BEAL-GB私募股权.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * PE MANAGER SELECTIONIts all about people! Barnellan Equity Advice Ltd * Barnellan Equity Advice Ltd * TYPICAL PE MANAGER Initially often a division of a financial institution However does not always fit well with other investment activities Usually becomes a separate ‘partnership’ organisation Needs skilled transaction orientated professionals Work in teams but individually motivated Needs a mix of skills, financial, accounting, and business If successful tends to become focussed just on managing successive PE funds Best model in an emerging economy is generalist investor MAIN TEAM JUDGEMENT CRITERIA Key criteria for selecting right PE fund team: Individual capabilities and track record Team dynamics Incentives and alignment Process and discipline Barnellan Equity Advice Ltd * TEAM v INDIVIDUAL, GENERALIST v SPECIALIST Individuals People judgment, analytical, relational, deal doers Commercial but not greedy, self motivated but team player, deal orientated but long term ‘partner’ to investee Integrity and network of relationships in business community Team Tend to have individuals/small teams doing everything, from sourcing though to aftercare/exit Therefore assessment is key – does the team have depth Team ‘players’ essential, with balance of skills (not all accountants!) In Emerging Markets relationship-forming skill is a necessity – poor legal redress Team must have spread of financial, and operational skills Barnellan Equity Advice Ltd * GP ORGANISATION CRITERIA ? Flat structure - hierarchy is for large organisations, PE is project driven Open and inclusive structure, partnership or similar Multi disciplinary skill use Dynamics – must not be bunch of individualists Creative tension OK, but internal competition and politics is wasteful Minimal distraction from other clients Barnellan Equity Advice Ltd * INCE