Le case di PE devono imparare a fare i conti.. risulta evidente che prima o poi il costo marginale del debito superi il ritorno sul l'investimento. E' per questo che esiste l'equity...
Quello che fa davvero male e' stato scoprire che l'evidenza empirica e' decisamente sfavorevole proprio nel campo dove il settore si e' lanciato di recente: le operaizoni di grnadi dimensioni.
Non vedo l'ora di leggermi l'intero rapporto.
The Times Times Online Sunday Times: "Higher debt 'harms returns' on £100m deals
By Tom Bawden
THE prevailing wisdom among private equity firms that higher borrowings produce greater returns was thrown into doubt last night.
New research, which threatens severe consequences for the European buyout industry, found that “for deals above £100 million, higher gearing is very strongly associated with lower returns”. The findings, by the Centre for Management Buyout Research, set alarm bells ringing in the industry. Buyout funds, which manage $90 billion (£51 billion) for pension funds, banks and wealthy individuals, routinely fund deals with as much debt as possible in the hope of maximising return on their equity investment.
Private equity practitioners said that the research would have a dramatic impact on recent investments, after a year in which they borrowed a record amount of money to fund deals that were more highly leveraged than ever before.
Jon Moulton, founder of Alchemy Partners, said: “The research shows clearly that people are using excess debt to pay too much.” Tom Lamb, managing director of Barclays Private Equity, said: “It is a surprising result and it doesn’t bode well for the class of 2005.”
The survey of 321 private equity disposals also found that the amount of leverage on deals between £10 million and £100 million had “no significant influence on returns”."
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