{"id":4467,"date":"2023-06-16T16:47:36","date_gmt":"2023-06-16T08:47:36","guid":{"rendered":"http:\/\/cxounion.cn\/?p=4467"},"modified":"2023-06-16T16:47:54","modified_gmt":"2023-06-16T08:47:54","slug":"%e3%80%90%e8%ae%bf%e8%b0%88%e3%80%91%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e6%88%90%e5%8a%9f%e6%89%8b%e5%86%8c%ef%bc%9a%e9%9c%b8%e8%8f%b1%e4%ba%9a%e6%b4%b2%e6%8a%95%e8%b5%84%e6%9c%89%e9%99%90%e5%85%ac","status":"publish","type":"post","link":"http:\/\/cxounion.cn\/index.php\/2023\/06\/16\/%e3%80%90%e8%ae%bf%e8%b0%88%e3%80%91%e7%a7%81%e5%8b%9f%e8%82%a1%e6%9d%83%e6%88%90%e5%8a%9f%e6%89%8b%e5%86%8c%ef%bc%9a%e9%9c%b8%e8%8f%b1%e4%ba%9a%e6%b4%b2%e6%8a%95%e8%b5%84%e6%9c%89%e9%99%90%e5%85%ac\/","title":{"rendered":"\u3010\u8bbf\u8c08\u3011\u79c1\u52df\u80a1\u6743\u6210\u529f\u624b\u518c\uff1a\u9738\u83f1\u4e9a\u6d32\u6295\u8d44\u6709\u9650\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u517c\u521b\u59cb\u5408\u4f19\u4ebaJean Salata\u4e13\u8bbf"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"765\" height=\"437\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/41.jpg\" alt=\"\" class=\"wp-image-4473\" srcset=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/41.jpg 765w, http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/06\/41-300x171.jpg 300w\" sizes=\"(max-width: 765px) 100vw, 765px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">\u5728Jean Salata\u7684\u9886\u5bfc\u4e0b\uff0c\u9738\u83f1\u4e9a\u6d32\uff08BPEA\uff09\u4ece\u4e00\u5bb6\u9996\u53ea\u57fa\u91d1\u89c4\u6a21\u53ea\u6709\u5927\u7ea63\u4ebf\u7f8e\u5143\u7684\u5c0f\u578b\u79c1\u52df\u80a1\u6743\u516c\u53f8\u53d1\u5c55\u5230\u4eca\u5929200\u4ebf\u7f8e\u5143\u7684\u4e1a\u52a1\u89c4\u6a21\u3002\u800c\u5728\u6b64\u671f\u95f4\uff0c\u4ed6\u4e5f\u5728\u516c\u53f8\u4f4d\u4e8e\u9999\u6e2f\u7684\u529e\u516c\u5ba4\u89c1\u8bc1\u4e86\u4e2d\u56fd30\u591a\u5e74\u6765\u7684\u6539\u9769\u4e0e\u5f00\u653e\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">BPEA\u9010\u6e10\u5f62\u6210\u4e86\u81ea\u5df1\u72ec\u9053\u7684\u8fd0\u8425\u65b9\u6cd5\uff0c\u5728\u6240\u6295\u8d44\u7684\u533b\u7597\u3001\u7269\u6d41\u3001\u5a92\u4f53\u3001\u6559\u80b2\u3001\u91d1\u878d\u670d\u52a1\u548c\u96f6\u552e\u9886\u57df\u62e5\u6709\u6df1\u539a\u7684\u884c\u4e1a\u77e5\u8bc6\uff0c\u5728\u89c4\u6a21\u589e\u957f\u3001\u8de8\u5883\u6269\u5f20\u4e0e\u8865\u5f3a\u578b\u6536\u8d2d\u4e0a\u628a\u63a7\u6709\u5ea6\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u5728\u9999\u6e2f\u5730\u7f18\u653f\u6cbb\u73af\u5883\u4e0d\u65ad\u53d8\u5316\u4e14\u6574\u4e2a\u4e9a\u6d32\u65b0\u51a0\u5371\u673a\u9010\u6b65\u7f13\u89e3\u4e4b\u9645\uff0cSalata\u53d7\u9080\u4e0e\u9ea6\u80af\u9521\u9a7b\u4e0a\u6d77\u5168\u7403\u8463\u4e8b\u5408\u4f19\u4eba\u3001\u5927\u4e2d\u534e\u533a\u79c1\u52df\u80a1\u6743\u54a8\u8be2\u4e1a\u52a1\u8d1f\u8d23\u4ebaIvo Naumann\u4ee5\u53ca\u9a7b\u9999\u6e2f\u5168\u7403\u526f\u8463\u4e8b\u5408\u4f19\u4ebaWouter Baan\u5ea7\u8c08\uff0c\u63a2\u8ba8\u4e2d\u56fd\u79c1\u52df\u80a1\u6743\uff08PE\uff09\u5e02\u573a\u73b0\u72b6\uff0c\u5305\u62ec\u65e5\u76ca\u6d3b\u8dc3\u7684\u79c1\u52df\u8d44\u4ea7\u4e8c\u7ea7\u5e02\u573a\u7684\u53d1\u5c55\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u8ba8\u8bba\u5185\u5bb9\u6db5\u76d6\u4e86PE\u4ea4\u6613\u6d41\u6f14\u53d8\u7684\u5173\u952e\u8d8b\u52bf\u3001\u6570\u5b57\u5316\u5982\u4f55\u540c\u65f6\u5f71\u54cd\u88ab\u6295\u516c\u53f8\u548cPE\u673a\u6784\u81ea\u8eab\u4ee5\u53ca\u9886\u5bfc\u529b\u548c\u4eba\u624d\u4e3a\u4f55\u662f\u521b\u9020\u8d85\u989d\u56de\u62a5\u7684\u5173\u952e\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"has-medium-font-size\">Jean Eric Salata<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u4e2a\u4eba\u5c65\u5386<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u6559\u80b2\u80cc\u666f\uff1a\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5927\u5b66\u6c83\u987f\u5546\u5b66\u9662 \u5de5\u5546\u7ba1\u7406\u5b66\u58eb<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u804c\u4e1a\u6210\u5c31\uff1a<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u9738\u83f1\u4e9a\u6d32\u9996\u5e2d\u6267\u884c\u5b98\uff0c\u603b\u9886\u6240\u6709\u6295\u8d44\u548c\u64a4\u8d44\u51b3\u7b56\u4e0e\u6218\u7565\u65b9\u5411\uff0c\u8be5\u516c\u53f8\u66fe\u662f\u82f1\u56fdBaring Private Equity Partners\u7684\u4e9a\u6d32\u79c1\u52df\u80a1\u6743\u533a\u57df\u6027\u6295\u8d44\u8ba1\u5212\uff0c\u7531Jean\u4e00\u624b\u521b\u7acb\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">2008\u5e74\u6536\u8d2d\u8bfa\u5fb7\u5b89\u8fbe\u6559\u80b2\u96c6\u56e2\u5e76\u505a\u9000\u5e02\u79c1\u6709\u5316\uff0c\u6b64\u540e8\u5e74\u8be5\u516c\u53f8EBITDA\u5b9e\u73b020\u500d\u589e\u957f\uff0c\u8fbe\u5230\u903e2\u4ebf\u7f8e\u5143\uff0c\u5e76\u5728\u7f8e\u56fd\u91cd\u65b0\u4e0a\u5e02\u3002\u4e4b\u540e\u53c8\u4ee543\u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\u4ef7\u683c\u518d\u6b21\u79c1\u6709\u5316\uff0c\u591a\u5bb6BPEA\u57fa\u91d1\u53c2\u4e0e\u5176\u4e2d\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u9886\u5bfc\u4e86\u5bf9Baring Private Equity Partners\u4e9a\u6d32PE\u8ba1\u5212\u7684\u7ba1\u7406\u5c42\u6536\u8d2d\uff0c\u57282000\u5e74\u521b\u7acb\u9738\u83f1\u4e9a\u6d32\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u66fe\u62c5\u4efb\u4f4d\u4e8e\u9999\u6e2f\u7684\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2\uff08\u4e9a\u6d32\uff09\u6295\u8d44\u6709\u9650\u516c\u53f8\u8463\u4e8b\uff0c\u8be5\u516c\u53f8\u662f\u7f8e\u56fd\u56fd\u9645\u96c6\u56e2\uff08AIG\uff09\u5728\u4e9a\u6d32\u7684\u79c1\u52df\u80a1\u6743\u6295\u8d44\u5206\u652f\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u66fe\u4efb\u9999\u6e2f\u5de5\u4e1a\u4f01\u4e1a\u7ecd\u8363\u94a2\u94c1\u7684\u6267\u884c\u8d22\u52a1\u526f\u603b\u88c1\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u66fe\u4efb\u8d1d\u6069\u516c\u53f8\u987e\u95ee\uff0c\u5728\u9999\u6e2f\u3001\u6089\u5c3c\u548c\u6ce2\u58eb\u987f\u5de5\u4f5c\u3002<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u9ea6\u80af\u9521\uff1a\u4e2d\u56fdPE\u5e02\u573a\u8fc5\u901f\u6269\u5f20\uff0c\u89c4\u6a21\u5df2\u8fbe\u4e16\u754c\u7b2c\u4e09\uff0c\u4f46\u5176GDP\u5360\u6bd4\u4ecd\u7136\u76f8\u5bf9\u8f83\u4f4e\u3002\u60a8\u5982\u4f55\u770b\u5f85\u5e02\u573a\u672a\u6765\u7684\u53d1\u5c55?