业均可3—7年PRE-IPO即将上市企业基本不用1－2年由于PRE-IPO更多地和知名投行、券商直投、产业型基金以及具有政府背景的某些PE机构结合更紧密，一般的PE机构很难将其作为投资重心来经营。

成长资本和并购资本是普通PE最为关注的领域。

二者最大的区别是对经营管理的涉入程度。

成长资本通常都不要求控盘，主要依赖企业本身的成长性来实现增值，即，主要在运营层面提升效率；而并购资本基本都要求控制权，主要通过结构效率的提升来实现企业价值增长，一般会涉及大量的资产重组，-9-并购整合等经营动作。

因此，在对投资者眼光及能力的考验上，后者要求更高。

金斧子财富： 私募股权基金是什么意思？
通俗版本：所谓私募股权基金，一般是等于PE+VC的综合体；是指从事非上市公司股权投资的基金。

目前我国的私募股权基金已有很多，包括阳光私募股权基金等等。

专业版本：私募股权投资基金又称“私人股权”（Private Equity），即企业非公开发行和交易股权的投资基金。

私人股权包括未上市企业和上市企业非公开发行和交易的普通股、依法可转换为普通股的优先股和可转换债券。

私募股权基金是怎么运作的？
股权投资基金运作的四个阶段与普通私募基金类似，包括募资、投资、管理和退出。

股权投资基金主要风险即在于退出阶段的特殊性，从投资者流向股权投资基金，经过基金管理人的投资决策流入被投资企业。

待企业经过一定时期的发展之后，选择合适的时机再从被投资企业退出，这里的合适时机就是企业下一轮融资到位或者直接上市，而对于创业公司，这些都具有不确定性。

金斧子财富：
只不过相较于天使投资与风险投资而言，PE的进入阶段靠后，企业的运转已经有一段时间，经受了市场的考验，风险相对较小。

私募股权基金有什么特点？
私募股权投资基金一般具有投资期限长、流动性较差，投后管理投入资源较多，专业性较强，投资收益回报巨大的特点。

在中国的三次互联网浪潮中，凭借股权投资而一跃成为千万、亿万富豪的人很多。

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证券行业研究之：KKR和私募股权（private equity)上篇查看原图一、KKR简介KKR&Co.($KKR(KKR)$) 全称Kohlberg Kravis Roberts & Company，是一家全球性的私募股权公司，总部在纽约。

公司成立以来完成了超过4000亿美元的私募股权交易，是杠杆收购(Leveraged Buyout)领域的佼佼者。

KKR于1976年成立。

K,K,和R分别是三个创始人,Jerome Kohlberg, Henry Kravis和George Roberts的姓氏缩写。

三人在创业前是Bear Stearns的同事，一起完成了几笔杠杆收购的交易。

Henry Kravis和George Roberts是一对表兄弟，他们也是本文作者在克莱蒙特盟校(Claremont Colleges)的校友。

Kohlberg在1985年由于健康原因离开KKR一年，等他重新回到公司后，发现Kravis和Roberts已经将公司战略做了很大的改变，偏离了自己最初的设想。

比方说，Kohlberg是非常反对恶意收购（hostile takover）的，但当时KKR 却在酝酿几笔此类交易。

于是，在1987年Kohlberg辞职，自己开创了Kohlberg&Co。

KKR完成的历史性的交易包括1989年杠杆收购RJR Nabisco（当时历史上金额最大的收购）以及2007年收购TXU（迄今为止金额最大的收购）。

自从1977年以来，KKR完成了超过160家公司的投资收购。

二、私募股权商业模式金融收购者vs.策略收购者公司收购者中最主要的两类是金融收购者和策略收购者。

两者有很大的不同。

策略收购者往往和被收购的公司在相关或同一行业运作。

通过购买公司产生协同作用(synergy)而获利。

策略收购者通常的收购模式有横向收购和纵向收购。

横向收购指的是收购类似的公司，即竞争者。

这样的合并可能降低单元成本，大幅增加市场占有率，以及专利技术更有效的利用。