Forsyth Global Private Equity Fund 全球私募股权基金概况.ppt

Forsyth Global Private Equity Fund November 2007 Forsyth Global Private Equity FundAbout the Fund Manager Henry Freeman Joined Forsyth Partners in 2004, focusing on private equity, UK equity and fixed income Previously at Goy Harris Cartwright as Senior Investment Manager, specialising in alternative investment companies Started career at Lloyds Private Banking/Hill Samuel Started in industry in 1998 BSc in Management Science with Politics from University of London (Royal Holloway College) What is private equity? Essentially private equity is an alternative way of owning a company What is private equity? Benefits Works closely with management teams to ensure more efficient capital structures are in place Away from the dividend requirements and short-termist gaze of the public sector, it allows meaningful strategic and operational changes to be made that benefit the longer term interests of the company Provides facility to acquire businesses to merge with other portfolio companies, benefiting from cost efficiencies Management’s long term interests are more closely aligned with the other private equity owners Rewards are directly linked to the value created through buying, building and ultimately selling businesses What is private equity? Common Myths Private equity buy companies on the cheap, strip the assets and then sell them on for a quick profit Private equity leverages up companies with unsustainable levels of debt Private equity operates in a shadowy and secret world Reality (…at least of the type of firms we invest with) Create value for investors by buying at a fair price and building businesses, not stripping them down Ensure businesses can pay interest payments required based on the level of earnings the company produces on a deal by deal basis Maybe true of yesteryear but firms are becoming more open How to invest in private equity? Private equity funds are generally difficult to access for the everyday investor Like hedge funds, investors face