June 2016 Newsletter



Jueves, 20 Febrero 2020 00:00



Lunes, 09 Diciembre 2019 00:00

The future of private equity

Over the last few decades, just about everything private equity has touched has turned into gold. Assets under management (AuM) and dry powder levels are at historic highs, and despite fears of an economic slowdown, the industry’s average internal rates of return are poised to significantly outperform the S&P 500.

PE’s growth trajectory is likely to get even more gilded in the years ahead. If anything, the forces that contributed to the industry’s success have only gathered strength. Ready stores of capital, superior market returns, and fund sizes that have grown to eclipse the gross domestic product of some small countries have acted as an accelerant, put-ting PE on course for an astonishing rise. It’s not far-fetched to imagine that in ten years, PE could operate at the center of multiple financial and commercial ecosys-tems and rival public markets in scale and scope.

Such predictions might seem overblown were it not for a confluence of trends that play directly into PE’s strengths. They include shifts within the business landscape that give the edge to those willing to place bold bets, value creation levers like digiti-zation that advantage those able to make and sustain needed investments, and scale effects that benefit players able to apply in-sights from across businesses, disciplines, and geographies. PE sits at the intersection of many of these forces. As a major inves-tor across industries, and one with the abil-ity to plan and advise over a longer invest-ment horizon, PE has an opportunity to use its resources and influence to be an agent of change and a driver of long-term prosperity.

Yet mining the growth potential of the next few years will require firms to transform in ways that cut to the core of their business and operating models. What worked in the past will not work going forward. Leaders can either go for gold or settle for scrap. Those that want to win over the next de-cade must rethink their traditional strate-gy-setting, deal-making, and management approaches and craft a new leadership agenda.

PE Is at an Inflection Point

The modern PE industry has come a long way from the junk bonds and leveraged buyouts that characterized its early days. In 1980, only a handful of firms existed, none of them household names at the time, and private placements were little understood. Since then, the industry has grown expo-nentially. In less than four decades, this once obscure corner of finance has become a $4 trillion global sector and a major source of capital formation, whose diverse offerings now include everything from tra-ditional buyouts to alternative asset man-agement. (See Exhibits 1 and 2.)

There is much to celebrate. Yet the indus-try’s success to date is a drop in the bucket compared with what the next ten years could hold. PE currently represents less than 5% of total AuM globally and less than 2% of total investable capital. Not only is there plenty of room to grow, a combina-tion of factors could give leading players a major bounce.

First, the industry is accumulating capital at an unprecedented rate. PE raised more than $1 trillion in the past three years alone, and AuM are growing at two times the rest of the private capital market. With liquidity strong and funds outperforming most other asset classes, forward price earnings analyses now place a higher value on alternative asset managers than on tra-ditional ones.

Second, PE is gaining influence across ma-jor sectors of the economy as fund sizes grow. “Megafunds,” each with more than $10 billion in AuM, are becoming a fixture of the PE environment, with more than 50 launched since 2010. In recent years, those funds have gotten even larger. In 2017, Apollo stunned the investor world when it launched a buyout vehicle totaling $24.6 billion. Blackstone is the latest to reach nosebleed heights, with its September 2019 announcement that it had raised $26 bil-lion for its newest flagship buyout fund.

Third, business and investor sentiment is shifting in favor of private placements as short-term earnings pressure and share price volatility sour some companies and backers on the public markets. With stock performance for newly public companies slumping and the postponement of several high-profile IPOs, including WeWork and Endeavor, we expect the public-to-private trend to gather momentum.

Finally, the near-term economic outlook, though poor for some, could be a boon for PE. With underperforming companies forced to devote attention and resources to shoring up balance sheets, well-positioned PE firms and portfolio companies can take advantage of the slack to advance their market position, embrace new investments, and fast-track business and operating mod-el improvements.




