Value primarily derived from unusual leverage (>90%1)
'Traditional'
"I'm worried the aggregate of [increased leverage], including leveraged buy-outs, is simply… a perverse result of greed and not a logical, rational thing. I don't know how all this
debt will be serviced." Thomas S.Johnson, President
of Chemical Bank
Dec.1985
"Of the more than 1,500 companies that have [IPO-ed], few have enjoyed a more frenzied welcome from investors than Microsoft… With pre-tax profits running as high as 34% of revenues, Microsoft needed no outside money to expand."
Public offerings used for strategic corporate development
Mature companies
All industry sectors
Public
Profitable with meaningful earnings history
Markets
The early days of private markets involved opportunistic investment structures for mature companies
For illustrative purposes only. 1 As % of total capital in buy-outs. Source: The Economist (2022).
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Partners Group Holding AG published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 06:09:06 UTC.
Partners Group Holding AG specializes in private markets investment management. At the end of 2022, the group had USD 135.4 billion of assets under management broken down by assets class as follows:
- private equity (53%);
- private debt (20%);
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- private real estate (12%).
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