{"id":43985,"date":"2017-12-01T04:03:08","date_gmt":"2017-12-01T02:03:08","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editorial-2011\/"},"modified":"2017-12-01T04:03:08","modified_gmt":"2017-12-01T02:03:08","slug":"editorial-2011-2","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/editorial-2011-2\/","title":{"rendered":"Editorial 2011"},"content":{"rendered":"

Jeremy P. Golding<\/strong> \u2014 Foun\u00adder and Mana\u00adging Direc\u00adtor of Golding Capi\u00adtal Part\u00adners GmbH, a leading invest\u00adment manage\u00adment firm focu\u00adsed on private equity<\/p>\n","protected":false},"excerpt":{"rendered":"

German equity inves\u00adtors look back on a lost decade. Anyone who inves\u00adted in the Dax in the fall of 2000 had achie\u00adved a zero return ten years later \u2014 and this with strong fluc\u00adtua\u00adtions caused by the burs\u00adt\u00ading of the Inter\u00adnet bubble and the recent finan\u00adcial crisis. Espe\u00adci\u00adally after the expe\u00adri\u00adence of the finan\u00adcial crisis, inves\u00adtors are ther\u00ade\u00adfore inte\u00adres\u00adted in asset clas\u00adses that make it possi\u00adble to smooth out gene\u00adral market fluc\u00adtua\u00adtions and gene\u00adrate posi\u00adtive returns over the entire cycle. Invest\u00adments that can achieve demons\u00adtra\u00adbly consis\u00adtent alpha are incre\u00adasingly beco\u00adming an indis\u00adpensable compo\u00adnent of insti\u00adtu\u00adtio\u00adnal portfolios.<\/p>\n

A recent study by Golding Capi\u00adtal Part\u00adners in colla\u00adbo\u00adra\u00adtion with HEC Paris shows that private equity can regu\u00adlarly gene\u00adrate posi\u00adtive alpha in this sense and thus make an important contri\u00adbu\u00adtion to the over\u00adall port\u00adfo\u00adlio. The study thus refu\u00adtes some common preju\u00addi\u00adces. Critics accuse private equity funds of failing to create inde\u00adpen\u00addent value in the compa\u00adnies they acquire. Above-average returns could only be achie\u00adved with massive borro\u00adwing, which would put addi\u00adtio\u00adnal strain on private equity compa\u00adnies in bad years.<\/p>\n

In the above-mentio\u00adned study, it has now been shown that private equity achie\u00adves a posi\u00adtive alpha of 7 percent on average above a compa\u00adra\u00adble return on the stock market. This result is even more remar\u00adkable when adjus\u00adted for factors that are belie\u00adved to favor private equity, namely leverage, timing and indus\u00adtry selec\u00adtion. In fact, private equity funds are able to funda\u00admen\u00adtally improve the perfor\u00admance of their compa\u00adnies and thus create value for their inves\u00adtors. They achieve this prima\u00adrily through impro\u00adved corpo\u00adrate gover\u00adnance, manage\u00adment invol\u00advement, and their exper\u00adtise in imple\u00admen\u00adting expan\u00adsion stra\u00adte\u00adgies and profes\u00adsio\u00adna\u00adli\u00adzing exis\u00adting structures.<\/p>\n","protected":false},"featured_media":40978,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2468,2472,2506],"product_tag":[1604,1765,1772,1859,1862,1866],"class_list":{"0":"post-43985","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-free-of-charge-en","8":"product_cat-jeremy-p-golding-en","9":"product_cat-fyb-2011-en","10":"product_tag-corporate-governance-en","11":"product_tag-jeremy-p-golding-en","12":"product_tag-editorial-en","13":"product_tag-dax-en","14":"product_tag-total-portfolio","15":"product_tag-positive-alpha","16":"pa_sprache-english-3","17":"pa_sprache-german","19":"first","20":"instock","21":"taxable","22":"shipping-taxable","23":"purchasable","24":"product-type-variable"},"yoast_head":"\nEditorial 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\/editorial-2011-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editorial 2011 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"German equity investors look back on a lost decade. Anyone who invested in the Dax in the fall of 2000 had achieved a zero return ten years later - and this with strong fluctuations caused by the bursting of the Internet bubble and the recent financial crisis. Especially after the experience of the financial crisis, investors are therefore interested in asset classes that make it possible to smooth out general market fluctuations and generate positive returns over the entire cycle. Investments that can achieve demonstrably consistent alpha are increasingly becoming an indispensable component of institutional portfolios. A recent study by Golding Capital Partners in collaboration with HEC Paris shows that private equity can regularly generate positive alpha in this sense and thus make an important contribution to the overall portfolio. The study thus refutes some common prejudices. Critics accuse private equity funds of failing to create independent value in the companies they acquire. Above-average returns could only be achieved with massive borrowing, which would put additional strain on private equity companies in bad years. In the above-mentioned study, it has now been shown that private equity achieves a positive alpha of 7 percent on average above a comparable return on the stock market. This result is even more remarkable when adjusted for factors that are believed to favor private equity, namely leverage, timing and industry selection. In fact, private equity funds are able to fundamentally improve the performance of their companies and thus create value for their investors. 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