2010年全球私募股权报告.pdf
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1、SIZE AND REGIONAL BREAKDOWNGlobal trends The private equity industry has over the past two yearsseen the biggest downturn in activity in more than a decade.Investments,funds raised and exit levels were all well down on levels seen prior to the economic slowdown.The industry nevertheless remains an i
2、mportantsource of funds for startup and young firms,firms in financial distress andthose seeking buyout financing.The UK remains the largest and mostdeveloped private equity centre in Europe,second in size globally only tothe US.London is one of the leading international centres for the management o
3、f private equity investments along with New York.InvestmentsAccording to TheCityUK estimates,$91bn1of private equitywas invested globally in 2009,a significant fall from the$181bn investedin the previous year(Chart 1).The 2009 total was more than 70%downon record levels seen in 2007.Deal making howe
4、ver gathered momentumduring the year with larger deals announced towards the end of 2009.Withbank lending in short supply,the average cost of debt financing was up andprivate equity firms were forced to contribute a bigger proportion of equity into their deals(Chart 2).Indicators for the first half
5、of 2010 show that investment activity totalled$55bn with private equity firms continuing to focus on investments in smalland medium sized companies.The half-year total was up slightly on thesame period in 2009 but well down on the period between 2005 and 2008.Full year figures for 2010 may show a mo
6、derate increase on 2009 if thegradual recovery in investments seen in recent months is sustained.Private-equity backed deals generated 6.3%of global M&A volume in2009,the lowest level in more than a decade and down from the all-timehigh of 21%in 2006.This grew to 6.9%in the first half of 2010.The ec
7、onomic slowdown is also having an impact on completed deals.Overthe next five years,over$800bn in loans extended on these deals are dueto be refinanced(Chart 3).Around 60%of this is in bank loans and theremainder in high-yield bonds.While leveraged loan issuance for buyoutsin 2009 fell to a fraction
8、 of the levels seen prior to the economic slowdown,high-yield debt issuance saw a three-fold increase to$210bn.Most of thiswent into refinancing existing portfolio company debt as the high-yieldbond market filled the financing gap left by the decline in bank lending.Buyouts share of total investment
9、s fell for the second year running in 2009to 57%from 66%in the previous year,a direct result of the scarcity andhigher cost of debt.Despite an increase in the share of total investments,venture capital deals were down by around a third in 2009.The fall ininvestment activity and economic slowdown hav
10、e more recently given aboost to the secondary market for private equity where existing stakes arebought and sold between private equity firms.Funds raised fell by two-thirds in 2009 to$150bn,the lowest annualamount raised since 2004.The difficult fund raising conditions have continued into 2010 with
11、 half yearly figures showing a total of$70bn raisedin the first six months,slightly below the same period in 2009.The average time taken for funds to achieve a final close more than doubled1$bnChart 1 Global private equity market investments and funds raisedFunds raised1 equity value of dealsSource:
12、TheCityUK estimates based on PEREP_Analytics,Thomson Reuters,EVCA,PwC,AVCJ dataInvestments1010020030040050020102009200820072006200520042003200220012000Source:Thomson Reuters,Standard&Poors,TheCityUK$bn,loan issuancefor LBO transactionsChart 2 Financing for leveraged buyoutsequity contribution toleve
13、raged buyouts(%share)050100150200250300350400450500550200920082007200620052004200320022001200001020304050 Source:TheCityUK estimates based on PEREP_Analytics,Thomson Reuters,EVCA,PwC,AVCJ dataTable 1 Top countries for private equity investments and funds raisedUSUKChinaFranceIndiaGermanyJapanOthersT
14、otal-2008-Investmentvalue4832131211101045181Fundsraised28865131583355450$bn-2009-Investmentvalue3312753332591Fundsraised100893412231501Data from various sources may not be entirely comparable due to differingmethodologies.TheCityUK relies on public sources of data for this report,primarilyorganisati
15、ons that collect data and publish newsletters and reports for the privateequity community.Private Equity2010www.TheCityUK.comAugust 2010 Sponsored by:between 2004 and 2010 to almost 20 months and in some cases the finalamounts raised were below original targets.Prior to the economic slowdown,the mar
16、ket saw intense competition for private equity financing.The three years up to 2009 saw an unprecedented amount ofactivity during which more than$1.4 trillion in funds were raised.Funds under management Private equity funds under managementtotalled$2.5 trillion at the end of 2009(Chart 4),slightly u
17、p on 2008.Growth of funds under management in recent years has been due to lowerinvestment activity and an increase in unrealised portfolio investments,asfirms have been reluctant to exit their stakes in market conditions of falling valuations.Funds available for investments totalled 40%of overall a
18、ssetsunder management or some$1 trillion.Around a half of this is allocatedfor use in buyouts,$160bn for venture capital investments and the remainder for use in acquiring real estate.A substantial amount of thismoney needs to be invested over the next couple of years because many funds impose inves
19、tment periods beyond which the funds are underobligation to return the money to investors.Potential changes in financial regulation may place additional requirementsand restrictions on private equity funds.There is considerable uncertaintyaround the detail of any future regulatory changes.In the US,
20、lawmakerspassed a financial reform bill in July 2010 that will require private equityfunds with more than$150bn in assets to register with the the Securitiesand Exchange Commission.In Europe,the proposed Directive onAlternative Fund Managers may bring a number of changes including newdisclosure requ
21、irements,harmonised governance standards,and limits onleverage.At this point,however,the provisions,and therefore the impactof the Directive on European and foreign firms operating in the EU remainsunclear.The remaining stages of the legislative process are likely to continue into the latter part of
22、 2010.Regional breakdown of private equity activity shows that in 2009,NorthAmerica accounted for 36%of private equity investments,up from 26%inthe previous year(Table 1,Chart 5)while its share of funds raisedremained at around two-thirds of the total.Europes share of investmentsfell from 44%to 37%d
23、uring the year.Its share of funds also declined,from 25%to 15%.While investments have fallen in most regions in recentyears,there has been a rise in the importance of Asia-Pacific and emerging markets,particularly China,Singapore,South Korea and India.This is partly due to the smaller impact of the
24、economic crisis on this regionand better prospects for economic growth.The proportion of investorstotal private equity commitments going to emerging markets is likely todouble over the next couple of years.The UK private equity market is the most developed outside the US.Privateequity funds based in
25、 the UK accounted for 13%of global investments and5%of funds raised.Other large centres for private equity in Europe includeFrance,Germany,Sweden,Netherlands and Spain.New York and Londonare the leading locations for private equity firms.Amongst the largest 50private equity firms,14 were headquarter
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