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????在巴黎HEC商學院(HEC School of Management)從事戰略和企業政策研究的副教授奧利弗?戈沙爾格每年春季都要對這一問題做出回答。通過與道瓊斯(Dow Jones)合作，戈沙爾格已打造了一個排行榜，專門分析未來哪些私募股權公司最可能有業內領先表現： ????“它基于10項經實踐檢驗的不同指標，對每家公司的競爭力地位進行評估。然后，根據公司表現與每項指標的歷史關聯度，推導出未來競爭力總分。這些指標的共同運用反映了一些價值創造的重要動力，包括規模、交易質量、把握債市/股市時機的能力以及戰略定位。” ????最新一期榜單將Silver Lake Partners和Warburg Pincus并列榜首，“體質分”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(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。 ????戈沙爾格評估了225家私募股權公司，代表1,000多支基金、逾萬億美元的承諾資本。評估要素包括當前活動規模、展現出來的抗周期性投資能力、戰略獨特性程度和退出時機。 |
????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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