【龙腾网】钱越多问题越多: 私募股权企业能否化危机为机遇？
正文翻译
Most apparently sound stewards of capital were revealed to be anything but during the 2007-09 financial crisis. Bank bosses were shown to have taken on too much risk. Star hedge-fund managers suffered losses. Nor have the years since then been kind. Banks have been tied up in regulatory knots and returns at hedge funds have been pedestrian at best.
在2007年至2009年的金融危机期间，看似最精明的资本管家原来什么都不是，银行老板承担太大风险，对冲基金的明星经理人损失惨重，自那以后日子没再好过。让银行受到监管成为当务之急，对冲基金充其量收益平平。
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Now another savage recession is in full swing and the performance of pe is a crucial question for investors and the economy. The leveraged companies and debt instruments in pe portfolios are vulnerable and much depends on whether managers can tide these investments over. Meanwhile they have amassed $1.6trn in dry powder that they can deploy on new deals. pe shops’ fate depends on whether the hit to their existing investments is nasty enough to wipe out the potential gains from dealmaking afforded by the crisis.
现在又一波经济衰退全面来袭，对于投资者和经济而言，私募股权企业的业绩是关键。私募股权投资组合中的杠杆企业和债务工具都很脆弱，很大程度上取决于基金经理能否帮助这些投资度过难关。与此同时，私募股权企业手握1.6万亿美元可用于新交易的“干火药”。私募股权企业的命运取决于现有投资遭受的冲击有多严重，是否足以抵消危机带来的潜在交易收益。
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Over the past decade pe lending has shifted away from dopey, distracted banks towards specialist private-credit firms. These may be more hard-nosed about accepting a haircut on their debt in order to keep a pe-run business afloat. And making things trickier still, most big pe managers say that the firms they own are either ineligible for, or unwilling to tap, the American government’s business bail-out schemes, the Paycheck Protection Programme and the Main Street Lending Programme.
过去十年来，私募股权企业的借贷来源已从呆板、三心二意的银行转向专业的私人信贷公司。它们对债务减记可能比较精明务实，以使私募股权运营的企业维持正常资金周转。更棘手的是，多数大型私募股权机构的经理表示，他们拥有的企业要么不符合条件，要么不愿意利用美国政府的企业救助计划：薪酬保障计划、大众商业贷款计划。
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The way funds are structured means that managers cannot deploy their “dry powder” raised for new funds into firms owned by older ones. But most older funds do have big reserves. Michael Chae, the chief financial officer of Blackstone, says that around $30bn of its $152bn of dry powder is set aside for them. “We have those reserves ready to support companies on the defensive and also to go on the offensive when opportunities arise.” Funds are also gathering capital in other ways. Typically, a pe fund returns cash to its investors once it sells its stake in a company—but if the investment period is still ongoing, the fund can ask for it back. According to an industry body for pe investors, the number of calls for such “recycled capital” has risen.
基金的组织形式意味着，投资经理无法将新基金的“干火药”注入老基金的企业，但多数老基金拥有庞大的储备金。“黑石集团”的首席财务官迈克尔·蔡表示，在公司1520亿美元的“干火药”中，约300亿美元是留给老基金使用的。“我们的储备金用于支持处于守势的企业，有机会也可转守为攻”。基金还以其他方式筹集资本，通常私募股权基金卖掉某家公司的股份后向投资者返现，但如果投资期限未到，基金可以赎回投资。私募股权投资行业机构声称，这种要求“回收资本”的次数有所攀升。
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Bailing out existing investments will drag down returns for pe shops. It remains to be seen if buying opportunities can make up for that. Most pe managers hope to use their newly expanded credit arms to scoop up bombed-out loans and bonds with collapsed prices—Leon Black, the founder of Apollo, has said the opportunity is “massive”. But the volume of traditional buy-outs dropped sharply in March, and only a few firms have since made purchases. For years pe barons have boasted of their huge piles of dry powder, which, if spent in a downturn, might generate outsized returns. Now it is time to pounce.
撤资会降低私募股权基金的收益，收购企业的机会能否弥补损失有待于观察。多数私募基金经理想利用新扩张的信贷机构，以暴跌价获取大量的贷款和债券。“阿波罗”私募股权基金的创始人里昂·布莱克表示，收购机会是“巨大”的。但传统收购的数量在3月份锐减，被收购的只有少数几家公司。私募股权巨头多年吹嘘手握大量“干火药”，如果在经济衰退中投资，可能产生超额收益。现在反弹的时候到了。
