首页 › 趣味英语 › 海国百态:非洲人民的钱不好赚

meili 发表于 2022-10-18 20:25:51

海国百态:非洲人民的钱不好赚

二十多年来，投资非洲的先行者迈尔斯?莫兰(<span word="Miles">Miles</span> <span word="Morland">Morland</span>)一直在这片不能直接饮用自来水的地方寻找投资机会。按照他的经验，要想找到成功的私人股本投资机会，跟人在酒吧里一起喝杯烈酒比什么都管用。“<span word="In">In</span> <span word="Africa">Africa</span> <span word="there">there</span> <span word="are">are</span> <span word="hundreds">hundreds</span> <span word="of">of</span> <span word="deals">deals</span> <span word="but">but</span> <span word="you">you</span> <span word="have">have</span> <span word="to">to</span> <span word="go">go</span> <span word="and">and</span> <span word="look">look</span> <span word="for">for</span> <span word="them">them</span>. <span word="In">In</span> <span word="the">the</span> <span word="west">west</span>, <span word="investment">investment</span> <span word="bankers">bankers</span> <span word="bring">bring</span> <span word="you">you</span> <span word="deals">deals</span>?.?.?.[<span word="but">but</span>], <span word="in">in</span> <span word="Africa">Africa</span>, <span word="investment">investment</span> <span word="bankers">bankers</span> <span word="are">are</span> <span word="way">way</span> <span word="down">down</span> <span word="the">the</span> <span word="food">food</span> <span word="chain">chain</span>. <span word="You">You</span> <span word="need">need</span> <span word="to">to</span> <span word="go">go</span> <span word="and">and</span> <span word="hang">hang</span> <span word="around">around</span> <span word="the">the</span> <span word="bars">bars</span>?.?.?.?<span word="to">to</span> <span word="find">find</span> <span word="the">the</span> <span word="deals">deals</span>,” <span word="Mr">Mr</span> <span word="Morland">Morland</span> <span word="says">says</span>.莫兰说：“非洲有不少投资机会，但你必须主动去找。在西方，投资银行家给你带来交易……（但）在非洲，投资银行家位于食物链下游。你得去泡吧……才能发现机会。”<span word="The">The</span> <span word="case">case</span> <span word="for">for</span> <span word="investing">investing</span> <span word="in">in</span> <span word="sub">sub</span>-<span word="Saharan">Saharan</span> <span word="Africa">Africa</span> <span word="is">is</span> <span word="clear">clear</span>. <span word="It">It</span> <span word="has">has</span> <span word="some">some</span> <span word="of">of</span> <span word="the">the</span> <span word="fastest">fastest</span> <span word="growing">growing</span> <span word="economies">economies</span> <span word="in">in</span> <span word="the">the</span> <span word="world">world</span>, <span word="boosted">boosted</span> <span word="by">by</span> <span word="a">a</span> <span word="nascent">nascent</span> <span word="consumer">consumer</span> <span word="class">class</span> <span word="increasingly">increasingly</span> <span word="thirsty">thirsty</span> <span word="for">for</span> <span word="everything">everything</span> <span word="from">from</span> <span word="credit">credit</span> <span word="to">to</span> <span word="cappuccinos">cappuccinos</span>. <span word="And">And</span> <span word="it">it</span> <span word="represents">represents</span> <span word="just">just</span> 4 <span word="per">per</span> <span word="cent">cent</span> <span word="of">of</span> <span word="the">the</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="private">private</span> <span word="equity">equity</span> <span word="asset">asset</span> <span word="class">class</span> – <span word="emerging">emerging</span> <span word="Asia">Asia</span> <span word="takes">takes</span> <span word="the">the</span> <span word="lion">lion</span>’<span word="s">s</span> <span word="share">share</span> <span word="at">at</span> 63 <span word="per">per</span> <span word="cent">cent</span> – <span word="suggesting">suggesting</span> <span word="there">there</span> <span word="is">is</span> <span word="plenty">plenty</span> <span word="of">of</span> <span word="room">room</span> <span word="to">to</span> <span word="grow">grow</span>.在撒哈拉以南非洲投资有着充分的理由。该地区正在兴起一个新的消费者阶层，从贷款到卡布基诺咖啡等许多事物都是他们渴望拥有的东西，在这种需求的推动下了，该地区一些经济体的增长速度在世界上名列前茅。