<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata\uff1a\u5982\u4eca\u5e76\u8d2d\u578b\u4ea4\u6613\u548c\u66f4\u5927\u89c4\u6a21\u7684\u4ea4\u6613\u8d8a\u6765\u8d8a\u591a\uff0c\u6570\u5b57\u5316\u8f6c\u578b\u548c\u6280\u672f\u7684\u91cd\u8981\u6027\u65e5\u76ca\u63d0\u5347\u3002\u8fd9\u53cd\u6620\u51fa\u4e2d\u56fd\u653f\u5e9c\u5bf9\u4e92\u8054\u7f51\u3001\u79fb\u52a8\u6280\u672f\u3001\u6570\u636e\u548c\u4eba\u5de5\u667a\u80fd\u7684\u63a5\u53d7\u5ea6\u4e4b\u9ad8\u2014\u2014\u8fd9\u4e9b\u6280\u672f\u6b63\u5728\u6df1\u523b\u6539\u53d8\u4eba\u4eec\u5f00\u5c55\u4e1a\u52a1\u7684\u65b9\u5f0f\u3002\u4e2d\u56fd\u662f\u6280\u672f\u5e94\u7528\u9886\u57df\u7684\u9886\u8dd1\u8005\uff0c\u79d1\u6280\u5e94\u7528\u51e0\u4e4e\u51fa\u73b0\u5728\u6bcf\u4e00\u4e2a\u4e1a\u52a1\u9886\u57df\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-heading\">\u9ea6\u80af\u9521\uff1a\u5e02\u573a\u4e0a\u6709\u5927\u91cf\u53ef\u6295\u8d44\u91d1\u3002PE\u884c\u4e1a\u80fd\u5426\u4e25\u683c\u81ea\u5f8b\u4ee5\u907f\u514d\u5728\u90e8\u7f72\u5927\u91cf\u8d44\u91d1\u65f6\u8fc7\u5ea6\u63a8\u9ad8\u4ef7\u683c?<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata\uff1a\u5927\u591a\u6570\u666e\u901a\u5408\u4f19\u4eba\uff08GP\uff09\u90fd\u662f\u975e\u5e38\u81ea\u5f8b\u7684\u6295\u8d44\u4eba\u3002\u8fd9\u662f\u4e00\u4e2a\u9002\u8005\u751f\u5b58\u7684\u884c\u4e1a\uff0c\u4e0d\u81ea\u5f8b\u7684\u884c\u4e3a\u4f1a\u4f53\u73b0\u5728\u6295\u8d44\u56de\u62a5\u4e2d\uff0c\u4ece\u800c\u88ab\u6dd8\u6c70\u51fa\u5c40\u3002\u5f53\u524d\u5168\u7403\u73af\u5883\u7684\u72ec\u7279\u4e4b\u5904\u5728\u4e8e\u5229\u7387\u6781\u4f4e\uff0c\u8d44\u672c\u56de\u62a5\u7387\u5f88\u4f4e\u3002\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u89c4\u6a21\u5927\u6982\u572820\u4e07\u4ebf\u7f8e\u5143\uff0c\u4f46\u4e3a\u6295\u8d44\u8005\u5e26\u6765\u7684\u56de\u62a5\u5374\u53ea\u6709\u7ea61%\u3002\u4ee5\u524d\u5f88\u591a\u8d44\u672c\u80fd\u591f\u83b7\u5f97\u6bd4\u59824%~5%\u7684\u56de\u62a5\uff0c\u800c\u73b0\u5728\u56de\u62a5\u7387\u5374\u53ea\u67091%\uff0c\u56e0\u6b64\u8d44\u672c\u4e5f\u5728\u5bfb\u627e\u5176\u4ed6\u6295\u8d44\u9886\u57df\u3002\u8fd9\u6e17\u900f\u5230\u6574\u4e2a\u6295\u8d44\u8005\u94fe\u6761\uff0c\u5f71\u54cd\u7740\u4eba\u4eec\u6240\u8ffd\u6c42\u7684\u6295\u8d44\u56de\u62a5\u7387\u3002<\/p>\n\n\n\n<p 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class=\"has-medium-font-size\">\u5982\u4eca\uff0c\u6211\u4eec\u62e5\u6709\u5168\u90e8\u5de5\u5177\u4ee5\u53ca\u7ecf\u9a8c\u4e30\u5bcc\u7684GP\u548c\u670d\u52a1\u63d0\u4f9b\u5546\uff0c\u80fd\u591f\u5e2e\u52a9\u548c\u652f\u6301\u6211\u4eec\u7684\u6295\u8d44\u51b3\u7b56\u3002\u6211\u4eec\u62e5\u6709\u975e\u5e38\u53d1\u8fbe\u7684\u878d\u8d44\u5e02\u573a\u4e3a\u6295\u8d44\u63d0\u4f9b\u8d44\u91d1\u6765\u6e90\u3002\u6211\u4eec\u8fd8\u770b\u5230\u66f4\u591a\u63a7\u80a1\u578b\u6295\u8d44\u7684\u51fa\u73b0\uff0c\u5728\u8fd9\u7c7b\u4ea4\u6613\u4e2d\uff0c\u6295\u8d44\u4eba\u53ef\u4ee5\u5bf9\u4e1a\u52a1\u4ea7\u751f\u5b9e\u8d28\u6027\u5f71\u54cd\uff0c\u800c\u4e0d\u518d\u4ec5\u4ec5\u505a\u88ab\u52a8\u6295\u8d44\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9ea6\u80af\u9521\uff1a\u8fc7\u53bb\u5341\u5e74\u4e0e\u518d\u5f80\u524d\u7684\u5341\u5e74\u76f8\u6bd4\uff0c\u6211\u4eec\u770b\u5230\u4e86\u66f4\u591a\u7684\u63a7\u80a1\u578b\u673a\u6784\u548c\u591a\u6570\u80a1\u6743\u6295\u8d44\u3002\u60a8\u8ba4\u4e3a\u8fd8\u4f1a\u6709\u54ea\u4e9b\u5176\u4ed6\u7684\u5dee\u5f02\u6216\u673a\u4f1a\u51fa\u73b0?<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata\uff1a\u6211\u4eec\u4e00\u76f4\u4e0d\u7518\u4eba\u540e\uff0c\u59cb\u7ec8\u786e\u4fdd\u81ea\u5df1\u4e0e\u5176\u4ed6\u4eba\u505a\u5f97\u540c\u6837\u597d\uff0c\u5c24\u5176\u662f\u5728\u5168\u7403\u6807\u51c6\u4e0a\u3002\u5386\u53f2\u4e0a\uff0c\u4e9a\u6d32\u7684PE\u6295\u8d44\u66fe\u7ecf\u975e\u5e38\u504f\u5411\u4e8e\u88ab\u52a8\u578b\u3002\u4e4b\u540e\uff0c\u8fd9\u6837\u7684\u60c5\u5f62\u9010\u6e10\u6539\u53d8\uff0c\u4ece\u539f\u672c\u5c11\u6570\u80a1\u6743\u7684\u88ab\u52a8\u6295\u8d44\u66f4\u591a\u8f6c\u5411\u6210\u4e3a\u79ef\u6781\u80a1\u4e1c\u3001\u6301\u6709\u591a\u6570\u80a1\u6743\u7684\u4e3b\u52a8\u6295\u8d44\u3002\u6700\u521d\uff0c\u4eba\u4eec\u4f1a\u5c06\u8d22\u52a1\u6760\u6746\u5e94\u7528\u4e8e\u90a3\u4e9b\u80fd\u591f\u63a7\u5236\u73b0\u91d1\u6d41\u5e76\u4ea7\u751f\u9ad8\u4e8e\u5148\u524d\u80a1\u672c\u56de\u62a5\u7684\u4ea4\u6613\u548c\u516c\u53f8\u4e2d\uff0c\u8fd9\u5408\u60c5\u5408\u7406\u3002<\/p>\n\n\n\n<p 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Salata\uff1a\u76ee\u524d\u5927\u73af\u5883\u5f88\u8270\u96be\uff0c\u8fd9\u4e0e2008-2009\u5e74\u4ee5\u53ca1999-2000\u5e74\u7684\u60c5\u51b5\u7c7b\u4f3c\u3002\u5916\u90e8\u73af\u5883\u53d8\u5e7b\u83ab\u6d4b\uff0c\u4f46\u516c\u53f8\u7684\u5174\u8870\u5f80\u5f80\u5f52\u7ed3\u4e8e\u5185\u90e8\u95ee\u9898\u3002\u6587\u5316\u3001\u4eba\u624d\u4ee5\u53ca\u4e1a\u52a1\u8fd0\u8425\u65b9\u5f0f\u81f3\u5173\u91cd\u8981\u3002\u4e00\u5207\u90fd\u5173\u4e4e\u4e8e\u4eba\u624d\u53ca\u80fd\u529b\u57f9\u517b\u3002\u4f5c\u4e3a\u4e00\u5bb6\u5b66\u4e60\u578b\u7ec4\u7ec7\uff0c\u6211\u4eec\u7684\u4e00\u5927\u4ef7\u503c\u89c2\u5c31\u662f\u8c26\u865a\u3002\u6211\u4eec\u5fc5\u987b\u627f\u8ba4\u81ea\u5df1\u5e76\u975e\u65e0\u6240\u4e0d\u77e5\uff0c\u6bcf\u4e2a\u4eba\u90fd\u4f1a\u76f8\u5bf9\u9891\u7e41\u5730\u72af\u9519\u3002\u5173\u952e\u662f\u8981\u8ba4\u6e05\u8fd9\u4e9b\u9519\u8bef\uff0c\u627e\u51fa\u672a\u6765\u6539\u8fdb\u7684\u65b9\u6cd5\uff0c\u5e76\u5728\u6574\u4e2a\u7ec4\u7ec7\u4e2d\u5206\u4eab\u4f20\u64ad\u8fd9\u4e9b\u7ecf\u9a8c\u3002\u6211\u4eec\u5f3a\u8c03\u5f00\u653e\u7684\u6587\u5316\u4ee5\u53ca\u56f4\u7ed5\u5b66\u4e60\u5f00\u5c55\u8ba8\u8bba\uff0c\u4ece\u9519\u8bef\u4e2d\u5b66\u4e60\uff0c\u5e76\u5171\u540c\u5e86\u795d\u6210\u529f\u3002<\/p>\n\n\n\n<p 