高盛对private equity 的研究

tracy1982

1963

收藏 2008-12-28

[UseMoney=10 ][/UseMoney]I. Introduction In 2007, extraordinary developments occurred in both the private equity markets and the economy overall. The year began with a continuation of the enthusiasm of prior years, fueled by aggressive credit markets and great optimism among both private equity general partners (GPs) and limited partners (LPs). By year-end, the bullish sentiment had changed dramatically. The challenges affecting the broader securitization and debt markets ultimately impacted the private equity landscape, forcing a review of leverage levels, suspending many transactions, and raising questions about the sources and sustainability of past returns. Debate centered not on whether the economy was slowing, but on whether the slowdown would lead to recession, and whether the macroeconomic weakness was local to the U.S. or a global concern. Amidst this uncertainty and volatility, private equity GPs and LPs are carefully monitoring their existing portfolios and continuing to assess new investments. Recognizing that severe market dislocations, balance sheet pressures, and liquidity needs may give rise to unique opportunities, investors are approaching the current environment with both caution and intrigue. To assess the viewpoints of private equity market participants, the research team of the Goldman Sachs Alternative Investments &amp; Manager Selection (AIMS) Group developed the Goldman Sachs Private Equity Diagnostic. This year-end survey of leading GPs and LPs was designed to gauge the overall confidence level of investors and to capture opinion regarding return expectations, fundraising activity, investment opportunities, areas of concern, and key trends impacting the private equity industry among other issues. The 2007 survey gathered the opinions of over 300 respondents from around the world.1 This research note presents the results of this year’s survey, along with some summary statistics on the private equity markets. &nbsp;