2023年6月19日

分享:私人股本投資者正變得越來越挑剔,艱難的經濟環境,他們專注於提高利潤率在多個擴張。利率上升的影響對杠杆收購,盡管PE增長股票基金也受到影響。更高的利率影響投資組合估值在投資者信心下降,使出口更加困難。因此,基金經理如灰宮、英國事務所合夥人Lightrock,正在考慮如何增加價值,他們的投資組合公司,同時公司變得非常挑剔他們回來。普裏指出,在當前經濟低迷之前,85%的公司尋求少數民族體育的投資會得到支持。現在同樣比例的公司更有可能掙紮。利率上升,需要指標表明企業可以生存沒有沒完沒了的錢,”他說。”這是最大的變化在增長的市場。”Sectors favored by PE growth investors include healthcare, business services, and software, which typically accounts for the largest share of deals. In the case of software, investors use "the rule of 40," where combined revenue growth rate and profit margin should exceed or equal 40%. This means that if revenue growth is strong enough, thin profit margins are less of a concern. Allan Bertie, head of European investment banking at Raymond James , said while this rule is still applied, there is much more of a focus on the EBITDA margin becoming positive. In the current market, cash burning businesses are having a more challenging time. Similarly, Yalin Karadogan, a London-based partner at emerging markets investor Leapfrog Investments , stressed the importance of organic growth over leverage. However, he warned that the focus on margin expansion can be difficult due to rising costs. Rising interest rates brought about to combat rising inflation puts pressure on both the entry and exit multiples a growth equity investment must achieve. "If exit values decline, then entry values have to decline as well. We don't get impacted by higher interest rates as directly as buyout funds, but we do get impacted due to secondary considerations such as entry and exit valuations," said Puri. On the other hand, Raymond James' Bertie said that PE still has the ability to outperform even in a tough economic environment. "[PE firms] are not insulated, but what they have is the flexibility to say, 'I've been tasked by my LPs to deliver a 2x to 3x money multiple over the life of the fund. In the good times, I could generate that in two or three years. In tougher times, it may take me four, five or six years,' " he said. Growth equity struggles on According to PitchBook’s Q1 2023 European PE Breakdown , only 17.2% of European PE deals were growth equity in Q1. But even in a tough fundraising environment, some notable funds have closed this year. Summit Partners closed its fourth growth equity fund on €1.4 billion (about $1.5 billion) in February, and Andera Partners raised €600 million for its midcap-focused fund in January. Lightrock's Puri said there's still enough growth capital sitting on the balance sheets of firms waiting to be deployed. He said from 2019 to 2021, every business was raising money and getting progressively higher valuations. "Sometimes I'd think, 'What am I missing?' It created a lot of froth in the market. It became very confusing, so this economic change is actually good," he said. Founders are also increasingly looking to PE firms, even as minority investors, to leverage their industry expertise to advise strategic decisions such as international expansion. Leapfrog's Karadogan noted the importance of having a relationship that is the right fit. "[Investors and founders are] going to live with these people for the next five years. They need to know that they can work together and they can actually create value." He added that investors need to be selective about sectors and disciplined on valuation. This applies even in high-growth emerging markets such as India, where Leapfrog invests. Lightrock's Puri noted that while his firm still backs companies that are yet to make money, it's not in the business of moonshots or taking unnecessary risks. In Lightrock's case, the focus is on sustainability and targeting companies engaged in real-world solutions. One example is its investment in African electric vehicle startup Max , which aims to cut carbon emissions. Puri said that any technology he backs should be a solution to a real problem, not a solution looking for a problem. "There's been a shift in attitude. People are not investing in 'nice-to-haves'—they're investing in 'must-haves' because the value of must-haves is much quicker to realize than nice-to-haves," said Puri. Featured image by Pla2na/Shutterstock