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Salata\uff1a\u4e07\u7075\u4e39\u5e76\u4e0d\u5b58\u5728\uff0c\u4f46\u4eba\u4eec\u53ef\u4ee5\u5148\u4ece\u5efa\u7acb\u6846\u67b6\u5f00\u59cb\u3002\u6211\u4eec\u6709\u4e00\u5957\u6218\u672f\u624b\u518c\uff0c\u79f0\u4e4b\u4e3a\u9738\u83f1\u7ba1\u7406\u4f53\u7cfbBMS\uff0c\u5b83\u6709\u516d\u4e2a\u4e0d\u540c\u7684\u6a21\u5757\u3002\u5173\u952e\u662f\u8981\u4e3b\u6293\u4e00\u81f3\u4e24\u4e2a\u6216\u4e09\u4e2a\u91cd\u8981\u7684\u7740\u529b\u70b9\uff0c\u5207\u5fcc\u8d2a\u591a\u52a1\u5f97\u3002\u5728\u6211\u4eec\u516c\u53f8\u6709\u4e00\u53e5\u8bdd\uff1a\u201c\u5927\u5904\u7740\u773c\uff0c\u5c0f\u5904\u7740\u624b\u3002\u201d\u56e0\u6b64\uff0c\u8981\u5236\u5b9a\u9ad8\u8fdc\u76ee\u6807\uff0c\u4f46\u4e5f\u8981\u4ece\u4e00\u4e9b\u76f8\u5bf9\u8f83\u5c0f\u3001\u80fd\u591f\u8fc5\u901f\u5b8c\u6210\u7684\u521d\u59cb\u5de5\u4f5c\u7740\u624b\u3002\u4e00\u822c\u800c\u8a00\uff0c\u6211\u4eec\u4f1a\u4ece\u4e00\u4e24\u4e2a\u6700\u6709\u673a\u4f1a\u770b\u5230\u6210\u679c\u7684\u9886\u57df\u5f00\u59cb\u3002\u7136\u540e\u662f\u627e\u5230\u5408\u9002\u7684\u4eba\uff0c\u4e3a\u76f8\u5e94\u76ee\u6807\u5339\u914d\u9002\u5f53\u4eba\u624d\u3002\u53e6\u4e00\u4e2a\u5173\u952e\u5728\u4e8e\u591a\u5feb\u80fd\u5b8c\u6210\u4e0a\u8ff0\u5de5\u4f5c\u3002\u901a\u5e38\uff0c\u4f60\u9700\u8981\u4e00\u5e74\u65f6\u95f4\u5c06\u5408\u9002\u7684\u4eba\u5b89\u6392\u5230\u5408\u9002\u7684\u4f4d\u7f6e\uff0c\u5e76\u5236\u5b9a\u51fa\u5408\u9002\u7684\u8ba1\u5212\u3002\u4f46\u8fd9\u4e00\u5468\u671f\u592a\u957f\u4e86\u3002<\/p>\n\n\n\n<p 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class=\"has-medium-font-size\">\u4e3a\u6b64\uff0c\u4f60\u5fc5\u987b\u8003\u8651\u5982\u4f55\u5c06\u7ba1\u7406\u56e2\u961f\u3001\u4e13\u4e1a\u6df1\u5ea6\u548c\u7cfb\u7edf\u5316\u65b9\u6cd5\u8fdb\u884c\u4f53\u7cfb\u5316\uff1b\u8003\u8651\u5982\u4f55\u4ee5\u7cfb\u7edf\u7684\u65b9\u6cd5\u5f00\u5c55\u4e1a\u52a1\uff0c\u5e76\u6253\u9020\u521b\u65b0\u6240\u9700\u7684\u6301\u4e45\u654f\u6377\u6027\u4e0e\u80fd\u529b\uff0c\u540c\u65f6\u5c06\u6709\u624d\u534e\u7684\u5e74\u8f7b\u4eba\u624d\u5f15\u5165\u7ec4\u7ec7\u3002\u4f60\u62e5\u6709\u600e\u6837\u7684\u4eba\u624d\u62db\u52df\u548c\u57f9\u8bad\u8ba1\u5212? \u600e\u6837\u7684\u4eba\u529b\u8d44\u6e90\u56e2\u961f? \u5982\u4f55\u6fc0\u52b1\u5e74\u8f7b\u4eba\u5e76\u4e0e\u4ed6\u4eec\u5206\u4eab\u6210\u679c? \u6240\u6709\u8fd9\u4e9b\u90fd\u81f3\u5173\u91cd\u8981\u3002\u89c4\u6a21\u8f83\u5927\u7684\u516c\u53f8\u5728\u8fd9\u65b9\u9762\u66f4\u6709\u957f\u671f\u4f18\u52bf\uff0c\u5c06\u9010\u6e10\u6210\u957f\u5e76\u5b9e\u73b0\u673a\u6784\u5316\u3001\u4f53\u7cfb\u5316\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9ea6\u80af\u9521\uff1a\u60a8\u5982\u4f55\u770b\u5f85\u5f53\u524d\u4ea4\u6613\u7c7b\u578b\u7684\u591a\u5143\u5316\uff0c\u672a\u6765\u53ef\u8fdb\u884cPE\u6295\u8d44\u7684\u516c\u53f8\u6570\u91cf\u4f1a\u53d1\u751f\u4ec0\u4e48\u53d8\u5316?<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata\uff1a\u4ece\u5c11\u6570\u80a1\u6743\/\u6210\u957f\u578b\u6295\u8d44\u5f00\u59cb\uff0c\u884c\u4e1a\u4e3a\u4f01\u4e1a\u63d0\u4f9b\u4e86\u6269\u5c55\u4e1a\u52a1\u6240\u9700\u7684\u80a1\u6743\u8d44\u672c\uff0c\u5982\u4eca\uff0c\u4ea4\u6613\u5df2\u7ecf\u56ca\u62ec\u4ece\u4ee3\u9645\u66f4\u66ff\u5230\u516c\u53f8\u8d44\u4ea7\u5265\u79bb\u7684\u6240\u6709\u9886\u57df\u3002\u5728\u65b0\u51a0\u5371\u673a\u671f\u95f4\uff0c\u6211\u4eec\u770b\u5230\u4e86\u5de8\u5927\u7684\u5e02\u573a\u9519\u4f4d\uff0c\u8fd9\u5e26\u6765\u8bf8\u5982\u6536\u8d2d\u5e76\u79c1\u6709\u5316\u7684\u673a\u4f1a\u3002\u8fd9\u4e00\u60c5\u5f62\u5728\u4e9a\u6d32\u7b49\u65b0\u5174\u5e02\u573a\u4f1a\u5468\u671f\u6027\u51fa\u73b0\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u5e02\u573a\u503e\u5411\u4e8e\u5927\u8d77\u5927\u843d\u3002\u6d41\u52a8\u6027\u4e00\u6ce2\u6ce2\u6d8c\u5165\uff0c\u53c8\u6f6e\u6c34\u822c\u9000\u53bb\u3002\u5f53\u6d41\u52a8\u6027\u67af\u7aed\u65f6\uff0c\u5e02\u573a\u4e0b\u8dcc\uff0c\u516c\u53f8\u9677\u5165\u56f0\u5883\u3002\u6bd4\u5982\uff0c\u5f53\u524d\u5370\u5ea6\u94f6\u884c\u4e1a\u6b63\u9762\u4e34\u7684\u56f0\u5c40\u3002<\/p>\n\n\n\n<p 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class=\"has-medium-font-size\">\u8fd9\u4e9b\u516c\u53f8\u7684\u7ba1\u7406\u56e2\u961f\u4e5f\u4f1a\u53d7\u5230\u6fc0\u52b1\u3002\u4ed6\u4eec\u5c06\u5f97\u5230\u66f4\u591a\u7684\u5173\u6ce8\u548c\u66f4\u591a\u7684\u8d44\u91d1\u652f\u6301\uff0c\u5e76\u5c06\u53d8\u5f97\u66f4\u9ad8\u6548\u4e14\u66f4\u6709\u7ade\u4e89\u529b\u3002\u56e0\u4e3a\u76f8\u8f83\u4e8e\u62e5\u6709200\u5bb6\u5b50\u516c\u53f8\u7684\u5927\u96c6\u56e2\uff0c\u65b0\u7684\u6301\u6709\u4eba\u4f1a\u66f4\u52a0\u805a\u7126\u4e00\u9879\u8d44\u4ea7\u3002\u4e9a\u6d32\u5730\u533a\u7684\u5f88\u591a\u9886\u57df\u90fd\u5c06\u51fa\u73b0\u8d8a\u6765\u8d8a\u591a\u7684\u4ea4\u6613\u6d41\uff0c\u968f\u7740\u884c\u4e1a\u7684\u589e\u957f\uff0c\u8fd9\u4e00\u8d8b\u52bf\u9884\u8ba1\u5c06\u4f1a\u5ef6\u7eed\u4e0b\u53bb\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ffb\u8bd1\uff1a<\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Under Jean Salata&#8217;s leadership, Baring Asia (BPEA) has grown from a small private equity firm with a first fund size of about $300 million to a $20 billion business today. During this time, he also witnessed China&#8217;s reform and opening-up for more than 30 years from the company&#8217;s office in Hong Kong.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">BPEA has developed its own unique approach to operations, with deep industry knowledge in the healthcare, logistics, media, education, financial services and retail sectors in which it invests, as well as control over scale growth, cross-border expansion and bolt-on acquisitions.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Amid the changing geopolitical environment in Hong Kong and the easing of the coronavirus crisis across Asia, Salata was invited to sit down with McKinsey&#8217;s Global Managing Partner in Shanghai, Ivo Naumann, head of the Greater China Private Equity advisory practice, and Wouter Baan, global Associate Managing partner in Hong Kong. Discuss the current state of the private equity (PE) market in China, including the development of an increasingly active secondary market for private assets.