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8/12/2019 Global PE Report 2014
1/28
@AFJKASZGUKRN N[^GRWF^RAFFI
8/12/2019 Global PE Report 2014
2/28
: @afjka Srgvktn Nqugty Futaffi
HFMRNMRX
DNRLFBFAF@W
Fm jnlkae fe Buee & Slnaps kmb Xlnkrdkm & Xtnragm` AAS,
Dnr`nrdkrint gmtnrvgnwnb 0> prgvktn nqugty nxnhutgvns erfd
Nurfpn, Mfrtl Kdnrghk, kmb Ksgk-Skhgegh rn`krbgm` tlngr gmvnstdnmtstrktn`gns fvnr tln mnxt ;:-:2 dfmtls. Kaa rnspfmbnmts krn
kmfmydfus kmb rnsuats krn prnsnmtnb gm k``rn`ktn.
Znsnkrhl mftns?
Kaa bktk gs erfd Dnr`nrdkrint.hfd kmb ks fe Oumn 7, :3;2
Kvnrk`n bnka sgzn gs hkahuaktnb jy bgvgbgm` tln tftka trkmskhtgfm
vkaun jy tln mudjnr fe bnkas tlkt lkvn bgshafsnb vkaun
Jrnkibfwm fe Znspfmbnmts Rrkmskhtgfm Xgzns
Rrkmskhtgfm sgzn Snrhnmtk`n fe rnspfmbnmts
1^X$;33d 85%
^X$;33d-^X$>33d 5;%
^X$>3;d-^X$;,333d 22%
=^X$;,333d :8%
Mftn? Znspfmbnmts wnrn kjan tf hlffsn kaa bnka sgzns gm wlghl tlny trkmskht
Gmtrfbuhtgfm 8
Fvnrvgnw 2
Bnka Srfhnss >%
85%
:3%
53%
03%
Unmturngmvnstdnmts
Rurmkrfumbsgtuktgfms/bgstrnssnb
fppfrtumgtgns
@rfwtlnqugty
Juyfuts
@afjka Juyfut Khtgvgty
WnkrUkaun
(^X$jm)Mudjnr fe
RrkmskhtgfmsKvnrk`n BnkaXgzn (^X$d)
:337 ;:> ;,23; ;07
:3;3 :27 :,;:8 :>>
:3;; :78 :,:
8/12/2019 Global PE Report 2014
5/28
Fvnrvgnw >
Juyfut KhtgvgtyWnkr-tf-bktn juyfut khtgvgty lks rnkhlnb 5% >0%
1^X$;33d :2% :8%
^X$;33d-^X$>33d ;>% ;:%
^X$>3;d-^X$;,333d 8% 8%
=^X$;,333d :% 8%
28%
8
8/12/2019 Global PE Report 2014
6/28
5 @afjka Srgvktn Nqugty Futaffi
Xnhtfrs Feenrgm` Rln Jnst Fppfrtumgtgns
3%
;3%
:3%
83%
23%
>3%
Gmbustrgkaskmb Hlndghkas
Slkrdkhnutghka,Dnbghka kmb
Jgftnhl
Nmnr`y,Dgmgm` kmb
^tgatgns
RDRHfmsudnr
Snrhnmt
k`nfeZnspfmbnmts
28%23%
:7%
:2%
;8%
XnhtfrsK dkofrgty fe rnspfmbnmts (50%) krn fptgdgstgh kjfut tln
qukagty fe tln gmvnstdnmt fppfrtumgty pgpnagmn fvnr tln mnxt ;:
dfmtls. Znspfmbnmts nxpnht tln hfmsudnr snhtfr tf feenr tln
jnst fppfrtumgtgns efr prgvktn nqugty. Rln hfmsudnr snhtfr
gs hlkrkhtnrgznb jy gts rnaktgvn stkjgagty tlrfu`lfut nhfmfdgh
hyhans. Srgvktn nqugty egrds wgaa jn kjan tf egmb `ffb fppfrtumgtgns
tf `nmnrktn kttrkhtgvn gmvnstdnmt rnturms gm tlgs snhtfr, skys
k Nurfpn-jksnb pkrtmnr. Rlnsn hfdpkmgns wgaa jn affigm`
tf rngmvg`frktn umbnrgmvnstnb jrkmbs kmb brgvn dkrint slkrn
tlrfu`l prfbuht gmmfvktgfm.
Znspfmbnmts kasf vgnw tln hfmsudnr gmbustry ks km krnk efrvkaun hrnktgfm. Rln hfmsudnr dkrint gs fm tln rgsn, prfvgbgm`
prgvktn nqugty pakynrs wgtl kdpan gmvnstdnmt fppfrtumgtgns, k
^X-jksnb snmgfr pkrtmnr skys. Hfmsudnr prfbuht spnmbgm` lks
gmhrnksnb, wlghl `gvns fur egrd km fjvgfus paktefrd tf `rfw.
Khhfrbgm` tf ynkr-tf-bktn Dnr`nrdkrint bktk, tln hfmsudnr
snhtfr rndkgms gm tln tfp twf snhtfrs gm tnrds fe juyfut vfaudn
wgtl ;:< bnkas wfrtl X$;>jm. Gm :3;8, tln hfmsudnr snhtfr anb
tln wky gm tnrds fe k``rn`ktn vkaun fe juyfuts wgtl 8;< bnkas
wfrtl X$58jm, gmhaubgm` tln akmbdkri X$:0jm khqugsgtgfm fe
inthlup dkinr L.O. Lngmz jy Jnrislgrn Lktlkwky kmb 8@ Hkpgtka,
kmb tln ^X$5jm purhlksn fe tln Mngdkm Dkrhus @rfup jy Krns
Dkmk`ndnmt kmb tln Hkmkbk Snmsgfm Sakm Gmvnstdnmt Jfkrb.
Xfdn fe tln sn`dnmts tlkt krnbrgvgm` khtgvgty kmb gmtnrnst kdfm`prgvktn nqugty gmvnstfrs gm tlnhfmsudnr spkhn gmhaubn fr`kmghkmb jnttnr-efr-yfu prfbuhts, kmbekst hksuka, sdkaa-jfx, mfm-umgfmkmb hfmvnmgnmhn-frgnmtnb slfppgm`
nmvgrfmdnmts.Ofsl Jnmm, @afjka Lnkb fe tln Hfmsudnr, Zntkga,Effb kmb Znstkurkmts Srkhtghn, Buee & Slnaps
Mftn? Znspfmbnmts wnrn kjan tf hlffsn tfp twf
8/12/2019 Global PE Report 2014
7/28
Fvnrvgnw 0
Znspfmbnmts kmtghgpktn tlkt tln RDR snhtfr wgaa feenr sfdn fe
tln jnst fppfrtumgtgns efr prgvktn nqugty, ks wnaa. Srgvktn nqugty
gmtnrnst gm tln snhtfr gs brgvnm jy tnhlmfaf`y gmvnstdnmts, wlghl
hfdprgsn 0>% fe ynkr-tf-bktn RDR juyfuts. Rlnrn krn ;27 RDR
juyfuts wfrtl kpprfxgdktnay ^X$:3 pnrhnmt. Rlnrns jnnm k aft fe hkpgtkagmvnstnb gm prgvktn nqugty tnhlmfaf`y eumbs.
Invgm Gubghnaaf, Dkmk`gm` Bgrnhtfr, Sk`ndgaa Skrtmnrs, k Bgvgsgfm fe Buee & Slnaps
8/12/2019 Global PE Report 2014
8/28
< @afjka Srgvktn Nqugty Futaffi
Hlkaanm`ns@gvnm tln rnaktgvn gdjkakmhn jntwnnm tln rnhfrb kdfumts fe bry
pfwbnr lnab jy prgvktn nqugty egrds kmb tln mudjnr fe kvkgakjan
gmvnstdnmt fppfrtumgtgns, hfdpntgtgfm gs karnkby stgee. Mfw, tlgs
gs jngm` kdpagegnb jy mnw nmtrkmts gmtf tln bgrnht prgvktn nqugty
gmvnstdnmts snhtfr. Dkmy gmvnstfrs, tlkt wnrn trkbgtgfmkaay
agdgtnb pkrtmnrs gm prgvktn nqugty eumbs, krn stkrtgm` tf bgrnhtay
hfdpntn wgtl prgvktn nqugty egrds efr kssnts. Xfvnrng`m wnkatl
kmb pnmsgfm eumbs, wlghl krn kdfm` tln jg``nst kmb akr`nst
gmvnstfrs gm prgvktn nqugty, lkvn stkrtnb tf jugab bgrnht gmvnstdnmt
hkpkjgagtgns gm rnhnmt ynkrs gm tln lfpn fe kvfgbgm` prgvktn nqugty
dkmk`ndnmt enns, mkturkaay gmhrnksgm` tln hfdpntgtgfm efr
prgvktn nqugty kssnts, skys k bgrnhtfr kt k ^X-jksnb egrd.