Big Returns Will Require Bold Changes

All told, PE has the potential to occupy a very different and far more powerful posi-tion in the business and financial markets by 2030. But firms will have to work a lot harder than before to capture that growth. Moreover, the forces roiling the broader business landscape will change what it takes to win. Leaders cannot hope to suc-ceed using their current business practices and operating structure.

If AuM swell by five times in the space of ten years, existing PE models will come un-der enormous pressure. As capital floods in, firms will have to work differently to deliver the strong returns and outperfor-mance that investors have come to expect. Boosting returns amid ongoing economic, geopolitical, and market uncertainty will require leaders to think, plan, and invest in new ways—with a focus on value, an em-phasis on digitization, and a commitment to evolving their internal and portfolio company organizational models.

The rising tide will not lift all boats. We’re likely to see greater bifurcation between huge funds and niche specialists. Since 2000, top-tier PE firms have delivered an internal rate of return (IRR) 7.5 points greater, or 60% higher, than that of median players, and that spread is only likely to grow. In addition, organizational models for most firms will be pulled between the need to achieve scale on the one hand and diversification on the other. Given the speed of change, it will no longer be enough to improve by increments or to overhaul functions or capabilities individu-ally. Firms must develop the ability to pull multiple transformation levers in parallel, combined with massive upskilling and re-skilling to build critical capabilities—within their own organizations and across their portfolio companies.

In the meantime, technology continues to advance. If time is money, earning it will require firms and portfolio companies to catch up with digital leaders and acquire the tools and capabilities to use informa-tion to their advantage. Firms will have to think deeply and more creatively about how to attract and retain the needed skills—and more fundamentally, about what they want to be. Are they content with becoming “boring asset managers,” or can they capture and scale the smart, com-petitive energy that defined their early suc-cess—and do so in ways that align with ris-ing environmental, social, and governance expectations?

The ‘20s are just beginning, but the most attractive opportunities will go to players that start the decade with eyes wide open. We believe success will hinge on taking the following five actions.


Create a Differentiated Go-to-Market Strategy

Over the next ten years, competition for deals will increase, and—if past experience is any guide—many firms will face pres-sure to boost returns through higher deal multiples and leverage. With megafunds like SoftBank, large sovereign wealth and pension funds, and select PE funds like Carlyle and Blackstone allocating land-scape-shifting sums of capital, we will see greater strategic stratification. Big firms will get bigger and the gap between them and the rest of the field will widen, with smaller firms forced to specialize.

To protect growth, PE leaders need to make an honest assessment of their market position and prospects, and develop a clear and differentiated go-to-market strategy. For large funds, that strategy should em-phasize deeper diversification, not just across industries but also across geogra-phies and asset classes. Blackstone, for in-stance, has added new real estate and debt funds over the last five years and entered new geographies. That expanded reach has allowed the firm to use its insights and ex-pertise across asset classes to the advan-tage of its buyout teams. 

Few small and medium-sized funds will be able to amass the scale and resources to compete effectively with large funds. But they don’t need to. Rather than diluting their efforts in a vain attempt to service the entire value chain, they should seek to dominate high-growth niches and tailor their strategies to become specialists in a particular geography, industry, or asset class. Vista, for instance, has focused al-most exclusively on US enterprise software companies, delivering an IRR of 22% over the past decade; others, like Nordic Capital, have successfully focused on technology angles in select verticals like health care and financial services, while Navis and Af-finity have concentrated on family-owned businesses in Southeast Asia.


Design the Firm of the Future

Capturing and managing the growth op-portunities of the next ten years will re-quire firms to evolve their organizational practices and structures and become flat-ter, more collaborative, and more nimble. As funds get larger and investment more diverse, PE firms will require expertise from multiple domains. Cross-deal team in-tegration around assets that have comple-mentary characteristics (for instance, com-bining growth in technology and real estate with leveraged buyout teams) will be cru-cial. An asset with significant technology or real estate holdings, for example, will need a deal team that can assess the value or risks associated with those technologies or properties, just as deals with asymmetrical downside exposure will need teams with both debt expertise and traditional equity muscle.

