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????上星期，《財富》雜志發布了最新一期美國500強榜單。排在前面的有很多熟悉的老面孔，如埃克森美孚（Exxon Mobil）、沃爾瑪（Wal-Mart）等等。但有一家公司你再也看不到了，即去年排名第256位的私募股權公司KKR公司（Kohlberg Kravis Roberts & Co.）。 ????去年這個時候，我就寫過KKR首先就不該入選這個榜單（該公司自己也持有同樣的觀點）。KKR入選完全是因為一條古怪的會計規則。根據這一會計規則，KKR的全部“投資利潤總額”（實現和未實現的收益/損失）都被納入財富美國500強評選的計算中。但事實上，KKR公司只能獲得其中很少一部分（其余歸KKR基金的有限合伙人所有）。 ????2010年，KKR公布投資利潤總額約為92億美元，服務費收入4.35億美元。這就是這家公司如何登上財富美國500強第256位的原因。2011年，KKR的服務費收入增至7.23億美元，但投資利潤降至14.5億美元——基本上是由于私募股權投資組合的增值減少。 ????值得一提的是，從任何角度看都大于KKR公司的黑石集團（The Blackstone Group）也沒有入選，原因是該公司不將旗下基金的收益合并報表。 ????大多數公司都會為入選財富美國500強而稱慶，為落選而苦惱。但KKR就沒想過要入選——可能它也知道即便入選也只是曇花一現。這對KKR既沒有正面、也沒有負面影響，但這顯露出私募股權公司的會計/估值與更傳統的上市公司之間是多么難以協調一致。 ????譯者：老榆木 |
????The new Fortune 500 came out this morning, with lots of familiar names up top (Exxon Mobil, Wal-Mart, etc.). One company you won't see, however, is private equity firm Kohlberg Kravis Roberts & Co. (KKR), which last year came in at #256. ????At the time, I wrote that KKR shouldn't have made the list in the first place (a sentiment shared by the firm itself). Its inclusion was the result of an accounting oddity, by which KKR's entire "total investment income" (realized and unrealized gains/losses) was included in Fortune's calculations, even though the firm itself was only entitled to a small fraction of it (the rest going to limited partners in KKR funds). ????In 2010, KKR reported around $9.2 billion in total investment income and $435 million in fee income. That's how it hit #256. For 2011, fee income rose to $723 million but investment income dropped to $1.45 billion – basically due to a lower level of appreciation in the firm's private equity portfolio. ????For context, The Blackstone Group (BX) -- a larger firm than KKR by all accounts -- didn't make the list because it doesn't consolidate gains from all of its funds. ????Most companies celebrate when they make the Fortune 500, and fret if they fall off of it. KKR, however, didn't want to be there in the first place -- likely because it knew the stay would be a short one. Not a positive or negative reflection on the firm, but rather an illustration of how private equity accounting/valuations are difficult to reconcile with more traditional listed issuers. |
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