然而，在新兴市场私人股本资产类别中，该地区仅占4%的份额，这说明它在这个领域有很大增长潜力。亚洲新兴市场则以63%的份额独占鳌头。<span word="But">But</span> <span word="even">even</span> <span word="as">as</span> <span word="private">private</span> <span word="equity">equity</span> <span word="groups">groups</span> <span word="raise">raise</span> <span word="ever">ever</span> <span word="larger">larger</span> <span word="Africa">Africa</span> <span word="funds">funds</span>, <span word="there">there</span> <span word="are">are</span> <span word="persistent">persistent</span> <span word="murmurs">murmurs</span> <span word="in">in</span> <span word="the">the</span> <span word="market">market</span> <span word="that">that</span> <span word="there">there</span> <span word="simply">simply</span> <span word="are">are</span> <span word="not">not</span> <span word="the">the</span> <span word="deals">deals</span> <span word="out">out</span> <span word="there">there</span> <span word="to">to</span> <span word="match">match</span>. <span word="Mr">Mr</span> <span word="Morland">Morland</span> <span word="disagrees">disagrees</span>. <span word="Development">Development</span> <span word="Partners">Partners</span> <span word="International">International</span>, <span word="the">the</span> <span word="private">private</span> <span word="equity">equity</span> <span word="group">group</span> <span word="he">he</span> <span word="co">co</span>-<span word="founded">founded</span>, <span word="has">has</span> <span word="invested">invested</span> <span word="the">the</span> $500<span word="m">m</span> <span word="fund">fund</span> <span word="it">it</span> <span word="raised">raised</span> <span word="in">in</span> 2008 <span word="in">in</span> <span word="nine">nine</span> <span word="deals">deals</span> <span word="and">and</span> <span word="is">is</span> <span word="raising">raising</span> <span word="a">a</span> <span word="new">new</span> <span word="fund">fund</span> <span word="of">of</span> <span word="the">the</span> <span word="same">same</span> <span word="size">size</span>.然而，尽管私人股本集团在非洲募集的基金规模越来越大，市场却总是抱怨找不到匹配的投资机会。莫兰不同意这种观点。他与人联合创立的私人股本集团<span word="Development">Development</span> <span word="Partners">Partners</span> <span word="International">International</span>已经把2008年募得的5亿美元投资于9项交易，目前还在募集一只同等规模的新基金。<span word="Mr">Mr</span> <span word="Morland">Morland</span>, <span word="nevertheless">nevertheless</span>, <span word="argues">argues</span> <span word="that">that</span> <span word="the">the</span> <span word="high">high</span> <span word="rolling">rolling</span> <span word="returns">returns</span> <span word="of">of</span> <span word="the">the</span> <span word="decade">decade</span> <span word="leading">leading</span> <span word="up">up</span> <span word="to">to</span> 2007 <span word="are">are</span> <span word="a">a</span> <span word="thing">thing</span> <span word="of">of</span> <span word="the">the</span> <span word="past">past</span>. <span word="The">The</span> “<span word="fool">fool</span>’<span word="s">s</span> <span word="paradise">paradise</span>” <span word="era">era</span> <span word="when">when</span> <span word="mobile">mobile</span> <span word="phone">phone</span> <span word="companies">companies</span> <span word="grew">grew</span> <span word="faster">faster</span> <span word="in">in</span> <span word="Africa">Africa</span> <span word="than">than</span> <span word="anywhere">anywhere</span> <span word="else">else</span> <span word="in">in</span> <span word="the">the</span> <span word="world">world</span> <span word="may">may</span> <span word="have">have</span> <span word="made">made</span> <span word="some">some</span> <span word="investors">investors</span> <span word="very">very</span> <span word="rich">rich</span>, <span word="he">he</span> <span word="says">says</span>, <span word="but">but</span> <span word="it">it</span> <span word="is">is</span> <span word="long">long</span> <span word="gone">gone</span>.不过莫兰认为，1998至2007年间的高滚动收益率已成为往事。他表示，在“愚者天堂”的时代，非洲手机公司发展速度在全球领先，可能让一些投资者暴富，但这个时代早已一去不复返了。