加拿大私人股本[文献翻译]

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

2、t,Blakescommissionedmergermarkettostudy125privateequitypractitioners(includinglargeCanadianinstitutionalinvestors)andinvestmentbankersintheUSandCanadafortheiropinion.StudyresultssuggestthatrespondentsarecautiousaboutprospectsforCanadianprivateequitybutnotcompletelydisheartene

3、d.Earlyindicationsin2008arethatmiddlemarkettransactions,whicharetheheartoftheCanadianmarket,willcontinuetogetfinanced,butatlowerleveragemultiples.Withthedeclineinthenumberofso-calledmegadeals,Canadianprivateequityshouldseeareturntoitsmid-marketroots.“Thereremainsatremendousam

4、ountofraisedcapitaltobedeployed.Inthemiddlemarket,weexpecttoseefundsmorewillingtospendtheirowncapital,withlessrelianceonthirdpartyfunding.”ThecredittighteninghasbeenfeltinCanadawithrespondentsidentifyingConsumerProducts,IndustrialManufacturingandFinancialServicesasthesectorsm

5、ostimpactedbythecurrentenvironment.Accordingtoourrespondents,however,theredoesappeartobealightattheendofthetunnelwiththemajorityexpectingthecreditcrunchtolastthroughout2008,butnotfarbeyond.Itwillbeinterestingtoseewhetherthehigh-profilebrokendealsintheUSwillincreaseboardwarine

6、ssofprivateequitybackedtransactionsinCanada.“Thereversebreakfee,andtheconditionswhereitispayable,havebecomeacentralfocusfortargetboardsofdirectorsinthecurrentenvironment.Conversely,fundsaresimplyunwillingtoacceptfullrecourseagainsttheirassetsintheeventofafailuretoclose.Recent

7、marketexperiencesuggeststhattargetswilllooktoensurethatactualdamages(orataminimumhigherdamages)arepayablewherefinancingremainsavailablebutaprivateequitypurchaserchoosesnottoclose.”Thecurrentpictureisnotalldoomandgloom.Fueledbyrecord-levelsoffundraising,Canadianinstitutionalin

8、vestorsandprivateequityfirmshavehadanincreasingpresenceintheinternat