花样滑冰比赛视频下载:[2011.11.12] Private equity: Fee high so dumb...

Private equity
私募股权

Fee high so dumb
高昂的费用让人惊愕

Some buy-out firms’ fees have gone up
一些收购公司的费用直线上升


THE high fees that private-equity firms charged in the boom, typically 2% of the assets they oversee (the “management” fee) and 20% of the upside (the “performance” fee), are harder to pocket now. Investors have been bearing down on these fees for the past two years. Even big firms are reportedly caving in, particularly for those writing large cheques.
私募基金公司收取的费用正在急速上涨，其中较为典型的是2%的资产管理费用还有20%的，这些费用现在都不能装进自己的口袋了。即使据报道有些大公司，尤其是资产雄厚的公司已经举手认输，仍有一些投资者对于过去两年里上涨的费用开始施加压力。

But one type of fee has bucked the trend. A new study by Dechert, a law firm, and Preqin, a research outfit, finds that “deal” fees, which portfolio companies have to pay to private-equity firms for various services, actually rose in 2009-10, in spite of all the hullabaloo around lower charges. Transaction fees, which buy-out firms charge firms when they buy them (and yes, you did read that right), went up by at least 25% on average for 2009-10 deals that were $500m or larger, compared with deals done between 2005 and 2008. Deals between $500m and $1 billion, for example, had an average transaction fee of 1.24% of the deal amount in 2009-10, compared with 0.99% in 2005-08. “Monitoring” fees, which portfolio companies pay their private-equity owners each year for advisory services, also went up.
但是有一项费用却于现在的形势相反。由Dechert，一家法律公司，和Preqin，一家咨询机构一同发起的一项研究，发现那些投资公司不得不向提供不同服务的私募基金公司所支付的交易费，在2009-2010年间有所上涨，而当时外界都在围绕‘低费用’而争论着。另一种费用，交易执行费用，收购公司向被收购公司所支付的费用，与2005-2008年交易金额超过5亿元的生意所支付的费用相比，在2009-2010年这项费用平均上涨了25%。比如，交易金额在5亿到10亿之间，在2009-2010年所支付的交易费用平均为1.24%，而在2005-08年仅为0.99%。而投资公司项他们的私募股权所有者每年支付的咨询服务费用也一同上涨。



Deal fees essentially enable buy-out firms to get paid twice to do their job—first by investors and then by their portfolio companies. They even charge fees when they exit investments. When Nielsen, a market-research firm, went public earlier this year it had to pay around $101m to its seven private-equity owners to end their “advisory” agreements. Absurdly, some private-equity firms even charge portfolio companies fees for helping them refinance their debt—when they’re the ones to pile on leverage in the first place.
从本质上来说，交易费能保证收购公司从投资者和投资公司那里得到两倍的回报。即使他们退出投资项目，仍然收取费用。今年早些时候，Nielsen，一家市场咨询公司在上市的时候不得不向它的七位股权所有人支付高达1.01亿美元用来购买他们的咨询契约。令人荒谬的是，由于一些收购公司位于金融杠杆最前方，他们甚至会向投资公司支付一笔钱让其再次放贷给公司。


Why would deal fees be on the rise? Given that investors won’t let them raise their management fees, and in many cases they’re still a long way from earning performance fees, it could just be that deal fees are one of the remaining sources of cash for buy-out firms. If so, their future may be shaky. Already some firms like Warburg Pincus don’t charge them because it hurts the morale of their firms’ management, who don’t like being milked. “It’s been part of our pitch to investors that we don’t do deal fees,” says Joseph Landy, one of Warburg Pincus’s two bosses.
交易费为什么会上涨呢？鉴于投资者不会提高自己的管理费用，并且在许多情况下，他们距离得到回报还有很长的路要走，所以交易费是收购公司获取回报仅存的手段之一。如果真是这样的话，收购公司的前景也不容乐观。像美国华平投资集团等一些公司已经不再支付交易费用，因为这会伤害到公司的士气，毕竟没有公司喜欢被榨取。作为华平公司老板之一的Joseph Landy 说到‘对于投资者来说这是我们的立场，不再支付交易费用’。


Investors themselves may actually be behind the rise in fees, however. Many complain about private-equity firms keeping deal fees for themselves. “Transaction fees are a thorn in my side; monitoring fees are a knife in my head,” one executive at a pension fund moaned at a conference last year. Investors say private-equity firms should turn over all the fees to them or use the money to offset the management fee. For funds raised this year around 83% of transaction fees are being distributed to investors, up from 70% for funds raised in 2009. If private-equity firms are turning over more of their deal fees to investors, they may have been hiking them so they can keep some for themselves.
然而，投资者自己也许落后于上涨的费用。许多人抱怨一些收购公司仍在收取费用。‘交易执行费用像一支荆棘此在我的身上，监管费用如同在我脑袋上一把刀’一位养老基金的高管去年再一次会议上抱怨到。投资者认为收购公司应当退还所有费用，或者将这些费用用做支付管理费用。今年有83%的交易执行费用分配给了投资者，2009年为70%。如果收购公司退还更多的交易费用给投资者，也许他们还能继续徒步旅行，可以留下些东西。


It is strange, however, that more investors aren’t just calling for the elimination of deal fees, rather than their redistribution. One cynical private-equity executive says it’s because of the way some investment staff at pension funds are paid. In some instances, recouped deal fees appear to boost returns, increasing their own compensation. It sounds like just the sort of trick they might have picked up from private-equity firms.
然而，令人奇怪的是，更多投资者没有要求取消交易费用，而不是要求重新分配。一位愤世嫉俗的收购公司高管说到这是因为一些投资公司雇员的养老保险的方式。在许多案例中，补偿的交易费用刺激了收益回报，提高了他们的报酬。这听起来像这些雇员从收购公司那里学到的花招。本主题由 夏中雪 于 14 小时前 设置高亮