经济学人

[2009.04.06]Private equity:Flip flop私募股权: 生意反反复复，起起落

落

Private equity

私募股权

Flip flop

生意反反复复、起起落落

Apr 6th 2009

From

The private-equity industry is chastened

but still alive

私募股权行业发展受阻，残喘求生。

全球私募股权基金历年筹资表现 GIVEN the private-equity industry's dire track record of late, it is a surprise that it can raise any new money at all. Yet in the first quarter of 2009 investors handed over $46 billion, well below the dizzy extremes of the bubble, but still on a par with the levels of five years ago. Half of this was directed to buy-out funds. That might make some sense—these funds have historically performed better during bear markets, when they can buy companies on the cheap. Still, private-equity firms now have their work cut out to prove that they were not just another manifestation of an unsustainable debt bubble.

私募股权行业近来表现不佳。这一行当最近还能继续筹集新资金，的确让人大吃一惊。2009年第1季度。投资者还是向私募股权公司吐出了460亿美元。虽然这一数字远远低于泡沫经济时期的高峰值，但仍可以和5年前的筹资水平相媲美。460亿美金的一半，集中投资在并购基金上。这种做法不无道理，以往熊市中，并购基金的确表现不俗。发生股灾，正好低价收购公司。尽管可以通过买并购基金大捡便宜，私募股权行业还是需要好好工作，好好办事，向投资者证明：他们不代表另一个债务泡沫，他们可以持续赚钱。