Leaders need to establish practices and in-centives that encourage collaborative team-ing and design processes that improve sourcing and thesis development. Organi-zations also need to manage the tension between longer holding periods and near-term value creation.

That balancing act requires building out the processes that enable a fail-fast-and-learn-quickly culture, while continuing to back transformational capabilities within the firm and across portfolio companies.

With information efficiency rapidly becom-ing a differentiating attribute, firms should use the current period, when many are flush with capital, to design robust knowl-edge-sharing processes. That includes codi-fying best practices and making them easi-er to access and apply at scale so that firms can leverage crucial insights—and act on them before their rivals do. 

To ensure that such events are not a one-off, firms need to build the capabilities and tools to manage complex transforma-tions—with the ability to meet several needs at once. In the years ahead, leader-ship in digital change management is likely to become one of the most defining charac-teristics of industry outperformers.


Achieve Digital Transforma-tion at Scale

Digital competencies will play a signifi-cantly greater role in value creation. To help targets incubate new products and services, achieve competitive cost perfor-mance, and fine-tune their commercial strategies, firms must aggressively imple-ment those capabilities. PE leaders are uniquely positioned to pinpoint high-value opportunities. What they must do now is scale those insights across their targets— tapping advances such as machine learn-ing, natural language processing, and pro-cess automation—to gain needed reach and dexterity.

Portfolio companies will have varying de-grees of digital maturity. How far and how fast to push the transformation will depend on their industry, competitive position, and balance sheet health. But all firms, regard-less of their baseline, need to help their portfolio companies articulate a clear digi-tal strategy that encompasses which prod-ucts and services to digitize, which data and analytics use cases to advance, and which supporting technology infrastructure to build or acquire.

The results can be transformative. One PE firm turned a 2x deal into a 9x deal by tak-ing advantage of the digital investments it had made in the company, transforming an old manufacturer into a new big data busi-ness. Likewise, a PE-backed company fo-cused on the coffee industry created a hy-perpersonalization platform that sent tailored offers to, and increased engage-ment with, millions of customers, boosting net incremental revenues by three times per customer and creating a $120 million uplift in revenue.


Embrace the Business Imper-ative of Diversity

The next ten years will see a war for talent as big firms scale and smaller ones diversi-fy. Technology and digital skills will be at a particular premium. Strong hires will have their choice of workplace. While PE firms, investment banks, and management con-sultancies were once the most sought after destination for the best and brightest, technology leaders and high-profile start-ups are now the go-to path for many prom-ising recruits.

The combination of rapid growth, fierce competition, and a “buyer’s” market pres-ents challenges for PE. Leaders need to be careful how they manage their growth lest they stultify and lose the cultural “mojo” that attracted so many bright young people to the industry. They also need to get cre-ative and develop career paths that will help build the digital competencies and provide the innovation edge that firms need.

The ambitious, can-do culture that attract-ed the sharpest minds over the last two de-cades will stale unless firms find a way to rejuvenate and redefine it for a new gener-ation. Firms need to think proactively about the future of work to avoid falling victim to their own success. Building teams that feature greater diversity in terms of background and expertise will be crucial.

Doing so effectively requires the ability to access a range of perspectives. PE, like much of the financial services industry, has suffered from a lack of diversity. Firms need to widen the recruiting funnel to gen-erate richer cognitive and social diversity, and set standards for diversity and inclu-sion within their portfolio companies. Research shows that organizations with diverse management teams have EBIT margins that are nearly 10 percentage points higher than those with below-aver-age diversity. Firms that take the lead on diversity initiatives can create a virtuous cycle that allows them to attract strong tal-ent, nurture innovation, and lay the foun-dation for sustained growth.