Snmsgfm eumbs krn juygm` hfdpkmgns bgrnhtay tf kvfgb tln enns
kmb prfdftnb nqugty pkgb tf prgvktn nqugty egrds. Snmsgfm eumbs
krn affigm` tf sgbnstnp enns kmb gdprfvn pnrefrdkmhn tf dnnt
fjag`ktgfms efr tln hkpgtka tlny rkgsnb. Rlny krn gm k jnttnr pfsgtgfm
gm tnrds fe hkpgtka kvkgakjgagty kmb lkvn gmhrnksgm`ay hfdpntnb wgtl
us bgrnhtay wlnm jgbbgm`, k Nurfpn-jksnb pkrtmnr skys.
Gmhrnksnb hfdpntgtgfm hfuab pfssgjay strnthl karnkby lg`l
vkauktgfms nvnm lg`lnr. Snmsgfm eumbs kmb ftlnr spnhgkagst
eumbs tlkt umtga mfw lkvn jnnm gmvnstgm` gm prgvktn nqugty egrds
krn affigm` tf bgrnhtay gmvnst gm hfdpkmgns kmb dkmk`n tlngr
fwm gmvnstdnmt pfrtefagfs. Ge pnmsgfm eumbs kmb spnhgkagst eumbs
gmhrnksn tlngr bgrnht gmvnstdnmt khtgvgty, tlnm hfdpntgtgfm efr
tkr`nts wgaa gmhrnksn tf`ntlnr wgtl vkauktgfms, skys k pkrtmnr
kt k Nurfpn-jksnb egrd.
Akr`n gmstgtutgfmka gmvnstfrs krn kasf bnpafygm` hkpgtka tlrfu`l
hf-gmvnstdnmts kafm`sgbn eumb dkmk`nrs gm trkmskhtgfms. K
jnmnegt tf tlgs typn fe gmvnstdnmt, ksgbn erfd afwnr enns, gs tlkt
tlnsn gmstgtutgfmka gmvnstfrs wgaa lkvn gmhrnksnb hfmtrfa fvnr
tlngr gmvnstdnmts.
Kmftlnr hlkaanm`n gs tlkt tln tgdn rnqugrnb tf hfdpantn
k trkmskhtgfm lks jnhfdn afm`nr, khhfrbgm` tf >>% fernspfmbnmts, kadfst lkae fe wlfd gmbghktn tlkt tln dnbgkm
tgdn tf hfdpantn k trkmskhtgfm erfd tln stkrt fe tln skans
prfhnss gs snvnm tf mgmn dfmtls.
Rln afjka egmkmhgka hrgsgs lks dkbn gmvnstfrs dfrn rgsi-kvnrsn,
rnspfmbnmts sky, kmb krn tlnrnefrn dfrn tlfrfu`l burgm` tln
vnttgm` prfhnss. Rln bnptl kmb dntlfb fe bun bgag`nmhn lks
hlkm`nb fvnr tln akst enw ynkrs. Xgmhn tln rnhnssgfm, nvnry
gmvnstfr wkmts tf nmsurn tlny lkvn dkbn tln rg`lt gmvnstdnmt
bnhgsgfm jy hfaanhtgm` kmb stubygm` kaa tln gdpfrtkmt gmefrdktgfm
BNKA SZFHNXX
Rln hakssghka prgvktn nqugty eumb
gs ekhgm` stgee hfdpntgtgfm erfd kmnw jrnnb fe gmvnstfrs, gmhaubgm`sfvnrng`m wnkatl eumbs, stktn-fwmnb nmtnrprgsns, pnmsgfm pakms,spnhgkagst eumbs kmb akr`n ekdgayfeeghns. Rlgs lks anb tf eumbkdnmtkahlkm`ns gm tln prgvktn nqugtydkrintpakhn.
Onrndy Bghinms, @afjka Hf-Lnkb - Srgvktn NqugtySrkhtghn, Xlnkrdkm & Xtnragm`, Mnw Wfri
Rlfrfu`l bun bgag`nmhn
Zn`uaktfry lurbans
Hfdpagkmhn rgsis
Afm`nr Rrkmskhtgfm Rgdns Bun Rf?
8/12/2019 Global PE Report 2014
9/28
Bnka Srfhnss 7
kjfut tln tkr`nt prgfr tf hfdpantgm` k trkmskhtgfm, skys k
prgmhgpka erfd k ^X-jksnb egrd. Efr dfrn tlkm lkae fe ^X kmb
Hkmkbk-jksnb rnspfmbnmts, bun bgag`nmhn gs tln efrndfst rnksfm
efr afm`nr trkmskhtgfm tgdns. K tlgrb fe Nurfpn kmb Ksgk-Skhgegh-
jksnb rnspfmbnmts kasf hgtn k afm`nr bun bgag`nmhn prfhnss ks
tln rnktnst rnksfm efr prftrkhtnb bnka prfhnssns. Gm tln X,
tlnsn afm`nr tgdnagmns hkm kasf jn kttrgjutnb tf gmspnhtgfms jy
tln Xnhurgty kmb Nxhlkm`n Hfddgssgfm (XNH).
Ksgbn erfd tkigm` afm`nr tf kssnss k tkr`nts vkaun tlrfu`l
tln bun bgag`nmhn prfhnss, afm`nr tgdnagmns krn kasf k wky tf
dkin surn tlkt kaa rn`uaktfry lurbans krn kbbrnssnb. Dfrn
tlkm k qukrtnr fe rnspfmbnmts (:
8/12/2019 Global PE Report 2014
10/28
;3 @afjka Srgvktn Nqugty Futaffi
55%fe Mfrtl Kdnrghkm
rnspfmbnmts wgaa khhnssefrng`m dkrints efregmkmhgm`
Dfst pfpuakr dkrints?
Nurfpn
Aktgm Kdnrghk
23%fe Nurfpnkm
rnspfmbnmts wgaa khhnssefrng`m dkrints efregmkmhgm`
Dfst pfpuakr dkrints?
Mfrtl Kdnrghk
Ksgk-Skhgegh
88%fe Ksgk-Skhgegh
rnspfmbnmts wgaa khhnssefrng`m dkrints efregmkmhgm`
Dfst pfpuakr dkrints?
Nurfpn
Aktgm Kdnrghk
Hrfss-Jfrbnr Egmkmhgm`
Srgvktn Nqugty Egrds Pgaa Egmkmhn Rlngr Khqugsgtgfms sgm`?
3%
:3%
23%
53%
8/12/2019 Global PE Report 2014
11/28
Sfrtefagf Xtrktn`gns ;;
SFZREFAGF XRZKRN@GNX
Srgvktn nqugty egrds krn ndpafygm` duatgpan gmvnstdnmt strktn`gns
tf try tf dkxgdgzn rnturms, gmhaubgm` pkrtnrmgm` wgtl nxnhutgvns
kmb efhusgm` fm fpnrktgfmka gdprfvndnmts. Rlgrty-mgmn pnrhnmt
fe rnspfmbnmts sky tlny nxpnht fpnrktgfmka gdprfvndnmts tf lkvn
tln `rnktnst gdpkht fm rnturms fm mnw gmvnstdnmts. Pn jnagnvn
gm fpnm hfddumghktgfm kmb trkmspkrnmhy, kag`mnb egmkmhgka
gmtnrnsts, kmb k efhus fm prfhnss, pnfpan kmb khhfumtkjgagty.
