BEC中級閱讀之歐洲私人股本投資情況

歐洲風險資本市場去年強勁復甦，通過基金籌集、投資於初創企業和初期企業的資金量增加了60%，達到2000年互聯網泡沫頂峯以來的最高水平。

Europe's venture capital market recovered sharply last year, as money raised by funds investing in start-ups and early-stage companies rose 60 per cent to the highest level since the peak of the internet bubble in 2000.

歐洲風險資本協會(European Venture Capital Association)今天公佈的一份報告顯示，投資者正重新恢復對私人股本市場高風險產品的興趣。

The findings, published in a report by the European Venture Capital Association today, suggest investors are regaining their appetite for the riskier end of the private equity market.

該協會祕書長雅維耶o埃查理(Javier Echarri)表示，歐洲大陸投入風險資本公司的資金大幅飆升，其原因在於人們對生物燃料和液態氫等環保項目的潛力越來越感興趣。

Javier Echarri, EVCA general secretary, said the surge in money to venture capital firms on the continent was being driven by a growing interest in the potential for environmentally friendly projects, such as bio-fuels and liquid hydrogen.

埃查理表示："清潔能源科技已成爲重建投資者對風險資本興趣的真正革命性因素。投資者重新燃起了對下一筆重大交易的'希望。"

"Clean-tech has been the real revolutionary factor that has restored investor appetite for venture capital. Investors have regained hope of another quantum deal," said Mr Echarri.

儘管與從事多種業務的公司或大的收購型公司相比，風險資本公司仍然表現欠佳，但進入這些公司的資金仍再度增多起來。

The resurgence of money into venture capital firms has come in spite of their continued underperformance, compared with generalist or big buyout firms.

從1980年到去年年底，所有風險資本基金的終身平均內部回報率爲5.5%，而全部收購型公司的內部回報率爲14.4%。埃查理承認，這種欠佳表現意味着，風險資本公司吸引投資者比較困難。他表示："這是一種在沒有回報追蹤記錄情況下進行的情緒化概念銷售，這使它們的處境更艱難了。"

The average internal rate of return over the life of all venture capital funds since 1980 until the end of last year was 5.5 per cent, against 14.4 per cent for all buyout firms. Mr Echarri admitted that this underperformance had meant venture capital firms had faced a tougher sell with investors. "It has been about an emotional sale of a concept without a track record of returns, so that has made it harder for them," he said.

對還未有產品公司進行投資的種子基金籌資額，從1億歐元升至17億歐元（合23億美元）。初創基金（公司擁有一個處於開發或測試階段的產品）的籌資額則增加了一倍多，達到56億歐元。

Seed funding - investments in a company not yet producing a product - rose from ?100m to ?1.7bn ($2.3bn, ￡1.2bn). Start-up funding, where a company has a product in development or testing, more than doubled to ?5.6bn.

今天公佈的這份報告由湯姆森金融(Thomson Financial)和普華永道(PwC)彙編。報告稱，去年所有類型的歐洲私人股本基金籌資總額達到創紀錄的1120億歐元，較2005年增加了56.4%。

Today's report, compiled by Thomson Financial and PwC, said overall fundraising by all types of European private equity funds reached a record of ?112bn last year, up 56.4 per cent from 2005.

埃查理表示，這些數字表明，歐洲正在追趕美國，成爲私人股本投資的目的地。據他介紹，去年美國籌集的私人股本資金爲1600億歐元。

The figures indicate that Europe is catching up with the US as a destination for private equity investments, according to Mr Echarri, who said the US raised ?160bn of private equity money last year.

埃查理稱："歷史上，我們的籌資額約爲美國的一半，現在我們正向三分之二邁進。"但他表示，歐洲私人股本基金有近30%的資金來自美國投資者。英國仍是歐洲私人股本投資的首選目的地，去年吸引了全部投資額的33%。

"Historically we have been at about half the money raised in the US; now we are getting towards two-thirds," said Mr Echarri. But he said that almost 30 per cent of Europe's private equity funds were coming from US investors. The UK remained the destination of choice for private equity in Europe, attracting 33 per cent of all investments last year.

大型收購集團的籌資額也有大幅躍升，再加上一些對歐洲大陸最大型上市公司的收購，這一現象在一些國家（特別是英國）引發了爭論。KKR和Permira等收購集團籌集了840億歐元，比去年上升了45%。

There was also a sharp jump in fundraising by the big buyout groups, which have triggered controversy in some countries, particularly the UK, with takeover bids for some of the continent's largest listed companies. Buyout groups, such as KKR and Permira, raised ?84bn, an increase of 45 per cent from last year.