Optimize for Both Social and Business Value

As PE becomes an increasingly important player in shaping business performance, scrutiny over how and for whom it gener-ates value will grow. Perceptions that the industry prioritizes financial returns at the expense of job retention, organizational growth, and negative environmental impact remain pervasive. As a direct and indirect employer of millions of workers globally, firms need to embrace their role as holistic value creators and industry stalwarts.

Good corporate stewardship will be essen-tial. Firms need to demonstrate that their environmental, social, and governance (ESG) frameworks are more than just a su-perficial overlay. Greenwashing—overstat-ing an investment’s impact—remains an ongoing investor concern. To demonstrate credibility, managers need to make a more concerted push to incorporate ESG metrics into their investment methodologies—and demonstrate the financial value that comes from this approach. At Permira, for in-stance, ESG considerations are now part of its screening and due diligence processes, and they also influence its postacquisition approach. Having acquired Dr. Martens, for example, Permira is now working with the company to develop a more sustainable supply chain.

Leading firms will build on these steps, deeply embedding ESG metrics across the investment life cycle and launching targeted-impact funds that allow them to use their funding and expertise to enable large-scale social impact. Making the most of ESG op-portunities requires considering which met-rics and frameworks to adopt, which sectors to track and which to exclude, and what type of reporting structure and frequency makes the most sense.

As a $4 trillion industry that represents 5.5% of all equities, PE has become a behemoth on the financial stage. Its superi-or performance over the past decade shows no signs of abating. However, winning the future requires preparing for it now. Lead-ers that embrace the five imperatives out-lined here can turn PE into a force for good, with virtually no limit to how much they can grow.


14th March 2019

The Ghanaian market remains one of the top ten attractive investment destinations on the African continent, even after the worst banking crisis in its history, according to Rand Merchant Bank Ltd. (RMB), the Corporate and Investment Banking division of FirstRand Limited.

For the South African entity, growth will be driven mainly by the hydrocarbons sector with a continuous increase in oil and gas production.

In its latest annual 'Where to invest in Africa' study, Johannesburg-based RMB stated that "Ghana has solid growth rates centred on the hydrocarbon sector, while the progression of the non-oil industry is supported by pro-business reforms".

However, the country has dropped from fifth to ninth place in the 2019 ranking as a result of the International Monetary Fund's (IMF) downward revision of its last year's growth rate and the reforms needed to correct weaknesses in its banking sector, according to RMB analysts and study co-authors Celeste Fauconnier and Neville Mandimika.

"Competitive economies have shown greater improvements in both the economic and operating environment indices," the experts stress. "Structural strength could help Ghana reach its growth forecast for 2019.

In this context, gathers the news portal GhanaWeb, the Ministry of Finance forecasts an economic expansion rate of 7.6% for this year. In April 2018, the agency chaired by Christine Lagarde reduced the 2018 outlook from an estimated 8.9% in October 2017 to 6.3%. The national statistics agency will publish figures for the fourth quarter and provisional annual data on 17 April.

The eighth edition of the 'Where to invest in Africa' report emphasizes that efficient infrastructure is critical to uncovering opportunities and unlocking Africa's growth potential. According to the World Bank, the lack of efficient infrastructure reduces the continent's average per capita growth rate to 2.6% and puts significant pressure on human development.

The most recent estimate of the African Development Bank's (AfDB) infrastructure needs is between 130 billion and 170 billion dollars (in the range between 114 960 and 150 330 million euros) per year; however, "the available capital is insufficient to achieve this," says Fauconnier. This deficit presents an opportunity for companies involved in the development or financing of infrastructure projects.

In assessing Africa's most attractive investment sectors, RMB again considered two important conditions for viable investment: economic activity and the operating environment.

While there were changes in this year's ranking, the top three countries last year - Egypt, South Africa and Morocco - have maintained their positions in terms of investment attractiveness.

The analysis of the report on African nations reveals that 11 places will grow above 6%. Ethiopia is expected to be the fastest-growing economy, averaging 8.2% over the next six years.

