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1、The search for growthGlobal Private equity rePort 2012Contents01 Forewordthe Private equity life cycle04 Fundraising09 Investment activity15 Portfolio19 ExitsSpecial report22 The search for growthappendix32 Sample and methodology33 Grant Thornton contactsGlossary briCS Brazil, Russia, India, China a
2、nd South Africa Ceo Chief Executive Officer eSG Environmental, social and governance GP General partner iPo Initial public offering ir Investor relations irr Internal Rates of Return lataM Latin America lP Limited partner M funds that were raised in 2007 and 2008 now have commitment periods that are
3、 close to expiry.”Steve luKeNS gRANT ThoRNToN USFiGure 9a: ExPECTEd INvESTMENT ACTIvITY BY REGION PERCENTAGE OF RESPONdENTSASIA PACIFIC 50 44 6BRICS 46 22 32MENA 60 33 7NORTh AMERICA 59 41WESTERN EURoPE 27 64 9INCREASE STAY ThE SAME dECREASEFiGure 9b: INvESTMENT ACTIvITY KEY BRICS MARKETSPERCENTAGE
4、OF RESPONdENTSLATIN AMERICA2012 78 222011 89 11INdIA 2012 33 22 452011 78 22ChINA2012 33 11 562011 25 50 25INCREASE STAY ThE SAME dECREASE12 Global private equity report 2012 Sectors Overall, the top four sectors for private equity in 2012 are the same as those in 2011: consumer, healthcare, busines
5、s services, and industrials despite this, over three quarters of respondents state that sources of leveraged finance have not changed significantly, but there is a strong focus on protecting existing bank relationships. Debt funding is less of a consideration and an issue in markets where growth cap
6、ital is of more significance (eg MENA, Asia Pacific), but is widely perceived to be difficult to obtain if it is required, due to less developed debt market infrastructure and/or legislative constraints on debt funding. In particular it is worth noting the different views of GPs based in North Ameri
7、ca and Western Europe; while access to debt is considered relatively easy (if expensive) by the former, Europeans still see it as a significant challenge, particularly for larger deals. However, the two markets remain closely linked, and some respondents believe the US will start to suffer if the eu
8、rozone challenges are not resolved soon. In these Western markets, traditional lenders are willing to lend to quality opportunities. That said, alternative sources of debt are beginning to emerge in the form of specialised debt funds and increased use of vendor finance in some cases. The issue of pr
9、oblem loans is generally not felt to be as significant as many may have feared, although concerns appear to be more apparent in Western Europe than in North America. European respondents see the debt maturities as a major issue, providing another piece of evidence to suggest that the North American
10、market has a buoyant outlook.“The buoyant European bond market and the different mainstream leverage market is creating an interesting shift of where PEs are and may go to raise debt.”MiChael Neary GRANT ThORNTON IRELANd“debt funding is fine in the uS, although financial uncertainty in europe may we
11、ll impact this.”united States survey respondent“the market is split and it really depends on the asset: if it is one with a good credit history and well known to the banks then raising debt is easy. if not, it can be very difficult. the banks are so risk averse.”German survey respondent21543814 9203
12、311FiGure 14: ExTENT To WhICh APPRoAChINg WALL oF dEBT MATURITIES IS ExPECTEd To BE AN ISSUE PERCENTAGE OF RESPONdENTSMajor of some importance Minor Not an issueNORTh AMERICA WESTERN EURoPE1344933412337Global private equity report 2012 15 economic outlook A trend to a more cautious economic outlook
13、is particularly evident in North America, where generally positive economic conditions are offset by concerns regarding Europe and the US Presidential election. Overall sentiment in Western Europe has held up better than might have been expected given the scale of current economic travails. This perhaps reflects the fact that many GPs have dealt with problems in their portfolios and focused their new investment activity on more defen