<span word="There">There</span> <span word="is">is</span> <span word="now">now</span> <span word="a">a</span> <span word="glut">glut</span> <span word="of">of</span> <span word="new">new</span> <span word="private">private</span> <span word="equity">equity</span> <span word="investors">investors</span> <span word="plumping">plumping</span> <span word="for">for</span> <span word="Africa">Africa</span>, <span word="with">with</span> <span word="money">money</span> <span word="from">from</span> <span word="Brazil">Brazil</span>, <span word="the">the</span> <span word="Middle">Middle</span> <span word="East">East</span> <span word="and">and</span> <span word="the">the</span> <span word="US">US</span> <span word="entering">entering</span> <span word="the">the</span> <span word="fray">fray</span>, <span word="jostling">jostling</span> <span word="with">with</span> <span word="bigger">bigger</span> <span word="outfits">outfits</span> <span word="such">such</span> <span word="as">as</span> <span word="Carlyle">Carlyle</span> <span word="and">and</span> <span word="KKR">KKR</span>. <span word="Some">Some</span> <span word="of">of</span> <span word="the">the</span> <span word="newcomers">newcomers</span> <span word="are">are</span> <span word="finding">finding</span> <span word="private">private</span> <span word="equity">equity</span> <span word="investing">investing</span> <span word="in">in</span> <span word="sub">sub</span>-<span word="Saharan">Saharan</span> <span word="Africa">Africa</span> <span word="neither">neither</span> <span word="as">as</span> <span word="promising">promising</span> <span word="nor">nor</span> <span word="as">as</span> <span word="simple">simple</span> <span word="as">as</span> <span word="sometimes">sometimes</span> <span word="billed">billed</span>.如今，新一批私人股本投资者奔赴非洲，来自巴西、中东和美国的资金加入战场，与凯雷(<span word="Carlyle">Carlyle</span>)和<span word="KKR">KKR</span>等规模较大的机构展开角逐。一些新加入的投资者发现，在撒哈拉以南非洲进行私人股本投资并不如有时标榜的那样前景大好、简单易行。<span word="In">In</span> <span word="the">the</span> 1990<span word="s">s</span>, <span word="returns">returns</span> <span word="were">were</span> <span word="hard">hard</span> <span word="to">to</span> <span word="find">find</span> <span word="and">and</span> <span word="many">many</span> <span word="good">good</span> <span word="exits">exits</span> <span word="fell">fell</span> <span word="victim">victim</span> <span word="to">to</span> <span word="currency">currency</span> <span word="volatility">volatility</span>. <span word="In">In</span> <span word="the">the</span> <span word="following">following</span> <span word="decade">decade</span>, <span word="investors">investors</span> <span word="might">might</span> <span word="have">have</span> <span word="earned">earned</span> <span word="stellar">stellar</span> <span word="returns">returns</span> <span word="from">from</span> <span word="mobile">mobile</span> <span word="phone">phone</span> <span word="investments">investments</span> <span word="but">but</span> <span word="these">these</span> <span word="masked">masked</span> <span word="other">other</span> <span word="fund">fund</span> <span word="failures">failures</span>.上世纪90年代缺乏回报率可观的投资机会，许多理想的投资退出渠道深受汇率波动影响。在之后的十年，投资者或许通过投资手机领域获得了不菲回报，但这掩盖了其他失败案例。“<span word="In">In</span> <span word="the">the</span> <span word="current">current</span> 2007-17 <span word="cycle">cycle</span>, <span word="making">making</span> <span word="money">money</span> <span word="will">will</span> <span word="be">be</span> <span word="harder">harder</span>. <span word="An">An</span> <span word="internal">internal</span> <span word="rate">rate</span> <span word="of">of</span> <span word="return">return</span> <span word="of">of</span> <span word="over">over</span> 20 <span word="per">per</span> <span word="cent">cent</span> <span word="will">will</span> <span word="look">look</span> <span word="good">good</span>,” <span word="Mr">Mr</span> <span word="Morland">Morland</span> <span word="says">says</span>. “<span word="It">It</span> <span word="is">is</span> <span word="a">a</span> <span word="time">time</span> <span word="when">when</span> <span word="careful">careful</span> <span word="investors">investors</span> <span word="rather">rather</span> <span word="than">than</span> <span word="cowboys">cowboys</span> <span word="will">will</span> <span word="do">do</span> <span word="well">well</span>?.?.?.?