Institutional Money, Ausgabe 4 | 2025
ljHOG %ODFNVWRQH ..5 XQG $SROOR GLH GHQ /ĆZHQDQ- WHLO GHV 0DUNWHV DXVPDFKHQ 6R XPIDVVW EHLVSLHOVZHLVH GHU 6 3 /LVWHG 3ULYDWH (TXLW\ ,QGH[ 8QWHUQHKPHQ PLW HLQHP DJJUHJLHUWHQ 0DUNWZHUW YRQ IDVW 0LOOLDU- GHQ 86 'ROODU ZRYRQ GLH JUĆĕWHQ ]HKQ .RQ]HUQH PHKU DOV GLH +ÌOIWH DXVPDFKHQ )ĞU LQVWLWXWLRQHOOH ,QYHVWRUHQ LVW DEHU YRU DOOHP GHU 7HLO GHV 0DUNWHV LQWHUHVVDQW GHU UHLQHV 3ULYDWH (TXLW\ LQ )RUP YRQ %X\ RXWV UHSUÌVHQWLHUW *HQDX GLHVHV 6HJPHQW XQWHUVXFKHQ 5LFKDUG (QQLV (QQLV.QXSS XQG 'DQLHO 5DVPXVVHQ 9HUGDG )XQG $GYLVHUV LQ LKUHP 3DSHU Ľ:KDW WKH 6WRFN 0DUNHW &DQ 7HDFK 8V $ERXW 3UL- YDWH (TXLW\ĺ 'DULQ EHWUDFKWHQ VLH DQ HXURSÌLVFKHQ %ĆUVHQ QRWLHUWH JHVFKORVVHQH )RQGV GLH W\SLVFKH $QODJH]LHOH YRQ 3HQVLRQVIRQGV XQG 6WLIWXQJHQ GDUVWHOOHQ $OOHUGLQJV OÌVVW GLH $QDO\VH GHQ *ODQ] YRQ 1$9EDVLHUWHQ 6WXGLHQ YHUEODV- VHQ 'HQQ GLH $XWRUHQ NRPPHQ ]X GHP 6FKOXVV GDVV LQV- WLWXWLRQHOOH $QOHJHU GDV 5LVLNR LKUHU 3ULYDWH (TXLW\ 3RUWIR- OLRV ZDKUVFKHLQOLFK XQWHUVFKÌW]HQ Vola-Wäsche (V LVW OÌQJVW NHLQ *HKHLPQLV PHKU GDVV GLH ĞEOLFKH %HZHU- WXQJ YRQ 3ULYDWH (TXLW\ DXI %DVLV YRQ 1$9V GLH 9RODWLOL- WÌW GHU DXVJHZLHVHQHQ 5HQGLWHQ XQWHUVFKÌW]W 'LHVHU (ȬHNW ZLUG DXFK DOV 9RODWLOLW\ /DXQGHULQJ EH]HLFKQHW (U ]HLJW VLFK LP HUVWHQ 7HLO GHV 3DSHUV GHXWOLFK 'RUW ZLUG GLH 9ROD- WLOLWÌW GHU MÌKUOLFKHQ 5HQGLWHQ DQKDQG HLQHU 6WLFKSUREH YRQ ]HKQ DQ GHU /RQGRQHU %ĆUVH QRWLHUWHQ )RQGV EHUHFKQHW :ÌKUHQG GLH 6FKZDQNXQJVEUHLWHQ GHU 1$9V NDXP KĆKHU VLQG DOV GLH GHV 06&,:RUOG OLHJW LKUH 9RODWLOLWÌW DP0DUNW HUKHEOLFK KĆKHU VLHKH *UDljN Ľ:DKUH 9RODWLOLWÌW YRQ /LVWHG 3ULYDWH (TXLW\ĺ $XĕHUGHP VLQG GLH 1$9'UDZGRZQV YLHO NOHLQHU DOV GLH 5ĞFNVHW]HU DP0DUNW 'RFK GDV LVW QRFK QLFKW DOOHV :LH 6LPRQ 1RFHUD LQ %H]XJ DXI GLH 6HNXQGÌUPDUNWSUHLVH VFKUHLEHQ DXFK5LFKDUG (QQLV XQG 'DQLHO 5DVPXVVHQ LQ %H]XJ DXI /LVWHG 3UL- YDWH (TXLW\ GDVV GLH .RUUHODWLRQ ]XP $NWLHQPDUNW ZHLW- DXV KĆKHU LVW DOV DXI %DVLV GHU 1$9V 'HPQDFK KDWWH LKU HUUHFKQHWHU /LVWHG 3ULYDWH (TXLW\ ,QGH[ LQ GHQ -DKUHQ ELV (QGH -XQL