Fur `fka lks jnnm tf nmsurn tlkt tln pnfpan wlf dkin suhhnss
lkppnm krn rnwkrbnb efr tlngr hfmtrgjutgfms tlnrnefrn ekhgagtktgm`
dfrn fpnrktgfmka gdprfvndnmt, k ^X-jksnb pkrtmnr skys.
Fm kvnrk`n, rnspfmbnmts rnhkpgtkagznb fmn gm ng`lt fe tlngr
pfrtefagf hfdpkmgns akst ynkr. Rln nxpnhtnb hlkm`ns tf tln^X tkx hfbn wnrn tln dkgm brgvnrs efr tln rgsn fe bgvgbnmb
rnhkpgtkagzktgfms gm :3;:, k dftgvktgfm tlkt bgb mft nxgst gm :3;8.
Lfwnvnr, tln hfmtgmunb ekvfrkjan bnjt dkrint nmvgrfmdnmt lks
dftgvktnb dkmy prgvktn nqugty egrds tf rnturm hkpgtka tf tlngr
gmvnstfrs tlrfu`l tlnsn trkmskhtgfms.
Dfrn tlkm lkae (>;%) fe rnspfmbnmts sky tlny usn gmtnrmka
vkauktgfm prfhnssns tf dkri tlngr pfrtefagfs tf dkrint. Srgvktn
nqugty egrds rnpfrt vkauns fe tlngr pfrtefagf hfdpkmgns rn`uakray
tf tlngr a gdgtnb pkrtmnrs, wlghl dnkms qukrtnray, kmmukaay fr
sndg-kmmukaay bnpnmbgm` fm tln eumb.
:3;8 nxlgjgtnb k hfmtgmuktgfm gm tln fjsnrvnb gmhrnksn erfd:3;: gm tln mudjnr fe bgvgbnmb rnhkpgtkagzktgfms tlgs neenhtwks brgvnm jy k mudjnr fe ekhtfrs tln bnsgrn tf rnturmhkpgtka tf gmvnstfrs jnefrn hfddnmhgm` eumb rkgsgm` khtgvgty,tln kttrkhtgvnmnss fe bnjt egmkmhgm` hfdpkrnb tf ftlnrdntlfbs fe rnturmgm` hkpgtka, kmb ekvfrkjan gmtnrnst rktns.Pn nxpnht bgvgbnmb rnhkpgtkagzktgfms tf hfmtgmun tf jn k
ernqunmtay usnb dntlfb fe fjtkgmgm` agqugbgty gm :3;2.Onrndy Bghinms, @afjka Hf-Lnkb - Srgvktn Nqugty Srkhtghn, Xlnkrdkm & Xtnragm`, Mnw Wfri
@nmnrka pkrtmnrs (@Ss) krn jn`gmmgm` tf usn tnhlmfaf`y
sfautgfms ks k wky tf dfmgtfr tln pnrefrdkmhn fe tlngr
pfrtefagfs gm hfmstkmtay hlkm`gm` dkrints. Rln prgvktn nqugty
dkrintpakhn gs jnhfdgm` dfrn hfdpanx, dkigm` gt lkrbnr
efr @Ss tf kmkayzn kmb rnpfrt pfrtefagf pnrefrdkmhn tf tlngr
agdgtnb pkrtmnrs kmb stkinlfabnrs. @Ss krn usgm` sfetwkrn
sfautgfms tlkt feenr stkmbkrbgznb pfrtefagf kmkaysgs khrfss
gmvnstdnmts kmb gmbustry snhtfrs, kmb tlkt lnap gm prn- kmb
pfst-khqugsgtgfm nvkauktgfms. Rlny usn tln tnhlmfaf`y efr
eumb vkauktgfm, tf fptgdgzn rnturms kmb tf lkmban gmhrnksnb
rn`uaktfry kmb gmvnstfr shrutgmy.
K mudjnr fe rnspfmbnmts pfgmt tf tln usn fe tnhlmfaf`y ks tlnbrgvnr efr jnttnr gmvnstdnmt bnhgsgfms. Mnw tnhlmfaf`y wgaa
paky km gdpfrtkmt rfan gm hfmbuhtgm` tlfrfu`l kmkaysgs tlkt wgaa
lnap gmvnstfrs bntnrdgmn wlntlnr tlny krn fm tln rg`lt trkhi,
skys k Nurfpn-jksnb pkrtmnr.
Rnhlmfaf`y hkm kasf lnap gm hrnktgm` vkaun efr gmvnstdnmts. Pgtl
tnhlmfaf`y nvfavgm` brkstghkaay, prgvktn nqugty egrds tlkt lkvn k
supnrgfr kjgagty tf sfurhn hfdpkmgns wgtl ffb gmvnstdnmt tlnsns
ks wnaa ks tln rnsfurhns kmb nxpnrtgsn tf `rfw tlfsn hfdpkmgns
wgaa jn kjan tf futpnrefrd gm tln hurrnmt nmvgrfmdnmt, skys k
^X-jksnb pkrtmnr.
8/12/2019 Global PE Report 2014
12/28
;: @afjka Srgvktn Nqugty Futaffi
HZFXXJFZBNZ BNKADKIGM@
Fm kvnrk`n, hrfss-jfrbnr trkmskhtgfms krn nxpnhtnb tf dkin up
83% fe rnspfmbnmts khqugsgtgfms fvnr tln mnxt ;: dfmtls. Rln
mftkjan prfpfrtgfm fe hrfss-jfrbnr gmvnstdnmts jy prgvktn nqugty
egrds hkm jn kttrgjutnb tf kttrkhtgvn gmvnstdnmt fppfrtumgtgns
khrfss tln afjn. Srgvktn nqugty wgaa hfmtgmun tf rfw ks afjka
juyfut egrds gmhrnksn tlngr prnsnmhn kmb sdkaanr egrds hkpgtkagzn
fm tlngr imfwanb`n fe afhka jusgmnss nmvgrfmdnmts, skys km
Ksgk-Skhgegh-jksnb dkmk`gm` bgrnhtfr.
Wnkr-tf-bktn, tlnrn lkvn jnnm 88; hrfss-jfrbnr juyfuts wfrtl
^X$;3;jm kmb 8;3 nxgts wfrtl ^X$;;>jm. Gm :3;8, hrfss-jfrbnr
juyfuts gmhrnksnb sag`ltay gm tnrds fe vfaudn kmb vkaun tf
trkmskhtgfms wfrtl X$;8>jm erfd 05; bnkas wfrtl X$;8;jmgm :3;:. Hrfss-jfrbnr nxgts kasf rfsn gm :3;8 tf 075 trkmskhtgfms
wfrtl X$;>5jm erfd 570 bnkas wfrtl X$;05jm gm :3;:.
K dkofrgty fe rnspfmbnmts (>5%) pakm tf gmvnst gm k mnw hfumtry
gm tln mnxt ;: dfmtls, katlfu`l 22% lkvn mf suhl pakms.
Gmtnrmktgfmka fppfrtumgtgns krn vkst, sf khqugsgtgfms wgaa lkppnm
dfrn fm k afjka shkan, skys k Nurfpn-jksnb pkrtmnr.
Hrfss-Jfrbnr Juyfut Khtgvgty
WnkrUkaun
(^X$jm)Mudjnr fe
RrkmskhtgfmsKvnrk`n BnkaXgzn (^X$d)
:337 52 >2: :33
:3;3 ;;< 053 :5:
:3;; ; :77
:3;2
WRB;3; 88; >;7
Hrfss-Jfrbnr Nxgt Khtgvgty
WnkrUkaun
(^X$jm)Mudjnr fe
RrkmskhtgfmsKvnrk`n BnkaXgzn (^X$d)
:337 >2 8:
:3;3 ;27 5:< 807
:3;; ;7; 0:< 2>:
:3;: ;05 570 2>2
:3;8 ;>5 075 85>
:3;2
WRB;;> 8;3 580
Katlfu`l Nurfpn rkmis lg`l fm tlnagst efr hrfss-jfrbnr gmvnstdnmts,tln ndnr`gm` dkrints fe Gmbgk,Hlgmk kmb Jrkzga hfmtgmun tf jnkttrkhtgvn rn`gfms efr prgvktnnqugty khtgvgty.
