正文翻譯

Most apparently sound stewards of capital were revealed to be anything but during the 2007-09 financial crisis. Bank bosses were shown to have taken on too much risk. Star hedge-fund managers suffered losses. Nor have the years since then been kind. Banks have been tied up in regulatory knots and returns at hedge funds have been pedestrian at best.

在2007年至2009年的金融危機(jī)期間，看似最精明的資本管家原來什么都不是，銀行老板承擔(dān)太大風(fēng)險(xiǎn)，對沖基金的明星經(jīng)理人損失慘重，自那以后日子沒再好過。讓銀行受到監(jiān)管成為當(dāng)務(wù)之急，對沖基金充其量收益平平。

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Now another savage recession is in full swing and the performance of pe is a crucial question for investors and the economy. The leveraged companies and debt instruments in pe portfolios are vulnerable and much depends on whether managers can tide these investments over. Meanwhile they have amassed $1.6trn in dry powder that they can deploy on new deals. pe shops’ fate depends on whether the hit to their existing investments is nasty enough to wipe out the potential gains from dealmaking afforded by the crisis.

現(xiàn)在又一波經(jīng)濟(jì)衰退全面來襲，對于投資者和經(jīng)濟(jì)而言，私募股權(quán)企業(yè)的業(yè)績是關(guān)鍵。私募股權(quán)投資組合中的杠桿企業(yè)和債務(wù)工具都很脆弱，很大程度上取決于基金經(jīng)理能否幫助這些投資度過難關(guān)。與此同時(shí)，私募股權(quán)企業(yè)手握1.6萬億美元可用于新交易的“干火藥”。私募股權(quán)企業(yè)的命運(yùn)取決于現(xiàn)有投資遭受的沖擊有多嚴(yán)重，是否足以抵消危機(jī)帶來的潛在交易收益。

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Over the past decade pe lending has shifted away from dopey, distracted banks towards specialist private-credit firms. These may be more hard-nosed about accepting a haircut on their debt in order to keep a pe-run business afloat. And making things trickier still, most big pe managers say that the firms they own are either ineligible for, or unwilling to tap, the American government’s business bail-out schemes, the Paycheck Protection Programme and the Main Street Lending Programme.

過去十年來，私募股權(quán)企業(yè)的借貸來源已從呆板、三心二意的銀行轉(zhuǎn)向?qū)I(yè)的私人信貸公司。它們對債務(wù)減記可能比較精明務(wù)實(shí)，以使私募股權(quán)運(yùn)營的企業(yè)維持正常資金周轉(zhuǎn)。更棘手的是，多數(shù)大型私募股權(quán)機(jī)構(gòu)的經(jīng)理表示，他們擁有的企業(yè)要么不符合條件，要么不愿意利用美國政府的企業(yè)救助計(jì)劃：薪酬保障計(jì)劃、大眾商業(yè)貸款計(jì)劃。

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The way funds are structured means that managers cannot deploy their “dry powder” raised for new funds into firms owned by older ones. But most older funds do have big reserves. Michael Chae, the chief financial officer of Blackstone, says that around $30bn of its $152bn of dry powder is set aside for them. “We have those reserves ready to support companies on the defensive and also to go on the offensive when opportunities arise.” Funds are also gathering capital in other ways. Typically, a pe fund returns cash to its investors once it sells its stake in a company—but if the investment period is still ongoing, the fund can ask for it back. According to an industry body for pe investors, the number of calls for such “recycled capital” has risen.

基金的組織形式意味著，投資經(jīng)理無法將新基金的“干火藥”注入老基金的企業(yè)，但多數(shù)老基金擁有龐大的儲備金?！昂谑瘓F(tuán)”的首席財(cái)務(wù)官邁克爾·蔡表示，在公司1520億美元的“干火藥”中，約300億美元是留給老基金使用的?！拔覀兊膬浣鹩糜谥С痔幱谑貏莸钠髽I(yè)，有機(jī)會也可轉(zhuǎn)守為攻”?；疬€以其他方式籌集資本，通常私募股權(quán)基金賣掉某家公司的股份后向投資者返現(xiàn)，但如果投資期限未到，基金可以贖回投資。私募股權(quán)投資行業(yè)機(jī)構(gòu)聲稱，這種要求“回收資本”的次數(shù)有所攀升。

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Bailing out existing investments will drag down returns for pe shops. It remains to be seen if buying opportunities can make up for that. Most pe managers hope to use their newly expanded credit arms to scoop up bombed-out loans and bonds with collapsed prices—Leon Black, the founder of Apollo, has said the opportunity is “massive”. But the volume of traditional buy-outs dropped sharply in March, and only a few firms have since made purchases. For years pe barons have boasted of their huge piles of dry powder, which, if spent in a downturn, might generate outsized returns. Now it is time to pounce.

撤資會降低私募股權(quán)基金的收益，收購企業(yè)的機(jī)會能否彌補(bǔ)損失有待于觀察。多數(shù)私募基金經(jīng)理想利用新擴(kuò)張的信貸機(jī)構(gòu)，以暴跌價(jià)獲取大量的貸款和債券?！鞍⒉_”私募股權(quán)基金的創(chuàng)始人里昂·布萊克表示，收購機(jī)會是“巨大”的。但傳統(tǒng)收購的數(shù)量在3月份銳減，被收購的只有少數(shù)幾家公司。私募股權(quán)巨頭多年吹噓手握大量“干火藥”，如果在經(jīng)濟(jì)衰退中投資，可能產(chǎn)生超額收益?，F(xiàn)在反彈的時(shí)候到了。