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1、2010globalprivateequitywatchNewhorizonsemergeApril2010NewhorizonsemergeAyearago,thereweredivergingviewsonthefutureofprivateLeveragedloansusedtonancenewacquisitionsbouncedbackinequity(PE).Somecontendedthemodelhadsufferedirreparablethefourthquarter.WhileThomsonReutersreportsthatnewissuesdamag
2、e,whileotherssawanimbleindustrythatwouldrecoverintheUStotaledUS$80billionin2009,nearlyhalfofthattotalandeventuallybecomestrongerthanever.Although2009wasa—US$37billion—wasissuedinthefourthquarter,upfromjustchallengingyear,withleverageinshortsupply,acquisitionsandUS$14billioninthethirdquartera
3、ndUS$21billioninthefourthdivestituresdownsharply,andfund-raisingdifcult,theindustryquarterof2008.Financingfornewacquisitionsshouldincreaseshowedresilienceinadaptingtoadversemarketconditions.graduallyin2010,barringmajorbanksbeinghitwithdefaultsongovernmentandcommercialdebtinGreeceand,possibl
4、y,Spain.Globally,PErmsmade1,612acquisitions1in2009,a36%decreasefrom2008.2Theaveragesizeofanacquisitionin2009Liquidityalsoreturnedonthesellside.Therecoveryofworldwidewassmaller—US$100millionversusUS$158millionin2008—asstockmarketsrestoredtheinitialpublicoffering(IPO)asaviabletotaldealvaluefe
5、ll56%toUS$95.5billion.WhiletherewerefewerexitstrategyintheUSandAsia.PEsponsorsbrought53newbuyoutdealsduring2009,minorityinvestments3asapercentagecompaniestomarketin2009,raisingproceedsofUS$16billion,oftotalacquisitionsrosefrom45%to50%,evenasthevalueofcomparedwithUS$11billionin2008.Onlythreeo
6、ftheseIPOssuchtransactionsfellfromUS$57.7billiontoUS$21.9billion.occurredinEurope,while25tookplaceinboththeAmericasandintheAsia-Pacicregion.WhiletradesalesfellsharplylastyeartoHowever,annualdatamasktherealstoryof2009.ThelongUS$65billionfromUS$140billion,theyhaveincreasedsteadilyretreatthatb
7、eganinthesummerof2007endedasacomebacksincebottomingoutintherstquarterof2009,asbid-askthatbeganinthethirdquarterandgainedstrengthaslargerspreadsbetweenbuyersandsellersnarrowed.dealswereannouncedtowardsyear-end.Globally,transactionsworthUS$39billion
