它描述的是私募股权公司从买卖差价中获取利润的方式(采用大量杠杆、股息资本重组、交易费等等)。
It's used to describe the ways PE firms turn profit outside of the differential between purchase and sale price (using lots of leverage, dividend recaps, deal fees, etc.).
Yandex主要的内部股东包括俄罗斯私募股权公司BaringVostok (IPO前持股24.17%)和美国对冲基金TigerGlobal(持股2.76%)。
Major inside shareholders include Russian private equity firm Baring Vostok (24.17% pre-IPO stake) and U.S. hedge fund Tiger Global (2.76%).
在典型私募收购交易中，私募股权公司将贷入或筹借约占收购总额的70%的资金，而这些贷款会将以其2倍或3倍的价格体现在所购公司的资产负债表中。
In a typical deal a private equity shop would borrow about 70% of the purchase price (those loans go on the acquired company's balance sheet, often doubling or tripling its debt load).
他们认为，这样做一方面可以使公司增值——就象如果公司被私募股本买下后一样，同时可以把私募股本收购该公司的主要动机消解掉。
This, they think, will both increase the value of the firm in just the way it would under private-equity ownership, and remove one of the main incentives for private equity to buy.
高流动性的美国国债成为在此期间保持住价值的为数不多的资产之一，也使这所大学满足了私募股权公司的资本要求。
The highly liquid Treasurys were one of the few assets to hold their value over the period and also enabled the university to meet capital calls from private-equity firms.
因为这些公司在其自身的行业里还是很强大的，所以它们将来可以找到新的出资人或者合作伙伴，可能是大型制药公司或者私募投资者。
Since these firms are strong in their field, they should be able to find new owners or partners with deep pockets, be they big pharma firms or private-equity investors.
或者试图弄清私募股权公司对各宗交易负责的是哪些雇员，而不仅仅是关注表现最好和最差的交易。
Or how they try to figure out which PE firm staffers are responsible for each and every deal, rather than just focusing on the best and worst performing transactions.
私募股本行业还必须留心上市公司行为的变化，股东对上市公司施加压力，要求从私募股本竞标者那里卖得更高的价钱，上市公司也开始对此作出回应。
The industry also has to watch for a change in the behaviour of public companies, which are starting to respond to shareholder pressure to get a higher price from private-equity bidders.
除此之外，他们还倾向于测试那些私募股权公司，通过这样的方式，那些通过自己组建公司发财的企业家们才会更加踏实。
And the waters they prefer to test may be those of private-equity firms, with which entrepreneurs who made their fortune building companies are often more comfortable.
拥有内部信息的主管人员是否会以低廉的价格将公司出售给私募股本集团，然后多年后私募股本集团出售公司时可以赚取更多的钱？
Might not executives with inside knowledge help a private-equity group buy their company cheaply so as to make more money years later when it is eventually sold on?
更为荒谬的是，一些私募机构甚至要为帮助证券公司为他们的债务重新筹集资金，而一开始私募机构才是对证券公司债务的施压者。
Absurdly, some private-equity firms even charge portfolio companies fees for helping them refinance their debt—when they're the ones to pile on leverage in the first place.
其中最有竞争力的是国家退休基金储蓄银行（下文称BTPN），它被私募公司德克萨斯太平洋集团收购，之后于2008年进入小额信贷市场。
Among the keenest of them is Bank Tabungan Pensiunan Nasional (BTPN), which entered the market in 2008 after a buy-out by Texas Pacific Group, a private-equity firm.
对于今年试图募集新资本的几百家私募股权公司而言，这样漫长而繁复的流程将是常态，虽然未来可能会有所改变。
Such lengthy and detailed processes will be the norm for the hundreds of private equity firms that try to raise new capital this year. The more interesting fundraisings, however, may come later.
还记得吧，文森提曾经在私募股权公司工作过，他意识到，团购行业缺乏的并不是聚合网站，而是分析师。
Vacanti - who, remember, once worked for a private equity firm - realized that the daily deals industry wasn't just lacking an aggregator, it was lacking an analyst.
像他在纺织和制衣业的志同道合者一样，他和其他机械工具制造商正考虑设立自己的私募股权公司以实现公司重组。
Like his colleagues in textiles and clothing, he and other machine-tool manufacturers are looking at setting up their own private-equity firm to help them restructure.
