私募股权募资已演变成“有者”与“无者”的故事，由于企业出售投资组合公司的速度长期放缓，投资者手中可投入新基金的现金减少。黑石等巨头依然在大量吸纳资金，而一些小型机构难以吸引投资者，迫使新进入者寻找创造性的方式脱颖而出。
Private equity fundraising has become a story of haves and have-nots, as a prolonged slowdown in firms selling portfolio companies leaves investors with less cash to put into new funds. Giants like Blackstone are still raking in capital while some smaller firms struggle to attract investors, forcing newcomers to find creative ways to stand out.
一些机构押注，通过推动人工智能（AI）改造企业、提振回报来实现差异化。虽然大型私募股权机构也在投资组合公司中广泛应用 AI，但这些新进入者将其置于投资战略的核心位置。
Some firms are betting that they can differentiate themselves by pushing AI to transform companies and boost returns. While larger private equity firms are also using AI across portfolio companies, such newcomers are making it central to their investment strategies.
其中包括 Aldaron，该公司自称“转型股权公司”。这家 12 人团队利用内部工程师团队在收购的公司部署 AI，但强调其目标是利用技术发展业务，而非裁员。
That includes Aldaron, which has dubbed itself a “transformation equity firm.”The 12-person firm uses an in-house team of engineers to deploy AI at the companies it acquires, though it emphasizes that its goal is to use the technology to grow businesses without cutting jobs.
Aldaron Partners 联合创始人 Evan Mendez 表示，在充满挑战的私募股权募资环境中，“引起共鸣的核心信息是这个转型股权故事”。他此前在 Carlyle Group（凯雷集团）从事技术投资工作。他说，该公司拥有“投资人与工程师组成的混合团队，共同发掘公司、构建投资论点、与管理层共同创建愿景、承销交易、投入自有资金，然后深入公司执行路线图”。
In a challenging private equity fundraising environment, “the core message that resonated with people is this transformation equity story,” said Aldaron Partners co-founder Evan Mendez, who previously worked on technology investments at the Carlyle Group. He said the firm has a “hybrid group of investors and engineers that source a company, build the thesis together, cocreate a vision with the management team, underwrite the deal, put their own capital into the deal, and then embed into that company to go execute the road map.”
Aldaron 于 3 月完成首笔收购，买入 Oak Point Partners 多数股权，后者是一家收购知识产权、追偿权益等残余资产的投资公司。Aldaron 以早期投资者的资金为这笔交易提供资金，其中一些投资者也直接投资了 Oak Point。Mendez 表示，此后 Aldaron 继续募资，于 10 月完成首只基金募集，来自外部投资者的资金达 8.84 亿美元，加上跟投资金总额超过 9.5 亿美元。
Aldaron completed its first acquisition in March, buying a majority stake in Oak Point Partners, an investment firm that buys remnant assets like IP and recovery claims. Aldaron funded that deal with money from early investors, some of which also made direct investments in Oak Point. Aldaron continued raising money afterward, closing its first fund in October with $884 million from outside investors and more than $950 million in total including the coinvestments, Mendez said.
更广泛的募资困境出现之际，私募股权支持企业的销售和首次公开募股（IPO）已陷入多年低迷，导致许多公司手中握有在2020年和2021年低利率时期收购的资产。根据PitchBook 8月发布的一份报告，私募股权公司持有近4600家美国公司的时间已达至少五年，超过了行业典型的三至五年持有期。这意味着回流给养老基金、捐赠基金及其他被称为有限合伙人的投资者的现金减少，使他们用于承诺投资新基金的资金也随之减少。
The broader fundraising squeeze comes amid a yearslong slump in sales and initial public offerings of private equity–backed companies, leaving many firms with holdings they picked up in the low-interest-rate years of 2020 and 2021. Private equity firms are sitting on nearly 4,600 U.S. companies they’ve owned for at least five years, according to an August PitchBook report, longer than the industry’s typical three- to five-year holding period. That means less cash is returning to the pension funds, endowments and other investors, known as limited partners, leaving them with less money to commit to new funds.
最大的私募股权公司往往凭借长期的业绩记录，以及规模庞大的销售团队得以接触包括富有个人投资者在内的各类资金池，在争夺新增资本方面具有优势。规模较小的基金管理人，尤其是那些在向投资者回笼资金方面举步维艰、正试图募集第二只或第三只基金的管理人，可能会被完全挤出市场。
The biggest private equity firms often have an edge in competing for fresh capital thanks to their long track records, along with their sizable sales teams that allow them to reach various pools of capital including wealthy individual investors. Smaller fund managers, particularly those that are trying to raise their second or third funds after struggling to return money to investors, could be squeezed out entirely.
