{"id":43962,"date":"2017-12-01T03:01:02","date_gmt":"2017-12-01T01:01:02","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/foreword-by-the-editor-2011\/"},"modified":"2017-12-01T03:01:02","modified_gmt":"2017-12-01T01:01:02","slug":"foreword-of-the-editor-2011","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-2011\/","title":{"rendered":"Foreword by the Editor 2011"},"content":{"rendered":"

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

Three years after the outbreak of the finan\u00adcial crisis, things are looking up again. Inves\u00adtors are again much more opti\u00admi\u00adstic about new invest\u00adments in private equity and venture capi\u00adtal. The diffi\u00adcult market phases of the last three years not only brought nume\u00adrous problems for private equity funds, but recently also the extre\u00admely important realiza\u00adtion, espe\u00adci\u00adally for insti\u00adtu\u00adtio\u00adnal inves\u00adtors, that private equity yields more lucra\u00adtive returns than equi\u00adties. Invest\u00adments made during reces\u00adsio\u00adnary peri\u00adods yield the highest profits (study by HEC School of Manage\u00adment & Golding Capi\u00adtal Part\u00adners). Accor\u00adding to these findings, due to the lack of corre\u00adla\u00adtion with equity markets, private equity can cushion losses for insti\u00adtu\u00adtio\u00adnal inves\u00adtors when stock markets are down.<\/p>\n

Accor\u00adding to the latest esti\u00adma\u00adtes (Preqin), the private equity indus\u00adtry will raise around USD 260 billion from insti\u00adtu\u00adtio\u00adnal inves\u00adtors world\u00adwide in 2010. A growing share of this is flowing into mino\u00adrity invest\u00adments and small, fast-growing compa\u00adnies. \u2014 A decisive factor for inves\u00adtor confi\u00addence is that, contrary to fears at the height of the crisis, good funds were able to get their invest\u00adments through the crisis passably. From Janu\u00adary to Octo\u00adber 2010, finan\u00adcial inves\u00adtors acqui\u00adred compa\u00adnies across Europe for 40 billion euros, an increase on the previous year. The record of 197 billion euros set in 2007 is nevert\u00adhel\u00adess a long way off. The wave of lucra\u00adtive company sales hoped for by the indus\u00adtry also failed to make much head\u00adway, and IPOs remained scarce.<\/p>\n

The motto remains: Break the Cycle. It is important for the indus\u00adtry to keep a sense of propor\u00adtion and not allow itself to be pushed by the banks. It should be careful not to repeat the mista\u00adkes of the past. Prices for acqui\u00adred compa\u00adnies are alre\u00adady heading for pre-crisis record levels. In 2010, an average of 8.1 times opera\u00adting profit was alre\u00adady paid, of which 4.5 times EBITDA was finan\u00adced via loans.<\/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":[2452,2458,2468,2506],"product_tag":[1475,1478,1849,1850],"class_list":{"0":"post-43962","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-2011-en","10":"product_tag-tatjana-anderer-en","11":"product_tag-foreword","12":"product_tag-lucrative-company-sales","13":"product_tag-break-the-cycle-en","14":"pa_sprache-english-3","15":"pa_sprache-german","17":"first","18":"instock","19":"taxable","20":"shipping-taxable","21":"purchasable","22":"product-type-variable"},"yoast_head":"\nForeword by the Editor 2011 - 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-editor-2011\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreword by the Editor 2011 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Three years after the outbreak of the financial crisis, things are looking up again. 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