{"id":44237,"date":"2017-08-01T04:20:36","date_gmt":"2017-08-01T02:20:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editors-foreword-2013-pe-2-0-the-rediscovery-of-private-equity\/"},"modified":"2017-08-01T04:20:36","modified_gmt":"2017-08-01T02:20:36","slug":"foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/","title":{"rendered":"Editor\u2019s Foreword 2013: PE 2.0 \u2014 The Rediscovery of Private Equity"},"content":{"rendered":"

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

One of the good news stories is that the chan\u00adged gene\u00adral econo\u00admic and market condi\u00adti\u00adons caused by the euro crisis have led Euro\u00adpean inves\u00adtors in parti\u00adcu\u00adlar to conti\u00adnue to view private equity favor\u00adably compared to other asset clas\u00adses. Insti\u00adtu\u00adtio\u00adnal inves\u00adtors will increase the share of private equity in their invest\u00adment port\u00adfo\u00adlios over the next three to five years, not least in order to spread their funds more broadly, to fulfill their return promi\u00adses and to circum\u00advent more stron\u00adgly what are expec\u00adted to be highly vola\u00adtile equity markets. They also believe that both insti\u00adtu\u00adtio\u00adnal inves\u00adtors and fund mana\u00adgers, and like\u00adwise govern\u00adments, need to change their atti\u00adtu\u00addes and beha\u00advior toward the indus\u00adtry more, and that asso\u00adcia\u00adti\u00adons should do more to defend the indus\u00adtry so that it can provide the market with its full poten\u00adtial in terms of wealth, job crea\u00adtion and compe\u00adti\u00adti\u00adve\u00adness. Less good news is that regu\u00adla\u00adtory chan\u00adges and the macroe\u00adco\u00adno\u00admic envi\u00adron\u00adment curr\u00adently pose the grea\u00adtest risk to the contin\u00adued posi\u00adtive deve\u00adlo\u00adp\u00adment of private equity.<\/p>\n

Finan\u00adcial insti\u00adtu\u00adti\u00adons are conser\u00adving their own funds because they have to comply with the new requi\u00adre\u00adments of the super\u00advi\u00adsors, and the capi\u00adtal market is gaining in importance as a source of funds for compa\u00adnies. Promo\u00adtio\u00adnal banks also see them\u00adsel\u00adves as winners of the crisis deve\u00adlo\u00adp\u00adment. With 520 billion, KfW is the third-largest bank in the coun\u00adtry and will gain in importance because of its unbre\u00adaka\u00adble busi\u00adness model.<\/p>\n

Most deals are still expec\u00adted to involve enter\u00adprise values of between EUR 50 and 250 million; head\u00adline-grab\u00adbing mega take\u00adovers in the billion euro range will largely fail to mate\u00adria\u00adlize due to a lack of willing\u00adness on the part of banks to provide finan\u00adcing, as will IPOs, which in Germany in 2012 could be coun\u00adted on one hand.<\/p>\n

It is also clear that China ventu\u00adred boldly into larger acqui\u00adsi\u00adti\u00adons in the German SME sector for the first time in 2011\/12. Not only among China\u2019s state-owned enter\u00adpri\u00adses but also among Euro\u00adpean-Chinese funds such as ACapi\u00adtal, based in Belgium and Hong Kong, inte\u00adrest in German tech\u00adno\u00adlogy with poten\u00adtial for expan\u00adsion into Asia appears to be unabated.<\/p>\n","protected":false},"featured_media":41177,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2458,2468,2604],"product_tag":[1955,1959,2378,2388,2396],"class_list":{"0":"post-44237","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-2013-en","10":"product_tag-other","11":"product_tag-tatjana-en","12":"product_tag-investment-portfolios","13":"product_tag-euro-crisis","14":"product_tag-economic-and-market-conditions","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 2013: PE 2.0 - The Rediscovery of Private Equity - 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-pe-2-0-the-re-discovery-of-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editor's Foreword 2013: PE 2.0 - The Rediscovery of Private Equity - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"One of the good news stories is that the changed general economic and market conditions caused by the euro crisis have led European investors in particular to continue to view private equity favorably compared to other asset classes. Institutional investors will increase the share of private equity in their investment portfolios over the next three to five years, not least in order to spread their funds more broadly, to fulfill their return promises and to circumvent more strongly what are expected to be highly volatile equity markets. They also believe that both institutional investors and fund managers, and likewise governments, need to change their attitudes and behavior toward the industry more, and that associations should do more to defend the industry so that it can provide the market with its full potential in terms of wealth, job creation and competitiveness. Less good news is that regulatory changes and the macroeconomic environment currently pose the greatest risk to the continued positive development of private equity. Financial institutions are conserving their own funds because they have to comply with the new requirements of the supervisors, and the capital market is gaining in importance as a source of funds for companies. Promotional banks also see themselves as winners of the crisis development. With 520 billion, KfW is the third-largest bank in the country and will gain in importance because of its unbreakable business model. Most deals are still expected to involve enterprise values of between EUR 50 and 250 million; headline-grabbing mega takeovers in the billion euro range will largely fail to materialize due to a lack of willingness on the part of banks to provide financing, as will IPOs, which in Germany in 2012 could be counted on one hand. It is also clear that China ventured boldly into larger acquisitions in the German SME sector for the first time in 2011\/12. Not only among China's state-owned enterprises but also among European-Chinese funds such as ACapital, based in Belgium and Hong Kong, interest in German technology with potential for expansion into Asia appears to be unabated.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/\" \/>\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\/Anderer_II.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\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/\",\"name\":\"Editor's Foreword 2013: PE 2.0 - The Rediscovery of Private Equity - FYB Financial Yearbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Anderer_II.png\",\"datePublished\":\"2017-08-01T02:20:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/#primaryimage\",\"url\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Anderer_II.png\",\"contentUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/07\/Anderer_II.png\",\"width\":334,\"height\":298},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/#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\":\"Editor\u2019s Foreword 2013: PE 2.0 \u2014 The Rediscovery of Private Equity\"}]},{\"@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":"Editor's Foreword 2013: PE 2.0 - The Rediscovery of Private Equity - 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\/foreword-of-the-editor-pe-2-0-the-re-discovery-of-private-equity\/","og_locale":"en_US","og_type":"article","og_title":"Editor's Foreword 2013: PE 2.0 - The Rediscovery of Private Equity - FYB Financial Yearbook","og_description":"One of the good news stories is that the changed general economic and market conditions caused by the euro crisis have led European investors in particular to continue to view private equity favorably compared to other asset classes. 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