Dkri Xfumby, @afjka Hf-Lnkb - Srgvktn Nqugty
Srkhtghn, Xlnkrdkm & Xtnragm`, Afmbfm
8/12/2019 Global PE Report 2014
13/28
Hrfss-Jfrbnr Bnkadkigm` ;8
Mfrtl Kdnrghkm rnspfmbnmts
55%wgaa khqugrn bfdnstghkaay
>3%wgaa khqugrn gm Aktgm Kdnrghk
23%wgaa khqugrn gm Nurfpn
Nurfpnkm rnspfmbnmts
00%wgaa khqugrn bfdnstghkaay
:8%wgaa khqugrn gm Mfrtl Kdnrghk
;0%wgaa khqugrn gm Ksgk-Skhgegh
Ksgk-Skhgegh rnspfmbnmts
;33%wgaa khqugrn bfdnstghkaay
:3%wgaa khqugrn gm Nurfpn
:3%wgaa khqugrn gm Mfrtl Kdnrghk
:3%wgaa khqugrn gm Kerghk
Plnrn Pgaa Rlny Khqugrn6Gm tnrds fe spnhgegh dkrints, tlnrn gs stgaa mftkjan gmtnrnstkdfm` rnspfmbnmts gm Gmbgk kmb Hlgmk, wlgan Jrkzga wks
dnmtgfmnb jy k sdkaanr, jut sg`mgeghkmt, mudjnr fe rnspfmbnmts.
Rln gmhrnksn gm pftnmtgka nxgt fptgfms dkins prgvktn nqugty
egrds dfrn hfmegbnmt gm tlngr gmtnrmktgfmka gmvnstdnmts. Gm
:3;8, gmvnstfr umhnrtkgmty fvnr Ksgk-Skhgeghs nxgt nmvgrfmdnmt
lkdpnrnb bnkadkigm`, k Nurfpn-jksnb gmvnstdnmt bgrnhtfr
skys. Lfwnvnr, tln rn-fpnmgm` fe dkgmakmb Hlgmks stfhi
dkrint gm aktn :3;8 `kvn us hfdefrt gm tln rn`gfms prgvktn
nqugty dkrint.
Lg`lnr rnturms kmb bgvnrsgeghktgfm vgk km gmhrnksgm` krrky fegmvnstdnmt katnrmktgvns krn kttrkhtgm` prgvktn nqugty egrds
tf mnw dkrints. Rlnrn krn hurrnmtay dkmy krnks feenrgm`
kttrkhtgvn fppfrtumgtgns wgtlgm tln ndnr`gm` dkrints, gmhaubgm`
Hlgmk kmb Jrkzga, k ^X-jksnb pkrtmnr skys. Ks tln prgvktn
nqugty dkrints nvfavn, dkmy gmvnstfrs krn affigm` gmtf mnw wkys
tf khhnss tlnsn dkrints gmhaubgm` tln fppfrtumgty tf hf-gmvnst
kafm`sgbn eumb dkmk`nrs gm bnkas.
Dfst fe tln ankbgm` `afjka prgvktn
nqugty egrds lkvn snt up slfp kmbrkgsnb bnbghktnb eumbs efr Hlgmk.Ks dfst fe tlnd hfmtgmun tf rkgsndfrn dfmny tf gmvnst gm tln rn`gfm,wn snn tln dkrint jnhfdgm`gmhrnksgm`ay hrfwbnb, kmb tlnbnka sgzns sdkaanr.
Bkvgb Au, Lnkb fe Hfrpfrktn Egmkmhn gm Hlgmk,Buee & Slnaps
Mftn? Znspfmbnmts gmbghktnb kaa rn`gfms gm wlghl tlny gmtnmb tf trkmskht
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;2 @afjka Srgvktn Nqugty Futaffi
N\GRX
Gm tln dgbst fe k strfm` GSF dkrint kmb wgtl jftl hfrpfrktn juynrs
kmb prgvktn nqugty eausl wgtl hksl, nxgt fppfrtumgtgns lkvn rgsnm. Rln
vkaun fe ynkr-tf-bktn nxgts kt X$::0jm gs hafsgm` gm fm :3;8s tftka
fe ^X$:%) fhhurrnb gm Mfrtl Kdnrghk
gm :3;8 wlnrn tlnrn wnrn 07: nxgts wfrtl ^X$;>0jm, efaafwnb jyNurfpn (2;%), wlnrn tlnrn wnrn 038 nxgts wfrtl ^X$> dfmtls. Lfwnvnr, k
dkofrgty fe Ksgk-Skhgegh rnspfmbnmts jnagnvn tlkt lfabgm` pnrgfbs
efr tlngr mnw gmvnstdnmts krn jfumb tf `nt afm`nr, wlnrnks
Nurfpnkm kmb Mfrtl Kdnrghkm rnspfmbnmts krn spagt jntwnnm
tlfsn tlkt jnagnvn tlnsn pnrgfbs wgaa anm`tlnm kmb slfrtnm.
@afjka Nxgt Khtgvgty
Wnkr Ukaun (^X$jm)Mudjnr fe
RrkmskhtgfmsKvnrk`n BnkaXgzn (^X$d)
:337 77 8 ;,8>7 82>
:3;; 8:5 ;,535 822 23>
:3;8 ::
:3;2 WRB ::0 087 >0:
Plgan tln rn-fpnmgm` fe Hlgmksstfhi dkrint gm :3;8 wks hnrtkgmayk pfsgtgvn bnvnafpdnmt, lfabgm`pnrgfbs efr prgvktn nqugty bnkasdky vnry wnaa gmhrnksn gm Ksgk buntf tln hfmtgmunb umhnrtkgmty fedkrint hfmbgtgfms kmb vkauktgfms pnrlkps nvnm kpprfkhlgm` anvnashurrnmtay snnm gm Nurfpn kmbMfrtl Kdnrghk.
Skua Xtrnhinr, Lnkb fe D&K - Ksgk, Xlnkrdkm &Xtnragm`, Lfm` Ifm`
2>%
2;%
;3%
:%;%
:3;8 Zn`gfmka Jrnkibfwm fe Nxgt Khtgvgty Jy Ufaudn
Mfrtl Kdnrghk
Nurfpn
Ksgk-Skhgegh
Hnmtrka kmb
Xfutl Kdnrghk Kerghk
Dgbban Nkst
Kvnrk`n Lfabgm` Snrgfbs (Dfmtls)
:3;8 :3;: :3;; :3;3 :337
MfrtlKdnrghk
5; 58 >0 >5 28
Nurfpn 5: 52 >0 >5 27
Ksgk >> 53 >8 2< 22
8/12/2019 Global PE Report 2014
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Nxgts ;>
Plgan sfdn rnspfmbnmts snn tln rn-fpnmgm` fe dkgmakmb Hlgmks
stfhi nxhlkm`n ks pfsgtgvn, ftlnrs pfgmt tf hfmtgmunb umhnrtkgmty gm
dkrint hfmbgtgfms kmb vkauktgfms ks rnksfms efr lfabgm` pnrgfbs tf
anm`tlnm. Anss tlkm lkae fe rnspfmbnmts (20%) nxpnht tln tgdnerkdn
efr nxgts jn`gmmgm` erfd tln bnhgsgfm tf snaa tf akst snvnm tf mgmn
dfmtls, wlgan dfrn tlkm k qukrtnr fe rnspfmbnmts (:0%) sky tlkt
tlngr nxgts akst ;3 tf ;: dfmtls.
Dkrint hfmbgtgfms fetnm safw tln nxgt prfhnss. ^mhnrtkgmtgns gm tln
dkrint usukaay bnaky fur nxgts ketnr wn dkin k bnhgsgfm tf snaa,
skys k dkmk`gm` bgrnhtfr kt km Ksgk-Skhgegh-jksnb egrd. Mfw gt
tkins tlrnn tf efur dfmtls afm`nr tlkm wn wkmt gt tf, prgdkrgay
jnhkusn fe dkrint ekhtfrs.
Srghn mn`ftgktgfms jntwnnm snaanrs kmb juynrs tkin tgdn. G k`rnn
tlkt ;3 tf ;: dfmtls gs afm`, jut wn bf mft lkvn k hlfghn ks wn
hkmmft efrhn fur nxgt tln dfdnmt wn bnhgbn tf snaa, k X-jksnb
pkrtmnr skys. Pn lkvn tf nt tln rg`lt vkaun efr tln pfrtefagf wn krn
affigm` tf snaa, wlghl gs tln jg``nst hkusn fe tln bnaky.
