{"id":15652,"date":"2019-12-11T13:44:05","date_gmt":"2019-12-11T12:44:05","guid":{"rendered":"https:\/\/proacomunicacion.es\/?p=15652"},"modified":"2019-12-11T13:44:05","modified_gmt":"2019-12-11T12:44:05","slug":"private-equity-is-an-increasingly-solid-alternative-to-traditional-investments","status":"publish","type":"post","link":"https:\/\/proacomunicacion.es\/en\/el-private-equity-una-alternativa-cada-vez-mas-solida-a-las-inversiones-tradicionales\/","title":{"rendered":"Private equity, an increasingly solid alternative to traditional investments"},"content":{"rendered":"

Private equity funds are emerging as an increasingly solid and credible alternative for investors seeking attractive returns with lower risk. This is one of the conclusions of a recent event held in Madrid, which analysed the current and future prospects for the sector in the Spanish market.<\/p>\n

At the end of the first half of 2019, 244 funds had been launched globally, 39% less than in 2019, although fundraising (raising money in new funds) had grown by 6% over the previous year, reaching \u20ac109 billion. In Europe, investments in different assets exceeded \u20ac80 billion and fundraising \u20ac97 billion, with divestments amounting to \u20ac32 billion. In Spain, more than EUR 4 trillion was invested - 82% from international funds - with a fundraising level of EUR 625 million, and divestments of more than EUR 900 million.<\/p>\n

With these figures, the private equity scenario in Spain is encouraging. The industry's total AUM amounts to 27.5 billion euros, a very low volume compared to the 470 trillion from asset management<\/strong>. And the Spanish market continues to be one of the favourites for international funds due to its potential returns. Suffice it to say that, as one speaker commented, Spanish companies in which venture capital has invested have improved their results compared to comparable companies: 18% more turnover, 30% more employees and 4% more profits.<\/p>\n

Funds in Spain<\/strong><\/p>\n

Venture capital is a type of investment in which investors or LPs (Limited Partners) inject money into funds managed by GPs (General Partners). Money that is directed to participate in the capital of start-up companies that need to grow (Venture Capital), or in more mature companies that need to transform their business, expand, gain size, or other objectives (private equity).<\/p>\n

Venture Capital is therefore a long-term investment. After a certain period in which the investment commitments are exercised and the changes in the management of the companies materialise, the divestment takes place, generating high returns (Hurdle Rate<\/em>) for investors, as well as capital gains generated by the fund's operations for GPs (Carry<\/em>).<\/p>\n

With data from more than 60 VC funds registered in Spain, which apply different investment strategies (Buyout, Debt, Infrastructure, Fund of Funds, Venture) and which have completed the cycle of investment commitments (therefore closed) between 2018-2019, the experts drew a very complete picture of this type of funds.<\/p>\n

The 63% has a duration of 10 years, plus a further 2 year extension. The 70% offer an 8% annualised return (hurdle rate<\/em>) to the investor. The 75% distribute to the manager a 20% of the capital gains (carry<\/em>). Management fees never exceed 2%, which applies to funds up to EUR 99 million in AUM. Above this level, they fall to 1.5% when the AUM reaches EUR 1 billion. Finally, the 38% of the funds allows borrowing above the 30% of the portfolio.<\/p>\n

Maturation<\/strong><\/p>\n

The \"youth\" of Private Equity compared to other types of investment is the main factor explaining the trends affecting the sector. According to experts, the asset is undergoing a natural evolution towards new products, new forms of distribution and participation, and new markets. In other words, it is maturing.<\/p>\n

Moreover, the environment of low interest rates, economic and political instability, and market volatility is accompanying this asset growth and thus helping it to mature. This can be seen in trends such as the internationalisation of Spanish firms (they are investing more and more outside the domestic sphere), the greater diversification of strategies and products, and the transformation of the sectoral map: on the one hand, large operators are emerging as a result of concentration processes, and on the other, operators specialising in niche markets are emerging.<\/p>\n

Manager-investor relationship<\/strong><\/p>\n

Another symptom of the maturity of private equity is the new trends in the manager-investor relationship: co-investment, and the participation of specialised investors close to GPs in the firms. Experts warn that these changes need to be explained to clients, because of the reluctance they may encounter, and in order to continue to provide value to investors and protect them from risks.<\/p>\n

High demand<\/strong><\/p>\n

The high demand for venture capital investment is manifested in the high levels of dry powder<\/em> (money available for new investments once the divestment in other funds has materialised), which have doubled worldwide. In Spain, the dry powder<\/em> is still below the pre-crisis years.<\/p>\n

This high demand has pushed up asset valuations. This, however, does not slow down investment activity, because the firms in the sector have consolidated, have high quality managers, and their investment selection processes are increasingly complex and elaborate.<\/p>\n

Finally, the private equity world is joining the trend towards socially responsible investment (ESG). Currently, 14% of private equity funds have ESG policies regulated in legal documentation.<\/p>\n

\n

\"\"<\/a><\/p>\n

Javier Ferrer<\/strong>
\nDirector of the Financial Communication Department of Proa Comunicaci\u00f3n<\/p>","protected":false},"excerpt":{"rendered":"

Los fondos de capital riesgo se est\u00e1n configurando como una alternativa cada vez m\u00e1s s\u00f3lida y cre\u00edble para inversores que buscan atractivos rendimientos con menor riesgo. Esta es una de las conclusiones de un evento reciente celebrado en Madrid, en el que se analizaron las perspectivas del sector actuales y futuras en el mercado espa\u00f1ol. […]<\/p>\n","protected":false},"author":28,"featured_media":15655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[176],"tags":[2,1543,1544,1545,638],"class_list":["post-15652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-comunicacion-financiera","tag-fondos","tag-inversiones-alternativas","tag-inversiones-tradicionales","tag-private-equity"],"yoast_head":"\nEl private equity, una alternativa cada vez m\u00e1s s\u00f3lida a las inversiones tradicionales - PROA Comunicaci\u00f3n<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/proacomunicacion.es\/en\/private-equity-is-an-increasingly-solid-alternative-to-traditional-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El private equity, una alternativa cada vez m\u00e1s s\u00f3lida a las inversiones tradicionales - PROA Comunicaci\u00f3n\" \/>\n<meta property=\"og:description\" content=\"Los fondos de capital riesgo se est\u00e1n configurando como una alternativa cada vez m\u00e1s s\u00f3lida y cre\u00edble para inversores que buscan atractivos rendimientos con menor riesgo. 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