安永-全球2010年私募股权投资观察报告【40页】.pdfVIP

2010 global private equity watch New horizons emerge April 2010 New horizons emerge A year ago, there were diverging views on the future of private Leveraged loans used to nance new acquisitions bounced back in equity (PE). Some contended the model had suffered irreparable the fourth quarter. While Thomson Reuters reports that new issues damage, while others saw a nimble industry that would recover in the US totaled US$80 billion in 2009, nearly half of that total and eventually become stronger than ever. Although 2009 was a — US$37 billion — was issued in the fourth quarter, up from just challenging year, with leverage in short supply, acquisitions and US$14 billion in the third quarter and US$21 billion in the fourth divestitures down sharply, and fund-raising dif cult, the industry quarter of 2008. Financing for new acquisitions should increase showed resilience in adapting to adverse market conditions. gradually in 2010, barring major banks being hit with defaults on 1 government and commercial debt in Greece and, possibly, Spain. Globally, PE rms made 1,612 acquisitions in 2009, a 36% decrease from 2008.2 The average size of an acquisition in 2009 Liquidity also returned on the sell side. The recovery of worldwide was smaller — US$100 million versus US$158 million in 2008 — as stock markets restored the initial public offering (IPO) as a viable total deal value fell 56% to US$95.5 billion. While there were fewer exit strategy in the US and Asia. PE sponsors brought 53 new buyout deals during 2009, minority investments3 as a percentage companies to market in 2009, raising proceeds of US$16 billion, of total acquisitions rose from 45% to 50%, even as the va