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風投與私募股權

風投與私募股權

Dan Primack 2011-12-14
過去一年是私人資本市場豐收的一年,因為風投和金融收購公司紛紛將他們長期持有的資產出售或上市。今年,除了醫院管理公司HCA、商務社交網站LinkedIn和團購網站Groupon的大規模IPO外,還有其他令人咂舌的大規模交易,如微軟(Microsoft)收購Skype。百仕通集團(Blackstone)今年也收獲頗豐。今年也是分化明顯的一年,其中,高層企業很容易便能募集到新資本,而其他公司則在苦苦尋找實現“本壘打”的機會。以下為部分私人資本公司的成功與失敗案例。——丹?普利馬克

贏家

????戴維?魯賓斯坦

????聯合創始人,凱雷投資集團

????凱雷投資集團(The Carlyle group)今年打了幾場大勝仗,如其投資組合公司金德爾摩根(Kinder Morgan)與熱咖啡飲品銷售商唐恩都樂(Dunkin' Donuts)的IPO,但公司最大的舉措發生在內部,結果使公司一躍成為全球最大的私募股權公司。公司以420億美元的價格收購了荷蘭私募股權公司AlpInvest,新增了基金內基金(FOF)部門,收購了丘吉爾金融公司(Churchill Financial)旗下的中端市場借貸平臺,并買進了桑德勒奧尼爾投資銀行(Sandler O'Neill)的少數股份。戴維?魯賓斯坦正是這一系列交易的幕后推手,此外,凱雷投資集團計劃在明年進行IPO,這也離不開魯賓斯坦的籌劃。

????艾琳娜?伊娃申特塞娃

????高級執行董事,霸菱東歐投資基金

????2000年,全球科技行業陷入低迷,但俄羅斯投資公司霸菱東歐投資基金(Baring Vostok Capital Partners)合伙人艾琳娜?伊娃申特塞娃卻花了數月時間,研究一家名為Yandex的俄羅斯初創公司。該公司當時營收不足100,000美元,并且沒有專職CEO.但艾琳娜當時卻出資1,500萬美元對其進行投資,引發外界一片嘩然。但這卻是非常明智的一步棋。Yandex今年在納斯達克(Nasdaq)上市,而霸菱東歐投資基金則從中獲益1.56億美元。目前,公司仍持有Yandex公司價值約12.4億美元的股票。

????彼得?巴里斯

????主理合伙人,恩頤投資

????四年前,當彼得?巴里斯投資The Point公司時,他并沒想到這家公司能夠盈利。他只是相信,利用互聯網進行集體活動的點子不容忽視。恩頤投資(New Enterprise Associates)總計在這家公司身上投入了1,480萬美元,它后來發展成了今天的Groupon。今年十月份,這家團購網站巨頭上市,恩頤投資的投資價值也超過了18億美元。

????雷德?霍夫曼

????合伙人,格雷洛克投資公司

????雷德?霍夫曼在2009年加入格雷洛克投資公司(Greylock Partners),當時許多人都在懷疑他在風險資本家這個職務身上能投入多少時間。畢竟,他同時還是一名活躍的天使投資人,并且依然在由其成立的格雷洛克投資組合公司LinedIn擔任總裁。結果,霍夫曼不僅成為格雷洛克公司發展的推動者,并且按照自己的風格重塑了這家具有46年歷史的公司。

????首先,格雷洛克成立了一個種子投資項目。之后,公司開始聘用LinkedIn的多位元老,如亞當?納什、D. J.帕蒂爾和約什?埃爾曼等;此外,更不用說還有摩斯拉公司(Mozilla)前任CEO約翰?莉莉,而霍夫曼便是摩斯拉公司董事會成員之一。對了,LinkedIn今年早些時候上市,霍夫曼也搖身一變,成為一位億萬富翁。

????馬克?安德森與本?霍洛維茨

????合伙創始人,安德森霍洛維茨基金

????馬克是憑直覺行事的夢想家,而本則是一位通情達理的實干家。他們兩人聯手,短短兩年時間便打造出了硅谷最炙手可熱的風險投資公司。安德森霍洛維茨基金(Andreessen Horowitz)不僅參與了所有熱門科技公司交易,并且還成功從機構投資人處募集了總計18億美元的基金資本。而之前,機構投資人通常根本不會搭理行業新人。

????更重要的是,安德森霍洛維茨基金在今年便實現了實際收益。公司將Skype出售給微軟,所獲得的收益是市盈率的數倍,并且公司的投資組合公司Fusion-io、Groupon均已上市,社交游戲公司Zynga的上市也為期不遠。公司尚未上市的投資對象還包括地理定位社交網絡Foursquare以及Twitter。

WINNERS

????David Rubenstein

????Co-founder, The Carlyle group

????The Carlyle Group had some big wins this year, like the IPOs of portfolio companies Kinder Morgan (KMP) and Dunkin' Donuts (DNKN), but its biggest moves were internal, making it the world's largest private equity firm. It added a fund-of-funds division with $42 billion Dutch manager AlpInvest, a mid-market lending platform in Churchill Financial, and a minority stake in investment bank Sandler O'Neill. David Rubenstein is the driving force behind those deals, and also behind Carlyle's IPO, slated for next year.

????Elena Ivashentseva

????Senior managing director, Baring Vostok Capital Partners

????As the global tech market was tumbling in 2000, Elena Ivashentseva, a partner at Russian investment firm Baring Vostok, spent months researching a Russian startup called Yandex. The company had less than $100,000 in revenue and no full-time CEO, but Ivashentseva invested at a then-staggering valuation of $15 million. Smart move. Yandex (YNDX) made its debut on the Nasdaq this year, and Baring Vostok made $156 million. It still holds approximately $1.24 billion worth of Yandex shares.

????Peter Barris

????Managing partner, New Enterprise Associates

????When Peter Barris invested in The Point four years ago, he didn't know how it would make money. He was simply convinced that the idea of using the Internet to leverage collective action was too powerful to pass up. His firm would ultimately invest a total of $14.8 million into what would evolve into Groupon. When the daily deals giant went public this past October, NEA's investment was worth more than $1.8 billion.

????Reid Hoffman

????Partner, Greylock Partners

????When Reid Hoffman joined Greylock Partners in 2009, some wondered how much time he would actually spend as a venture capitalist. After all, he was an active angel investor who still served as chairman of the Greylock portfolio company he had founded, LinkedIn. But not only has Hoffman been a driving force at Greylock, he arguably has remade the 46-year-old firm in his image.

????First, Greylock launched a seed-stage investing program. Then Greylock began hiring fellow LinkedIn vets like Adam Nash, D.J. Patil and Josh Ellman. Not to mention ex-Mozilla CEO John Lilly, on whose board Hoffman had sat. Oh, and Hoffman also became a billionaire when LinkedIn went public earlier this year.

????Marc Andreessen & Ben Horowitz

????Co-founding partners, Andreessen Horowitz

????Marc is the intuitive visionary and Ben is the understanding operator. Together they've created Silicon Valley's hottest venture capital firm in just over two years time. Andreessen Horowitz not only gets into all the hottest tech deals, but it also soon will have raised a total of $1.8 billion in fund capital from institutional investors who typically refuse to even return calls from new firms.

????More importantly, Andreessen Horowitz this year began to see some actual returns. It generated PE-type multiples on the sale of Skype to Microsoft, and saw portfolio companies Fusion-io (FIO), Groupon and (coming soon) Zynga all go public. Still-private investments include Foursquare and Twitter.

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