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The discussion covered key trends in the evolution of PE deal flow, how digitization is impacting both investees and PE institutions themselves, and why leadership and talent are key to generating outsized returns.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jean Eric Salata Personal resume<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Education: Bachelor of Business Administration, Wharton School, University of Pennsylvania<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Career Achievements:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Chief Executive Officer of Baring Asia, responsible for all investment and divestment decisions and strategic direction, the former Asia Private Equity regional investment initiative of Baring Private Equity Partners in the UK, founded by Jean.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In 2008, it acquired Nord Anglia Education Group and took it private, increasing EBITDA 20-fold to more than $200m in the following eight years and relisting in the US. It was then taken private again in a $4.3 billion deal involving several BPEA funds.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Led the management buy-out of Baring Private Equity Partners&#8217; Asia PE initiative and founded Baring Asia in 2000.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">He was a director of American International Group (Asia) Investments Limited, the Asian private equity arm of American International Group (AIG), based in Hong Kong.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">He was previously executive vice president of finance at Hong Kong industrial company Sau Wing Steel.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">He was a consultant at Bain &amp; Company, based in Hong Kong, Sydney and Boston.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: China&#8217;s PE market has expanded rapidly and is now the third largest in the world, but its share of GDP is still relatively low. How do you see the market developing in the future?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: With the increasing number of mergers and acquisitions and larger transactions, digital transformation and technology are becoming increasingly important. This reflects the Chinese government&#8217;s embrace of the Internet, mobile technology, data and artificial intelligence &#8211; technologies that are profoundly changing the way people do business. China is the leader in technology applications, which appear in almost every business area.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">China is currently the main driver of global economic growth and remains attractive to investors looking to benefit from growth in profits, productivity, innovation, capital formation and return on invested capital. With the further marketization of the economy, the transition of more rural economies to urban economies, and the further development of consumption and consumer industries, the growth momentum of the Chinese market will continue to strengthen.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Previously, the economy was largely driven by government investment, but now consumption plays a more important role. This long-term theme will continue to have an impact: rising consumption, an expanding middle class, and growth driven by technology and transformation. In China, too, there is plenty of capital chasing these themes. The challenge for companies and PE investors is how to invest in a rapidly changing environment and how to find the intersection between growth opportunities, valuation and return on capital.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: There&#8217;s a lot of investable money out there. Can the PE industry be disciplined enough to avoid pushing up prices excessively when deploying large amounts of capital?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: Most general partners (GPS) are very disciplined investors. This is a survival-of-the-fittest industry, and undisciplined behavior will show up in the return on investment and be eliminated. The current global environment is unique in that interest rates are extremely low and the return on capital is low. The Treasury bond market is roughly $20 trillion in size, but returns to investors are only about 1%. In the past, a lot of capital could earn a return of, say, 4 to 5 percent, but now the return is only 1 percent, so capital is also looking for other places to invest. This permeates the entire investor chain and affects the rate of return sought.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Returns also need to be generated in a way that is appropriate for today&#8217;s high valuation environment, including acquiring companies in the right industries with the right conditions and growth profile, as well as a realistic plan to drive additional growth, margins and exit multiples when owned and repositioned. Investors need to think about how to equip their portfolio companies with better leadership or digital transformation to generate revenue.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Overall, the PE industry will continue to thrive due to strong investor demand for returns that exceed the level of public market investment returns.<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">If PE firms can continue to add value to their investees, then investors can continue to benefit from the low liquidity and alpha gains created by PE strategies, provided, of course, that they do so in a disciplined manner. The Asian PE industry is far more mature and developed than the &#8220;home workshop&#8221; of 20 to 30 years ago.