Ukwehla okukhulu kwenani lezivumelwano phakathi neminyaka emibili edlule kuzinzile ekuqaleni kuka-2024, futhi izimali zokuthenga zibonakala zisendleleni yokuqeda unyaka uzinzile uma kuqhathaniswa no-2023. Ngakolunye uhlangothi, izimali eziningi zisazabalaza ukukhulisa imali entsha, ngokombiko wakamuva we-Private Equity we-Bain & Company.
Yize u-2024 uzobona amanani edili asondele kulawo eminyaka yangaphambi kobhubhane, ivolumu yempushana eyomile eqoqiwe njengamanje ihlala ingaphezu kwamazinga omlando. Amanani edili kulo nyaka kulindeleke ukuthi afane nengqikithi yango-2018, kodwa ivolumu yempushana eyomile etholakalayo ingaphezu kuka-150% yalokho okwakutholakala ngaleso sikhathi.
I-Bain & Company yenza inhlolovo kubahlanganyeli bemakethe abangaphezu kuka-1,400 ukuthola ukuthi balindele ukuthi umsebenzi uzosimama nini. Cishe u-30% uthe aziboni zimpawu zokululama kuze kube yikota yesine, kanti ama-38% abikezele ukuthi kuzothatha kuze kube ngu-2025 noma ngaphezulu. Kodwa-ke, izingxoxo ezingakahleleki ze-consultant nabalingani jikelele (ama-GPs) emhlabeni jikelele ziphakamisa ukuthi imigudu yezingxoxo isivele isiqala ukuzinza kabusha, futhi abaningi babona izimpawu zokusimama kulo mkhakha.
"Imboni ye-PE ibonakala isivele idlulile iphuzu layo elibi kakhulu. Ivolumu yokuthengiselana ngo-2024 kulindeleke ukuthi ilingane noma ibe nkulu kunaleyo ka-2023, futhi sinenani elikhulu lempushana eyomile etholakalayo. Inselele manje ukuthola ukuphuma okuningi ukuze abatshalizimali bakwazi ukuvuselela futhi babambe iqhaza emalini emisha, ebilokhu yenzeka ngendlela elinganiselwe ngenxa yemali ephansi esakazwayo ukuze i-DP ihlukaniselwe imali). I-DPI kuwo wonke amaphothifoliyo isiba iphoyinti lokuncintisana,” kuchaza u-Gustavo Camargo, uzakwethu nomholi we-Bain's Private Equity practice eNingizimu Melika.
Ukutshalwa kwezimali
Amaphrojekthi we-Bain anenani lesivumelwano somhlaba wonke azovala unyaka ku-$521 billion, okuwukukhula okungu-18% kusukela ku-$442 billion eyaqoshwa ngo-2023. Nokho, inzuzo ibangelwa inani eliphakeme elimaphakathi ledili (elikhuphuke lisuka ku-$758 million laya ku-$916 million), hhayi kumadili amaningi. NgoMeyi 15, umthamo wedili emhlabeni wonke wehle ngo-4% ngonyaka uma kuqhathaniswa no-2023. Imakethe isalungisa iqiniso lokuthi amanani enzalo angase ahlale ephakeme isikhathi eside nokuthi ukulinganisa okuzuzwe esimweni sezimali esivumayo ekugcineni kuzofanele kulungiswe.
Iyaphuma
Ingcindezi yokuphuma inkulu nakakhulu. Isamba sokuphuma esisekelwe ekuthengeni sizinzile ngokwesisekelo sonyaka, kanti inani lokuphuma kulindeleke ukuthi liphele ku-$361 bhiliyoni, okuwukunyuka okungu-17% ngaphezu kwengqikithi yango-2023. Lokhu kuhle, kodwa kusabeka u-2024 njengonyaka wesibili omubi ngokwenani lokuphuma kusukela ngo-2016.
Omunye umthombo wethemba ukuvulwa kabusha kwemakethe yokuqala yomnikelo womphakathi (IPO), okudalwe ukwanda kwezintengo zesitoko ezinyangeni eziyisithupha ezedlule, kodwa ukwehla okuphelele kokuphuma kwenza impilo ibe nzima kakhulu kuma-GP. Ukuhlaziywa kochungechunge lwezikhwama zezinkampani ezinkulu ezingama-25 zokuthenga kukhombisa ukuthi inani lezinkampani ezikumaphothifoliyo azo liphindeke kabili kule minyaka eyishumi edlule, kuyilapho amanani enzalo aphezulu enyuse ubungozi bokubamba impahla isikhathi eside.