<span word="The">The</span> <span word="phone">phone</span> <span word="game">game</span> <span word="is">is</span> <span word="over">over</span>.”“在2007至2017年周期，投资将更难获得收益。20%的内部回报率就是很好的表现了，”莫兰说，“在这个时期，表现出色的将是谨慎而非胆大的投资者……投资手机的时代已经结束了。”<span word="Despite">Despite</span> <span word="the">the</span> <span word="tougher">tougher</span> <span word="environment">environment</span>, <span word="fundraisers">fundraisers</span> <span word="are">are</span> <span word="at">at</span> <span word="pains">pains</span> <span word="to">to</span> <span word="assemble">assemble</span> <span word="what">what</span> <span word="one">one</span> <span word="investor">investor</span> <span word="calls">calls</span> “<span word="big">big</span> <span word="ego">ego</span>” <span word="funds">funds</span>. <span word="Brazil">Brazil</span>’<span word="s">s</span> <span word="BTG">BTG</span> <span word="Pactual">Pactual</span> <span word="and">and</span> <span word="others">others</span> <span word="are">are</span> <span word="reaching">reaching</span> <span word="for">for</span> <span word="the">the</span> $1<span word="bn">bn</span> <span word="mark">mark</span> <span word="and">and</span> <span word="seeking">seeking</span> <span word="large">large</span> <span word="deals">deals</span> <span word="that">that</span> <span word="the">the</span> <span word="continent">continent</span>’<span word="s">s</span> <span word="fragmented">fragmented</span> <span word="market">market</span> <span word="can">can</span> <span word="rarely">rarely</span> <span word="offer">offer</span>.尽管环境变得严峻，但募资机构仍在努力组建起一位投资者所称的“自负”(<span word="big">big</span> <span word="ego">ego</span>)基金。巴西<span word="BTG">BTG</span> <span word="Pactual">Pactual</span>等机构的基金直指10亿美元大关，它们寻找的大型项目一般来说不是非洲四分五裂的市场所能提供的。“<span word="When">When</span> <span word="you">you</span> <span word="start">start</span> <span word="going">going</span> <span word="up">up</span> <span word="to">to</span> <span word="writing">writing</span> <span word="equity">equity</span> <span word="cheques">cheques</span> <span word="in">in</span> <span word="excess">excess</span> <span word="of">of</span> $75<span word="m">m</span>, <span word="there">there</span> <span word="aren">aren</span>’<span word="t">t</span> <span word="so">so</span> <span word="many">many</span> [<span word="deals">deals</span>],” <span word="says">says</span> <span word="Marlon">Marlon</span> <span word="Chigwende">Chigwende</span>, <span word="Carlyle">Carlyle</span>’<span word="s">s</span> <span word="Africa">Africa</span> <span word="co">co</span>-<span word="head">head</span>. <span word="His">His</span> <span word="sub">sub</span>-<span word="Saharan">Saharan</span> <span word="Africa">Africa</span> <span word="fund">fund</span>, <span word="which">which</span> <span word="is">is</span> <span word="expected">expected</span> <span word="to">to</span> <span word="close">close</span> <span word="above">above</span> <span word="its">its</span> $500<span word="m">m</span> <span word="target">target</span> <span word="in">in</span> <span word="the">the</span> <span word="third">third</span> <span word="quarter">quarter</span>, <span word="made">made</span> <span word="its">its</span> <span word="first">first</span> <span word="investment">investment</span> <span word="last">last</span> <span word="year">year</span> <span word="by">by</span> <span word="taking">taking</span> <span word="part">part</span> <span word="in">in</span> <span word="a">a</span> $210<span word="m">m</span> <span word="equity">equity</span> <span word="injection">injection</span> <span word="in">in</span> <span word="ETG">ETG</span>, <span word="a">a</span> <span word="Tanzanian">Tanzanian</span> <span word="agri">agri</span>-<span word="commodities">commodities</span> <span word="trader">trader</span>.