{"id":44158,"date":"2017-11-26T16:07:32","date_gmt":"2017-11-26T14:07:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/private-equity-enters-a-new-cycle\/"},"modified":"2017-11-26T16:07:32","modified_gmt":"2017-11-26T14:07:32","slug":"private-equity-starts-in-a-new-cycle","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/","title":{"rendered":"Private equity enters a new cycle"},"content":{"rendered":"

Stephan M. Illen\u00adber\u00adger<\/strong> \u2014 Board Member and Mana\u00adging Direc\u00adtor AXA Private Equity, Frankfurt\/Main<\/p>\n","protected":false},"excerpt":{"rendered":"

Nothing is the way it was. And that is right. After its grea\u00adtest boom phase to date, the private equity indus\u00adtry is now expe\u00adri\u00aden\u00adcing the grea\u00adtest conso\u00adli\u00adda\u00adtion in its history. The gigan\u00adtic funds, the reck\u00adless finan\u00adcing, the publicly fought batt\u00adles over suppo\u00adsedly attrac\u00adtive take\u00adover targets \u2014 all that is a thing of the past. The survi\u00advors of the cata\u00adstro\u00adphes of 2007 and 2008 \u2014 some of which were their own fault \u2014 need to be sober and detached, far-sigh\u00adted, expe\u00adri\u00aden\u00adced and astute. At the same time, the indus\u00adtry is at the begin\u00adning of a new cycle: private equity is coming of age. It is alre\u00adady clear today that equity parti\u00adci\u00adpa\u00adtion has joined the capi\u00adtal market and bank loans as the third pillar of corpo\u00adrate finan\u00adcing. The shock of 2009 has faded, but to speak of a new boom would be an exag\u00adge\u00adra\u00adtion. In a market that is slowly picking up again, the indus\u00adtry is just repo\u00adsi\u00adtio\u00adning itself. \u2014 The invest\u00adment indus\u00adtry will emerge from the crisis stron\u00adger \u2014 but with fewer players.<\/strong><\/p>\n

Review<\/strong><\/p>\n

What actually happened? In the 1970s and the first half of the 1980s \u2014 a phase that can be descri\u00adbed as the \u201cstone age\u201d of private equity \u2014 the indus\u00adtry was very mana\u00adgeable, kept a modest profile and was of no great signi\u00adfi\u00adcance to the finan\u00adcial world. There were a handful of small, part\u00adner-owned invest\u00adment compa\u00adnies that made their invest\u00adments \u2014 often mino\u00adrity invest\u00adments in rather small compa\u00adnies \u2014 with very mode\u00adrate loans.<\/p>\n

From the mid-1980s, the picture chan\u00adged. The inves\u00adtor base grew, and new cons\u00adtruc\u00adtions were added. Public to private, i.e. the de-listing and restruc\u00adtu\u00adring of compa\u00adnies was a lucra\u00adtive busi\u00adness, espe\u00adci\u00adally if the finan\u00adcing could be repre\u00adsen\u00adted by junk bonds. Private equity in the second half of the 1980s, dubbed the \u201cBronze Age\u201d in retro\u00ads\u00adpect, was still a grind: acqui\u00adring compa\u00adnies, lever\u00adaging them, chan\u00adging them and selling them again after four to five years. At this stage, many imagine as actors such charac\u00adters as the film charac\u00adter Gordon Gekko in \u201cWall Street\u201d, who used ruthl\u00adess methods to make an incre\u00addi\u00adble amount of money from their holdings in an incre\u00addi\u00adbly short time.<\/p>\n","protected":false},"featured_media":41181,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2506,2591],"product_tag":[1965,1971,1976,1978],"class_list":{"0":"post-44158","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2011-en","8":"product_cat-stephan-m-illenberger-en","9":"product_tag-stephan-m-illenberger-en","10":"product_tag-equity-investment","11":"product_tag-boom-phase","12":"product_tag-reckless-financing","13":"pa_sprache-english-3","14":"pa_sprache-german","16":"first","17":"outofstock","18":"taxable","19":"shipping-taxable","20":"purchasable","21":"product-type-variable","22":"has-default-attributes"},"yoast_head":"\nPrivate equity enters a new cycle - 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\/private-equity-starts-in-a-new-cycle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private equity enters a new cycle - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Nothing is the way it was. And that is right. After its greatest boom phase to date, the private equity industry is now experiencing the greatest consolidation in its history. The gigantic funds, the reckless financing, the publicly fought battles over supposedly attractive takeover targets - all that is a thing of the past. The survivors of the catastrophes of 2007 and 2008 - some of which were their own fault - need to be sober and detached, far-sighted, experienced and astute. At the same time, the industry is at the beginning of a new cycle: private equity is coming of age. It is already clear today that equity participation has joined the capital market and bank loans as the third pillar of corporate financing. The shock of 2009 has faded, but to speak of a new boom would be an exaggeration. In a market that is slowly picking up again, the industry is just repositioning itself. - The investment industry will emerge from the crisis stronger - but with fewer players. Review What actually happened? In the 1970s and the first half of the 1980s - a phase that can be described as the "stone age" of private equity - the industry was very manageable, kept a modest profile and was of no great significance to the financial world. There were a handful of small, partner-owned investment companies that made their investments - often minority investments in rather small companies - with very moderate loans. From the mid-1980s, the picture changed. The investor base grew, and new constructions were added. Public to private, i.e. the de-listing and restructuring of companies was a lucrative business, especially if the financing could be represented by junk bonds. Private equity in the second half of the 1980s, dubbed the "Bronze Age" in retrospect, was still a grind: acquiring companies, leveraging them, changing them and selling them again after four to five years. At this stage, many imagine as actors such characters as the film character Gordon Gekko in "Wall Street", who used ruthless methods to make an incredible amount of money from their holdings in an incredibly short time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Illenberger.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/\",\"name\":\"Private equity enters a new cycle - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Illenberger.png\",\"datePublished\":\"2017-11-26T14:07:32+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Illenberger.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Illenberger.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fyb.de\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FYB Shop\",\"item\":\"https:\/\/www.fyb.de\/en\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Private equity enters a new cycle\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fyb.de\/en\/#website\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"name\":\"FYB Financial Yearbook\",\"description\":\"For Your Business\",\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fyb.de\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\",\"name\":\"FYB Financial Yearbook\",\"url\":\"https:\/\/www.fyb.de\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2020\/06\/logo.svg\",\"caption\":\"FYB Financial Yearbook\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Private equity enters a new cycle - FYB Financial Yearbook","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fyb.de\/en\/produkt\/private-equity-starts-in-a-new-cycle\/","og_locale":"en_US","og_type":"article","og_title":"Private equity enters a new cycle - FYB Financial Yearbook","og_description":"Nothing is the way it was. 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