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Today, we have all the tools and experienced GPS and service providers to help and support our investment decisions. We have a very developed financing market to fund our investments. We are also seeing the emergence of more controlling investments, where investors can have a material impact on the business, rather than just being passive investments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: We&#8217;ve seen more controlled institutions and majority investments in the last decade than in the decade before that. What other differences or opportunities do you think might arise?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: We are always behind the curve, always making sure that we are doing as well as everyone else, especially on global standards. Historically, PE investment in Asia has been very passive. Since then, this situation has gradually changed, from the passive investment of minority shares to the active investment of active shareholders holding majority shares. Initially, it makes sense that leverage would be applied to deals and companies that could control cash flow and generate higher returns than previous equity.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">People then build the capacity to work with, improve operations or develop business strategy for the company, including improving leadership. A lot ultimately depends on who runs the company and what kind of management team, independent chairman or non-executive director you have. There has been a lot of development and improvement in the industry in terms of improving corporate leadership.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">As a result, many ceos and executive teams have experience running their portfolio companies, perhaps on their second or third deal. It&#8217;s refreshing to work with people like that because they&#8217;re so comfortable. They understand our approach and our goals, so they are fully aligned. Many of them have accumulated considerable wealth as successful ceos or senior executives and can therefore contribute to our deals as investors. Our concerns and considerations will be very much the same. This is a big change in the market and will continue to be.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">While we are seeing the impact of digitalization, we are also seeing more equity transfer transactions<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">While we are seeing the impact of digitalization, we are also seeing more equity transfer transactions, rather than ipos. The COVID-19 pandemic has accelerated digital transformation in the United States and other parts of the world, including Asia, and this trend will continue. In the future, there will be more and more data and data analytics applications in our own business operations and those of our portfolio companies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We&#8217;ve recently brought in people who understand both data analytics and digital infrastructure. Digital infrastructure includes the right data collection channels, evaluation systems for target companies, and information collection systems to keep you competitive.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Digital evolution has shifted from merely selling products and services online to actually using information gathered from customers, suppliers and competitors to guide operations; It is this shift that allows us to make better decisions. In this regard, the PE industry is still in its infancy, and we are trying to do more.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">At the same time, it is becoming increasingly important to focus on a single industry. The comprehensive strategy is a reasonable choice when the PE industry starts. But as PE companies mature and competition increases, you need to be an industry expert with deep industry insights and industry relationships that can quickly bring in the right management team, consultants and experts. You should be familiar with industry talent who can help you make decisions that will make you more competitive when you acquire a business and get it up and running as soon as the acquisition is completed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: Are PE companies prepared to deal with these changing requirements?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: It&#8217;s a difficult environment, similar to 2008-2009 and 1999-2000. The external environment is unpredictable, but the rise and fall of a company often comes down to internal problems. Culture, talent and how the business is run matter. It&#8217;s all about talent and capacity development. As a learning organization, one of our values is humility. We have to accept that we don&#8217;t know everything and that everyone makes mistakes relatively frequently. The key is to recognize these mistakes, identify ways to improve in the future, and share these lessons throughout the organization. We emphasize a culture of openness and discussion around learning, learning from mistakes, and celebrating successes together.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Flexibility is also important at the organizational level. I have always been a firm believer in the need for diversity in organisations, which is also related to the fact that we operate in multiple countries and regions, and the appropriate language skills and multicultural background are almost essential. We have many women as junior, middle or senior partners who bring different perspectives to the firm and make our organization more effective.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We are also willing to work with industry experts. I come from a consulting background, and I think the thinking frame of consulting is very important, that is, first clearly define the problem and the way to solve the problem, and then collect all the data and resources to solve the problem.