从某种意义上说，在信贷稀缺的时候，中国市场更有吸引力，因为中国的多数私募股权公司都是靠增长而不是靠杠杆来为投资者提供超额回报。
In one sense, China is a more attractive market when credit is scarce because most China private-equity deals rely on growth rather than leverage to provide investors with outsized returns.
私募基金公司收取的费用正在急速上涨，其中较为典型的是2%的资产管理费用还有20%的，这些费用现在都不能装进自己的口袋了。
THE high fees that private-equity firms charged in the boom, typically 2% of the assets they oversee (the “management” fee) and 20% of the upside (the “performance” fee), are harder to pocket now.
由一些私募公司所支持的国际私募股权估值委员会为解释相关的会计准则作出了大胆的尝试。
Valiant efforts to interpret these rules are being made by the International Private Equity Valuations Board, an industry body that some buy-out firms support.
除开预先知晓谁是最佳经纪人（或公司），在私投基金领域相同的有可能就是正确的。
The same is probably true in the world of private equity, except that it is easier to spot the best-performing managers in advance.
芝加哥大学布斯商学院教授史蒂夫·卡普兰认为，私募股权公司最终会模仿在过去几年纷纷上市的大型投资银行。
Steve Kaplan, a professor at the University of Chicago Booth School of Business, thinks private equity will end up mimicking the large investment Banks that went public over the past few decades.
索克斯法案更可能成为上市公司老板近便的替罪羊，这些老总们渴望在公司下市（指被私募基金公司收购——译者注）时增加收入并减少他们因获益而遭到的外界批评。
More likely, SOX is a convenient scapegoat for the bosses of public companies, who tend to get more money and less exposure to complaints about fat-cattery when their companies go private .
在亚洲的金融中心，来自杠杆交易的私募集团如期完成从该公司的退出，使之成为黑暗中的一道光。
In Asia's financial centres, it is a light in the darkness, a successful exit by a private-equity group from a leveraged transaction that unfolded as planned.
某些鼓推者甚至推断私募股本的崛起将令上市公司消亡，他们认为公司上市是过时的。
Such is the fuss that some boosters extrapolate the rise of private equity even to the death of the public-listed corporation, which they argue has become obsolete.
黄被捕入狱后，几百家分店被关闭，为了缓解资金压力，贝恩国际- - -美国的私募基金公司，被引入公司。
Since Mr Huang's arrest hundreds of its stores have been closed and Bain capital, an American private-equity firm, has been brought in to shore up its capital.
今年，私募股权公司的巨人们和对冲基金的魔法师们占据了头条，因为大众发现他们的巨额收入只支付15%的联邦税（译注：关于这个，可以参考本人翻译的另一篇文章）。
This year, private-equity titans and hedge-fund wizards got caught in the headlights when it became public that they were paying just 15 percent in federal tax on their gargantuan payouts.
“你不能没有银行，而且你不能没有交易，”一位大型私募公司的执行官对我说：“股票的部分价值就在于你能够在今天下午卖掉它。”
"You can't not have Banks, and you can't not have trading," an executive at a big private-equity firm said to me. "Part of the value in a stock is the knowledge that you can sell it this afternoon."
过去，私募股本公司通常仅由金融业人士管理，但现在也有有大公司管理经验的新伙伴加入了（虽然还没快到有些人希望的速度）。
Private-equity firms used to be run only by financiers, but they are now adding partners (albeit not as fast as some would like) who have run big companies.
同时，欧盟各国财长也认可了限制对冲基金和私募基金公司活动的规定。
Meanwhile, finance ministers in the European Union gave their blessing to proposed regulations that would curtail the activities of hedge funds and private-equity firms.
一家欧洲私募公司TerraFirma的老板盖汉斯先生十月19日在纽约法庭上作证时曾把状告花旗集团的一桩案子比作“太岁头上动土。”
DURING his testimony in a New York court on October 19th, Guy Hands, the boss of Terra Firma, a European private-equity firm, compared suing Citigroup to “putting a stick into a dragon”.
一家欧洲私募公司TerraFirma的老板盖汉斯先生十月19日在纽约法庭上作证时曾把状告花旗集团的一桩案子比作“太岁头上动土。”
DURING his testimony in a New York court on October 19th, Guy Hands, the boss of Terra Firma, a European private-equity firm, compared suing Citigroup to “putting a stick into a dragon”.
应用推荐