Certain sectors offer opportunities for long-term growth prospects. Natural resources will continue to play a major role in attracting funds, particularly hydrocarbons and base and precious metals.

"The agricultural sector will become a more attractive investment target as world food processing (...) and demand increases," says Mandimika. "Significant demographic change, especially the sharp increase in population, urbanization and GDP per capita, also offers prospects for growth.

RMB also identifies other growth opportunities. From a fiscal perspective, Africa has low levels of revenue collection; and the IMF estimates that sub-Saharan Africa could collect between 3 % and 5 % of the additional Gross Domestic Product in fiscal revenue if it improves collection systems and expands the tax network.

These challenges need time to be resolved, as there has been no real progress in the overall operating environments. Victor Yaw Asante, head of Corporate, Commercial and Investment Banking at First National Bank Ghana, the local unit of RMB, believes that lack of access to finance, corruption, weak government and inadequate and inefficient infrastructure remain fundamental problems for doing business in Africa.

"In Ghana, for example, private sector investment is low, but it could change through more business environment reforms, greater infrastructure, and a more efficient business environment.

Martes, 30 Julio 2019 00:00

El reto de Africa


En 1885, tras la conferencia de Berlín, en la que se fijaron las reglas del reparto colonial del continente africano, Europa –sin Rusia– tenía alrededor de 275 millones de habitantes y África, seis veces y media mayor en tamaño, unos 100 millones.

De los 3.634 millones de personas que se añadirán a la población mundial hasta el final de siglo, casi el 90% (3.211 millones) nacerá en el continente africano.

Desde entonces, la población africana ha crecido vertiginosamente: si en 1930 ya alcanzaba los 150 millones, en 1960 eran 300, en 1990 ascendía a 600 y en 2017 llegaba a 1256. Y, de cara al futuro, las previsiones son aún más impresionantes: según la ONU en el año 2.050 África habrá duplicado su población con 2.527 millones de habitantes y, al terminar el siglo, casi volverá a duplicarla, alcanzando los 4.467.

En otras palabras, de los 3.634 millones de personas que se añadirán a la población mundial hasta el final de siglo, casi el 90% (3.211 millones) nacerá en el continente africano. Con un matiz, es en este continente donde se concentra la población más joven del planeta: en la actualidad, el 60% de sus habitantes tiene menos de 24 años de edad.

Si en sus países no encuentran formas de vida razonablemente satisfactorias, parte de estos jóvenes las buscarán como sea emigrando a otros lugares. Y, lógicamente, Europa tiene muchas papeletas para ser el destino final

Las cifras son mareantes y no hay que darle muchas vueltas para concluir que, si en sus países no encuentran formas de vida razonablemente satisfactorias, parte de estos jóvenes las buscarán como sea emigrando a otros lugares. Y, lógicamente, Europa tiene muchas papeletas para ser el destino final de muchos de ellos.

Ante esta perspectiva, la Unión Europea apuesta por impedir su llegada, blindando las fronteras y comprometiendo a los países intermedios, como Marruecos y otros, para que les cierren el paso. A corto plazo puede que sea la medida más eficaz. Pero, no es razonable confiar en que la estabilidad política de estos países intermedios, y su compromiso con Europa, vaya a aguantar con el paso de los años esa presión migratoria, que presumiblemente será creciente. Ni siquiera la estabilidad de Marruecos puede darse por descontada. Basta recordar los cambios provocados por las llamadas “primaveras árabes” en Túnez y en Libia.

Si Europa quisiera evitar que, en el futuro, se produjese la inmigración de, por ejemplo, un centenar de millones de subsaharianos (un 3-4% de los que nazcan), la estrategia de control de fronteras que está aplicando tendría que ser acompañada por una firme apuesta por el desarrollo de estos países. Un desarrollo que consiga anclar en sus lugares de nacimiento a la población joven.

Si Europa quisiera evitar que, en el futuro, se produjese la inmigración de, por ejemplo, un centenar de millones de subsaharianos (un 3-4% de los que nazcan), la estrategia de control de fronteras que está aplicando tendría que ser acompañada por una firme apuesta por el desarrollo de estos países.

