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2021-06-28

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KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>

2021-06-28

Gogogo , waiting for the dip

KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>

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More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127548021,"gmtCreate":1624858887463,"gmtModify":1633947840492,"author":{"id":"3577700495310104","authorId":"3577700495310104","name":"Teedon","avatar":"https://static.tigerbbs.com/c1f65428a37a47af571c23795b98a763","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577700495310104","idStr":"3577700495310104"},"themes":[],"title":"","htmlText":"Gogogo , waiting for the dip","listText":"Gogogo , waiting for the dip","text":"Gogogo , waiting for the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127548021","repostId":"1194817259","repostType":4,"repost":{"id":"1194817259","kind":"news","pubTimestamp":1624858089,"share":"https://www.laohu8.com/m/news/1194817259?lang=zh_CN&edition=full","pubTime":"2021-06-28 13:28","market":"us","language":"en","title":"KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194817259","media":"Bloomberg","summary":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership","content":"<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":127546836,"gmtCreate":1624858949925,"gmtModify":1633947839354,"author":{"id":"3577700495310104","authorId":"3577700495310104","name":"Teedon","avatar":"https://static.tigerbbs.com/c1f65428a37a47af571c23795b98a763","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577700495310104","authorIdStr":"3577700495310104"},"themes":[],"title":"","htmlText":"Trying to comment, testing","listText":"Trying to comment, testing","text":"Trying to comment, testing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/127546836","repostId":"1194817259","repostType":4,"repost":{"id":"1194817259","kind":"news","pubTimestamp":1624858089,"share":"https://www.laohu8.com/m/news/1194817259?lang=zh_CN&edition=full","pubTime":"2021-06-28 13:28","market":"us","language":"en","title":"KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194817259","media":"Bloomberg","summary":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership","content":"<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127548021,"gmtCreate":1624858887463,"gmtModify":1633947840492,"author":{"id":"3577700495310104","authorId":"3577700495310104","name":"Teedon","avatar":"https://static.tigerbbs.com/c1f65428a37a47af571c23795b98a763","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577700495310104","authorIdStr":"3577700495310104"},"themes":[],"title":"","htmlText":"Gogogo , waiting for the dip","listText":"Gogogo , waiting for the dip","text":"Gogogo , waiting for the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127548021","repostId":"1194817259","repostType":4,"repost":{"id":"1194817259","kind":"news","pubTimestamp":1624858089,"share":"https://www.laohu8.com/m/news/1194817259?lang=zh_CN&edition=full","pubTime":"2021-06-28 13:28","market":"us","language":"en","title":"KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194817259","media":"Bloomberg","summary":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership","content":"<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>KKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKKR Dealmakers Pause for Breath After $60 Billion Pandemic Binge<blockquote>KKR 交易撮合者在 600 亿美元的大流行狂欢后暂停喘息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-28 13:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR &amp; Co.’s leadership taking stock -- and a breather.</p><p><blockquote>(彭博社） -- 总额近 600 亿美元的全球交易狂潮让 KKR &amp; Co.</blockquote></p><p> When the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.</p><p><blockquote>当疫情袭击时，在菲利普·弗雷斯和马蒂亚·卡普里奥利在欧洲担任新职务后不久，收购公司开始部署尽可能多的资本，而大多数竞争对手则有所保留。总额的三分之一以上用于欧洲，KKR 在关闭上一只基金一年后就开始着手设立专门用于该地区的新基金。</blockquote></p><p> The breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.</p><p><blockquote>快节奏的交易造成了损失。在员工对工作到辞职的文化望而却步后，KKR 现在呼应了高盛集团 (Goldman Sachs Group Inc.) 等投资银行采取的较为温和的语气。47 岁的弗雷泽在接受采访时说，收购行业高绩效面临的最大挑战是 “持续的疲惫”。