私募股权投资人需要思考的五个问题
Tyler Newton
2012年07月13日
很多机构投资者确信私募股权赚钱的好日子已经一去不复返了。私募股权经理只有为其所投资的公司增添实际的运营价值，才能脱颖而出。
5、公司的市场份额是否增加？如果能实现单位经济效益，公司必须评估所面向的市场和所占市场份额。如果竞争对手增长更快（并赢得投入资本的足够回报），投资人需要找出原因，并帮助寻找解决方案。问题可能出在营销执行，也可能出在产品本身。还可能是市场支配力问题，那就只能通过转向其它市场或者更专门的小众市场来解决。如果公司在某个市场难以增加市场份额，它需要考虑是否继续在该市场竞争。
如果能坚持时常思考以上五个问题，投资人就有了一个用以评估企业战术表现的框架，从而能够为投资组合公司创造更多价值。而那恰恰是私募股权投资人的“钱”途和职责之所在。
Tyler Newton是成长型私募股权公司Catalyst Investors的合伙人和研究总监，该公司专注于高科技服务业。他在纽约工作，博克地址为http://www.tylernewton.com/ |
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5. Is the company gaining market share?If the unit economics are working, a company must assess its total addressable market and its share within that market. If the competition is growing more quickly (while also earning sufficient returns on invested capital), then the investor must figure out why and help look for solutions. It could be a sales and marketing execution problem, or a product problem. It may be a market power problem that can only be fixed by pivoting to a different or more specialized niche. If a company is having difficulty gaining market share in a certain market, then it has to question how long it should remain in that market.
Investors with the discipline to consistently ask these five strategic questions will have a framework to evaluate a company's tactical performance, which in turn will enable the investors to create more portfolio company value. After all, creating portfolio company value is what private equity investors are paid to do.
Tyler Newton is a partner and research director at Catalyst Investors, a growth private equity firm focused on tech-enabled services. He is based in New York City and blogs athttp://www.tylernewton.com/ | |