¿Qué han hecho la mayoría de los países ricos para llegar a serlo? Simplificándolo mucho podríamos decir que, en general, pasaron por una primera fase, más o menos larga, en la que se desarrolló la industria nacional a partir de la gente que vivía de la agricultura, o la ganadería, y con un apoyo muy activo de sus gobiernos. Apoyo que incluía subvenciones y protecciones frente a la competencia extranjera. A medida que su industria se fue haciendo más competitiva se fueron abriendo al comercio con el exterior. Posteriormente, en todos los países desarrollados la industria ha ido perdiendo peso en la producción nacional (PIB) en favor del sector servicios.

Llegados a este punto, la pregunta es: ¿podrían los países africanos, y en especial los subsaharianos, copiar esta estrategia y lograr su propio desarrollo, hasta alcanzar cotas satisfactorias para sus ciudadanos? O, aunque no siguieran el mismo proceso que les ha servido a otros, ¿podrían desarrollarse por sí mismos, siguiendo cualquier otra fórmula, hasta llegar a esos resultados?

De hecho, las cifras parecen demostrar que se está produciendo un cierto desarrollo en esta región. Según el Banco Mundial, el PIB per cápita del África subsahariana ha pasado de 589,4 $, en el año 2000, a 1.574,8 $ en el 2017. Es decir, casi se ha triplicado. En ese mismo período, el PIB per cápita del mundo ha pasado de 5.490 $ a 10.748,7 $, y el de la Unión Europea de 18.241,9 $ a 33.836,4 $. Es decir, África crece a mayor ritmo que el conjunto mundial, pero al partir de cifras tan bajas, queda por ver si podrá sostener ese ritmo.

La pregunta que hemos de hacernos es si estos países van a ser capaces de (…) crecer tanto, y tan rápido, como para que esos cientos de millones de jóvenes vayan encontrando los empleos que les permitan construir su vida allí

Pero es que con ese ritmo están muy lejos de resolver el problema demográfico. En realidad, la pregunta que hemos de hacernos es si estos países van a ser capaces de generar el tipo de desarrollo que les permita alcanzar las cotas que su crecimiento demográfico requiere y, sobre todo, hacerlo al ritmo adecuado. Es decir, si van a ser capaces de crecer tanto, y tan rápido, como para que esos cientos de millones de jóvenes vayan encontrando los empleos que les permitan construir su vida allí, según se vayan haciendo adultos. Quizás, el único precedente sería China, pero las diferencias políticas, culturales y de todo tipo, lo hacen inaplicable.

Así pues, si Europa quiere evitar el riesgo de que África por sí sola fracase ante semejante desafío, tendrá que implicarse activamente para asegurarse de que lo logra. Pero, ¿cómo hacerlo? Esta es la pregunta del millón porque llegar en el razonamiento hasta este punto era fácil. Lo difícil es encontrar una respuesta.

La UE, junto con sus Estados miembros, son los mayores donantes de ayuda oficial al desarrollo. En 2013 donaron 56.500 M€, el 52% de toda la ayuda mundial. Sin embargo, a finales del 2018 la UE, no satisfecha con los resultados, cambió el enfoque de su ayuda, implicando más a las empresas, europeas y africanas. El objetivo declarado, con este cambio, es que se creen hasta 10 millones de empleos en África en los próximos 5 años. Muchos en cifras absolutas, pero muy pocos para su crecimiento demográfico. Así pues, habría que encontrar otra fórmula.

Si la UE, junto con los gobiernos europeos y las empresas privadas, decidiesen echar toda la carne en el asador, con inversiones a gran escala, transferencias de conocimientos y tecnología, envío de técnicos propios, formación de los de allí, etc., el proceso de desarrollo podría ser más rápido. Sería un esfuerzo descomunal, que dejaría en pañales el famoso Plan Marshall que aplicó EE.UU. en Europa para levantar su economía tras la Segunda Guerra Mundial.

no podríamos hablar de un elevado nivel de desarrollo hasta que no empezasen a proliferar las empresas africanas competitivas y capaces de exportar al resto del mundo.

