Boqapi bo tsamaisa tlhahiso ea boleng
Boqapi esale bo ntse bo khanna tsoelo-pele ea moruo le tlhahiso ea leruo. Bahoebi ba kile ba fihlella kholo ea lik’hamphani tsa bopula-maliboho ka ‘maraka oa lichelete kamora Lik’hamphani tsena tse ncha li ile tsa phatlalatsa.
Empa boemo ba matsete bo fetohile haholo lilemong tse mashome tsa morao tjena. Kajeno, lik’hamphani li liehisa linyehelo tsa tsona tsa pele tsa sechaba (IPOs) ‘me li lula li le lekunutu nako e telele kapa ka ho sa feleng. Ho tloha ka 1980 ho isa ho 2000, ‘maraka oa IPO o ne o etsa karolelano ea litšebelisano tse 325 ka selemo. Ho tloha ka 2000, palo eo e fokotsehile haholo, ho ea ho khaello ea mali 135.
Ho tsetela kholong ea li-startups tse ncha, re tlameha ho sheba mebaraka ea poraefete.
Limmaraka tse ncha le tse ikemetseng
Limmaraka tsa sechaba li fetohile joang? Mohlala oa mehleng ea khale ea li-IPO ke Apple Computer. Apple e ile ea phatlalatsoa ka 1980, lilemo tse ‘maloa feela ka mor’a ho qalisoa,’ me e phahamisitse $ 100 milione ho $ 117 milione ka lekeno. Lilemo tse ‘ne feela hamorao, k’hamphani e ile ea kenya chelete ea liranta tse libilione tse 1.5 ‘me ea kenya kholo e fetang 10x ka lipokothong tsa batseteli ba sechaba.
Empa lipoelo tse kang tsa Apple lilemong tsa bo-1980 ha li na taba ‘marakeng oa kajeno oa IPO o senyehileng haholo. Batseteli ba pele ho IPO ba kotula karolo e kholo ea litholoana tse tsoang lijalong tsa hajoale tsa lik’hamphani tse ntseng li tsoela pele ho hola. Ke moo menyetla ea phetoho e leng teng.
Batseteli ba mebaraka ea poraefete ka tloaelo ba tšehetse lik’hamphani tsa pele, tse nang le bokhoni bo phahameng, tse holang ka potlako ka capital capital. Leha litšitiso li ntse li oa, li-stocks tsa pele hangata ke papali ea batho ba ka hare eo le bo-ramatsete ba ka sehloohong ba ke keng ba kenya letsoho ho eona. Empa sekoloto sa khoebo se sa tsoa hlaha e le tlatsetso e khahlang, e fang batseteli tsela e ‘ngoe ea ho fumana “boqapi” joalo ka sehlopha sa matlotlo. Ha li-startups li ntse li hola, hangata ba batla kotsi ea mokoloto ho fumana chelete ho fokotsa litšenyehelo tsa bona tsa chelete le ho theola phokotso ea beng ba bona. Likoloi tsa mekoloto ea Venture li fa bankakarolo ba mebaraka ba fetotsoeng ke mekoloto ea pele ea tefiso monyetla oa ho tsetela bokamosong ba khamphani.
Batho ba boleng bo holimo haholo (UHNW) ba hlokometse monyetla mme liofisi tsa malapa li fetotse mokhoa oa bona oa matsete ho latela koluoa ea lefats’e ea lichelete (GFC). Batseteli ba litsi ba latela mohlala ona. Linomoro ha li bue leshano. ho tsetela ka kotloloho ho Litšebelisano tsa poraefete li eketsehile 175% United States le 210% lefatšeng ka bophara. lilemong tse 15 tse fetileng.
Ka Phato 2022, Blackstone e phatlalalitse merero ea ho tsetela $ 2 limilione tse likete ka likalimo tsa thekenoloji ea poraefete, ho kenyeletsoa le mokoloto oa khoebo, molemong oa kholo ea mokoloto bakeng sa likhamphani tse qalang le tsa theknoloji. Selemo hamorao, BlackRock e fumana Kreos Capitale ‘ngoe ea likalimo tse kholo ka ho fetisisa tsa poraefete Europe.
Joalo ka ha Stephan Caron, hlooho ea EMEA Private Debt ho BlackRock, a hlokometse, “Maemo a hajoale a ‘maraka a entse hore mokoloto oa poraefete e be sehlopha se khahlang sa matlotlo ha bo-ramatsete ba shebane le ho kenya chelete, ho hloka botsitso, ho fapanyetsana ha lifolete le maemo a bona a tlase a ho se sebetse ha a bapisoa le mebaraka ea sechaba. .”