</blockquote></p><p> “As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”</p><p><blockquote>“作为新一代领导者，我们的工作就是真正磨练脾气，”这位与卡普里奥利共同担任 KKR 欧洲私募股权业务负责人的德国交易撮合者说。“这几乎就像指挥一个管弦乐队，整个过程都变成了'瓦尔基里之旅'--我们必须放慢一点速度，以保护人类元素不崩溃”。</blockquote></p><p> The unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.</p><p><blockquote>在残酷的收购行业中，领导者的语气异常开放，正值工作场所文化受到越来越多的审查，雇主们想方设法留住年轻一代员工之际。疫情提供了一杯残酷的鸡尾酒，其中包括被隔离在家中的员工在马拉松视频评级上达成的更多交易。Freise 和 Caprioli 现在的首要任务是提供恢复时间，并为更深思熟虑的投资方法腾出空间。</blockquote></p><p> They gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.</p><p><blockquote>去年11月和12月，他们每周五给初级员工放假，鼓励他们花时间思考和阅读。两人还将医疗技术和未来工作等新兴趋势的责任交给了他们的后起之秀。</blockquote></p><p> “I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”</p><p><blockquote>“我不认为 10 年前在私募股权行业，人们真的把专注于管理视为自己的工作。他们认为走出去寻找交易是他们的工作，”弗雷斯说。“私募股权行业的未来架构是组建、留住和管理高绩效团队。”</blockquote></p><p> Wall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.</p><p><blockquote>今年，高盛初级分析师的一份演示文稿被泄露，详细介绍了他们严峻的工作量，这在华尔街引起了轩然大波。银行的回应是提高工资、提供保留奖金或提供从 Peloton 自行车到苹果小工具的福利。</blockquote></p><p> The issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.</p><p><blockquote>投资银行等收购公司的问题是，由于疫情带来了过多的交易机会，员工们夜以继日地工作。随着 Covid-19 在全球蔓延，KKR 决定不再重蹈金融危机的覆辙，当时它基本上处于观望状态。</blockquote></p><p> It became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.</p><p><blockquote>这成为 KKR 在欧洲的关键时刻，因为它以前在欧洲的投入不如在世界其他地区那么多。根据彭博社汇编的数据，自疫情爆发以来，KKR 已宣布在该地区进行 196 亿美元的交易，从上市公司收购到少数股权投资。该公司还从其他私募股权公司手中抢购资产，有时甚至在竞争对手有机会出价之前就突然介入。</blockquote></p><p> “If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.</p><p><blockquote>“47 岁的意大利人卡普里奥利曾在高盛从事并购工作，他说：”如果说有什么不同的话，那就是我们错过了一些机会。</blockquote></p><p> Just as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.</p><p><blockquote>就在去年 3 月病毒封锁生效之际，KKR 以 42 亿英镑（58 亿美元）的价格收购了 Pennon Group Plc 的废物管理部门。它还以43亿美元的交易从科蒂公司手中收购了威娜和克莱尔护发品牌。</blockquote></p><p> Later in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.</p><p><blockquote>同年晚些时候，KKR 与 Cinven 和 Providence Equity Partners 合作，以 30 亿欧元（36 亿美元）的价格将 Masmovil Ibercom SA 私有化，并同意与 Ardian 一起投资法国连锁医院 Elsan。弗雷斯表示，市场混乱帮助 KKR 以比激烈拍卖过程中支付的价格低 20% 至 30% 的价格购买了一些资产。该公司今年 5 月达成协议，以 27 亿美元（包括债务）收购环境咨询公司 ERM Group Inc.。</blockquote></p><p> Caprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.</p><p><blockquote>卡普里奥利预计将会有更多交易，重点是医疗保健、可持续发展、科技和英国。由于创纪录的资金流入私募股权基金和活跃的债务市场，对目标的竞争正在加剧。</blockquote></p><p> Success may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.</p><p><blockquote>成功可能需要一种新的方法。卡普里奥利说，他认为这一刻是一个回顾KKR如何招募、激励和留住人才的机会。今年早些时候，该公司聘请了一名前音乐会钢琴家担任伦敦的运营主管，与其投资组合中的科技公司合作。</blockquote></p><p> “We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”</p><p><blockquote>“他说：”我们需要深入思考的人。“这类简介，你能从大学毕业，还是能从街头找到？这是一个有趣的挑战”。</blockquote></p><p></p><p> Freise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.</p><p><blockquote>弗雷斯曾帮助创建柏林失败的创业孵化器 Venturepark，近二十年前，当他作为 KKR 最早的伦敦员工之一加入 KKR 时，他还无法建立财务模型。</blockquote></p><p> “A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”</p><p><blockquote>“他说：”如今的高绩效球队与 10 年前大不相同。“我们必须标新立异，以确保思想的多样性”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://finance.yahoo.com/news/kkr-dealmakers-pause-breath-60-040000439.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194817259","content_text":"(Bloomberg) -- A relentless global deal binge totaling nearly $60 billion has KKR & Co.’s leadership taking stock -- and a breather.\nWhen the pandemic hit, shortly after Philipp Freise and Mattia Caprioli took over new roles in Europe, the buyout house started deploying as much capital as possible while most rivals held back. More than a third of the total was spent in Europe, and KKR started working on a new fund dedicated to the region just a year after closing the last one.\nThe breakneck pace of deals took its toll. KKR is now echoing the gentler tone adopted by investment banks like Goldman Sachs Group Inc. after employees balked at the work-till-you-drop culture. The biggest challenge to high performance in the buyout industry is “constant exhaustion,” Freise, 47, said in an interview.\n“As new-generation leaders, our job is to really temper,” said the German dealmaker, who’s co-head of KKR’s European private equity business with Caprioli. “It is almost like conducting an orchestra where the whole thing has gone into ‘Ride of the Valkyries’ -- we have to slow down a little bit to protect the human element from crashing.”