Usuku ngalunye lokulinda luphakamisa imibuzo ebalulekile: Ingabe kuwufanele ubungozi bokwehlukanisa ama-LP, alokhu elangazelela ukusatshalaliswa ukuze aphishekele ukwanda okuphindaphindiwe okulandelayo? Lokhu kungabuthinta kanjani ubudlelwano kanye nekhono lokukhulisa isikhwama esilandelayo?
Ukuqongelela imali
Embonini iyonke, futhi ikakhulukazi endaweni yokuthenga, inani lezimali ezivaliwe liyaqhubeka nokuncipha ngokushesha njengoba ama-LP egxilisa izibopho ezintsha eqoqweni elilokhu lincipha labaphathi bezikhwama. Ekuthengeni, izimali ezivaliwe eziyi-10 ezinkulu kakhulu zamunca u-64% wesamba semali eqoqiwe, futhi enkulu kunazo zonke (isikhwama se-EQT X samaRandi ayizigidi eziyizinkulungwane ezingu-24) yabalelwa ku-12% waleyo ngqikithi. Namuhla, okungenani imali eyodwa kwezinhlanu zokuthenga ivala ngaphansi kwempokophelo yayo, futhi kuvamile ukuthi izimali zigeje lezo zinhloso ezingaphezu kuka-20%.
Ngaphezu kwalokho, ukuqoqwa kwezimali akubuyiseli ngokushesha lapho ukuphuma nokusabalalisa kuba ngcono. Ngokuvamile kuthatha izinyanga eziyi-12 noma ngaphezulu ukwanda kwezindawo zokuphuma ukuze kukhiqizwe ushintsho enanini lokuqongelela imali. Lokhu kusho ukuthi, noma ngabe ukuhwebelana kuqalisa kabusha kulo nyaka, kungathatha kuze kube u-2026 ukuthi lo mkhakha uthuthuke ngempela.
Ukuze uzivumelanise nesimo samanje, i-Bain & Company incoma izinyathelo ezine ezizokusiza uqonde ukuthi ama-LPs asibheka kanjani ngempela isikhwama sakho futhi ahumushe leyo mininingwane ibe ukusebenza okuqinile kanye nokuma kwemakethe okuncintisana kakhulu.
Ukulinganisa : Khomba ngokucacile ukuthi isikhwama siziveza kanjani emakethe—hhayi lokho okushiwo ama-LPs, kodwa lokho empeleni akucabangayo. Ukuze uqonde ukuthi yini okufanele ilungiswe, kubalulekile ukuthola imininingwane enembile yokuthi yini ebaluleke ngempela kubatshalizimali abanamasu lapho ukhetha isikhwama.
Iphothifoliyo : Hlaziya ukuthi inani lilele kuphi ngaphakathi kwephothifoliyo yakho bese uhlola ukuthi isitoko ngasinye sihlanganisana kanjani—nokuthi ingabe sonke siyahlangabezana yini namamethrikhi athile inani le-LPs. Kubalulekile futhi ukusebenzisa ukubusa okufanele ukuze kwenziwe izinqumo mayelana nesikhathi sokuphuma noma ukwabiwa kwezinsiza.
Ukudalwa kwevelu : Kokungcono noma okubi kakhulu, ukunwetshwa okuningi kube ukhiye wokusebenza iminyaka. Kodwa-ke, esimweni sezinga lenzalo ephezulu, ukugxila kushintshela emalini yenzuzo nokukhula kwemali engenayo. Amakhono okuthuthukisa ukusebenza, ukulandelela iphothifoliyo okuphumelelayo, kanye nokuphatha nakho kubalulekile ekudaleni inani eliphelele kanye nokwenza izinqumo ezilinganisa izintshisekelo ezihamba phambili zenkampani iyonke.
Ubudlelwano babatshalizimali: ukuthuthukisa ukuthengisa okufanele kuhamba ukuthengisa ukulandisa kwakho. Lokhu kusho ukuhlukanisa imakethe ngokuthi "ikhasimende," ukunquma amazinga okuzinikela, nokuklama amasu aqondiwe. Izinga elihle lokuvuselela lilinganiselwa ku-75%, ngakho-ke ngisho nasezikhwameni eziphezulu, cishe kuhlala kunegebe okufanele ligcwaliswe kanye nesidingo sokuthola ama-LP amasha.
Okubalulekile emakethe yanamuhla ukukhombisa ama-LPs ukuthi inkampani yakho ingumphathi oqotho, onohlelo oluqondile noluphusile lokukhiqiza imbuyiselo nokusabalalisa imali ngesikhathi. Asikho isizathu sokulinda ukuthi imakethe ikhululeke ngokubuyiswa kwezabelo zangasese. Ukukhulisa isikhwama esilandelayo kuncike ohlelweni lokuba nokuncintisana kakhulu futhi ubonise lokhu kubatshalizimali manje.