“如果你准备进行超过7500万美元的股权投资，便很难找到投资的机会，”凯雷非洲联席主管马龙?奇格温德(<span word="Marlon">Marlon</span> <span word="Chigwende">Chigwende</span>)表示。他在撒哈拉以南非洲的基金将在今年第三季度完成募资，总金额预计高于5亿美元目标。该基金去年首次投资，参与了对坦桑尼亚农业大宗商品交易商<span word="ETG">ETG</span>的2.1亿美元股本注资。<span word="Nor">Nor</span> <span word="is">is</span> <span word="the">the</span> <span word="competition">competition</span> <span word="just">just</span> <span word="for">for</span> <span word="deals">deals</span>. <span word="Another">Another</span> <span word="emerging">emerging</span> <span word="headache">headache</span> <span word="is">is</span> <span word="what">what</span> <span word="one">one</span> <span word="investor">investor</span> <span word="calls">calls</span> <span word="the">the</span> “<span word="traffic">traffic</span> <span word="jam">jam</span>” <span word="of">of</span> <span word="fund">fund</span> <span word="managers">managers</span> <span word="seeking">seeking</span> <span word="capital">capital</span> <span word="from">from</span> <span word="investors">investors</span>. <span word="According">According</span> <span word="to">to</span> <span word="Preqin">Preqin</span>, <span word="the">the</span> <span word="data">data</span> <span word="company">company</span>, 57 <span word="Africa">Africa</span>-<span word="focused">focused</span> <span word="private">private</span> <span word="equity">equity</span> <span word="funds">funds</span> <span word="are">are</span> <span word="looking">looking</span> <span word="for">for</span> $13.1<span word="bn">bn</span>, <span word="half">half</span> <span word="of">of</span> <span word="which">which</span> <span word="are">are</span> <span word="based">based</span> <span word="in">in</span> <span word="South">South</span> <span word="Africa">Africa</span>. <span word="While">While</span> <span word="emerging">emerging</span> <span word="market">market</span> <span word="fundraising">fundraising</span> <span word="increased">increased</span> 72 <span word="per">per</span> <span word="cent">cent</span> <span word="overall">overall</span> <span word="to">to</span> $40<span word="bn">bn</span> <span word="in">in</span> <span word="the">the</span> <span word="past">past</span> <span word="two">two</span> <span word="years">years</span>, <span word="fundraising">fundraising</span> <span word="for">for</span> <span word="sub">sub</span>-<span word="Saharan">Saharan</span> <span word="Africa">Africa</span> <span word="fell">fell</span> 3 <span word="per">per</span> <span word="cent">cent</span> <span word="to">to</span> $1.45<span word="bn">bn</span> <span word="last">last</span> <span word="year">year</span> – <span word="well">well</span> <span word="down">down</span> <span word="on">on</span> <span word="its">its</span> 2008 <span word="peak">peak</span> <span word="of">of</span> $2.24<span word="bn">bn</span>.争夺的对象不仅仅是投资机会。另一问题正在浮现：基金管理公司追逐投资者的资本，因而出现了一名投资者所说的“拥堵”现象。按照数据公司<span word="Preqin">Preqin</span>的资料，目前有57家专注于非洲的私人股本投资基金寻求募集131亿美元资金，其中有一半基金位于南非。最近两年里，新兴市场的募资总额增长72%，达400亿美元，但去年撒哈拉以南非洲的募资额却下滑3%，仅为14.5亿美元，远低于2008年22.4亿美元的峰值。<span word="Ethos">Ethos</span>, <span word="a">a</span> <span word="South">South</span> <span word="African">African</span> <span word="private">private</span> <span word="equity">equity</span> <span word="company">company</span>, <span word="which">which</span> <span word="has">has</span> <span word="been">been</span> <span word="investing">investing</span> <span word="in">in</span> <span word="the">the</span> <span word="region">region</span> <span word="for">for</span> 25 <span word="years">years</span>, <span word="closed">closed</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="continent">continent</span>’<span word="s">s</span> <span word="largest">largest</span> <span word="funds">funds</span> <span word="last">last</span> <span word="year">year</span> <span word="after">after</span> <span word="securing">securing</span> $800<span word="m">m</span> <span word="from">from</span> <span word="investors">investors</span>, <span word="but">but</span> <span word="it">it</span> <span word="says">says</span> <span word="fundraising">fundraising</span> “<span word="has">has</span> <span word="not">not</span> <span word="been">been</span> <span word="easy">easy</span>”.