加拿大私人股本[文献翻译]

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1、原文：CanadianPrivateEquityThelasttwoyearshavebeenremarkableyearsforprivateequityinCanada.ParallelingtheUSandEurope,Canadianprivateequityhasseenrecordbuyoutactivity;however,therecenttighteningoffinancialmarketshasdampenedprivateequity’sparty.Todelvedeeperintothecurr

2、entenvironment,Blakescommissionedmergermarkettostudy125privateequitypractitioners(includinglargeCanadianinstitutionalinvestors)andinvestmentbankersintheUSandCanadafortheiropinion.StudyresultssuggestthatrespondentsarecautiousaboutprospectsforCanadianprivateequityb

3、utnotcompletelydisheartened.Earlyindicationsin2008arethatmiddlemarkettransactions,whicharetheheartoftheCanadianmarket,willcontinuetogetfinanced,butatlowerleveragemultiples.Withthedeclineinthenumberofso-calledmegadeals,Canadianprivateequityshouldseeareturntoitsmid

4、-marketroots.“Thereremainsatremendousamountofraisedcapitaltobedeployed.Inthemiddlemarket,weexpecttoseefundsmorewillingtospendtheirowncapital,withlessrelianceonthirdpartyfunding.”ThecredittighteninghasbeenfeltinCanadawithrespondentsidentifyingConsumerProducts,Indu

5、strialManufacturingandFinancialServicesasthesectorsmostimpactedbythecurrentenvironment.Accordingtoourrespondents,however,theredoesappeartobealightattheendofthetunnelwiththemajorityexpectingthecreditcrunchtolastthroughout2008,butnotfarbeyond.Itwillbeinterestingtos

6、eewhetherthehigh-profilebrokendealsintheUSwillincreaseboardwarinessofprivateequitybackedtransactionsinCanada.“Thereversebreakfee,andtheconditionswhereitispayable,havebecomeacentralfocusfortargetboardsofdirectorsinthecurrentenvironment.Conversely,fundsaresimplyunw

7、illingtoacceptfullrecourseagainsttheirassetsintheeventofafailuretoclose.Recentmarketexperiencesuggeststhattargetswilllooktoensurethatactualdamages(orataminimumhigherdamages)arepayablewherefinancingremainsavailablebutaprivateequitypurchaserchoosesnottoclose.”Thecu

8、rrentpictureisnotalldoomandgloom.Fueledbyrecord-levelsoffundraising,Canadianinstitutionalinvestorsandprivateequityfirmshavehadanincreasingpresenceintheinternat