Xnhfmbkry juyfuts krn jnhfdgm` k dfrn hfddfm efrd fe prgvktn
nqugty nxgts. Xnvnmty-tlrnn pnrhnmt fe rnspfmbnmts ngtlnr pakm tf
usn fr tlgmi tlkt tln gmbustry wgaa dfrn ernqunmtay nxgt gmvnstdnmts
tlrfu`l snhfmbkry juyfuts gm tln mnxt ;: dfmtls. Dfrn tlkm lkae
(>>%) fe rnspfmbnmts ngtlnr pakm tf fr nxpnht tln gmbustry tf snaa
tf k strktn`gh juynr, wgtl 87% hlffsgm` GSFs. Xnhfmbkry juyfuts
prfvgbn km katnrmktgvn wky fut efr prgvktn nqugty egrds, skys km
Ksgk-Skhgegh-jksnb dkmk`gm` bgrnhtfr. Xnhfmbkry juyfuts kasf
feenr km nxgt strktn`y efr eumbs tlkt krn kadfst kt tln nmb fe tlngr
gmvnstdnmt pnrgfb kmb lkvn nxtrk hkpgtka tf bnpafy.
Mfrtl Kdnrghkm rnspfmbnmts
8/12/2019 Global PE Report 2014
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;5 @afjka Srgvktn Nqugty Futaffi
E^MBZKGXGM@
Rlnrn gs fptgdgsd kjfut tln euturn prgvktn nqugty eumbrkgsgm`
nmvgrfmdnmt. Srgvktn nqugty, kafm` wgtl nvnry ftlnr kssnt
hakss, lks `fmn tlrfu`l k ekgr slkrn fe hlkm`ns jrfu`lt kjfut
jy tln egmkmhgka hrgsgs kmb sujsnqunmt slgets gm rn`uaktfry
dnksurns kmb gmvnstfr snmtgdnmt, k Nurfpn-jksnb pkrtmnr
skys. Lfwnvnr, G k`rnn wgtl dfst nxpnrts wlnm tlny prnbght
gdprfvndnmt gm tln eumbrkgsgm` nmvgrfmdnmt.
Gm tln mnxt ;: dfmtls, 0:% fe rnspfmbnmts jnagnvn tlkt eumbrkgsgm`
prfspnhts wgaa gdprfvn. Dfst nxpnht tf rkgsn k mnw eumb gm :3;>
wgtl 80% pakmmgm` tf rkgsn k eumb gm tln egrst lkae fe tln ynkr, wlgan
:
8/12/2019 Global PE Report 2014
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B^EE KBUNZR
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;< @afjka Srgvktn Nqugty Futaffi
SZGUKRN N[^GRW ^MBNZRLN DGHZFXHFSNLfw Znmnwnb Zn`uaktfry Xhrutgmy wgaa ^atgdktnay Jnmnegt tln Gmbustry
Jy Bkvgb A. Akrsnm, Dkmk`gm` Bgrnhtfr, Buee & Slnaps
Jkhi`rfumbRln@afjka Srgvktn Nqugty Futaffisurvny, hfddgssgfmnb jy Buee
& Slnaps kmb Xlnkrdkm & Xtnragm` AAS gm kssfhgktgfm wgtl
Dnr`nrdkrint, rnvnkas tlkt tln gmbustrys nxnhutgvns khrfss tln
`afjn krn fptgdgstgh kjfut tln euturn fe Srgvktn Nqugty. Ks tln
rnsnkrhl umbnrshfrns, @Ss rkgsnb kssnts gm rnhfrb mudjnrs akst
ynkr, jnagnvn tlnrn krn mnw kmb nxtnmbnb gmvnstdnmt fppfrtumgtgns,kmb rndkgm hfmegbnmt gm km nxpkmbnb snt fe nxgt fptgfms.
Kmb, ynt, tln jkhistfry gs dfrn mukmhnb pkrtghuakray wgtl
rnspnht tf rn`uaktfry bnvnafpdnmts kmb tln slgetgm` nxpnhtktgfms
fe agdgtnb pkrtmnrs. Znhnmt spnnhlns jy Xnhurgtgns kmb
Nxhlkm`n Hfddgssgfm (XNH) stkee dndjnrs lkvn qunstgfmnb
@Ss trkmspkrnmhy, vkauktgfm, kmb bgshafsurn pfaghgns kmb, gm tln
prfhnss, vkagbktnb tln gmbnpnmbnmt neefrt kdfm` dkmy ASs tf
pusl efr hlkm`n. Ks wks wgbnay-rnpfrtnb gm tlgs rn`krb, tln XNH
rnhnmtay kmmfumhnb tlkt gt lks hrnktnb k mnw prgvktn eumb umgt
bnbghktnb tf tln nxkdgmktgfm fe prgvktn nqugty kmb lnb`n eumbs.
Dnbgk futants lkvn pghinb up tlnsn bnvnafpdnmts, rummgm`
snmsktgfmka lnkbagmns agin, Rln XNH Lks Znvnkanb Kstfumbgm`
Hfrruptgfm gm Srgvktn Nqugty. Lfw hkm tlfsn gmvfavnb wgtl tln
gmbustry rnhfmhgan tln fptgdgsd krtghuaktnb jy rnspfmbnmts tf
tlgs survny wgtl tln katnrmktgvn rnkagty fe rn`uaktfry bnvnafpdnmts
kmb dnbgk shrutgmy6 Plkt wn bf imfw gs tlkt wlgan tln prgvktn
nqugty gmbustry gs tln aktnst snhtfr tf umbnr`f gmhrnksnb
rn`uaktfry shrutgmy, gt gs jy mf dnkms tln egrst, kmb wgaa mft jn
tln akst. Jnafw, wn snni tf nxpafrn tln akmbshkpn, ekhtfrs kmb
pnrspnhtgvns hurrnmtay gdpkhtgm` tln gmbustry.
Nxpkmbnb Zn`uaktfry Nmvgrfmdnmt
Gm tln pkst, tln prgvktn nqugty gmbustry fpnrktnb gm km nmvgrfmdnmtwgtl agdgtnb rn`uaktfry fvnrsg`lt. Gm tln vkst dkofrgty fe hksns,
tln gmbustry nstkjagslnb km neenhtgvn huaturn fe snae-pfaghgm` tlkt
fetnm fns umlnrkabnb. Jut tlfsn bkys krn pkssgm`. Ks tln kssnt
hakss lks rfwm, dkrint prkhtghns lkvn jnnm brgvnm jy gmbgvgbuka
agdgtnb pkrtmnr prnenrnmhns ks krtghuaktnb tlrfu`l agdgtnb pkrtmnr
k`rnndnmts (ASKs) kmb kbvfhkhy `rfups suhl ks tln Gmstgtutgfmka
Agdgtnb Skrtmnr Kssfhgktgfm (GASK). Lgstfrghkaay, snhurgtgns akws
nxndptnb hnrtkgm gmvnstdnmt vnlghans wgtl k agdgtnb mudjnr fe
sfplgstghktnb gmvnstfrs erfd rn`gstrktgfm. Lfwnvnr, efaafwgm`
tln :333% fe tln
tgdn.;Gm rnkagty, fe tln kpprfxgdktnay ;,;33 rn`gstnrnb prgvktn
nqugty gmvnstdnmt kbvgsfrs, tln >3% eg`urn mftnb kppagns tf
kpprfxgdktnay ;>3 mnway rn`gstnrnb dkmk`nrs efr wlghl gmgtgka
prnsnmhn nxkds lkvn jnnm hfdpantnb. Gmspnhtfrs lkvn kasf
sujsnqunmtay gbnmtgegnb wnkimnssns rnaktnb tf dkrintgm` kmb
vkauktgfm prkhtghns.
; Dky 5, :3;2 Xpnnhl9 Srgvktn Nqugty Gmtnrmktgfmka (SNG), Srgvktn eumb Hfdpagkmhn Efrud :3;29 Mnw Wfri, MW.