HLQH .RUUHODWLRQ YRQ PLW GHP 06&, $OO &RXQWU\ :RUOG ,QGH[ 'HU 'LYHUVLljNDWLRQVHI- IHNW YRQ 3ULYDWH (TXLW\ LVW GHPQDFK JHULQJHU DOV XQWHU 9HU- ZHQGXQJ GHU 1$9V GLH LQ GLHVHP )DOO HLQH .RUUHODWLRQ YRQ DXIZLHVHQ Discount am Markt +LQ]X NRPPW HLQ JURĕHU $EVFKODJ GHU 0DUNWSUHLVH YRQ GHQ 1$9V 'DV EH]HLFKQHQ GLH $XWRUHQ DOV 3ULYDWH (TXLW\ 'LVFRXQW :ÌKUHQG GHU GXUFKVFKQLWWOLFKH 1$9$EVFKODJ IĞU %X\ RXW7UDQVDNWLRQHQ DP 6HNXQGÌUPDUNW VHOWHQ ĞEHU ]HKQ 3UR]HQW OLHJW EHWUÌJW HU EHL GHQ 0DUNWSUHLVHQ IĞU /LVWHG 3ULYDWH (TXLW\ HWZD 3UR]HQW =XGHP VFKZDQNW GHU $EVFKODJ KLHU YLHO VWÌUNHU ,Q GHU 6SLW]H EHWUXJ HU XQG ]XOHW]W HWZD 3UR]HQW VLHKH *UDljN Ľ/LVWHG 3ULYDWH (TXLW\ 'LVFRXQWĺ (QWVFKHLGHQG LVW QXQ GLH )UDJH ZHVKDOE ]ZLVFKHQ GHQ 3UHLVHQ DP 6HNXQGÌUPDUNW XQG /LVWHG 3ULYDWH (TXLW\ HLQH GHUDUW JURĕH 'LȬHUHQ] EHVWHKW 'HQ $XWRUHQ ]XIROJH OLHJW GDV GDUDQ GDVV DXFK GHU 6HNXQGÌUPDUNW YHU]HUUW LVW 'HP- QDFK YHUVXFKHQ GLH ,QYHVWRUHQ GHQ $EVFKODJ GRUW VR JHULQJ ZLH PĆJOLFK ]X KDOWHQ 'DV LVW PĆJOLFK LQGHP VLH GLH 7HLO- » Unsere Ergebnisse deuten darauf hin, dass die Verwendung von NAVs für die Bewertung irreführend sein kann. « Brian Boyer, Associate Professor of Finance, Marriott School of Business, Brigham Young University Listed Private Equity Discount Marktpreise von Listed Private Equity mit großen Abschlägen zum NAV Die Marktpreise der zehn in der Untersuchung ausgewählten Listed-Private-Equity-Fonds haben viel höhere Abschläge zum NAV als die Preise am Sekundärmarkt. Zudem schwankt die Höhe der Abschläge wesentlich stärker. Quelle: Ennis, R. / Rasmussen, D. (2025), What the Stock Market Can Teach Us About Private Equity 50 % 40 % 30 % 20 % 10 % 0 % 2025 I 2024 I 2023 I 2022 I 2021 I 2020 I 2019 I 2018 I 2017 I 2016 I 2015 Abschlag vom NAV 138 N o . 4/2025 | institutional-money.com THEORIE & PRAXIS | Private Equity FOTO: © BRIGHAM YOUNG UNIVERSITY Wahrscheinlich unterschätzen institutionelle Anleger das Risiko ihrer Private-Equity- Portfolios .
Made with FlippingBook
RkJQdWJsaXNoZXIy ODI5NTI=