战略非控制资本:一种有吸引力的、不断增长的资产类别

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介绍

The Covid-19 pandemic has accelerated demand for capital solutions that help businesses achieve their corporate objectives and align themselves with a strategic equity partner, 没有放弃控制. We believe providing flexible capital and strategic partnership without taking control represents a unique and growing opportunity in private and public markets.

 

对非管制资本的需求正在上升

一个重大的资金转移正在进行中. Businesses are increasingly seeking capital by pursuing partnerships with sophisticated investors through non-control equity and equity-linked solutions. 这种形式的资金不需要改变所有权, allowing companies to retain control of their businesses while avoiding additional strains on their balance sheets. 公司所有者和管理团队正在寻求资本来发展他们的公司, 在战略作业环节的表面价值和/或稳定作业, 而不是利用或退出他们的业务. 寻求的非控制资本本质上可能是令人不快的, 随着企业寻求融资以帮助刺激增长, 或者它可以更具防御性, 企业在寻求稳定或救助资金. 

We believe this trend represents a significant opportunity for investors to provide capital at scale to a growing set of high-quality businesses. We have found that a considerable capital void exists for businesses that are seeking flexible and creative capital solutions while also not wanting to cede ownership of their business through a buyout or risk financial stress by adding debt. 传统的资本市场可能无法满足这些情况下所需的规模或定制. Companies seeking this form of capital want to maintain control and gain a strategic partner who is aligned with their goals, 不受额外杠杆的限制. 澳门捕金娱乐相信,提供非控股战略资本股份的机会很大,而且还在不断增加.

对非管制资本的需求有多种形式

Strong companies are looking for strategic capital to help them take advantage of the dislocation in their markets, 而收益下降和不确定性正迫使其它企业加强资产负债表. S&2020年,500强企业的收入远低于前一年, marking a significant deviation from strong growth trends over the 10 years since the 全球 Financial Crisis (GFC).

同时收益继续增长, 杠杆水平仍然很高, 要求公司决定如何继续为其战略目标提供资金(参见图1). 一个成熟的选择是通过控股或有意义的少数股权出售股权. 另一种是继续承担廉价的债务——这可能会限制公司的资产负债表.

Figure 1: The Lockdown's Impact on Revenues and Earnings in 2020 Created Liquidity Pressures That We Believe Will Persist

图1预计Covid-19对营收和每股收益的影响
图1罗素2000净债务与EBITDA之比
资料来源:彭博社

另一个令人信服的, 然而, is to sell hybrid securities—which offer investors some downside protection while allowing companies to achieve their valuation aspirations and also gain a partner aligned with their strategic vision, 如下面:

战略愿景-战略非控制资本
增值伙伴关系是一个持久的机会

The demand for non-controlling capital today is coming from companies that have growth opportunities and require capital to pursue them, as well as from companies that have been negatively impacted from Covid-19 lockdowns and are no longer able to access capital markets efficiently. 

澳门捕金娱乐认为企业对这类资本的需求将继续增长, 资本市场普遍难以跟上(见图2).

图2:每种经济环境下的企业都需要来自战略合作伙伴的灵活资本

图2每种经济环境下的企业都需要来自战略合作伙伴的灵活资本
Strategic-Non-Control-Bridge
深潜:收购少数股权的机会 

We see a particularly compelling opportunity in providing flexible capital to predominantly healthy companies seeking bespoke financing solutions—without requiring the businesses to cede ownership. 这个机会需要有吸引力, large-scale capital solutions to high-quality companies needing fresh equity for growth or help in upcoming development obligations due to a lack of capital markets access. 

这些公司要么无法有效地进入公开市场,要么选择不这么做. 而不是过度利用自己, 他们寻求一个能够在解决他们复杂的资本需求方面发挥积极作用的战略合作伙伴. They can do so with non-control equity and equity-linked solutions that involve taking a minority stake and less aggressive equity upside in exchange for more protections, 比如偏好证券和类似信用的下行保护. 通过塑造融资解决方案和增加业务价值, 战略合作伙伴应该帮助推动整个股权的回报.

类似的, we see the need for this type of capital with companies that must recapitalize because they are strained and overleveraged (see Figure 3).

图3:澳门捕金娱乐在多个行业和市场细分中看到机遇

图3澳门捕金娱乐在多个行业和市场细分中看到机会.png

澳门捕金娱乐将非控制股权与典型的私募股权和私人债务投资区分开来(见图4).

图4:提供非控制资本不同于传统私募股权或私人信贷

图4提供非控制资本不同于传统私募股权或私人信贷

澳门捕金娱乐将非控制股权与典型的私募股权和私人债务投资区分开来(见图4).

非控制性股权, 和股票投资, 能给投资者提供类似私募股权的回报吗, 但同时还带有私人信贷投资特有的下行保护. 这些保护来自于投资的结构性, 其在资本堆栈中的优先级优先级, 以及其潜在的治理和流动性权利. 治理权可以包括董事会代表权和同意/否决权, and frequently also include financial covenants or step-in rights that allow investors to maintain influence through control-like enhancements in an otherwise non-control investment. 从价值角度来看,也可能存在显著的下行保护, 鉴于这些投资的买入倍数往往低于普通股权投资.

对公司和投资者的影响

非控股股权并不意味着没有影响力. 而, the opportunity is in securing preferential positions in a company’s capital structure and structuring transactions with bespoke features that bring significant influence, allowing the strategic partner to potentially boost the value of the company with limited economic downside to investors. 

These types of deals can be pooled together in funds that aim to provide attractive internal rates of return for investors, given the lack of a control premium and the value-add offered by capital providers in the form of strategic and operational expertise. 重要的是, 澳门捕金娱乐不认为非控股股权可以替代投资组合中的收入机会. 而, 澳门捕金娱乐认为它应该被视为私人股本的一部分, 投资组合中的机会主义或一般另类投资的一部分. 澳门捕金娱乐认为这是一种在另类投资配置中实现多样化的方式.

披露的信息 

This commentary and the information contained herein are for educational and informational purposes only and do not constitute, 不应该被理解为, 卖出价, 或对购买要约的恳求, 任何证券或相关金融工具. 这篇评论论述了广阔的市场, 行业或部门趋势, 或其他一般经济或市场状况,并在保密的基础上提供. It is not intended to provide an overview of the terms applicable to any products sponsored by 布鲁克菲尔德资产管理 Inc. 及其附属机构(合称“布鲁克菲尔德”). 

This commentary contains information and views as of the date indicated and such information and views are subject to change without notice. Certain of the information provided herein has been prepared based on 布鲁克菲尔德's internal research and certain information is based on various assumptions made by 布鲁克菲尔德, 任何一个都可能被证明是错误的. 布鲁克菲尔德 may have not verified (and disclaims any obligation to verify) the accuracy or completeness of any information included herein including information that has been provided by third parties and you cannot rely on 布鲁克菲尔德 as having verified such information. 文中提供的信息反映了布鲁克菲尔德的观点和信念. 

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