精品国产_亚洲人成在线高清,国产精品成人久久久久,国语自产偷拍精品视频偷拍

????凱雷集團（The Carlyle Group）聯合創始人大衛?魯本斯坦認為，如今的私募股權行業要比大蕭條之前更加繁榮。

????魯本斯坦在柏林舉行的超級回報國際會議（SuperReturn International）上演講時表示，雷曼兄弟（Lehman Brothers）破產之后，私募股權曾面臨多種嚴重的威脅，不僅籌資量和交易量出現了巨幅下滑，而且限制性監管法規的出臺、私募股權公司的破產以及有限責任合伙人難以做出資本承諾的現象也會成為可能。

????魯本斯坦說，雖然籌資和交易的特征有所改變，但是它們已在很大程度上得到了恢復。例如，越來越多的主權財富基金和個人投資者參與到了有限合伙人領域。如今，私募股權交易的股權承諾規模比以往更大。一些會議發言人認為，當前信貸市場的泡沫已回到了2006年或2007年的水平，他對此表示反對。

????他還說，大多數顧慮都沒有變成現實。監管機構從來沒有把私募股權看成是一種體系風險，而且私募股權行業的主要公司也都健在。只有少數有限合伙人出現了違約，而且基于私募股權的業務出現違約的現象要比基于非私募股權的業務少得多。

????魯本斯坦說，私募股權這種已經得到證實的適應性讓投資者對這個行業產生了更大的信心，也讓私募股權基金和投資者的合作越來越緊密。基本上，熬過絕境的人會變得更加強大。

????魯本斯坦總結說：“對于私募股權來說，最重要的事情在于，私募股權的回報超過了其他所有現有投資類別的回報，而且我認為這一局面仍將繼續。”（財富中文網）

????David Rubeinstein, co-founder of The Carlyle Group (CG), believes that the private equity industry is stronger today than before the Great Recession.

????Speaking at the SuperReturn International conference in Berlin, Rubenstein argued that private equity faced several serious threats in the wake of the Lehman Brothers collapse. Not only massive decreases in fundraising and deal-making, but also the possibilities of debilitating regulation, PE firm collapses and limited partners failing to meet capital commitments.

????But both fundraising and deal-making have largely recovered, Rubenstein said, although the characteristics of each has shifted. The limited partner universe, for example, now includes much more participation from sovereign wealth funds and individual investors. Private equity deals now include larger equity commitments than in the past, and he rejected the argument of other conference speakers that credit markets are as frothy as they were back in 2006 or 2007.

????Most of those other concerns, he added, failed to materialize. Regulators never seemed to deem private equity to be a systemic risk, while none of the industry's major players went out of business. Only a small handful of LP defaults were reported, and defaults of PE-backed businesses came at a much lower rate than for non-PE-backed businesses.

????Such proven resiliency, Rubenstein said, has resulted in greater faith in private equity and better alignment between private equity funds and their investors. Basically, what doesn't kill you makes you stronger.

????"The most important thing about private equity is that private equity returns still outpace all other readily available investment classes, and I think that will continue," Rubenstein concluded.