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Srgvktn Nqugty umbnr tln Dghrfshfpn ;7
Kmy bnvgktgfm erfd an`ka k`rnndnmts, k`rnnb upfm prkhtghns, fr
nstkjagslnb rn`uaktgfms dky jn hfmsgbnrnb prfjandktgh. Rln mkturn
fe prgvktn gmvnstgm` rnqugrns tln kppaghktgfm fe gmefrdnb oub`dnmt,
tln kjgagty tf kpprfkhl sgtuktgfms jksnb fm umgqun ekhts kmb
hgrhudstkmhns, kmb tln mnnb tf bndkmb kmb jn wfrtly fe trust. Mf
jkb khtfrs fr jkb khts slfuab jn hfmbfmnb. Wnt gs tln gmtnrprntktgfm
fe tln gssuns jngm` rkgsnb ekgr tf tln gmbustry6 Hankray, prgvktn nqugty
gs k lg`lay-eumhtgfmgm`, lg`l-`rfwtl snhtfr, kmb hfuab lkrbay lkvn
fpnrktnb wgtl tln trkonhtfry fe suhhnss gt lks lkb ge tlnsn hrgtghgsds
wnrn systndgh khrfss tln gmbustry. Rln rnkagty gs tlkt `rnktnr hakrgty
erfd rn`uaktfrs kmb k dgbban-`rfumb dust jn efumb.
Srgvktn Nqugty Ekhtfrs tf ZndndjnrK`kgm gt slfuab jn hankray stktnb, jkb khts kmb jkb khtfrs slfuab
mft jn hfmbfmnb. Rrkmspkrnmhy, nvnm nxpkmbnb trkmspkrnmhy, gs
jnmneghgka tf jftl gmvnstfrs kmb dkmk`nrs. Gm tlgs vngm, gt gs prubnmt
tf lg`lag`lt sfdn fe tln kspnhts fe prgvktn nqugty wlghl hfuab jn
bnndnb vg`gakmt, rktlnr tlkm vgaakgmfus. Rlnsn ekhtfrs gmhaubn?
Rln dkofrgty fe prgvktn nqugty rnturms jnmnegt tln dkm fm tln
strnnt (tkxpkynrs jkhistfp tln pnmsgfm agkjgagtgns fe pujagh
pnmsgfm eumbs9 prgvktn nqugty rnturms wlghl pky jnmnegts
rndfvn tln tkxpkynr jkhistfp fjag`ktgfm)9
Dfst @Ss wfri tf bf tln rg`lt tlgm`9
ASKs krn `nmnrkaay tlfrfu`lay mn`ftgktnb jy jftl sgbns AS/@S9
Kaa ASKs lkvn sfdn `rky krnk wlghl dky jn sujonht tf
gmtnrprntktgfm9
ASs `nmnrkaay nxpnmb anss rnsfurhns tf dfmgtfr hfdpagkmhn9
^mbnrstffb prkhtghns, suhl ks tln usn fe keegagktnb hfmsuatkmts
fr fpnrktgm` pkrtmnrs lkvn mft jnnm wnaa bfhudnmtnb9
Znkbgm` ASKs wgtl ernsl rn`uaktfry nyns, wgtlfut tln jnmnegt fe
ynkrs fe umbnrstffb prkhtghn, hkm hkusn bgeenrnmt gmtnrprntktgfms9
ASs nmnrkaay rnhngvn rngdjursndnmt fe kaa lgstfrghka dkmk`ndnmt
enns jnefrn gmhnmtgvn enns (hkrrgnb gmtnrnst) krn kaafhktnb9
Fm k prf-efrdk jksgs, enns pkgb jy pfrtefagf hfdpkmgns bf mft
gdpkht tln vkaun fe tln hfdpkmy wlnm sfab9 Ukauktgfm prfhnssns krn jnhfdgm` gmhrnksgm`ay rg`frfus, wgtl
dkmy dkmk`nrs vkagbktgm` tlngr ekgr vkaun nstgdktns tlrfu`l
km gmbnpnmbnmt tlgrb pkrty9 kmb
Xfdn hymghkaay jnagnvn tlkt kt ankst gm sfdn rnspnhts, tln XNH
mnnbs tf bndfmstrktn tlkt tlngr gmspnhtgfms krn erugteua tf
oustgey tln nxpnmsn gmvfavnb.
HfmhausgfmJruhn Ikrpktg, tln efrdnr lnkb fe tln XNH Nmefrhndnmt Bgvgsgfms
Kssnt Dkmk`ndnmt ^mgt (KD^) stktnb, Gts mft umrnksfmkjan
tf tlgmi tlkt tln mudjnr fe hksns gmvfavgm` prgvktn nqugty wgaa
gmhrnksn.:Rlgs gs hnrtkgmay tf jn nxpnhtnb wgtl k dfrn-efhusnb
rn`uaktfry fvnrsg`lt prf`rkd, tln rfan fe wlghl gs tf egmb
bneghgnmhgns, mft mnhnsskrgay tf lg`lag`lt strnm`tls. Jkb khtfrs
slfuab jn lnab khhfumtkjan. ASs fetnm mnnb suppfrt gm gbnmtgeygm`
kmb bnkagm` wgtl kmy jkb khtfrs tlkt bf nxgst.
Lgstfrghkaay, tln Srgvktn Nqugty gmbustry lks slfwm gtsnae kbnptkt rnspfmbgm` tf hlkaanm`ns. Gmhrnksnb rn`uaktfry shrutgmy wgaa
nmlkmhn tln gmbustrys trkmspkrnmhy, rnpfrtgm` kmb rnaktnb
prkhtghns. Rlgs gdprfvnb fvnrsg`lt struhturn, tf`ntlnr wgtl tln
pfsgtgvn futaffi nxprnssnb gm tln @afjka Srgvktn Nqugty Futaffi,
slfuab jnmnegt kaa gmbustry pkrtghgpkmts ks wnaa ks jrfkbnr
nhfmfdgh kmb egmkmhgka dkrints. Ks stktnb jy tln Srgvktn Nqugty
@rfwtl Hkpgtka Hfumhga, Srgvktn nqugty gmvnstdnmt prfvgbns
egmkmhgka snhurgty efr dgaagfms fe Kdnrghkms erfd kaa wkais fe agen.8
Kmb jy sf bfgm`, prgvktn nqugty lnaps agdgt tln mnnb efr tkxpkynrs
tf dkin up tln bgeenrnmhn jntwnnm pujagh snhtfr jnmnegts kmb
kvkgakjan rntgrndnmt kssnts. Rlrfu`l nxpkmbnb trkmspkrnmhy,
dfrn rg`frfus vkauktgfms kmb hankr krtghuaktgfm fe nxpnhtktgfms,
tln futaffi efr prgvktn nqugty truay gs fptgdgstgh efr jftl dkmk`nrs
kmb gmvnstfrs.
Kjfut tln KutlfrBkvgb A. Akrsnm, HSKgs k dkmk`gm` bgrnhtfr kmb k ankbnr fe
tln Sfrtefagf Ukauktgfm prkhtghn gm tln Xkm Erkmhgshf feeghn
fe Buee & Slnaps. Ln snrvns k wgbn vkrgnty fe gmvnstfrs kmb
dkmk`nrs gm efhusgm` fm vkauktgfm kmb `fvnrmkmhn-rnaktnb
qunstgfms. Dr. Akrsnm gs k Jfkrb Dndjnr fe tln GmtnrmktgfmkaSrgvktn Nqugty kmb Unmturn Hkpgtka Ukauktgfms Jfkrb (GSNU),
anb tln tnkd tlkt brketnb tln ^X SNG@@ Ukauktgfm @ugbnagmns,
gs k Dndjnr fe tln KGHSK Srgvktn Nqugty kmb Unmturn Hkpgtka
Ukauktgfm Rksi Efrhn kmb wks tln prgvktn nqugty rnprnsnmtktgvn
fe EKXJs Ukauktgfm Znsfurhn @rfup.
: Jruhn Ikrpktg, Srgvktn Nqugty Nmefrhndnmt Hfmhnrms. Xpnnhl bnagvnrnb kt tln Srgvktn Nqugty Gmtnrmktgfmka Hfmenrnmhn, Mnw Wfri, MW, Okmukry :8, :3;8.
