????在巴黎HEC商學(xué)院(HEC School of Management)從事戰(zhàn)略和企業(yè)政策研究的副教授奧利弗?戈沙爾格每年春季都要對(duì)這一問題做出回答,。通過與道瓊斯(Dow Jones)合作,，戈沙爾格已打造了一個(gè)排行榜，專門分析未來哪些私募股權(quán)公司最可能有業(yè)內(nèi)領(lǐng)先表現(xiàn)：
????“它基于10項(xiàng)經(jīng)實(shí)踐檢驗(yàn)的不同指標(biāo),，對(duì)每家公司的競爭力地位進(jìn)行評(píng)估,。然后，根據(jù)公司表現(xiàn)與每項(xiàng)指標(biāo)的歷史關(guān)聯(lián)度,，推導(dǎo)出未來競爭力總分,。這些指標(biāo)的共同運(yùn)用反映了一些價(jià)值創(chuàng)造的重要?jiǎng)恿Γㄒ?guī)模,、交易質(zhì)量,、把握債市/股市時(shí)機(jī)的能力以及戰(zhàn)略定位?！?/p>
????最新一期榜單將Silver Lake Partners和Warburg Pincus并列榜首,，“體質(zhì)分”均為3.0,。
????隨后依次是Nordic Capital (2.3),、Bain Capital (1.8)、Doughty Hanson (1.7),、TPG Capital (1.7),、凱雷投資集團(tuán)(The Carlyle Group) (1.6)、AXA Private Equity (1.4)和高盛(Goldman Sachs) (1.4),。
????去年榜單居首的是AXA Private Equity,，隨后依次是CDC Enterprises Equity Capital、Providence Equity Partners,、Goldman Sachs Capital Partners和TPG Capital,。
????戈沙爾格評(píng)估了225家私募股權(quán)公司，代表1,000多支基金,、逾萬億美元的承諾資本,。評(píng)估要素包括當(dāng)前活動(dòng)規(guī)模、展現(xiàn)出來的抗周期性投資能力,、戰(zhàn)略獨(dú)特性程度和退出時(shí)機(jī),。 |
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????That's the question approached each spring by Oliver Gottschalg, an associate professor of strategy and business policy at the HEC School of Management in Paris. In partnership with Dow Jones, Gottschalg has developed a ranking to determine which private equity firms are most likely to be the top performers going forward:
????"It evaluates each firm's competitive positioning based on 10 different empirically validated criteria and then derives an overall future competitiveness score based on the historic link between firm performance and each of these criteria. Collectively, these criteria capture some of the most relevant drivers of value creation, including scale, quality of deal flow, ability to time debt and equity markets, and strategic positioning."
????The latest rankings find Silver Lake Partners and Warburg Pincus tied atop the rankings, with "fitness scores" of 3.0.
????They are followed by Nordic Capital (2.3), Bain Capital (1.8), Doughty Hanson (1.7), TPG Capital (1.7), The Carlyle Group (1.6), AXA Private Equity (1.4) and Goldman Sachs (1.4).
????Last year's list was led by AXA Private Equity, followed by CDC Enterprises Equity Capital, Providence Equity Partners, Goldman Sachs Capital Partners and TPG Capital.
????Gottschalg evaluated 225 private equity firms, representing more than 1,000 funds with more than $1 trillion in committed capital. Factors evaluated include scale of current activities, demonstrated ability to invest counter-cyclically, level of strategic uniqueness and exit timing. |
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