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We'll Do It Our Way

机译:我们会按照自己的方式做

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摘要

Heard All That Thrashing in the water lately? That's the sound of leveraged-buyout firms circling some pretty big fish—like GMAC and the Dutch media-research giant VNU. These billion-dollar buying opportunities have drawn the likes of Cerberus, Texas Pacific, Thomas H. Lee Partners, Bain & Co., Carlyle, Blackstone and Kohlberg Kravis Roberts, bidding together in packs. Such club deals, as they're known, are a common phenomenon in the feverish leveraged buyout industry, which took in $152 billion last year from pension funds and other investors. Banding together spreads risk and sometimes helps put a ceiling on the bidding process. For their part, the LBO engineers (who have taken to calling their business "private equity") have to do something to justify annual management fees of 1.5% to 2%, transaction fees equal to at least 1% of a deal's value and a carried interest that gives them 20% of any profits after certain benchmarks are met.
机译:听说最近在水里扔东西了吗?这就是杠杆收购公司绕过一些大鱼的声音,例如GMAC和荷兰媒体研究巨头VNU。这些数十亿美元的购买机会吸引了Cerberus,Texas Pacific,Thomas H. Lee Partners,Bain&Co.,Carlyle,Blackstone和Kohlberg Kravis Roberts等公司一起竞标。众所周知,这类俱乐部交易是在杠杆收购热潮中的普遍现象,去年该行业从养老基金和其他投资者那里获得了1,520亿美元的收入。联合起来可以分散风险,有时可以帮助提高投标过程的上限。就其本身而言,LBO工程师(已将其业务称为“私募股权”)必须做些事以证明1.5%至2%的年度管理费,至少等于交易价值1%的交易费以及满足某些基准后,他们会带来20%的利润。

著录项

  • 来源
    《Forbes》 |2006年第10期|p.106-107|共2页
  • 作者

    Phyllis Berman;

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 世界经济问题;
  • 关键词

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