\nThe unusually open tone by leaders in the cutthroat buyout industry comes as workplace cultures come under increasing scrutiny and employers seek ways to retain a younger generation of workers. The pandemic served up a brutal cocktail of more deals done over marathon video calls by employees isolated at home. The priority now for Freise and Caprioli is to offer time to recover and make room for a more thoughtful investing approach.\nThey gave junior staff every Friday off in November and December last year, encouraging them to spend time thinking and reading. The duo have also handed responsibility to their rising stars for emerging trends like medical technology and the future of work.\n“I don’t think that in the private equity industry 10 years ago people saw it really as their jobs to focus on managing. They thought it was their job to go out and find deals,” Freise said. “The future setup of the private equity industry is to assemble, to retain and manage high-performance teams.”\nWall Street was set abuzz this year by a leaked presentation from junior Goldman analysts detailing their punishing workload. Banks have responded by raising pay, offering retention bonuses or giving perks from Peloton bikes to Apple gadgets.\nThe issue at buyout firms, like investment banks, is that employees worked around the clock as the pandemic threw up a plethora of deal opportunities. As Covid-19 spread around the globe, KKR decided to not repeat its mistake from the financial crisis, when it stayed largely on the sidelines.\nIt became a pivotal moment for KKR in Europe, where it previously hadn’t deployed as much money as in other parts of the world. KKR has announced $19.6 billion of deals in the region since the start of the pandemic, from listed company buyouts to minority investments, according to data compiled by Bloomberg. It’s also snapped up assets from other private equity firms, and sometimes swooped in before rivals had a chance to bid.\n“If anything, we missed some opportunities that if we had more capital available we would have done,” said Caprioli, a 47-year-old Italian who previously worked in mergers and acquisitions at Goldman.\nJust as virus lockdowns were coming into force in March last year, KKR bought Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.8 billion). It also acquired the Wella and Clairol hair-care brands from Coty Inc. in a $4.3 billion transaction.\nLater in the year, KKR teamed up with Cinven and Providence Equity Partners to take Masmovil Ibercom SA private in a 3 billion-euro ($3.6 billion) deal and agreed to invest in French hospital chain Elsan alongside Ardian. Market dislocations helped KKR buy some assets for 20% to 30% less than it would pay in a heated auction process, Freise said. The firm reached an agreement this May to buy environmental consultancy ERM Group Inc. for $2.7 billion including debt.\nCaprioli sees more deals on the horizon, with a focus on health care, sustainability, tech and the U.K. Competition for targets is rising, thanks to the record amounts of capital flowing into private equity funds and buoyant debt markets.\nSuccess may require a new approach. Caprioli said he sees this moment as an opportunity to review how KKR recruits, motivates and retain talent. Earlier this year, it hired a former concert pianist as an operating executive in London to work with tech companies in its portfolio.\n“We need people who go deep in their thinking process,” he said. “Those type of profiles, do you get them out of university, or can you get someone who is streetwise? It’s an interesting challenge.”\nFreise, who previously helped found the failed Venturepark startup incubator in Berlin, couldn’t build financial models when he joined KKR nearly two decades ago as one of its earliest London employees.\n“A high-performance team these days is very different from 10 years ago,” he said. “We have to be unconventional to ensure diversity of thought.”","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}