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Private equity firms are increasingly raising money to buy individual companies on a deal-by-deal basis, as they struggle with a downturn in the market and investors look for ways to cut management fees.
私募股权公司正越来越多地以逐笔交易的方式筹集资金收购单个公司，它们正努力应对市场低迷，投资者也在寻找削减管理费的方法。
A record $31bn was deployed by “deal-by-deal” investors last year, according to data provided by private equity advisory firm Triago, defying a broader dealmaking and fundraising slump in the industry.
根据私募股权咨询公司Triago提供的数据，去年“逐笔交易”投资者部署了创纪录的310亿美元，无惧该行业交易和筹资的普遍低迷。
This was more than five times the amount raised and invested in 2019. More than 700 companies were acquired by private equity in this type of deal last year, more than double the total from five years ago.
这一数字是2019年融资和投资额的五倍多。去年，有700多家公司在此类交易中被私募收购，是五年前总数的两倍多。
Among those offering or considering these types of deals are some of finance’s biggest names, including hedge fund Elliott, US investment giant Hamilton Lane, as well as others such as European credit firm Hayfin, said people familiar with the details.
熟悉详情的人士表示，在提供或考虑此类交易的公司中，不乏一些金融界的知名公司，包括对冲基金Elliott、美国投资巨头Hamilton Lane以及欧洲信贷公司Hayfin等。
“Barely a conversation goes by with investors who aren’t looking at, or are open to, doing deal-by-deal type investments,” said William Clegg, a partner at private equity advisory firm Colmar Capital. “It’s everyone from insurance companies, [to] sophisticated family offices and even sovereign wealth funds.”
私募股权咨询公司Colmar Capital的合伙人William Clegg表示：“几乎没有人与那些不考虑或愿意进行逐笔投资的投资者进行对话。从保险公司到老牌的家族办公室，甚至主权财富基金，都是如此。”
Traditionally, private equity firms raise money from investors in a structure that locks in cash for more than a decade. This is used to buy a portfolio of companies. The firms charge management fees of between 1.5 and 2 per cent and take 20 per cent of the profits when portfolio investments are sold on. The structure means private equity executives can make good money on fees even if they have not invested their clients’ money.
传统上，私募股权公司以锁定现金十多年的结构从投资者那里募集资金。这些资金用于购买一组公司。这些公司收取1.5%到2%的管理费，并在出售投资组合时抽取20%的利润。这种结构意味着，即使私募股权公司的高管能在费用上赚很多钱，即使他们没有将客户的资金用于投资。
However, after a decade-long industry boom, private equity groups have been struggling to sell portfolio investments and to convince investors to lock funds up for long periods with high fees attached. Including venture capital, the industry raised $803bn last year, the lowest amount since 2017.
然而，在经历了长达十年的行业繁荣之后，私募股权投资集团现在难以出售投资组合，并说服投资者长期锁定资金，同时收取高昂费用。包括风险投资在内，该行业去年共募集了8030亿美元，是2017年以来的最低水平。
Dealmakers have also found it hard to find attractive new deals in a higher interest rate environment, leaving them sitting on $4tn of ‘dry powder’, or uninvested client funds.
交易撮合者还发现，在利率较高的环境下，很难找到有吸引力的新交易，导致他们坐拥40亿美元“干粉”，即未投资的客户资金。
The deal-by-deal approach can be an easier sell to investors. It often means lower, more bespoke management fees, though dealmakers can demand a bigger proportion of profits when the investment is sold on. But investors also know where their money is being spent from the start of the process.
逐笔交易方式更容易吸引投资者。它通常意味着更低、更定制化的管理费，尽管交易撮合者在出售投资时可以要求获得更大比例的利润。但投资者也能从一开始就知道自己的钱被投到了哪里。
“Deal-by-deal transactions are favoured by institutional investors because they have the opportunity to cherry pick their preferred companies,” said Sunaina Sinha Haldea, head of private capital at Raymond James. “These deals typically come with lower fees than traditional fund investing.”
Raymond James的私人资本主管Sunaina Sinha Haldea表示：“逐笔交易受到机构投资者的青睐，因为他们有机会挑选自己偏爱的公司。这些交易通常比传统的基金投资收费更低。”
Investor money can also be put to work and returned more quickly than from a traditional pooled fund, which is particularly relevant in a slower market where firms are earning fees on mountains of uninvested cash.
与传统的集合基金相比，投资者的资金还可以更快地投入使用和返还，这在市场放缓、公司靠堆积如山的未投资现金赚取费用的情况下尤为重要。
“A lot of general partners are sitting on dry powder,” said Matt Swain, chief executive of Triago, which specialises in raising money for these types of transactions. “The [deal-by-deal] management team won’t sit on their money which is important in this environment.”
Triago的首席执行官Matt Swain表示：“很多普通合伙人都坐拥干粉。（逐笔交易）管理团队不会坐拥他们的资金，这在当前环境下很重要。”Triago专门为这类交易筹集资金。
Investment banks are looking to get in on the action. In December, California-based Houlihan Lokey announced a deal to buy Triago.
投资银行正寻求参与其中。12月，总部位于加利福尼亚州的Houlihan Lokey宣布了收购Triago的交易。
The difficult fundraising market has also increased the attractiveness of deal-by-deal investing to executives who want to set up on their own.
艰难的募资市场也增加了逐笔交易投资对想独立创业的高管的吸引力。
“The primary fundraising market has been challenging for everyone including named brands, and it’s almost been closed for first-time funds,” said Andy Lund, co-head of Houlihan Lokey’s private funds group. “There has been much more activity on the deal-by-deal front.”
Houlihan Lokey的私募基金部门联合负责人Andy Lund表示：“一级募资市场对包括知名公司在内的所有人来说都充满挑战，对于初次基金来说，它几乎已经关闭。逐笔交易方面的活动要多得多。”
For dealmakers who have struck out on their own, deal-by-deal investing can help them build a record and relationships with potential investors to tap if they want to raise a fund in the future.
对于那些已经独立创业的交易撮合者来说，如果他们想在未来筹集一只基金，逐笔交易投资可以帮助他们建立记录，并与潜在投资者建立可以利用的关系。