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">In addition to this, finding someone with operational experience in a particular industry or country can be extremely valuable in managing the business.<\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Before and after a deal, we work with a wide range of industry professionals to conduct due diligence, improve understanding of the business and use them to find the right management team. The coronavirus crisis will be a defining period for many organizations and companies. How to manage during a crisis? What measures have been taken? How to survive the crisis? In the final analysis, it depends on the composition of talents and organizational culture of the enterprise, and how to make full use of talents.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">It is exciting to work together as a team to tackle a crisis as we work more closely together than ever before. In a way, the pandemic brings people together and enables you to make decisions that would normally take months or years. Because there is a sense of urgency, can make decisions. We still have that sense of urgency and are using it as an opportunity to focus even more on post-pandemic recovery and generating new Alpha revenues. We have to ask ourselves: How do we maintain this tension and move forward? When harnessed correctly, this tension can be a powerful motivator.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: You mentioned creating alpha returns by being more involved in value creation, which is different from the minority\/growth investments of the past. In practice, how do you build an operations team or a post-investment team that creates value?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: There is no panacea, but one can start by building a framework. We have a playbook called the Baring Management System BMS, which has six different modules. The key is to focus on one to two or three important focus points, do not take too much. There is a saying in our company: &#8220;Think big and start small.&#8221; So aim high, but also start with some relatively small initial tasks that can be done quickly. In general, we start with one or two areas where we have the best chance of seeing results. Then it&#8217;s about finding the right people and matching the right people for the right goals. Another key is how quickly this can be done. Usually, you need a year to put the right people in the right places and work out the right plan. But the cycle is too long.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Before you vote, you need to set the agenda and prepare a very detailed blueprint. After the investment, quickly bring the management team in, revise the plan, and start implementing it, with the right people in place within the first three to six months. If you can really hit the ground running in the first year and get off to a fast start, you&#8217;re basically off to a good start with investments that will benefit you in the future.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">In addition, handling digital and data work is also an important factor in generating alpha revenue for most enterprises. <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This is about the future exit strategy and the ability to rapidly scale the business through bolt-on M&amp;A, or to expand the business through endogenous growth, thereby improving the operating leverage, margin and valuation multiple of the investor-owned company. You may also need to reorient your business.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We have invested in companies with low growth and high levels of commoditization. We divest those less profitable lines of business and focus on areas such as the electric vehicle supply chain, aerospace or medical devices. The higher the profit margin, the faster the growth.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Not only can you change the margin structure of your current business, but you can also boost your valuation multiple by moving into more profitable and growing business areas. The actual execution of the plan is where the real story comes in, and how it is executed and how long it takes to execute is very important, because we are in a race against time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: We&#8217;re seeing a growing concentration of fundraising into a small number of funds. Limited partners (LPS) are trying to reduce the number of funds they invest in. What is your outlook on this? What can GPS do to become a &#8220;minority&#8221; benefiting from this trend?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: This is to some extent a result of the development of the industry, there are also some bubbles. There will always be some very professional, aggressive, younger and newer firms doing their first or second fund or doing more &#8220;boutique&#8221; businesses, some young teams growing and generating strong returns, others focusing more on niche strategies or smaller deals. On the other hand, there has been a tendency for capital to concentrate and benefit from larger funds that are able to build scale advantages in their own organizations while also chasing large assets and driving change in the companies they invest in. In some ways, the mid-sized and large markets are less competitive because there are fewer bidders for such assets and buyers tend to be highly disciplined. <\/p>\n\n\n\n<p class=\"has-medium-font-size\">There are billions of dollars at stake here, and you don&#8217;t take a portfolio that is too diversified and then take the risk of losing some of it; You have to make sure that every investment will be successful or at least not bad. Typically, most participants in large markets are very cautious about the investments they underwrite, and an atmosphere of self-restraint develops spontaneously. As the size of a deal increases, there are usually fewer competitors. There will be more intermediation, but surprisingly. We are also seeing a lot of unmediated transactions for a variety of reasons. It could be an acquisition and privatization, it could be a deal with a company you have a past relationship with. Or it could be a strategic discussion where your assets fit into a business. There are many reasons why large transactions are not always done through intermediaries.