Una de las compañías que más escuchamos en nuestro día a día en los mercados son las de private equity. Generalmente son los sospechosos habituales detrás de las grandes operaciones corporativas, reestructuraciones a nivel mundial.
Sus portfolios incluyen varios sectores desde el real estate, industria, etc. Aquí os dejo con una lista de los más grandes
1. The Blackstone Group Inc.
Founded in 1985 and headquartered in New York, with offices in London, Hong Kong, Beijing, and Dubai, The Blackstone Group Inc. (BX) leads with $571 billion in total assets under management (AUM).
The company invests across a broad range of market sectors, including energy, retail, and technology. While private equity ($183 billion) is its largest category of investments, Blackstone also has hundreds of billions of dollars in holdings in real estate, credit, and hedge fund solutions. Among its 94 portfolio companies are financial data provider Refinitiv, electric power transmission products company Gates Corp., and theme park operator Merlin Entertainments.3
2. Neuberger Berman Group LLC
Neuberger Berman Group LLC has $356 billion in total AUM, including $89 billion in alternative investments, of which private equity is a part. Add in commitments, and the total for alternatives rises to $98 billion.4 Citing more than 30 years of experience in alternative investments, Neuberger Berman employs more than 160 professionals in the field in seven locations worldwide.
3. Apollo Global Management Inc.
Apollo Global Management Inc. (APO) has $331 billion in total AUM.5 Apollo was founded in 1990 by Leon Black, formerly of Drexel Burnham Lambert. The company is headquartered in New York, with other offices in the U.S., Europe, and Asia.
Its private equity unit has $77 billion in AUM, and "pursues many paths to value
, including through opportunistic buyouts and build-ups, corporate carve-outs, and distressed investments, often going 'against the grain' of what other investors are doing."6
4. The Carlyle Group Inc.
The Carlyle Group Inc. (CG) has total AUM of $224 billion, employs over 1,775 professionals worldwide and operates through 32 offices located in North America, South America, Europe, Africa, the Middle East, Asia, and Australia.7
The company was founded in 1987 and is headquartered in Washington, DC. Its corporate private equity unit has AUM of $86 billion, and notable current holdings include Chesapeake Energy Corp., The Nature's Bounty Co., and Orion Breweries Ltd. of Japan.8
5. KKR & Co. Inc.
KKR & Co. Inc. (KKR), formerly Kohlberg Kravis Roberts & Co., has total AUM of $218 billion.9 Founded in 1976 and headquartered in New York, KKR is known for being one of the first firms to engage in large scale leveraged buyouts (LBOs), which are still one of the firm's specialties.
Among the firm's noteworthy transactions are its 1989 leveraged buyout of RJR Nabisco and its 2007 buyout of TXU, the largest leveraged buyout on record. Among its current portfolio holdings are Fiserv Inc., Gardner Denver, Optiv, and PetVet.10
6. Bain Capital LP
Bain Capital LP, founded in 1984 and headquartered in Boston, is one of the most widely recognized private equity firms worldwide. With $105 billion in total AUM, Bain has 19 offices globally, including London, Hong Kong, Mumbai, Tokyo, Shanghai, and Melbourne.11
The firm currently manages approximately $65 billion in private equity assets. Its current portfolio includes Bob's Discount Furniture, Canada Goose, IQVIA, Michaels, NortonLifeLock, and US Renal Care.12
7. CVC Capital Partners
CVC Capital Partners has nearly $81 billion of total AUM, but almost $135 billion of funds committed by investors. Founded in 1981, CVC employs over 525 people, including 250 investment professionals, in 24 offices worldwide. Its private equity division has over $55 billion of AUM.13 Its private equity portfolio includes 84 companies from across the globe.14
8. Warburg Pincus LLC
Warburg Pincus LLC has over $58 billion in total AUM, invested in 190 companies, with particular exposure to China.15 The firm's roots are in E.M. Warburg & Co., founded in 1939, and Warburg Pincus was established in 1966. Headquartered in New York, it has 14 offices in 11 countries.
9. Vista Equity Partners
With over $52 billion in assets under management, Vista Equity Partners invests in software, data, and technology-enabled organizations, exclusively. The company has strategic investments across companies in healthcare, event ticketing, advertising and risk management, among other industries. In September of 2019, Vista closed a $16 billion technology fund, the largest fund ever raised by an independent PE firm.
10. EQT AB
Based in Sweden, EQT AB has total AUM of 41 billion euros, or nearly $45 billion at the current exchange rate. Founded in 1994, the firm has more than 700 employees in 15 countries across Europe, North America, and the Asia-Pacific region.16 Flying Tige
Lo interesante es que muchas de estas compañías cotizan en bolsa y luego de las caídas del pasado marzo varias de ellas cotizan con fuerte descuento. No es raro que en la cartera
de grandes fondos hayan aparecido estas compañías como principales posiciones.
Os dejo un análisis de KKR
KKR (KKR): KKR is well positioned to benefit from the pandemic in the longer term. The firm has in excess of $160B of fee-paying capital that is “locked up” and will continue to pay fees through the slow down. KKR can also call an additional $60B of capital (dry powder) from LPs to further increase management fee income, and the pandemic will likely improve the returns for capital deployed during this period. KKR should also be a beneficiary on the fundraising side since private equity is the most credible path to 8% annual returns with interest rates hovering around 0% and the losses recently seen in the public equity markets.
Our returns from holding KKR will have four drivers: The balance sheet investments, management fees, incentive fees, and capital market fees. Given that the vast majority of KKR’s balance sheet is invested in KKR funds, there will certainly be a mark down for the most recent quarter. As a point of reference, KKR’s 2018 decline in investments was approximately half that of the Russell 2000. In the short-term, the firm’s balance sheet has likely taken a hit on the order of $3+ per share. The losses may be reversed if and when the world recovers.
The second driver of returns, which will certainly take a short- or medium-term hit, are the incentive fees. In early March, KKR announced that their realized monetizations would total approximately $500M in Q1. Given the breadth and diversity of KKR funds across geographies and asset classes, while incentive fees will decline, it is unlikely that they will disappear entirely. Fortunately, employees own more than 40% of the equity and the compensation structure at KKR has a large variable component, such that as incentive fees ebb and flow, expenses do as well. Private equity remains one of the best business models in the world and KKR remains one of the best positioned to take advantage of the growth. The strong balance sheet, high insider ownership, and 40-year track record all remain in place. They will be investing mountains of capital at distressed prices. KKR is built to withstand just about anything, including a pandemic.