8 Srgvktn Nqugty @rfwtl Hkpgtka Hfumhga, Ekht kmb Eghtgfm, kvkgakjan kt? lttp?//www.pn`hh.fr /nbuhktgfmekht-kmb-eghtgfm/.
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:3 @afjka Srgvktn Nqugty Futaffi
RLN HLKM@NB SZGUKRNN[^GRW AKMBXHKSN
Ks tln survny rnsuats kmb rnspfmbnmt hfddnmtkry gm tlgs
gmku`urka @afjka Srgvktn Nqugty Futaffidkin hankr, tln hakssghka
prgvktn nqugty eumb gs mf afm`nr tln fmay `kdn gm tfwm gm tln
qunst tf khqugrn kttrkhtgvn jusgmnssns. Xfvnrng`m wnkatl eumbs,
stktn fwmnb nmtnrprgsns, pnmsgfm pakms, spnhgkagst eumbs (suhl
ks gmerkstruhturn eumbs) kmb akr`n ekdgay feeghns hfdpntn bgrnhtay
efr tlfsn skdn bnsgrkjan kssnts. Ks hfumsna tf dkmy fe tlnsn
prgvktn hkpgtka gmvnstfrs, Xlnkrdkm & Xtnragm` lks wgtmnssnb
egrstlkmb tln afjka gdpkht fe tlnsn gmhrnksgm`ay gdpfrtkmt bgrnhtgmvnstfrs. Gm fur vgnw, tln prgvktn nqugty dkrintpakhn gs gm tln
dgbst fe eumbkdnmtka hlkm`n kmb tln gdpfrtkmhn fe tlgs mnw
jrnnb fe gmvnstfr wgaa fmay `rfw.
Brgvnrs fe Hlkm`n^mbfujtnbay, duatgpan ekhtfrs nxpakgm tln slgets wn fjsnrvn gm
tln dkrint. Fmn gs, ks mftnb jy k survny rnspfmbnmt, tln bnsgrn
fe trkbgtgfmka agdgtnb pkrtmnrs tf nmlkmhn tlngr rnturms jy
kvfgbgm` (fr, tlrfu`l hf-gmvnstdnmt fr vgk snpkrktn khhfumts,
rnbuhgm`) tln dkmk`ndnmt enns kmb prfdftns tlny pky tf eumb
dkmk`nrs. Kmftlnr, lfwnvnr, gs tln gmhrnksgm` hfmegbnmhn fe
prgvktn hkpgtka gmvnstfrs tlkt tlny krn ks hkpkjan ks trkbgtgfmka
spfmsfrs gm gbnmtgeygm`, nvkauktgm`, trkmskhtgm` kmb fvnrsnngm`
bgrnht gmvnstdnmts. Dkmy fe tlnsn gmvnstfrs lkvn jugat sujstkmtgka
gmtnrmka nxpnrtgsn khrfss kssnt hakssns, lgrgm` jnst-gm-jrnnb
gmvnstdnmt prfenssgfmkas, prnsudkjay kt k afwnr fvnrkaa hfst
hfdpkrnb tf tln enns kmb hkrry tlny ftlnrwgsn wfuab pky fmn fr
dfrn nmnrka pkrtmnrs tf khlgnvn tln skdn fjonhtgvns.
Ks gdpfrtkmtay, dkmy prgvktn hkpgtka gmvnstfrs lkvn rnkagznb
tlngr gmtnrmka gmvnstdnmt lfrgzfms krn mft mnhnsskrgay kag`mnb
wgtl tlfsn fe prgvktn nqugty spfmsfrs. K trkbgtgfmka spfmsfr,
efr nxkdpan, lks k eumb wgtl k egmgtn agen fe, `nmnrkaay, ;3 ynkrs
(sujonht tf nxtnmsgfms), wgtl km gmgtgka egvn-ynkr gmvnstdnmt pnrgfb.
Rypghkaay, fmhn k eumb lks gmvnstnb fr hfddgttnb tf gmvnst kmk`rnnb pnrhnmtk`n fe gts hfddgttnb hkpgtka, tln spfmsfr gs ernn tf
jn`gm rkgsgm` gts mnxt eumb. Rlgs nxpakgms, gm pkrt, wly dkmy eumb
spfmsfrs turm fvnr kssnts rnaktgvnay qughiay -- gt nstkjagslns k
trkhi rnhfrb fm wlghl tf rkgsn k mnw eumb kmb, mft hfgmhgbnmtkaay,
gmhrnksns tln dkmk`ndnmt enn agdgtnb pkrtmnrs pky fm tln
gmvnstnb hkpgtka gm k hafsnb eumb kmb fm hfddgttnb hkpgtka gm k
eumb stgaa gm gts gmvnstdnmt pnrgfb.
Rlgs bymkdgh efr gmvnstfrs suhl ks pnmsgfm pakms hkm rnsuat gm
kbdgmgstrktgvn lnkbkhlns. Ks k pnmsgfm pakms kssnts gmhrnksn
(tlrfu`l pkrtghgpkmt hfmtrgjutgfms kmb gmvnstdnmt rnturms),
tln pakms gmvnstdnmt prfenssgfmkas mnnb tf rnbnpafy hkpgtka gm
frbnr tf dnnt gmtnrmka kssnt kaafhktgfm ugbnagmns. Hfdpkrkjan
bymkdghs nxgst efr sfvnrng`m wnkatl eumbs kmb akr`n ekdgay
feeghns, wlghl fetnm prnenr tf gmvnst efr tln afm` tnrd, gm pkrt
jnhkusn tlny vkaun hkpgtka kpprnhgktgfm fvnr gmhfdn prfbuhtgfm.
Xgdgakray, gmvnstfrs gm gmerkstruhturn kssnts fetnm lkvn k duhlafm`nr gmvnstdnmt lfrgzfm tlkm prgvktn nqugty eumbs, kmb tlfsn
gmvnstfrs fetnm juy gmerkstruhturn kssnts vgk tln khqugsgtgfm fe
fpnrktgm` hfdpkmgns.
Hfmsnqunmhns fe Hlkm`nDfst fjvgfusay, fmn hfmsnqunmhn fe tln hlkm`gm` akmbshkpn gs
nvnr gmhrnksgm` bgrnht gmvnstdnmt khtgvgty jy tlgs mnw jrnnb fe
gmvnstfr. Ks survny rnspfmbnmts erfd tln ^X kmb Nurfpn mftnb,
gmhrnksnb hfdpntgtgfm brgvns up tln prghns pkgb efr bnsgrkjan
kssnts. Dfrnfvnr, ks fmn rnspfmbnmt mftnb, pnmsgfm pakms kmb
sfvnrng`m wnkatl eumbs fetnm lkvn rnktnr hkpgtka kvkgakjgagty
tlkm trkbgtgfmka spfmsfrs. Ks wn kmkayzn tln dkrint, lfwnvnr,
wn jnagnvn gt gs mft fmay hkpgtka kvkgakjgagty tlkt ndpfwnrs prgvktn
hkpgtka gmvnstfrs tf hfdpntn k``rnssgvnay efr kssnts? gt gs tlngr
wgaagm`mnss tf gmvnst efr tln afm` tnrd kmb tlngr akhi fe rnagkmhn
fm sg`mgeghkmt egmkmhgka anvnrk`n tlkt gvns tlnd km kbvkmtk`n.
