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????所有的私募股權(quán)公司都喜歡吹噓自己所管理基金的表現(xiàn)，以至于像“前四分之一”這樣的評(píng)價(jià)實(shí)際上已經(jīng)失去了意義。但巴黎HEC商學(xué)院的管理策略教授奧利弗?戈沙爾格并不滿足于知道哪些公司是世界上表現(xiàn)最好的公司。他要給它們逐一排名。 ????周一早間，戈沙爾格和道瓊斯公司（Dow Jones）發(fā)布了最新的一期私募股權(quán)公司表現(xiàn)排名報(bào)告（PE Performance Ranking Report）。報(bào)告分析了112家公司，這些公司在1998年至2007年間為726支基金總計(jì)籌集了約7,260億美元。下面是戈沙爾格對(duì)排名的解釋： ????總體表現(xiàn)分既不是內(nèi)部收益率式的年度回報(bào)率指標(biāo)，也不是投資資金增值倍數(shù)。它只有參照我們所研究的所有私募股權(quán)公司的平均表現(xiàn)分來看才有意義：總體表現(xiàn)分為1，意味著這家私募股權(quán)公司比平均表現(xiàn)高一個(gè)“標(biāo)準(zhǔn)差”，即它在所有樣本公司中處于前15%，即85% 的公司總體表現(xiàn)分低于它?？傮w表現(xiàn)分為2，意味著這家公司的表現(xiàn)是總體表現(xiàn)分為1的公司的兩倍。表現(xiàn)屬于平均水平的私募股權(quán)公司的總體表現(xiàn)分（設(shè)定）為0。 ????今年拔得頭籌的是1999年成立的荷蘭公司W(wǎng)aterland Private Equity，得分2.42。它的排名較去年的第三名（得分2.27）躍升了兩位。而過去連續(xù)兩年拔得頭籌的Leonard Green & Partners投資公司的排名則跌出了前20。 ????緊隨Waterland之后，依次是Friedman Fleischer & Lowe（得分2.32）、鉑金資本（Platinum Equity，得分2.10）、海曼傅萊曼公司（Hellman & Friedman ，得分1.63）和德州太平洋投資集團(tuán)（TPG Capital，得分1.5）。 |
????Every private equity firm likes to brag about its fund performance, to the point that terms like "top quartile" have virtually lost their meanings. But Oliver Gottschalg, a professor of management strategy at HEC in Paris, isn't satisfied by knowing which group of firms are the world's best-performers. He wants to rank them, one-by-one. ????Gottschalg and Dow Jones this morning released their latest edition of the PE Performance Ranking Report, which analyzes 112 firms that raised around $726 billion for 726 funds between 1998 and 2007. Here is how Gottschalg explains his rankings: ????The aggregate performance score is neither an IRR-type annual return measure nor a money multiple. It can only be interpreted relative to the average aggregate performance score of all firms we analyzed: An aggregate performance score of 1 means that a given PE Firm has an aggregate performance that is one "standard deviation" above the average performance, which would position it typically at the 85th percentile, i.e. 85% of all firms would have a lower aggregate performance. Also, an aggregate performance score of 2 means that performance is twice as high as for an aggregate performance score of 1. A PE Firm with the average performance has (by design) an aggregate performance score of 0. ????This year's top firm was Waterland Private Equity, a Dutch group founded in 1999, which received a score of 2.42. This was a jump from third place in last year's ranking (when it received a 2.27). Leonard Green & Partners, which has led this ranking for the past two years, fell completely out of the top 20. ????Following Waterland were Friedman Fleischer & Lowe (2.32), Platinum Equity (2.10), Hellman & Friedman (1.63) and TPG Capital (1.5). |
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