{"id":44236,"date":"2017-08-01T04:03:53","date_gmt":"2017-08-01T02:03:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editorial-2016-private-equity-challenges-and-strategies-for-the-future\/"},"modified":"2017-08-01T04:03:53","modified_gmt":"2017-08-01T02:03:53","slug":"editorial-private-equity-challenges-and-strategies-for-the-future","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/editorial-private-equity-challenges-and-strategies-for-the-future\/","title":{"rendered":"Editorial 2016: Private Equity \u2014 Challenges and Strategies for the Future"},"content":{"rendered":"

Prof. Dr. Dr. Ann-Kris\u00adtin Achleit\u00adner<\/strong> \u2014 Chair of Entre\u00adpre\u00adneu\u00adrial Finance Tech\u00adni\u00adsche Univer\u00adsi\u00adt\u00e4t M\u00fcnchen<\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity, the off-market equity for estab\u00adlished growth compa\u00adnies, has estab\u00adlished itself in recent years as an important source of finan\u00adcing for compa\u00adnies with inno\u00adva\u00adtive tech\u00adno\u00adlo\u00adgies and busi\u00adness models. One could certainly speak of the private equity indus\u00adtry coming of age. But what is meant by this? Not only has the appre\u00adcia\u00adtion and accep\u00adtance of private equity as an econo\u00admic\u00adally signi\u00adfi\u00adcant finan\u00adcing instru\u00adment matu\u00adred, but deve\u00adlo\u00adp\u00adments within the private equity indus\u00adtry also point in this direc\u00adtion. While in the past the focus was on finan\u00adcial crea\u00adti\u00advity or even the ability to iden\u00adtify underva\u00adlued compa\u00adnies, today more than ever private equity houses need to rethink their stra\u00adte\u00adgies to achieve their goals. The over\u00adri\u00adding goal of putting a port\u00adfo\u00adlio company on a compe\u00adti\u00adtive growth course and thus achie\u00adving an above-average return for the inves\u00adtors in the respec\u00adtive fund remains, but the ways and requi\u00adre\u00adments for achie\u00adving the goal present the private equity indus\u00adtry with new challenges.<\/p>\n

A closer look at the growth trajec\u00adtory of port\u00adfo\u00adlio compa\u00adnies reve\u00adals the extent to which the over\u00adall value crea\u00adtion within the port\u00adfo\u00adlio compa\u00adnies is driven by various value drivers. Howe\u00adver, a recent empi\u00adri\u00adcal and global study by the Tech\u00adni\u00adcal Univer\u00adsity of Munich unders\u00adcores that (contrary to the wide\u00adspread assump\u00adtion to the contrary) the impro\u00adve\u00adment in opera\u00adtio\u00adnal value crea\u00adtion was the most important lever in this regard, rela\u00adtively spea\u00adking. And their importance has increased even more in recent times (espe\u00adci\u00adally after the recent econo\u00admic and finan\u00adcial crisis from 2007 onwards) in figu\u00adres this means that almost forty percent of value added is attri\u00adbu\u00adta\u00adble to opera\u00adtio\u00adnal impro\u00adve\u00adments. By contrast, the contri\u00adbu\u00adtion made by opti\u00admi\u00adzing the capi\u00adtal struc\u00adture in the form of increased use of debt capi\u00adtal, refer\u00adred to in tech\u00adni\u00adcal jargon as the leverage effect, and by higher valua\u00adtion multi\u00adples on sale has compa\u00adra\u00adtively dimi\u00adnis\u00adhed in its effect over time. At the same time, howe\u00adver, it should also be noted that over the iden\u00adti\u00adcal period, total value added and thus also the returns achie\u00adved have decli\u00adned. The results are robust and consis\u00adtent even when expli\u00adcitly conside\u00adred across diffe\u00adrent indus\u00adtries or regi\u00adons, inclu\u00adding Europe.<\/p>\n","protected":false},"featured_media":41064,"comment_status":"closed","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2468,2513,2552],"product_tag":[1682,2045,2235,2429,2430,2431,2432],"class_list":{"0":"post-44236","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-prof-dr-dr-ann-kristin-achleitner-en","9":"product_cat-fyb-2016-en","10":"product_tag-value-added","11":"product_tag-capital-structure","12":"product_tag-portfolio-company","13":"product_tag-achleitner-en","14":"product_tag-ann-kristin-en","15":"product_tag-growth-company","16":"product_tag-funding-source","17":"pa_sprache-english-3","18":"pa_sprache-german","20":"first","21":"instock","22":"taxable","23":"shipping-taxable","24":"purchasable","25":"product-type-variable"},"yoast_head":"\nEditorial 2016: Private Equity - Challenges and Strategies for the Future - 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-private-equity-challenges-and-strategies-for-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editorial 2016: Private Equity - Challenges and Strategies for the Future - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Private equity, the off-market equity for established growth companies, has established itself in recent years as an important source of financing for companies with innovative technologies and business models. 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However, a recent empirical and global study by the Technical University of Munich underscores that (contrary to the widespread assumption to the contrary) the improvement in operational value creation was the most important lever in this regard, relatively speaking. And their importance has increased even more in recent times (especially after the recent economic and financial crisis from 2007 onwards) in figures this means that almost forty percent of value added is attributable to operational improvements. By contrast, the contribution made by optimizing the capital structure in the form of increased use of debt capital, referred to in technical jargon as the leverage effect, and by higher valuation multiples on sale has comparatively diminished in its effect over time. At the same time, however, it should also be noted that over the identical period, total value added and thus also the returns achieved have declined. 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