Solo en la agricultura y la ganadería se podría avanzar mucho, si se tiene en cuenta que, por ejemplo, el 60% de las tierras cultivables del mundo que están aún por explotar se localizan en el continente africano, que la región subsahariana produce menos de una tonelada de cereales por hectárea (9 en Francia), medio litro de leche por vaca y día (25 en Francia), tienen 10 tractores por cada 1000 agricultores (900 en Francia) y en 2015 la energía eléctrica producida en África era igual que la producida en España. Sin embargo, no podríamos hablar de un elevado nivel de desarrollo hasta que no empezasen a proliferar las empresas africanas competitivas y capaces de exportar al resto del mundo.

Ahora bien, a medida que se fuera acercando este punto, se plantearía un serio dilema para los gobiernos y empresas europeas: ¿estarían dispuestos a seguir ayudando al crecimiento de un tejido empresarial africano que amenazase con quitarles cuota en el mercado internacional? ¿Sería posible que ambas partes ganasen, de manera que lo que las empresas europeas perdieran en los mercados internacionales lo ganasen en los mercados africanos?

se plantearía un serio dilema para los gobiernos y empresas europeas: ¿estarían dispuestos a seguir ayudando al crecimiento de un tejido empresarial africano que amenazase con quitarles cuota en el mercado internacional?

Dejando aparte el problema de que los gobiernos africanos tendrían que ser capaces de hacer bien su papel (cosa que hoy por hoy plantea enormes dudas) ya que de lo contrario todo esto sería inviable, para el modelo económico de Europa y del resto del mundo sería un enorme riesgo: si el desarrollo de China se ha traducido en una seria amenaza comercial (y de otros tipos) para occidente, el de África ¿sería inocuo para nuestro bienestar?

Al final, lo que subyace con el problema de África es si, con el modelo económico que tenemos, se puede aspirar a que todos los países del mundo se desarrollen o eso acabaría siendo una amenaza para lo que entendemos como bienestar de los países ricos.

En cualquier caso, la “bomba demográfica” del continente africano nos obliga a decidir.

CLOSA Investment Bankers junto con la Escuela de Negocios CEIBS y el Banco Fidelity de Ghana ha elaborado un estudio sobre Greenfilds vs Acquisitions para analizar en qué casos es preferible optar por una estrategia o por otra.

Hay países donde los crecimientos en la economía son muy altos y por tanto la estrategia de negocio aconsejable aún no está definida. Además, este tipo de países suelen tener un entorno jurídico donde se obliga a coinvertir con socios locales como sistema para el desarrollo de la economía local y, en todo caso, es conveniente.

La experiencia en adquisiciones en estas áreas geográficas da un pobre rendimiento debido además a la falta de un entorno financiero y jurídico fiable.

No obstante, estos mercados son clave para cualquier estrategia de crecimiento y no pueden obviarse.

Los Greenfileds suponen un desembolso económico mucho menor y por tanto unos rendimientos a la inversión mucho más altos siempre y cuando el Plan de Negocio sea realista y tome en consideración la etapa inicial con sus peculiaridades locales. Posteriormente, los crecimientos son mucho mayores que en las adquisiciones por haber podido enfocar la empresa totalmente en función del inversor en el mercado.

La elección del socio, así como contar con asesores locales de confianza es el elemento diferencial de mayor éxito

Esta estrategia solo es aconsejable en mercados incipientes como es el continente africano.

Lunes, 04 Febrero 2019 00:00

CLOSA … en 2018

2018 ha sido otro año excepcional para CLOSA. Hemos podido asesorar a diversos clientes enfocados en todos nuestros sectores y en 8 transacciones. 80% de ellos involucran a compradores o nichos de mercado extranjeros, lo cual enfatiza la fuerza de nuestro alcance y cooperación con nuestros partners internacionales.