南非私人股本公司<span word="Ethos">Ethos</span>在该地区投资已有25年。去年，<span word="Ethos">Ethos</span>向投资者募集了8亿美元，创设了非洲最大基金之一。但它表示，募资“并不容易”。<span word="Harith">Harith</span>, <span word="another">another</span> <span word="South">South</span> <span word="African">African</span> <span word="fund">fund</span> <span word="manager">manager</span>, <span word="had">had</span> <span word="to">to</span> <span word="rely">rely</span> <span word="on">on</span> <span word="domestic">domestic</span> <span word="money">money</span> <span word="after">after</span> <span word="foreign">foreign</span> <span word="investors">investors</span> <span word="shied">shied</span> <span word="away">away</span>.随着国外投资者纷纷退缩，另一家南非基金管理公司<span word="Harith">Harith</span>只得依赖国内资金。<span word="Roger">Roger</span> <span word="Leeds">Leeds</span>, <span word="founder">founder</span> <span word="of">of</span> <span word="the">the</span> <span word="Emerging">Emerging</span> <span word="Markets">Markets</span> <span word="Private">Private</span> <span word="Equity">Equity</span> <span word="Association">Association</span>, <span word="says">says</span> <span word="the">the</span> <span word="smarter">smarter</span> <span word="money">money</span> <span word="is">is</span> <span word="targeting">targeting</span> <span word="middle">middle</span> <span word="market">market</span> <span word="deals">deals</span> <span word="worth">worth</span> <span word="less">less</span> <span word="than">than</span> $50<span word="m">m</span>, <span word="which">which</span> <span word="he">he</span> <span word="believes">believes</span> <span word="have">have</span> <span word="stronger">stronger</span> <span word="growth">growth</span> <span word="prospects">prospects</span>.新兴市场私人股本协会(<span word="Emerging">Emerging</span> <span word="Markets">Markets</span> <span word="Private">Private</span> <span word="Equity">Equity</span> <span word="Association">Association</span>)创始人罗杰?利兹(<span word="Roger">Roger</span> <span word="Leeds">Leeds</span>)表示，更精明的资金正在瞄准5000万美元以下的中等规模投资机会。他认为这一领域的增长前景更为强劲。“<span word="The">The</span> <span word="fund">fund</span> <span word="managers">managers</span> <span word="are">are</span> <span word="happy">happy</span> <span word="to">to</span> <span word="take">take</span> <span word="investors">investors</span>’ <span word="money">money</span> <span word="but">but</span> <span word="it">it</span> <span word="puts">puts</span> <span word="tremendous">tremendous</span> <span word="pressure">pressure</span> <span word="on">on</span> <span word="them">them</span> <span word="to">to</span> <span word="do">do</span> <span word="bigger">bigger</span> <span word="deals">deals</span> <span word="and">and</span> <span word="they">they</span>’<span word="re">re</span> <span word="going">going</span> <span word="to">to</span> <span word="run">run</span> <span word="out">out</span>,” <span word="he">he</span> <span word="says">says</span>. “<span word="They">They</span>’<span word="re">re</span> <span word="all">all</span> <span word="complaining">complaining</span> <span word="they">they</span>’<span word="re">re</span> <span word="finding">finding</span> <span word="trouble">trouble</span> <span word="finding">finding</span> <span word="deals">deals</span> <span word="and">and</span> <span word="they">they</span>’<span word="re">re</span> <span word="competing">competing</span> <span word="with">with</span> <span word="each">each</span> <span word="other">other</span> <span word="and">and</span> <span word="driving">driving</span> <span word="up">up</span> <span word="valuations">valuations</span>.”