私募股权行业面临退出困境 企业通过增加杠杆释放现金

格隆汇
Oct 12
随着市场波动加剧,私募股权公司退出投资的难度上升,但它们仍有空间通过增加旗下投资组合公司的债务来筹集资金,向投资者派发收益。穆迪评级表示,欧洲、中东和非洲地区由私募股权公司持有的企业,还可额外举债约410亿欧元(460亿美元),之后其杠杆水平才会达到可能引发信用评级下调的程度。穆迪指出,在并购交易活动复苏之前,这一举债空间有望使所谓的“债务融资分红”活动维持在高位。利率上升、地缘政治紧张局势,以及买卖双方估值预期存在分歧,导致私募股权投资退出放缓,向投资者分配的收益远低于历史水平。为此,收购型私募股权公司正通过其他方式获取现金,包括以投资组合公司为基础举债,以及将资产转移至延续基金等投资载体。

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