什么时候去,怎么去?私募股权公司的创始人和领导者转型

IF 0.4 Q4 BUSINESS, FINANCE
J. Lerner, D. Noble
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引用次数: 3

摘要

私募股权公司的领导层转型是一个研究不足的领域,尽管这些公司在发达经济体中扮演着重要但有争议的角色。作者在一项实证研究中分析了260家公司,并对一小部分经验丰富的LP和GP创始人和领导者进行了定性采访,他们亲身经历了这种转变。他们的研究表明,私募股权转型的表现与研究更深入的上市公司截然不同。看起来,a)全科医生的创始人和领导者在职位上的时间比其他行业长得多,b)一旦表现出色,他们更有可能继续前进,c)如果表现不佳,他们的公司更有可能从转型中获得提升。此外,d)过渡是一种特殊的、内部驱动的过程,几乎没有被接受的最佳实践或治理,e)一些摩擦经常成为这些过程的特征,f)LP观察到许多次优过程,并倾向于提高透明度。关键发现▪ 相对于其他公司结构,私募股权的领导层更替率异常低。▪ 转型几乎没有被接受的最佳实践或治理,而是由创始人的哲学和公司所处的环境驱动的。转型通常是(尤其是创始人转型)复杂的多年过程,存在重大摩擦。▪ LP越来越认识到执行良好的转型对其投资价值的重要性,但总体而言,对行业表现的印象并不深刻。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
When to Go and How to Go? Founder and Leader Transition in Private Equity Firms
Leadership transition in private equity firms is an understudied field, despite the important, albeit controversial, role such firms play in developed economies. The authors analyzed 260 firms in an empirical study, supplemented by qualitative interviews with a small sample of highly experienced LPs and GP founders and leaders who have experienced such transitions firsthand. Their research shows that private equity transitions manifest very differently from those in better studied public corporations. It appears that a) founders and leaders in GPs stay in their positions considerably longer than other sectors, b) are more likely to move on once they are outperforming, and c) if underperforming, their firms are more likely to see an uplift from a transition. In addition, d) transitions are idiosyncratic, internally driven processes with little accepted best practice or governance, e) some frictions frequently characterize these processes, and f) LPs have observed many suboptimal processes and prefer greater transparency. Key Findings ▪ Leadership turnover in private equity is exceptionally low relative to other corporate structures. ▪ Transitions have little accepted best practice or governance and are instead driven by the philosophy of the founder and the context the firm finds itself in. They are typically (especially founder transitions) complex multiyear processes with substantial frictions. ▪ LPs increasingly recognize the importance of well-executed transitions on the value of their investments but are less than impressed, on the whole, by the performance of the industry.
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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