“基金经理很乐意吸收投资者资金，但这会对他们产生巨大的压力，要求他们投资大的项目，而这种投资机会快要没了，”他说，“他们都在抱怨难以找到投资机会，他们互相竞争，将估值越抬越高。”<span word="In">In</span> <span word="other">other</span> <span word="words">words</span>, <span word="as">as</span> <span word="the">the</span> <span word="African">African</span> <span word="growth">growth</span> <span word="story">story</span> <span word="attracts">attracts</span> <span word="more">more</span> <span word="and">and</span> <span word="more">more</span> <span word="funds">funds</span>, <span word="the">the</span> <span word="going">going</span> <span word="is">is</span> <span word="getting">getting</span> <span word="tougher">tougher</span>. 换言之，非洲的增长故事吸引了越来越多的资金，但现状却愈发严峻。<span word="That">That</span> <span word="is">is</span> <span word="one">one</span> <span word="reason">reason</span> <span word="why">why</span> <span word="resourceful">resourceful</span> <span word="and">and</span> <span word="locally">locally</span> <span word="based">based</span> <span word="managers">managers</span> <span word="matter">matter</span> <span word="so">so</span> <span word="much">much</span> <span word="more">more</span> <span word="today">today</span> <span word="than">than</span> <span word="in">in</span> <span word="the">the</span> <span word="past">past</span>.因此，有能力的当地基金经理发挥着比过去更重要的作用。“<span word="It">It</span>’<span word="s">s</span> <span word="no">no</span> <span word="longer">longer</span> <span word="like">like</span> <span word="venture">venture</span> <span word="capital">capital</span> <span word="where">where</span> <span word="you">you</span> <span word="take">take</span> <span word="a">a</span> <span word="shotgun">shotgun</span> <span word="approach">approach</span> <span word="and">and</span> <span word="hopefully">hopefully</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="pellets">pellets</span> <span word="will">will</span> <span word="hit">hit</span> <span word="the">the</span> <span word="bullseye">bullseye</span>,” <span word="says">says</span> <span word="veteran">veteran</span> <span word="fund">fund</span> <span word="manager">manager</span> <span word="Michael">Michael</span> <span word="Turner">Turner</span> <span word="at">at</span> <span word="Actis">Actis</span>, <span word="the">the</span> <span word="UK">UK</span>-<span word="based">based</span> <span word="fund">fund</span> <span word="manager">manager</span>, <span word="which">which</span> <span word="is">is</span> <span word="raising">raising</span> <span word="money">money</span> <span word="for">for</span> <span word="a">a</span> <span word="new">new</span> <span word="global">global</span> <span word="fund">fund</span> <span word="that">that</span> <span word="will">will</span> <span word="include">include</span> <span word="Africa">Africa</span>. “<span word="In">In</span> <span word="today">today</span>’<span word="s">s</span> <span word="African">African</span> <span word="private">private</span> <span word="equity">equity</span> <span word="you">you</span> <span word="can">can</span>’<span word="t">t</span> <span word="afford">afford</span> <span word="to">to</span> <span word="have">have</span> <span word="failures">failures</span> – <span word="it">it</span>’<span word="s">s</span> <span word="extremely">extremely</span> <span word="hard">hard</span> <span word="to">to</span> <span word="come">come</span> <span word="back">back</span> <span word="in">in</span> <span word="a">a</span> <span word="portfolio">portfolio</span> <span word="to">to</span> <span word="deliver">deliver</span> <span word="an">an</span> <span word="overall">overall</span> <span word="good">good</span> <span word="profit">profit</span> <span word="if">if</span> <span word="you">you</span>’<span word="ve">ve</span> <span word="had">had</span> <span word="one">one</span> <span word="or">or</span> <span word="two">two</span> <span word="wipeouts">wipeouts</span>.”英国基金管理公司英联(<span word="Actis">Actis</span>)正在为一支囊括非洲的新全球性基金募资。该公司的资深基金经理迈克尔?特纳(<span word="Michael">Michael</span> <span word="Turner">Turner</span>)称：“现在私人股本投资跟风投不一样了，风投是漫天放枪，指望有一颗子弹能命中靶心。