新兴市场少数私人股本股权的案例

如果你关注新兴市场投资的头条新闻，那么现在的情况已经有一段时间不稳定了。宏观经济疲软已经困扰发展中经济体好几年了，从货币挑战到大宗商品价格持续走软的各种因素只会让人更加感到这些市场不会很快反弹。

这些都没有抑制私人股本对某些新兴市场国家的热情。总部位于伦敦的智库海外发展研究所（Overseas Development Institute）报告称，私募股权投资公司在撒哈拉以南非洲地区有约40亿美元的干粉投资，希望利用强劲增长和中产阶级崛起这一“非洲崛起”主题。例如，收购巨人KKR公司。is planning a $100 million pan-African investment program over the next year, according to an October statement by the New York–based firm. In April 2014 Washington-headquartered Carlyle Group closed a $700 million buyout and minority investment fund focused on sub-Saharan Africa.

Last year fundraising reached new heights in Latin America, according to the New York–based Latin American Private Equity & Venture Capital Association (LAVCA). Capital committed to Latin American–dedicated private equity and venture capital funds totaled some $10.39 billion, beating the previous record of $10.27 billion, set in 2011, with money coming from firms such as Advent International, Axis Capital Management and Carlyle.

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但选择一个人口结构强大、增长潜力巨大的地区，只能解决一半的问题。据一位new paperby Harvard Business School investment banking professor Josh Lerner and researchers Andrew Speen, Chris Allen and Ann Leamon, private equity firms must change how they invest in emerging countries if they want to succeed. The paper argues that classic control-oriented private equity often doesn’t work in these markets — and that sellers who are willing to make such deals could have less than honest motivations.

勒纳写道：“通过提供公司的多数股权，企业家可能是在暗示未来增长前景不佳，或者企业已经处于当前股东急于退出的状态。”。

Emerging economies offer a demographic advantage: They have a budding consumer class, and with that comes an increased demand for health care, transportation and other services common to more developed economies. Many of the companies best positioned to capture these growth drivers are family-owned and hesitant to give away a majority stake when they know that the wind is at their backs, Lerner says. If such companies seek investment at all, they want a real growth partner. “There’s an appetite within many of these businesses to get someone who isn’t in the family at the table and can bring expertise that isn’t there,” Lerner tells亚博赞助欧冠.

总部位于纽约的高级合伙人兼Abraaj North America首席执行官汤姆斯佩克利（Tom Speechley）表示，交易的结构会产生真正的影响。Abraj North America是一家专注于新兴市场的90亿美元私人股本公司Abraj Group在美国的分支机构斯佩克利的公司为勒纳的论文提供了交易数据我们是积极的投资者，我们绝对希望控制公司的战略方向和发展。我们与管理层建立了伙伴关系，而这种伙伴关系正是我们有效控制业务增长议程的方式。”

Abraaj recently led a $60 million Series C funding round with Dubai-based Careem, an app-based car service that works much like Uber. This minority stake, one of the largest investments in the Middle East’s emerging technology sector, will be used to expand Careem into new markets throughout the region.

Leaving the management team in place can also solve another problem unique to growth markets: a lack of local managerial talent. In contrast to U.S. buyout scenarios, it’s tough to hold a casting call for a new CEO in sub-Saharan Africa, where there’s no flock of MBAs waiting in the wings.

不过，作为这些经济体的合作伙伴，中国也面临着自身的挑战。普通合伙人和投资者不仅要准备好建立一家公司，还要准备好建立一家公司成功所需的大部分供应链和垂直业务。

Johnny El Hachem, CEO of Paris-based Edmond de Rothschild Private Equity, says that bringing relationships and other expertise to the table is a competitive advantage. His €3 billion ($3.2 billion) firm makes only minority investments. “Being a minority investor isn’t an issue anymore, because you can achieve alignment on the major strategic issues, especially if you predefine the exit route,” El Hachem explains, adding that general partners can also intervene if necessary.

当少数投资者想退出时，谁在买入？在许多情况下，它是一个战略买家，也可以是最初的赞助商。LAVCA总裁Cate Ambrose表示，随着拉丁美洲公司通过早期投资开始走向成熟和制度化，更多的大牌战略买家将目光投向了该地区。”我们已经看到一些国际公司收购了风投支持的初创企业，比如Priceline、Eventbrite、Sage Group。

后期投资者会放弃一些多元化的扩张，转而选择一家更成熟的公司，但哈佛大学的勒纳表示，私人股本公司的专业化也会推动二次销售。”他解释说：“有一些全科医生专门从事早期业务，还有一些更适合将一家公司的收入从5亿美元提高到10亿美元以上。”。

研究表明，对于愿意进行少数股权投资并承担重担的普通合伙人来说，回报率往往与多数股权投资相当。勒纳论文中Abraaj的退出数据显示，多数和少数退出回报率之间的差异很小。Abraaj报告称，其平均回报率为多数股权投资额的2.3倍，而少数股权投资为2.1倍。这些数字涵盖了该公司自2002年以来的9项多数股权投资和55项少数股权投资。

Data from the World Bank Group’s International Finance Corp. included in the paper, which covers 312 emerging-markets deals fully exited by the end of 2009, shake out similarly. Although the IFC doesn’t display its data by individual deal, the average returns of minority and majority investments are similar, as shown in the following chart.

The holding period on minority investments also tends to be shorter. The paper looks at exit data year by year to take into account the cyclical nature of the exit environment. For majority and minority investments that exited in the same year, the holding period on minority investments is often at least 12 months shorter.

“People assume that the big risks are geopolitical, macro country risks, when in fact what makes or breaks returns is the specific circumstances of the individual companies you invest in,” Abraaj’s Speechley says. “That’s what the best private equity firms do in markets: They take the risk out of markets.”

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