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">In addition, building internal, industry, operational or technical capabilities requires a certain base of scale. <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">For example, we have a large internal debt capital markets team that does a lot of debt financing and exit strategy planning for our investee companies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">We have weekly meetings where we discuss the signals that teams are receiving from each region and help us decide whether to focus on certain types of deals or avoid those that don&#8217;t feel right. There is another tipping point: if you are an LP with a large investment plan. You need a larger commitment to generate significant revenue growth for your investment plan. At the same time, you also want to avoid having too much weight in any one fund. So usually only the larger funds and the larger investment plans can accommodate the size of your contribution. Most LPS are resource constrained, so from a productivity perspective, they want a stronger connection with their GP. Increased productivity is good for everyone, including us. There are benefits to scaling up, so I think this trend will continue.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">There is a counter-argument that if you get too big, investors will face diminishing returns: <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">you can&#8217;t manage that much money, you can&#8217;t deploy it effectively. Or you become too conservative to take on less risk. I personally don&#8217;t see that happening. There will indeed be some smaller funds that can generate returns well above the industry with a home run or two. But if you look at the expected return and absolute return of the industry. Most of it comes from the larger companies. This ability to generate stable returns on large amounts of capital and compound growth over time will allow investors to maximize absolute returns on asset allocation, in contrast to short-term, small amounts of excess returns, which do not create absolute returns for the overall investment plan. So the concentration of money into large funds will continue.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Another phenomenon is institutionalization, and PE is no longer a &#8220;family-style&#8221; industry. While many companies are still in the first generation, and even in the US. Most founders are still running the business, the next 20 years will see a full generational shift in developed markets. The same will happen in Asia. To think that you can build an institution that lasts beyond the founders&#8217; generation and build a really lasting business, as McKinsey did, is very exciting.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">To do this, you must consider how to systematize the management team. The depth of expertise, and the systematic approach; Consider how to do business in a systematic way and build the enduring agility and capability needed to innovate. While bringing talented young talent into the organization. What kind of recruitment and training program do you have? What kind of HR team? How to inspire young people and share results with them? All of this is crucial. Larger companies have more long-term advantages in this regard and will gradually grow and achieve institutionalization and systemization.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">McKinsey: How do you see the diversification of current deal types and how will the number of companies that can invest in PE change in the future?<\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Jean Salata: Starting with minority\/growth investments. The industry has provided companies with the equity capital they need to expand their businesses. And today deals cover everything from generational turnover to divestitures of companies. During the COVID-19 crisis, we have seen huge market dislocation, which has led to opportunities such as takeovers and privatisations. This happens periodically in emerging markets such as Asia, which tend to have big ups and downs. Liquidity flows in and out. When liquidity dries up, markets fall and companies get into trouble. Consider, for example, the current difficulties facing India&#8217;s banking sector.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Valuations of many listed companies have fallen by half or more as the system has come under pressure. Others hold companies that have gone public, or were already public. But have seen a significant drop in market value, giving them the opportunity to make acquisitions and take them private through another company they own. We&#8217;ve seen examples of this. As the number of buyout deals rises, it will become increasingly common for one PE company to buy assets from another. This may sound like a low-return strategy or a difficult market to understand, but it&#8217;s not. Like the stock market, people buy and sell from other people and change hands every day.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Of course there are primary market ipos, but most deals are of a secondary nature. <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The same is happening in private markets. People buy and sell assets for all sorts of reasons. Not always because a fund has maximised its returns and so it&#8217;s time to sell. Decisions are often related to the life cycle of an investment. From determining the theme, entering the trade, to operational construction. For example, your fund&#8217;s life cycle is ten years, and the investment period is five to six years. There will naturally be a point at which you sell for a profit and move on. Typically, these assets perform well during the second holding period, or even longer. In response, some business groups may decide to make strategic changes and want to divest companies. And there will be more deals around such companies.