Melemo e ka bang teng ea matsete a mebaraka ea poraefete, haholoholo chelete ea khoebo le matsete a mekoloto ea khoebo, e atoloha ho pholletsa le likarolo tse hlano tsa ts’ebetso.
1. Phapang ea li-portfolio
Kabo ea tekano ea pele ho IPO le likabelo tsa mekoloto li ka thusa ho fapanyetsana potefolio le ho hasanya kotsi ho pholletsa le makala, mekhahlelo, mekhoa ea khoebo le libaka, har’a lintlha tse ling. Li ka boela tsa fokotsa tšusumetso ea limmaraka tsa sechaba tse sa sebetseng hantle ‘me tsa re sireletsa khahlanong le ho fetoha ha ‘maraka. Ebile, lik’hamphani tsa pele ho IPO hangata li bonts’a likamano tse tlase le li-stock le li-bond le ho ntlafatsa meputso e fetotsoeng ka kotsi. Sena se bohlokoa haholo ha palo ea lik’hamphani tse rekisoang e ntse e fokotseha. Ka 1980 ho ne ho e-na le lik’hamphani tse ka bang 8,000 tse rekisoang phatlalatsa. Hona joale ho setse ba ka bang 4 000 feela.
2. Kholo le bokhoni ba ho khutla
Likhamphani hangata li natefeloa ke kholo ea tsona e potlakileng haholo methating ea pele ea bophelo ba tsona, haholoholo nakong ea methati ea pele ho IPO. Ke nakong eo boleng ba eona bo atisang ho ananela haholoanyane ha karolo ea eona ea ‘maraka e ntse e eketseha.
Ho sa le joalo, mokoloto oa khoebo o ‘nile oa hlahisa lilemo tse 10 ho isa ho tse 10 tsa chelete ea selemo le selemo, hammoho le karolo ea 3 lekholong ho isa ho 5 lekholong ho khutlisetsong ea selemo le selemo. Ho feta moo, indastering ka bophara, litefiso tsa tahlehelo ea kalimo ea selemo le selemo li bile ka tlase ho 0.50% lilemong tse 20 tse fetileng.
US Private Equity le Venture Capital Index Returns*
| Index | Likhoeli tse tšeletseng | Selemo se le seng | Lilemo tse tharo | Lilemo tse hlano | 10 lilemo | 15 lilemo | 20 lilemo | 25 lilemo |
| CA US Private Tekano |
-5.3% | 6.7% | 23% | 20.6% | 17.8% | 12.6% | 14.8% | 13.8% |
| Russel 2000 MPME |
-23.5% | -25.6% | 3.9% | 5% | 10.2% | 7.1% | 8.6% | 7.9% |
| S&P 500 MPME |
– mashome a mabeli | -10.9% | 10.5% | 11.2% | 13.5% | 8.9% | 9.4% | 8.3% |
| CA US Chelete ea kotsi |
-13% | 2.7% | 30.5% | 25.7% | 19.3% | 13.6% | 11.8% | 28.1% |
| Nasdaq MPME e kopantsoeng |
-29.3% | -23.5% | 13.1% | 14.1% | 16.2% | 11.6% | 12% | 10.4% |
| Russel 2000 MPME |
-23.5% | -25.5% | 3.9% | 5% | 10% | 6.7% | 8.7% | 8% |
| S&P 500 MPME |
-20.0% | -10.9% | 10.5% | 11.3% | 13.3% | 8.8% | 9.4% | 8.4% |
| Nasdaq Motsoako oa AACR |
-29.2% | -23.4% | 12.2% | 13.5% | 15.4% | 11.2% | 11.6% | 9.3% |
| Russel 2000 AACR |
-23.4% | -25.2% | 4.2% | 5.2% | 9.4% | 6.3% | 8.2% | 7.4% |
| S&P 500 AACR |
– mashome a mabeli | -10.6% | 10.6% | 11.3% | 13% | 8.5% | 9.1% | 8% |
Mohloli: Cambridge Associates
3. Ho fihla kapele
Matsete a pele a re beha motheong oa lik’hamphani tse ntseng li hola haholo mme e fana ka monyetla oa pele o ka lebisang maemong a matle a matsete. Boemong bo joalo, k’hamphani e na le litekanyetso tse tlase le maemo a holimo. Liapole, Alphabets, Netfixes le litšitiso tse ling tsa indasteri li qalile e le tse qalang ‘me tsa hlahisa phaello e makatsang bakeng sa batseteli ba bona ba pele.
