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????所有的私募股權公司都喜歡吹噓自己所管理基金的表現，以至于像“前四分之一”這樣的評價實際上已經失去了意義。但巴黎HEC商學院的管理策略教授奧利弗?戈沙爾格并不滿足于知道哪些公司是世界上表現最好的公司。他要給它們逐一排名。 ????周一早間，戈沙爾格和道瓊斯公司（Dow Jones）發布了最新的一期私募股權公司表現排名報告（PE Performance Ranking Report）。報告分析了112家公司，這些公司在1998年至2007年間為726支基金總計籌集了約7,260億美元。下面是戈沙爾格對排名的解釋： ????總體表現分既不是內部收益率式的年度回報率指標，也不是投資資金增值倍數。它只有參照我們所研究的所有私募股權公司的平均表現分來看才有意義：總體表現分為1，意味著這家私募股權公司比平均表現高一個“標準差”，即它在所有樣本公司中處于前15%，即85% 的公司總體表現分低于它。總體表現分為2，意味著這家公司的表現是總體表現分為1的公司的兩倍。表現屬于平均水平的私募股權公司的總體表現分（設定）為0。 ????今年拔得頭籌的是1999年成立的荷蘭公司Waterland Private Equity，得分2.42。它的排名較去年的第三名（得分2.27）躍升了兩位。而過去連續兩年拔得頭籌的Leonard Green & Partners投資公司的排名則跌出了前20。 ????緊隨Waterland之后，依次是Friedman Fleischer & Lowe（得分2.32）、鉑金資本（Platinum Equity，得分2.10）、海曼傅萊曼公司（Hellman & Friedman ，得分1.63）和德州太平洋投資集團（TPG Capital，得分1.5）。 |
????Every private equity firm likes to brag about its fund performance, to the point that terms like "top quartile" have virtually lost their meanings. But Oliver Gottschalg, a professor of management strategy at HEC in Paris, isn't satisfied by knowing which group of firms are the world's best-performers. He wants to rank them, one-by-one. ????Gottschalg and Dow Jones this morning released their latest edition of the PE Performance Ranking Report, which analyzes 112 firms that raised around $726 billion for 726 funds between 1998 and 2007. Here is how Gottschalg explains his rankings: ????The aggregate performance score is neither an IRR-type annual return measure nor a money multiple. It can only be interpreted relative to the average aggregate performance score of all firms we analyzed: An aggregate performance score of 1 means that a given PE Firm has an aggregate performance that is one "standard deviation" above the average performance, which would position it typically at the 85th percentile, i.e. 85% of all firms would have a lower aggregate performance. Also, an aggregate performance score of 2 means that performance is twice as high as for an aggregate performance score of 1. A PE Firm with the average performance has (by design) an aggregate performance score of 0. ????This year's top firm was Waterland Private Equity, a Dutch group founded in 1999, which received a score of 2.42. This was a jump from third place in last year's ranking (when it received a 2.27). Leonard Green & Partners, which has led this ranking for the past two years, fell completely out of the top 20. ????Following Waterland were Friedman Fleischer & Lowe (2.32), Platinum Equity (2.10), Hellman & Friedman (1.63) and TPG Capital (1.5). |
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