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In the current environment, there are likely to be more divestitures and spin-offs as we may have liquidity issues or short-term misalignments in our balance sheets. From a PE point of view, this is very promising. In addition, the geopolitical state of the world today is a major concern for all of us. The willingness to divest will create opportunities. Some companies may want to adjust their regional focus and may withdraw from a region due to geopolitical issues. In the area of large-scale mergers and acquisitions. There is also bound to be deal flow due to continued generational turnover.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Cross-border transactions are becoming more and more common. <\/h4>\n\n\n\n<p class=\"has-medium-font-size\">For example, if a company needs to expand its business beyond Asia to implement globalization. It can join a global company or acquire some global business.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Today, people are more aware of the PE industry than ever before. There is growing acceptance in general of the role of PE in the revitalization and recovery of the industry. We believe that PE has the ability to help companies with too many subsidiaries divest non-core businesses and allow these businesses to flourish under more concentrated ownership.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The management teams of these companies will also be motivated. They will receive more attention and more financial support, and will become more efficient and competitive. The new owner is more focused on one asset than a big group with 200 subsidiaries. Many sectors in the region will see increasing deal flow. And this trend is expected to continue as the industry grows.<\/p>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\">\u5982\u9700\u52a0\u5165<a href=\"http:\/\/weixin.qq.com\/r\/fxJxaVHE1AyrrRUK90dt\">CXO UNION\uff08CXO\u8054\u76df\uff09<\/a>\u9ad8\u7ba1\u793e\u7fa4\uff0c\u8bf7\u8054\u7cfb\u793e\u7fa4\u5c0f\u4f19\u4f34\u54e6~<\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u672c\u6587\u7531CXO UNION-CXO\u8054\u76df\uff08cxounion.cn\uff09\u8f6c\u8f7d\u800c\u6210\uff0c\u6765\u6e90\u4e8eMcKinsey Greater China\uff1b\u7f16\u8f91\/\u7ffb\u8bd1\uff1aCXO UNIONCXO\u8054\u76df\u5c0f\u5b81\u6aac\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"http:\/\/cxounion.cn\/wp-content\/uploads\/2023\/04\/cxo\u7ed3\u5c3e\u4e8c\u7ef4\u7801.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u514d\u8d23\u58f0\u660e: \u672c\u7f51\u7ad9(http:\/\/www.cxounion.cn\/)\u5185\u5bb9\u4e3b\u8981\u6765\u81ea\u539f\u521b\u3001\u5408\u4f5c\u5a92\u4f53\u4f9b\u7a3f\u548c\u7b2c\u4e09\u65b9\u6295\u7a3f\uff0c\u51e1\u5728\u672c\u7f51\u7ad9\u51fa\u73b0\u7684\u4fe1\u606f\uff0c\u5747\u4ec5\u4f9b\u53c2\u8003\u3002\u672c\u7f51\u7ad9\u5c06\u5c3d\u529b\u786e\u4fdd\u6240\u63d0\u4f9b\u4fe1\u606f\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u4f46\u4e0d\u4fdd\u8bc1\u6709\u5173\u8d44\u6599\u7684\u51c6\u786e\u6027\u53ca\u53ef\u9760\u6027\uff0c\u8bfb\u8005\u5728\u4f7f\u7528\u524d\u8bf7\u8fdb\u4e00\u6b65\u6838\u5b9e\uff0c\u5e76\u5bf9\u4efb\u4f55\u81ea\u4e3b\u51b3\u5b9a\u7684\u884c\u4e3a\u8d1f\u8d23\u3002\u672c\u7f51\u7ad9\u5bf9\u6709\u5173\u8d44\u6599\u6240\u5f15\u81f4\u7684\u9519\u8bef\u3001\u4e0d\u786e\u6216\u9057\u6f0f\uff0c\u6982\u4e0d\u8d1f\u4efb\u4f55\u6cd5\u5f8b\u8d23\u4efb\u3002<\/p>\n\n\n\n<p class=\"has-cyan-bluish-gray-color has-text-color has-small-font-size\">\u672c\u7f51\u7ad9\u520a\u8f7d\u7684\u6240\u6709\u5185\u5bb9(\u5305\u62ec\u4f46\u4e0d\u4ec5\u9650\u6587\u5b57\u3001\u56fe\u7247\u3001LOGO\u3001\u97f3\u9891\u3001\u89c6\u9891\u3001\u8f6f\u4ef6\u3001\u7a0b\u5e8f\u7b49) \u7248\u6743\u5f52\u539f\u4f5c\u8005\u6240\u6709\u3002\u4efb\u4f55\u5355\u4f4d\u6216\u4e2a\u4eba\u8ba4\u4e3a\u672c\u7f51\u7ad9\u4e2d\u7684\u5185\u5bb9\u53ef\u80fd\u6d89\u5acc\u4fb5\u72af\u5176\u77e5\u8bc6\u4ea7\u6743\u6216\u5b58\u5728\u4e0d\u5b9e\u5185\u5bb9\u65f6\uff0c\u8bf7\u53ca\u65f6\u901a\u77e5\u672c\u7ad9\uff0c\u4e88\u4ee5\u5220\u9664\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5728Jean Salata\u7684\u9886\u5bfc\u4e0b\uff0c\u9738\u83f1\u4e9a\u6d32\uff08BPEA\uff09\u4ece\u4e00\u5bb6\u9996\u53ea\u57fa\u91d1\u89c4\u6a21\u53ea\u6709\u5927\u7ea63\u4ebf\u7f8e\u5143\u7684\u5c0f\u578b\u79c1\u52df\u80a1\u6743\u516c\u53f8\u53d1\u5c55\u5230\u4eca\u5929200\u4ebf\u7f8e\u5143\u7684\u4e1a\u52a1\u89c4\u6a21\u3002\u800c\u5728\u6b64\u671f\u95f4\uff0c\u4ed6\u4e5f\u5728\u516c\u53f8\u4f4d\u4e8e\u9999\u6e2f\u7684\u529e\u516c\u5ba4\u89c1\u8bc1\u4e86\u4e2d\u56fd30\u591a\u5e74\u6765\u7684\u6539\u9769\u4e0e\u5f00\u653e\u3002<\/p>\n","protected":false},"author":1,"featured_media":4473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,15],"tags":[],"class_list":["post-4467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo","category-character-story"],"_links":{"self":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/4467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/comments?post=4467"}],"version-history":[{"count":2,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/4467\/revisions"}],"predecessor-version":[{"id":4536,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/posts\/4467\/revisions\/4536"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media\/4473"}],"wp:attachment":[{"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/media?parent=4467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/categories?post=4467"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cxounion.cn\/index.php\/wp-json\/wp\/v2\/tags?post=4467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}