中投交易妙招
广告投放★自助友情CMS落伍广告联盟晒乐广告联盟脉动广告联盟品味广告联盟
广告位可自定样式联系QQ:38355018个文字广告月20元广告联系QQ:3835501广告位可自定样式
8个文字广告月20元黄金广告位每月20元广告位可自定样式联系QQ:3835501广告位可自定样式
左旋肉碱、全国包邮
买二送一、无效退款

文章浏览→编程相关Access→中投交易妙招

中投交易妙招
中投交易妙招

Apax /China Investment Corp
中投交易妙招

 

  One bitten, twice shy? Not China InvestmentCorporation, which suffered abuse for its disastrous $3bn punt onBlackstone. Investing ahead of the private equity house's $31 ashare initial public offering, CIC watched the stock drop below $4,before recovering to today's $13.5. Older, wiser, it is venturingback into the same waters, with an innovative two-step transactionwith Apax Partners.
  一朝被蛇咬,十年怕井绳?这话可不能用在中国投资公司(China InvestmentCorporation)身上。该机构曾将30亿美元投入百仕通(Blackstone),结果遭遇灾难性亏损,为此饱受非议。在百仕通这家私人股本公司以每股31美元进行首次公开发行(IPO)之前,中投对其进行投资。随后,中投眼睁睁看着百仕通的股价跌至每股4美元以下,而后收复部分失地,回升至现在的每股13.5美元水平。在吸取经验教训之后,中投正再次涉足私人股本行业,与ApaxPartners达成创新的两步交易。

 

  The first sees this true believer in privateequity's command and control style of management pick up a 2.3 percent stake in Apax for an undisclosed sum. The second and moreinteresting step has it investing upto €800m in the €11.2bn fundthat Apax raised in 2007.
  根据第一步交易,中投这家真正信奉私人股本“指令及控制”管理风格的机构,将购得Apax2.3%股份,具体投资金额不详。根据第二步,也是更有意思的一步交易,中投将对Apax在2007年筹集的一只112亿欧元基金投资至多8亿欧元。

 

  This latter transaction is structured toaddress several needs. Cash-strapped existing investors benefitbecause CIC is offering them chance to reduce their ongoingcommitment to the fund on favourable terms. They can transfer theiroutstanding uncalled commitments to CIC while keeping the entiretyof their interest in the 50 per cent or so of the fund that Apaxhas already invested.
 这后一步交易旨在从结构上应对多方面需求。现金吃紧的原有投资者将获益,因为中投为他们提供了一个机会,让他们能以优惠的条款,减少自己对该基金的未缴承诺。他们能把自己的剩余未缴承诺让给中投,同时在Apax已经投资到位的50%左右的基金资金中,保留自己的权益。

 

  This is a groundbreaking development for thedysfunctional secondary market. At present, illiquid investorstrying to wriggle out of uncalled commitments have to sell theirinterest in investments already made at a punitive haircut to netasset value. If CIC succeeds in attracting the €350m minimum it hasset as a condition of the transaction, expect this structure to becopied by others.
 对功能失调的二级市场来说,这是一个具有突破意义的动态。目前,缺乏流动资金的投资者如果要退出未缴承诺,就不得不以相对于资产净值的大幅折扣,出售自己在已经作出的投资中的权益。如果中投公司成功吸引至少3.5亿欧元未缴承诺(这是该机构为这宗交易设定的底线条件),可以预期其他机构将照搬这种交易结构。

 

  For its part, CIC, with assets of $298bn atthe end of last year, gains access to a private equity vehicle whenfew are fund-raising. Moreover, it does so without saddling itselfwith exposure to a mixed portfolio of 15 deals done at the peak ofthe market. If all goes to plan, CIC wins exposure, via a sidecar,to potentially attractive 2010-2012 vintages without the hangoverfrom the boomtime bubbly.

 对去年底拥有2980亿美元资产的中投公司来说,这宗交易使它在几乎没有私人股本基金进行筹资的时期,能够投资于一个私人股本工具。这还不算,中投在投资的同时,不必背上该基金在市场顶峰时期达成的15宗交易的投资组合。如果一切顺利,中投公司就能搭上便车,既获益于2010年至2012年富有吸引力的潜在收获,又能躲开上一轮繁荣时期留下的泡沫。

 

 

 

 

 

 

 

本文来自Lex专栏,Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析

所属分类:编程相关Access    作者:新浪博客    时间:2010-11-20 0:00:00

文章导航