“我们预计许多管理人将退出市场，随着募资变得更加困难，我们已经看到了这一趋势，”Kroll董事总经理、基金解决方案全球主管米切尔·曼斯菲尔德表示，该部门为基金管理人提供重组和清算基金方面的建议。
“We expect many managers to exit the market, and we are already seeing this as fundraising becomes more challenging,” said Mitchell Mansfield, a managing director at Kroll and global head of fund solutions, which advises fund managers on restructuring and winding down funds.
值得注意的是，拥抱人工智能只是规模较小的私募股权公司寻求差异化的一种方式。一些公司正在缩小关注范围，专注于特定行业，而非与跨行业投资的基金竞争。它们还可以为投资者提供更具吸引力的条款，例如参与交易联合投资的机会，且通常费用更低。基金管理人也可以将更多自有资金投入投资项目。
To be sure, leaning into AI is just one way smaller private equity firms are finding ways to distinguish themselves. Some are narrowing their focus to a particular sector rather than competing with funds that invest across industries. They can also offer investors more attractive terms, such as opportunities to coinvest in deals, often with lower fees. Fund managers can also put more of their own money into investments.
Broadwing Capital Management 便是一例，它在完成首轮机构募资前就开始收购公司，押注现有投资组合有助于赢得投资者青睐。“与人探讨一项具体投资，比探讨一家新公司的理论容易得多，”联合创始人兼管理合伙人 Eliot Kerlin 说，他在中型市场私募股权公司 Insight Equity 工作 15 年后创立了 Broadwing。
Broadwing Capital Management, for instance, started buying companies before completing its first institutional fundraising, betting that an existing portfolio would help win over investors. “It’s a lot easier to talk about an investment with folks than about the theory of a new firm,” said co-founder and managing partner Eliot Kerlin, who launched Broadwing after 15 years at middle-market private equity firm Insight Equity.
Broadwing 专注于制造业、工业服务和分销业务，于 2022 年成立，在聘请配售代理募集更大规模基金之前，利用外部投资者资金和创始人自有资金完成了前三笔收购。该公司设计早期投资结构，使其能在 Broadwing 募集更多资金时纳入不断壮大的基金中。这一策略奏效了——Broadwing 于今年 8 月完成首只基金募集，规模达 4.4 亿美元，超额完成 9000 万美元募资目标。到那时，它已拥有六家公司。
Broadwing, which focuses on manufacturing, industrial services and distribution businesses, launched in 2022 and made its first three acquisitions using money from outside investors and some of the founders’ own capital before hiring a placement agent to raise a larger fund. The firm structured its early investments so they could become part of a growing fund as Broadwing raised more money. The strategy paid off—Broadwing closed its $440 million inaugural fund this August, surpassing its fundraising goal by $90 million. By then it already owned six companies.
高盛称 CEO 正在战略并购上“积极行动” 战略性超大型交易目前正主导科技行业并购格局，高盛全球投资银行联席主管 Kim Posnett 周二在 The Information 的 WTF 峰会上表示。她称这种趋势可能会持续，且该行在各领域都拥有强劲的交易洽谈管线。
Goldman Sachs Says CEOs Are ‘Leaning In’ on Strategic M&A Strategic megadeals are dominating the tech mergers and acquisitions landscape right now, Kim Posnett, Goldman Sachs’ global co-head of investment banking, said at The Information’s WTF Summit on Tuesday. That will likely continue, Posnett said, and the bank has a robust pipeline of deal talks across the board.
“他们在谈论真正的大额交易、行业整合。他们在谈论通过并购填补战略缺口。他们在谈论通过并购驱动增长。他们在谈论通过并购帮助自己在新的 AI 格局中重新定位，”她说。
“They’re talking about really big deals, industry consolidation. They’re talking about M&A to bridge strategic gaps. They’re talking about M&A to drive growth. They’re talking about M&A to help reposition themselves in this new AI landscape,” she said.
“首席执行官们目前正在积极行动，想要下大赌注，”她表示，并指出科技领域尤其有“大量”战略活动。波斯内特的言论是在多达周四宣布斥资170亿美元收购Instacart之前发表的。（《信息》上周率先报道，Instacart正处于出售谈判中。）来自我们记者的独家报道 独家报道 由岳琦·杨 撰写 由瓦莉达·鲍、斯蒂芬妮·帕拉佐洛、亚伦·霍姆斯、凯瑟琳·佩洛夫、达金·坎贝尔和朱莉娅·霍恩斯坦 撰写 WTF：科技、媒体与金融领域的女性 由杰米玛·麦克伊沃伊 撰写
“CEOs are leaning in right now and they want to make big strategic bets,” she said, noting that there’s “a ton of” strategic activity in tech specifically. Posnett’s comments came ahead of DoorDash’s Thursday announcement of a $17 billion deal to buy Instacart. (The Information was first to report last week that Instacart was in sale talks.) New From Our Reporters ExclusiveBy Yueqi Yang By Valida Pau, Stephanie Palazzolo, Aaron Holmes, Catherine Perloff, Dakin Campbell and Julia Hornstein WTF: Women in Tech, Media and FinanceBy Jemima McEvoy