Rkin k sgdpan nxkdpan. Ks k ruan fe tludj, dkmy spfmsfrs wfuab
sky tlny tkr`nt k dgb-:3s pnrhnmtk`n gmtnrmka rktn fe rnturm kmb
snni tf rnkagzn 8x tlngr gmvnstnb hkpgtka upfm nxgt. Kssudgm` k
:>% GZZ, k spfmsfr wfuab khlgnvn gts 8x duatgpan fe dfmny ketnr
efur ynkrs kmb fetnm fmay ks tln rnsuat fe kppaygm` tftka anvnrk`n
fe 0-7x trkgagm` NJGRBK. Lfwnvnr, k pnmsgfm pakm tlkt tkr`nts
fmay k 0% GZZ wfuab khlgnvn tln skdn duatgpan fe dfmny ketnr ;>
ynkrs nvnm ge gt khqugrnb tln umbnraygm` kssnt wgtlfut kmy afm`-tnrd bnjt egmkmhgm`. Jy usgm` fmay dfbnst egmkmhgka anvnrk`n,
prgvktn hkpgtka gmvnstfrs fetnm hkm keefrb tf pky dfrn efr tln skdn
kssnt tlkm k spfmsfr. K afwnr tkr`nt GZZ, hfdjgmnb wgtl k afm`nr
lfabgm` pnrgfb kmb anss egmkmhgka anvnrk`n, kasf trkmsaktns tf anss
rgsi. Xgdpay put, hfdpkmgns fwmnb jy prgvktn hkpgtka gmvnstfrs
dky jn jnttnr pfsgtgfmnb tf wnktlnr nhfmfdgh stfrds tlkm
hfdpkrkjan prgvktn nqugty pfrtefagf hfdpkmgns.
Onrndy P. Bghinms, Dkri Xfumby kmb Skua Xtrnhinr
*
8/12/2019 Global PE Report 2014
21/28
Rln Hlkm`nb Srgvktn Nqugty Akmbshkpn :;
Nxkdpans fe Hlkm`nRlnrn krn mudnrfus hksns fe prgvktn hkpgtka gmvnstfrs hf-
spfmsfrgm` trkmskhtgfms kafm`sgbn trkbgtgfmka spfmsfrs. Efr
nxkdpan, gm :3;8 Krns Hkpgtka Dkmk`ndnmt kmb tln Hkmkbgkm
Snmsgfm Sakm Gmvnstdnmt Jfkrb ofgmtay khqugrnb Mngdkm Dkrhus
@rfup efr $5 jgaagfm. Xgdgakray, kasf gm :3;8, @GH, k Xgm`kpfrnkm
sfvnrng`m wnkatl eumb, ofgmnb Jkgm Hkpgtka, @fabnm @ktn Hkpgtka
kmb Gmsg`lt Unmturn Skrtmnrs tf khqugrn JDH Xfetwkrn efr $5.7
jgaagfm. Rlnrn krn ftlnr sgtuktgfms wlnrn prgvktn hkpgtka gmvnstfrshfdpntn bgrnhtay wgtl prgvktn nqugty eumbs, suhl ks tln :3;8 ofgmt
khqugsgtgfm jy FDNZX (Fmtkrgf Dumghgpka Ndpafynns Zntgrndnmt
Xystnd) kmb Kajnrtk Gmvnstdnmt Dkmk`ndnmt Hfrpfrktgfm fe
U^N Nmtnrtkgmdnmt, fmn fe tln akr`nst hgmndk fpnrktfrs gm tln
wfrab, efr 78> dgaagfm. Gm kssnt hakssns suhl ks rnka nstktn kmb
gmerkstruhturn, tln ndnr`nmhn fe prgvktn hkpgtka gmvnstfrs ks
hfdpntgtfrs efr tln skdn kssnts sfu`lt jy prgvktn nqugty eumbs
gs nvnm dfrn prfmfumhnb. Fjvgfusay, tlnrn gs k hfmtgmuud fe
khtgvgty, rkm`gm` erfd hf-gmvnstdnmts tf hf-spfmsfrslgps tf euaa
jafwm khqugsgtgfms.
HfmhausgfmGt gs tff nkray tf stktn wgtl hfmegbnmhn wlkt tln afm` tnrd gdpkhtfe tln hlkm`ns tf tln prgvktn nqugty dkrintpakhn wgaa jn, jut
hlkm`n gs k hnrtkgmty. Srgvktn hkpgtka gmvnstfrs lkvn vkst kdfumts
fe kssnts umbnr dkmk`ndnmt. Plgan tlnsn gmvnstfrs fetnm rnay
fm tln prgvktn nqugty eumbs gm wlghl tlny gmvnst tf jrgm` tlnd
akr`n hf-spfmsfrslgp fppfrtumgtgns, ks tlgs mnw jrnnb fe gmvnstfr
khqugrns hfmegbnmhn kmb jugabs gmtnrmka gmvnstdnmt hkpkjgagtgns,
tlnrn wgaa jn eurtlnr gmstkmhns fe hfdpntgtgfm jntwnnm prgvktn
hkpgtka gmvnstfrs kmb prgvktn nqugty spfmsfrs efr tln skdn kssnts.
Efr kbbgtgfmka gmefrdktgfm kjfut tlgs rnpfrt fr efr gmefrdktgfm fm
fur Srgvktn Nqugty & Lnb`n Eumb @rfup, panksn hfmtkht?
Onrndy P. Bghinms
@afjka Hf-Lnkb
Mnw Wfri
+; :;: 32
onrndy.bghinmsCslnkrdkm.hfd
Dkri Xfumby
@afjka Hf-Lnkb
Afmbfm
+22 :3 05>> >57>
dkri.sfumbyCslnkrdkm.hfd
Skua Xtrnhinr
Lnkb - Ksgk, Srgvktn Nqugty Srkhtghn
Lfm` Ifm`
+: :70< 5:83 8
8/12/2019 Global PE Report 2014
22/28
8/12/2019 Global PE Report 2014
23/28
Kjfut Buee & Slnaps :8
8/12/2019 Global PE Report 2014
24/28
:2 @afjka Srgvktn Nqugty Futaffi
KJF^R XLNKZDKM& XRNZAGM@ AAS
Xlnkrdkm & Xtnragm` AAS bgstgm`ugslns gtsnae jy lkrmnssgm` tln
gmtnaanhtuka strnm`tl kmb bnnp nxpnrgnmhn fe gts akwynrs khrfss
gts nxtnmsgvn `afjka efftprgmt. Ks fmn fe tln egrst akw egrds tf
nstkjagsl k prnsnmhn gm iny gmtnrmktgfmka dkrints, wn lkvn anb tln
wky gm snrvgm` hagnmts wlnrnvnr tlny bf jusgmnss. Rlgs gmmfvktgvn
spgrgt kmb tln nxpnrgnmhn wn lkvn bnvnafpnb fvnr fur ;23-ynkr
lgstfry dkin us tln `f-tf akw egrd efr snkdanss snrvghn. Erfd
dkofr egmkmhgka hnmtnrs tf ndnr`gm` dkrints, wn lkvn tln rnkhl,
bnptl kmb afjka pnrspnhtgvn mnhnsskry tf kbvgsn fur hagnmts fm
tlngr dfst hfdpanx wfrabwgbn jusgmnss mnnbs.
Rln egrd gs fr`kmgznb ks k sgm`an, gmtn`rktnb pkrtmnrslgp tlkt
hfaakjfrktns tf bnagvnr gts jnst tf hagnmts. Pgtl kpprfxgdktnay 3
akwynrs gm dkmy fe tln hfddnrhgka hnmtnrs krfumb tln wfrab,
wn fpnrktn snkdanssay khrfss prkhtghn rfups kmb feeghns kmb
prfvgbn hfmsgstnmtay supnrgfr rnsuats. Fur akwynrs hfdn erfd
sfdn
8/12/2019 Global PE Report 2014
25/28
Kjfut Xlnkrdkm & Xtnragm` AAS :>
8/12/2019 Global PE Report 2014
26/28
:5 @afjka Srgvktn Nqugty Futaffi
Dnr`nrdkrint gs km umpkrkaananb, gmbnpnmbnmt dnr`nrs &
khqugsgtgfms (D&K) prfprgntkry gmtnaag`nmhn tffa. magin kmy ftlnr
snrvghn fe gts igmb. Dnr`nrdkrint prfvgbns k hfdpantn fvnrvgnw fe
tln D&K dkrint jy feenrgm` jftl k efrwkrb-affigm` gmtnaag`nmhn
bktkjksn kmb k lgstfrghka bnkas bktkjksn, khlgnvgm` rnka rnvnmuns
efr Dnr`nrdkrint hagnmts.
Efr dfrn gmefrdktgfm, panksn hfmtkht?
Iktlrym Hkrk
Xkans Bgrnhtfr, Zndkri
Rna? +; 525 2;: >85< 703;
skans.ksgkCdnr`nrdkrint.hfd
Skrt fe tln Dnr`nrdkrint @rfup
www.dnr`nrdkrint`rfup.hfd