{"id":44318,"date":"2017-08-01T04:16:20","date_gmt":"2017-08-01T02:16:20","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editorial-2014-private-equity-in-europe-in-the-year-five-after-the-lehman-crisis-a-stocktaking\/"},"modified":"2017-08-01T04:16:20","modified_gmt":"2017-08-01T02:16:20","slug":"editorial-private-equity-in-europe-in-the-year-following-the-lehman-crisis-a-state-of-affairs","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/editorial-private-equity-in-europe-in-the-year-following-the-lehman-crisis-a-state-of-affairs\/","title":{"rendered":"Editorial 2014: Private Equity in Europe in the Year Five after the Lehman Crisis: A Stocktaking"},"content":{"rendered":"

Prof. Oliver Gott\u00adschalg, PhD<\/strong> \u2014 Corpo\u00adrate Deve\u00adlo\u00adp\u00adment and Stra\u00adtegy, HEC Paris<\/p>\n","protected":false},"excerpt":{"rendered":"

In the year five after the outbreak of the global finan\u00adcial and econo\u00admic crisis asso\u00adcia\u00adted with the collapse of Lehman Brot\u00adhers, there are a number of inte\u00adres\u00adt\u00ading deve\u00adlo\u00adp\u00adments and trends in the private equity sector in Germany and Europe. The after\u00admath of the crisis is mixed with adjus\u00adt\u00adment proces\u00adses that are affec\u00adting this indus\u00adtry at various levels. At the same time, there are a number of aspects that point to posi\u00adtive deve\u00adlo\u00adp\u00adment poten\u00adtial and are alre\u00adady reflec\u00adted in a resur\u00adgence of inte\u00adrest among insti\u00adtu\u00adtio\u00adnal inves\u00adtors. It will be inte\u00adres\u00adt\u00ading to see to what extent the indus\u00adtry can imple\u00adment the call to tackle neces\u00adsary reforms Do not waste the crisis<\/em> or revert to the status quo ante<\/em>.<\/p>\n

The effects of the crisis are undoub\u00adtedly still being felt in a number of areas. Compa\u00adnies that were bought before the outbreak of the crisis on terms that, at least in retro\u00ads\u00adpect, appear to be over\u00adpri\u00adced and lack\u00ading in equity, are often still in fund mana\u00adgers\u2019 port\u00adfo\u00adlios. They are incre\u00adasingly posing problems for them as the corre\u00adspon\u00adding fund struc\u00adtures approach the end of their origi\u00adnally plan\u00adned life\u00adspan. On the other side of the same equa\u00adtion, the capi\u00adtal over\u00adhang resul\u00adting from the exces\u00adsive size (again, in retro\u00ads\u00adpect) of many private equity funds laun\u00adched shortly before the crisis is only slowly dimi\u00adnis\u00adhing, as there are still quite few attrac\u00adtive invest\u00adment oppor\u00adtu\u00adni\u00adties available and fund mana\u00adgers have to demons\u00adtrate great crea\u00adti\u00advity to obtain suffi\u00adci\u00adent debt capi\u00adtal for clas\u00adsic lever\u00ada\u00adged buyout invest\u00adments. Now that the last of these funds are nearing the end of their invest\u00adment period, pres\u00adsure is buil\u00adding to invest the available subscri\u00adbed capi\u00adtal as well.<\/p>\n

These two factors have alre\u00adady crea\u00adted an envi\u00adron\u00adment in recent years in which secon\u00addary tran\u00adsac\u00adtions, in which a private equity fund sells a company from its \u201caging\u201d port\u00adfo\u00adlio to another private equity fund with \u201caging\u201d subscri\u00adbed capi\u00adtal, will be common\u00adplace. The past has shown that such tran\u00adsac\u00adtions are not neces\u00ads\u00ada\u00adrily to the detri\u00adment of the buyer or seller, and they can also be quite advan\u00adta\u00adge\u00adous for the target company. Nevert\u00adhel\u00adess, the ques\u00adtion arises as to what this trend says in the long term about the indus\u00adtry\u2019s ability to successfully accom\u00adpany compa\u00adnies through trans\u00adfor\u00adma\u00adtion proces\u00adses and then trans\u00adfer them back to another form of ownership.<\/p>\n","protected":false},"featured_media":41379,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2468,2602,2609],"product_tag":[2267,2274,2279,2286,2291],"class_list":{"0":"post-44318","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-fyb-2014-en","9":"product_cat-prof-oliver-gottschalg-phd-en","10":"product_tag-gottschalg-en","11":"product_tag-oliver-en","12":"product_tag-financial-and-economic-crisis","13":"product_tag-private-equity-sector","14":"product_tag-investment-period","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":"\nEditorial 2014: Private Equity in Europe in the Year Five after the Lehman Crisis: A Stocktaking - 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-in-europe-in-the-year-following-the-lehman-crisis-a-state-of-affairs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editorial 2014: Private Equity in Europe in the Year Five after the Lehman Crisis: A Stocktaking - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"In the year five after the outbreak of the global financial and economic crisis associated with the collapse of Lehman Brothers, there are a number of interesting developments and trends in the private equity sector in Germany and Europe. The aftermath of the crisis is mixed with adjustment processes that are affecting this industry at various levels. At the same time, there are a number of aspects that point to positive development potential and are already reflected in a resurgence of interest among institutional investors. It will be interesting to see to what extent the industry can implement the call to tackle necessary reforms Do not waste the crisis or revert to the status quo ante. The effects of the crisis are undoubtedly still being felt in a number of areas. Companies that were bought before the outbreak of the crisis on terms that, at least in retrospect, appear to be overpriced and lacking in equity, are often still in fund managers' portfolios. They are increasingly posing problems for them as the corresponding fund structures approach the end of their originally planned lifespan. On the other side of the same equation, the capital overhang resulting from the excessive size (again, in retrospect) of many private equity funds launched shortly before the crisis is only slowly diminishing, as there are still quite few attractive investment opportunities available and fund managers have to demonstrate great creativity to obtain sufficient debt capital for classic leveraged buyout investments. Now that the last of these funds are nearing the end of their investment period, pressure is building to invest the available subscribed capital as well. These two factors have already created an environment in recent years in which secondary transactions, in which a private equity fund sells a company from its "aging" portfolio to another private equity fund with "aging" subscribed capital, will be commonplace. The past has shown that such transactions are not necessarily to the detriment of the buyer or seller, and they can also be quite advantageous for the target company. 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