Re bolela’ng ha re re “tse makatsang”? Batseteli ba pele ba setoko sa Uber ba fana ka mohlala o motle: Letsete la pele la First Round Capital la $ 510,000 le fetohile ho feta $ 2.5 limilione tse likete ha khampani e qala ho phatlalatsa. Matsete a Airbnb a Sequoia Capital a $260M a Fetohile $4.8B Lilemo Tse 11 Hamorao. Esale pele Batseteli ba SpaceX haufinyane ba ka bona letsatsi le ts’oanang la moputso: Letlole la Founders le ile la tsetela $ 20 milione ka 2008, ha khampani e ne e le ea bohlokoa ka tlase ho $ 1 limilione tse likete. Lichelete tsa morao-rao tsa poraefete li beha boleng ba SpaceX ho $ 137 bilione.
4. Likhopolo tse ncha
Ho tsetela ho lichelete tsa khoebo le tsa mekoloto le ka kotloloho ho tse qalang ho ka re fa leseli mabapi le mekhoa le mahlale a ntseng a hlaha le kutloisiso e betere ea pono e pharalletseng ea ‘maraka le hore na o ntse o tsoela pele joang.
Ka li-IPO tse fokolang le tse liehang ho feta, limmaraka tsa sechaba e mpa e le ntlha ea menyetla ea menyetla. Boholo ba boqapi ba khoebo bo ipata ka tlas’a bokaholimo ba limmaraka tsa poraefete. Sena se fa batseteli ba mebaraka ea poraefete monyetla oa tlhahisoleseling ho feta ba sa boneng phallo ea thekiso. Litlaleho tsa k’hamphani ea poraefete ha li e-so rekisoe joalo ka molekane oa tsona oa sechaba, kahoo li-asymmetries tsa tlhahisoleseling li ngata bakeng sa ba tsebang hore na ba shebe eng. Batseteli ba limmaraka tse ikemetseng ba fumana lintlha tsa bona ho tsoa molomong oa pere ea maele, ho tsoa ho batho ba ahang lik’hamphani tse nyane tse tla bopa bokamoso.
5. Limmaraka tse sa sebelisoang
Lik’hamphani tse ikemetseng li atisa ho shebana le limmaraka tse khethehileng, tse sa sireletsoeng le likarolo tse hlokomolohuoang ke lithaka tsa tsona tse kholoanyane tse hōlileng tsebong. Ka ho tsebahatsa le ho tsetela lik’hamphaning tse ncha tse nang le lihlahisoa kapa lits’ebeletso tse ikhethileng, re fumana monyetla oa ho pepesehela mebaraka e sa lebelloang le bokhoni ba eona ba kholo.
Maemo a fetohang a matsete a bonts’a karolo ea bohlokoa eo matsete a poraefete a ka e bapalang lipotefoliong tsa rona. Ha se feela hore li ka ntlafatsa phapano ea li-portfolio, empa hape li ka ntlafatsa meputso e fetotsoeng ea kotsi le ho re lokisetsa kholo e ka bang teng.
Ha re bue nnete. Lichelete tse ngata tse hlahisoang ke boqapi bo atlehileng ha e sa le sebaka se ikhethileng sa limmaraka tsa tekano ea sechaba. Ho ipeha ka pele ho tsoelopele ea moruo le tlhahiso ea maruo le ho tsetela ho boqapi kajeno, re tlameha ho ba boinotšing. ‘Me seo se bolela ho batla chelete ea khoebo le mokoloto oa khoebo.
Likarolong tse tlang tsa letoto lena, re tla batlisisa ka har’a mekoloto ea khoebo le ea khoebo le mokhoa oa ho tsetela ho tsona.
Haeba u ratile poso ena, u se ke oa lebala ho ingolisa ho Motseteletsi oa khoebo.
Lingoliloeng tsohle ke maikutlo a mongoli. Ka hona, ha lia lokela ho nkoa e le keletso ea matsete, leha e le hore maikutlo a hlahisoang a hlile a bontša maikutlo a CFA Institute kapa mohiri oa mongoli.
Mokoloto oa setšoantšo: ©Getty Images / Eoneren
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