人工挖孔桩钢筋笼及混凝土施工方案

ThefirstinaseriesofWhartonPrivateEquityReviewsWhartonPrivateEquityReviewNavigatiNgtheChalleNgesahead:•Offeruniqueopportunitiesforourmemberstonetworkwiththeirpeers.•Deliverthelatestinmarkettrendsandindustryknowledge.•EnhanceWharton’sstandingintheprivateinvestorcommunity.•Supporttheengagementofthealumnaememberswiththeschool.:Whartonad1/9/20091:26PMPage1EditorialTeamKarinaDanilyuk(WG’09)ExecutiveEditorThomasCuvelier(WG’10)EditorJulianRampelmann(WG’10)EditorAdvisoryBoardManningDoherty(WG’02)SeniorVicePresidentOaktreeCapitalManagementMichaelKopelman(WG’05)Principal,EdisonVentureDeanMiller(WG’99)ManagingDirector,NovitasCapitalVinayB.NairCo-founder,AdaInvestmentManagementSeniorFellow,WhartonFinancialInstitutionsCenterStephenSammut(WG’84)VenturePartner,Burrill&CompanySeniorFellow,WhartonHealthCareManagementLecturer,WhartonEntrepreneurialProgramsRickSlocum(WG’85)DirectorofPrivateInvestmentsTheRobertWoodJohnsonFoundationJasonWright(WG’00)Partner,ApaxPartnersSummer2009WhartonPrivateEquityReviewNavigatiNgtheChalleNgesaheadPrivateequity(PE)firmswillseeunprecedentedchallengesoverthenextfewyears,giventhedepthanddurationofthecurrentfinancialcrisis.Inthisspecialreport,producedincooperationwiththeWhartonPrivateEquityClub,Knowledge@Whartonlooksathowmarketsareshiftingandwhatparticipantscanexpectinthecomingmonths.Oneexample:Dealsthatsettledforjust15%inequityacoupleofyearsagonowrequire35%to40%,andupto75%forsomesmallerbuyouts.Goingforward,a“wall”ofrefinancingduein2012willchallengethesurvivalofmanyportfoliocompanies—andPEfirmsaswell.Alsoincludedinthisreportarearoundtablediscussiononthesecondariesindustry(thebuyingandsellingofpre-existingPEcommitments)andaninterviewwithDalipPathakofWarburgPincusandBridgepointCapital’sAlastairGibbonsontheprospectsforPEinIndiaandChina.CoNteNtsTheComing‘Wall’ofRefinancings:ATrialforPrivateEquityFirms—andTheirPortfolioCompaniesPage4Privateequityfacesadifficultenvironmentascreditmarketstrytoabsorbmaturingdebtfromlargeleveragedbuyouts.Panelistsatthe2009WhartonPrivateEquity&VentureCapitalConferencesaidfinancialsponsorsarescramblingtopreparefortherefinancingsthatwillstartcomingontomarketsin2012.Theyalsonotedthatfirmsarefocusingonportfoliocompanyoperations,exploringnewpositionsinthecapitalstructureandconsideringstrategic,synergistictransactions.ContinuingDefaultsbyPrivateEquityPortfolioCompaniesTransformtheMiddleMarketPage7Atthepeakoftheprivateequityboom,thelargestleveragedbuyoutsballoonedinvalueandcapturedheadlines.Traditionalmiddle-marketdealsalsogrewatarobustpace,butwithlessfanfare.Nowthatthemarkethasturned,bothsectorsarechallenged.Panelistsatthe2009WhartonPrivateEquity&VentureCapitalConferencesaidopportunities,or“gems,”arenonethelessstillavailableforinvestorsinmidsizedealsiftheyapproachtransactionscreativelyandconsidertakingnewandinnovativepositionsincompanies’capitalstructures.‘TrueTurnaroundSpecialists’ArePoisedtoSurviveinToday’sChallengingPrivateEquityMarketPage10Astheeconomicdownturncontinuesandbankruptciesrise,privateequityisturningawayfromtraditionalleverageddealsandtowardinvestmentindistressedcompanies,accordingtospeakersatthe2009WhartonPrivateEquity&VentureCapitalConference,“MultiplicityWithoutRhythm:InvestinginChaoticMarkets.”Specialistsindistressedbusinessesexpectatidalwaveofprivateequitydealsmadein2006and2007togobadinthenextfewyears.Giventhenumberofopportunitiesandthelackofbankruptcycredit,manyrestructuringswilloccuroutsideofbankruptcycourtandcouldresultinswiftliquidation.3PrivateEquitySecondaryFunds:AreTheyPlayersorOpportunisticInvestors?Page14Investmentmanagersinvolvedintheprivateequity(PE)secondariesindustry—thebuyingandsellingofexistingPEcommitments—seedistressedsellerscontinuingtoactasasourceofgrowththrough2009and2010.InaninterviewwithmembersoftheWhartonPrivateEquityClub,threeseniormembersoffirmsthatfocusonthesetransactionspredictedtheroleofsecondarieswillgrowoverthemediumandlongtermastheyprovideasolidsourceofshort-termliquidity,allowlargerPEpositionstochangehandsandmakeiteasierforinvestorstoadjusttheirPEportfolios.IndiaandChinaOfferAttractivePrivateEquityOpportunities,butWithoutMajorityControlPage19StrongfundamentalsinChinaandIndiacontinuetooffersomehighlyattractiveopportunitiesforprudentprivateequityinvestors.ButsuccessfulPEinvestmentsrequirecarefulplanningandaregionalpresenceinordertoidentifylucrativeopportunitiesandbetterunderstandpotentialcompetitivethreatstoWesterncompanies.Tolearnmoreab