但当今的非洲私人股本领域容不得失败——如果有一两笔投资崩盘，一项投资组合就极难产生总体上很好的利润。”<span word="Sev">Sev</span> <span word="Vettivetpillai">Vettivetpillai</span> <span word="has">has</span> <span word="made">made</span> <span word="dozens">dozens</span> <span word="of">of</span> <span word="Africa">Africa</span> <span word="investments">investments</span> <span word="and">and</span> <span word="exits">exits</span> <span word="as">as</span> <span word="head">head</span> <span word="of">of</span> <span word="Aureos">Aureos</span>, <span word="which">which</span> <span word="was">was</span> <span word="bought">bought</span> <span word="by">by</span> <span word="Abraaj">Abraaj</span> <span word="Capital">Capital</span> <span word="of">of</span> <span word="the">the</span> <span word="United">United</span> <span word="Arab">Arab</span> <span word="Emirates">Emirates</span> <span word="last">last</span> <span word="year">year</span>. <span word="He">He</span> <span word="says">says</span> <span word="the">the</span> <span word="days">days</span> <span word="of">of</span> <span word="flying">flying</span> <span word="in">in</span> <span word="and">and</span> <span word="out">out</span> <span word="of">of</span> <span word="Africa">Africa</span> <span word="and">and</span> <span word="managing">managing</span> <span word="investments">investments</span> <span word="from">from</span> <span word="a">a</span> <span word="distance">distance</span> <span word="are">are</span> <span word="over">over</span>.作为欧瑞斯(<span word="Aureos">Aureos</span>)的首席执行官，塞夫?维蒂维特皮莱(<span word="Sev">Sev</span> <span word="Vettivetpillai">Vettivetpillai</span>)在非洲做过许多投资，也曾退出其中的一些投资。欧瑞斯去年被阿联酋的<span word="Abraaj">Abraaj</span> <span word="Capital">Capital</span>收购。他表示，不停往返非洲、远程管理投资的日子已经远去。“<span word="The">The</span> <span word="growth">growth</span> <span word="story">story</span> <span word="is">is</span> <span word="very">very</span> <span word="valid">valid</span> <span word="and">and</span> <span word="real">real</span> <span word="across">across</span> <span word="Africa">Africa</span>, <span word="but">but</span> <span word="it">it</span> <span word="still">still</span> <span word="remains">remains</span> <span word="that">that</span> <span word="if">if</span> <span word="you">you</span> <span word="pick">pick</span> <span word="the">the</span> <span word="wrong">wrong</span> <span word="partner">partner</span> <span word="and">and</span> <span word="the">the</span> <span word="wrong">wrong</span> <span word="industry">industry</span>, <span word="you">you</span>’<span word="re">re</span> <span word="not">not</span> <span word="likely">likely</span> <span word="to">to</span> <span word="be">be</span> <span word="benefiting">benefiting</span> <span word="from">from</span> <span word="that">that</span> <span word="growth">growth</span> <span word="story">story</span>. <span word="Without">Without</span> <span word="the">the</span> <span word="right">right</span> <span word="management">management</span> <span word="team">team</span> <span word="you">you</span> <span word="will">will</span> <span word="lose">lose</span> <span word="your">your</span> <span word="money">money</span>. <span word="You">You</span> <span word="won">won</span>’<span word="t">t</span> <span word="get">get</span> <span word="out">out</span> <span word="of">of</span> <span word="that">that</span> <span word="hole">hole</span>.”“非洲各地的增长故事真实可信，但如果选错合作伙伴和行业，你仍然难以从中受益。没有合适的管理团队，你便会赔钱，后果难以收拾。”<span word="Additional">Additional</span> <span word="reporting">reporting</span> <span word="by">by</span> <span word="Andrew">Andrew</span> <span word="England">England</span> <span word="and">and</span> <span word="Anne">Anne</span>-<span word="Sylvaine">Sylvaine</span> <span word="Chassany">Chassany</span>安德鲁?英格兰(<span word="Andrew">Andrew</span> <span word="England">England</span>)和安妮-西尔万?沙萨尼(<span word="Anne">Anne</span>-<span word="Sylvaine">Sylvaine</span> <span word="Chassany">Chassany</span>)补充报道</p>

查看完整版本: 海国百态:非洲人民的钱不好赚