{"id":43929,"date":"2017-12-01T03:01:20","date_gmt":"2017-12-01T01:01:20","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editors-foreword-2012\/"},"modified":"2017-12-01T03:01:20","modified_gmt":"2017-12-01T01:01:20","slug":"foreword-of-the-publisher-2","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-publisher-2\/","title":{"rendered":"Editor\u2019s Foreword 2012"},"content":{"rendered":"

Tatjana Ande\u00adrer<\/strong> \u2014 Foun\u00adder of FYB Publi\u00adshing House<\/p>\n","protected":false},"excerpt":{"rendered":"

Oppor\u00adtu\u00adni\u00adties in a stormy environment<\/strong><\/p>\n

In the first half of 2011 in parti\u00adcu\u00adlar, the opti\u00admism in the stock markets had also spread to the private equity sector. The German Private Equity Baro\u00adme\u00adter showed that expec\u00adta\u00adti\u00adons had excee\u00added the peaks of the boom years, and the assess\u00adment of the current busi\u00adness situa\u00adtion follo\u00adwed this trend. It was not until the slump in August that disil\u00adlu\u00adsionment retur\u00adned. Econo\u00admic growth is slower and credit markets remain fragile for the time being.<\/p>\n

For many years, capi\u00adtal concerns were a foreign word in the private equity indus\u00adtry. Banks and other lenders were happy to lend on very favorable terms and easier condi\u00adti\u00adons. Howe\u00adver, the econo\u00admic and finan\u00adcial crisis did not leave the private equity indus\u00adtry untouched. Today \u2014 in a stormy envi\u00adron\u00adment \u2014 the equity share has risen to over 50 percent and, as a conse\u00adquence, many private equity funds have reali\u00adgned their busi\u00adness model to focus more on stra\u00adte\u00adgic and opera\u00adtio\u00adnal opti\u00admiza\u00adtion of port\u00adfo\u00adlio compa\u00adnies rather than just cheap debt capital.<\/p>\n

The typi\u00adcal private equity busi\u00adness model also shows some strengths, espe\u00adci\u00adally during the crisis: These include substan\u00adtial capi\u00adtal reser\u00adves coll\u00adec\u00adted by funds during the good times, strengths in manage\u00adment quality and prac\u00adti\u00adcal expe\u00adri\u00adence with restruc\u00adtu\u00adring. \u2014 It is striking that the volume of buyouts has slum\u00adped much more shar\u00adply and is reco\u00adve\u00adring more slowly than the number of tran\u00adsac\u00adtions. The busi\u00adness has auto\u00adma\u00adti\u00adcally turned to smal\u00adler and medium-sized and thus more mana\u00adgeable tran\u00adsac\u00adtions. Aggres\u00adsi\u00advely finan\u00adced mega-buyouts are rarely feasi\u00adble at present. As a result, many buyout funds now have large capi\u00adtal reser\u00adves that they had coll\u00adec\u00adted before the crisis and could no longer invest. These capi\u00adtal reser\u00adves had a stabi\u00adli\u00adzing effect, enab\u00adling the funds to support port\u00adfo\u00adlio compa\u00adnies and replace miss\u00ading debt capi\u00adtal in tran\u00adsac\u00adtions. Well-posi\u00adtio\u00adned and new private equity funds could ther\u00ade\u00adfore bene\u00adfit from a weak economy. \u2014 Returns have also held up respec\u00adta\u00adbly compared to other asset classes.<\/p>\n","protected":false},"featured_media":40917,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2458,2468,2509],"product_tag":[1475,1478,1822,1827,1832],"class_list":{"0":"post-43929","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-tatjana-anderer-en","8":"product_cat-free-of-charge-en","9":"product_cat-fyb-2012-2","10":"product_tag-tatjana-anderer-en","11":"product_tag-foreword","12":"product_tag-business-situation","13":"product_tag-private-equity-barometer-en","14":"product_tag-economy","15":"pa_sprache-english-3","16":"pa_sprache-german","18":"first","19":"instock","20":"taxable","21":"shipping-taxable","22":"purchasable","23":"product-type-variable"},"yoast_head":"\nEditor's Foreword 2012 - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-publisher-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editor's Foreword 2012 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Opportunities in a stormy environment In the first half of 2011 in particular, the optimism in the stock markets had also spread to the private equity sector. 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