Nos es grato y relevante señalar que 2018 fue el año en que establecimos nuestra oficina en Accra (Ghana) como una primera base en Africa para atender a nuestra expansión en esta área de rápido crecimiento. Esto representa una oportunidad única de impulso y desarrollo de todas las empresas en el espacio de los próximos 10 años.

Esto es también un paso importante. Desde 1987 nos hemos esforzado por satisfacer las necesidades reales de nuestros clientes, evitando conflictos de interés, gastos redundantes, ofreciendo el aprendizaje de la curva de experiencia, economía de escala, contactos locales y know-how.

No podemos predecir el futuro pues la experiencia nos ha demostrado que pocas veces se cumple... pero ofrecemos el apoyo para la incursión en Africa, pues las inversiones son aun relativamente pequeñas, y los rendimientos son sorprendentemente bastante mucho mejores a lo previsto.

Viernes, 10 Noviembre 2017 00:00

What is a Smart Contract?

A smart contract is an autonomous computer program running on a Blockchain network. Blockchain is a digital, distributed and decentralised record keeping system on which tokens (cryptocurrencies) are stored chronologically and publicly. Given a set of instructions, a smart contract will carry out a number of tasks on the Blockchain network it is deployed on, at the appropriate time. All parties involved remain anonymous. Smart contracts and smart lawyers

Smart contracts have become synonymous with disintermediation. For many, this simply means moderators are being pushed out the equation. This could not be further from the truth. In reality, go-betweens like lawyers will be highly sought after for some time to come. In the example of a smart contract handling the rental of property to tenants, rules can be coded which state that, ‘If an apartment is vandalised, it warrants the eviction of the tenants’. This is very straightforward but it becomes less so when distinguishing between vandalism and acceptable wear and tear. This is where a lawyer’s advice would be needed. Working closely with Blockchain developers, a lawyer can make this sort of distinction clear at the time of coding. Rentberry is one such Blockchain company. This platform allows landlords to check the identity of tenants through smart contract technology and ensure rentals are fully insured, all through a decentralised system. Smart contracts and identity.

Today identity rights sit with a handful of processors. Data subjects have little or no way of making sure that their information does not get passed into the wrong hands. With Blockchain technology, a single, open repository linked by multiple data processors can be set up. Data subjects would own the rights to smart contracts which operate based on parameters that these subjects have specified. This can be described as a digital twin. The digital twin would record all requests that have been made by the likes of credit agencies, immigration, banking, employers and so on. This would not only place control in the hands of those who are being reported about but also give them an audit of where their data is currently being used as well as the purpose of these requests.

It provides self-sovereign identity. Smart contracts allow users to decide which parties have access to their records. Smart contracts and asset management

Currently, asset management is a very manual process. If an asset manager is holding some shares which they wish to sell, they have to place calls with others in their network and advertise to them. This gets even more tedious when the shares are illiquid. It becomes a very time-consuming process. Enter Blockchain, which as explained, is an open ledger system. In a perfect world, a host of Asset managers will be connected to one common Blockchain network, allowing all present parties to see which assets are available to be bought and sold. This can be done in an automated fashion using smart contracts so that if one manager’s ‘buy’ conditions match another manager’s ‘sell’ conditions, trades can be made in a very streamlined fashion. In addition, this will bring trading costs down and provide better security thanks to Blockchain’s immutability. Ripple, which is on the tip of everyone’s tongue these days, allows digital asset managers to provide liquidity through a decentralised, scalable and robust system.

Conclusion. Smart Contracts are ushering in the future of decentralised autonomous technology. These will allow more transparency, speed, security and more economic transactions. The rate of adoption is directly related to how quickly consumers are educated about their benefits.

Martes, 04 Septiembre 2018 00:00

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