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Private equity firms are increasingly raising money to buy individual companies on a deal-by-deal basis, as they struggle with a downturn in the market and investors look for ways to cut management fees.
私募股權公司正越來越多地以逐筆交易的方式籌集資金收購單個公司，它們正努力應對市場低迷，投資者也在尋找削減管理費的方法。
A record $31bn was deployed by “deal-by-deal” investors last year, according to data provided by private equity advisory firm Triago, defying a broader dealmaking and fundraising slump in the industry.
根據私募股權諮詢公司Triago提供的數據，去年「逐筆交易」投資者部署了創紀錄的310億美元，無懼該行業交易和籌資的普遍低迷。
This was more than five times the amount raised and invested in 2019. More than 700 companies were acquired by private equity in this type of deal last year, more than double the total from five years ago.
這一數字是2019年融資和投資額的五倍多。去年，有700多家公司在此類交易中被私募收購，是五年前總數的兩倍多。
Among those offering or considering these types of deals are some of finance’s biggest names, including hedge fund Elliott, US investment giant Hamilton Lane, as well as others such as European credit firm Hayfin, said people familiar with the details.
熟悉詳情的人士表示，在提供或考慮此類交易的公司中，不乏一些金融界的知名公司，包括對沖基金Elliott、美國投資巨擘Hamilton Lane以及歐洲信貸公司Hayfin等。
“Barely a conversation goes by with investors who aren’t looking at, or are open to, doing deal-by-deal type investments,” said William Clegg, a partner at private equity advisory firm Colmar Capital. “It’s everyone from insurance companies, [to] sophisticated family offices and even sovereign wealth funds.”
私募股權諮詢公司Colmar Capital的合夥人William Clegg表示：「幾乎沒有人與那些不考慮或願意進行逐筆投資的投資者進行對話。從保險公司到老牌的家族辦公室，甚至主權財富基金，都是如此。」
Traditionally, private equity firms raise money from investors in a structure that locks in cash for more than a decade. This is used to buy a portfolio of companies. The firms charge management fees of between 1.5 and 2 per cent and take 20 per cent of the profits when portfolio investments are sold on. The structure means private equity executives can make good money on fees even if they have not invested their clients’ money.
傳統上，私募股權公司以鎖定現金十多年的結構從投資者那裏募集資金。這些資金用於購買一組公司。這些公司收取1.5%到2%的管理費，並在出售投資組合時抽取20%的利潤。這種結構意味著，即使私募股權公司的高階主管能在費用上賺很多錢，即使他們沒有將客戶的資金用於投資。
However, after a decade-long industry boom, private equity groups have been struggling to sell portfolio investments and to convince investors to lock funds up for long periods with high fees attached. Including venture capital, the industry raised $803bn last year, the lowest amount since 2017.
然而，在經歷了長達十年的行業繁榮之後，私募股權投資集團現在難以出售投資組合，並說服投資者長期鎖定資金，同時收取高昂費用。包括風險投資在內，該行業去年共募集了8030億美元，是2017年以來的最低水準。
Dealmakers have also found it hard to find attractive new deals in a higher interest rate environment, leaving them sitting on $4tn of ‘dry powder’, or uninvested client funds.
交易撮合者還發現，在利率較高的環境下，很難找到有吸引力的新交易，導致他們坐擁40億美元「乾粉」，即未投資的客戶資金。
The deal-by-deal approach can be an easier sell to investors. It often means lower, more bespoke management fees, though dealmakers can demand a bigger proportion of profits when the investment is sold on. But investors also know where their money is being spent from the start of the process.
逐筆交易方式更容易吸引投資者。它通常意味著更低、更定製化的管理費，儘管交易撮合者在出售投資時可以要求獲得更大比例的利潤。但投資者也能從一開始就知道自己的錢被投到了哪裏。
“Deal-by-deal transactions are favoured by institutional investors because they have the opportunity to cherry pick their preferred companies,” said Sunaina Sinha Haldea, head of private capital at Raymond James. “These deals typically come with lower fees than traditional fund investing.”
Raymond James的私人資本主管Sunaina Sinha Haldea表示：「逐筆交易受到機構投資者的青睞，因爲他們有機會挑選自己偏愛的公司。這些交易通常比傳統的基金投資收費更低。」
Investor money can also be put to work and returned more quickly than from a traditional pooled fund, which is particularly relevant in a slower market where firms are earning fees on mountains of uninvested cash.
與傳統的集合基金相比，投資者的資金還可以更快地投入使用和返還，這在市場放緩、公司靠堆積如山的未投資現金賺取費用的情況下尤爲重要。
“A lot of general partners are sitting on dry powder,” said Matt Swain, chief executive of Triago, which specialises in raising money for these types of transactions. “The [deal-by-deal] management team won’t sit on their money which is important in this environment.”
Triago的首席執行長Matt Swain表示：「很多普通合夥人都坐擁乾粉。（逐筆交易）管理團隊不會坐擁他們的資金，這在當前環境下很重要。」Triago專門爲這類交易籌集資金。
Investment banks are looking to get in on the action. In December, California-based Houlihan Lokey announced a deal to buy Triago.
投資銀行正尋求參與其中。12月，總部位於加利福尼亞州的Houlihan Lokey宣佈了收購Triago的交易。
The difficult fundraising market has also increased the attractiveness of deal-by-deal investing to executives who want to set up on their own.
艱難的募資市場也增加了逐筆交易投資對想獨立創業的高階主管的吸引力。
“The primary fundraising market has been challenging for everyone including named brands, and it’s almost been closed for first-time funds,” said Andy Lund, co-head of Houlihan Lokey’s private funds group. “There has been much more activity on the deal-by-deal front.”
Houlihan Lokey的私募基金部門聯合負責人Andy Lund表示：「一級募資市場對包括知名公司在內的所有人來說都充滿挑戰，對於初次基金來說，它幾乎已經關閉。逐筆交易方面的活動要多得多。」
For dealmakers who have struck out on their own, deal-by-deal investing can help them build a record and relationships with potential investors to tap if they want to raise a fund in the future.
對於那些已經獨立創業的交易撮合者來說，如果他們想在未來籌集一隻基金，逐筆交易投資可以幫助他們建立記錄，並與潛在投資者建立可以利用的關係。