隨著拜登新政府的上臺(tái),,最近要打擊科技巨頭(從Facebook到亞馬遜)的聲音漸起,似乎不少人支持加強(qiáng)監(jiān)管,。另類投資公司Hamilton Lane的首席執(zhí)行官馬里奧?詹尼尼表示,,如果屬實(shí),那么對(duì)私募股權(quán)行業(yè)可能是好消息,。
“削弱科技巨頭的主導(dǎo)地位……對(duì)行業(yè)里的某些公司可能不是好消息,,但對(duì)私募股權(quán)來(lái)說(shuō)卻是好事?!闭材崮岣嬖V《財(cái)富》雜志,。在目前民主黨占微弱多數(shù)的美國(guó)國(guó)會(huì)中,“估計(jì)每個(gè)人都想說(shuō):‘亞馬遜太強(qiáng)大了,,谷歌(太強(qiáng)大了),。’放眼過(guò)去,比比皆是,?!彼J(rèn)為兩黨都支持加強(qiáng)監(jiān)管。
至于立法者具體會(huì)采取什么行動(dòng),,“我不確定,。”詹尼尼說(shuō),,不過(guò)“只要采取措施削弱巨頭的實(shí)力,,對(duì)私募股權(quán)就有益,因?yàn)橐?guī)模較小的公司能夠獲得更多的機(jī)會(huì),?!?/p>
政府對(duì)科技巨頭加強(qiáng)監(jiān)管可謂老生常談,但最近監(jiān)管機(jī)構(gòu)對(duì)知名企業(yè)的關(guān)注似乎確實(shí)有所加強(qiáng),。Facebook最近遭反壟斷訴訟,,被指打壓競(jìng)爭(zhēng),而亞馬遜(Amazon)和蘋(píng)果(Apple)等疫情期間的大贏家都發(fā)現(xiàn)政府的反壟斷大棒指向自己,。與此同時(shí),,谷歌(Google)的搜索和搜索廣告業(yè)務(wù)再次陷入困境,。Facebook和亞馬遜等巨頭在歐洲也可能遭逢不利,。
詹尼尼的公司負(fù)責(zé)管理730億美元的資產(chǎn),還為4740億美元的資產(chǎn)提供咨詢,。據(jù)詹尼尼說(shuō),,私募股權(quán)尋找投資標(biāo)的時(shí)總是繞不過(guò)FAANG(Facebook、亞馬遜,、蘋(píng)果,、Netflix和谷歌)等大巨頭。
“現(xiàn)在隨便一家私募股權(quán)(公司)做交易時(shí)都會(huì)提出一個(gè)問(wèn)題,,哪怕第一個(gè)問(wèn)題沒(méi)有問(wèn)到,,前三個(gè)問(wèn)題也必然會(huì)涉及?!畞嗰R遜會(huì)不會(huì)進(jìn)入這個(gè)領(lǐng)域,?’問(wèn)題的答案非常重要。還可能問(wèn):‘谷歌做不做這塊,?’”他說(shuō),。
牽涉的還不僅是科技領(lǐng)域。例如,,亞馬遜等巨頭打算推出在線藥店進(jìn)軍醫(yī)療領(lǐng)域,。“如果政府突然說(shuō):‘不允許亞馬遜侵犯某些領(lǐng)域?!m然有點(diǎn)奇怪,,但我還是認(rèn)為它對(duì)私募股權(quán)來(lái)說(shuō)是凈利好消息,因?yàn)檫@樣一來(lái)就有機(jī)會(huì)跟其他公司合作,?!闭材崮嵴f(shuō)。
盡管華爾街有些人認(rèn)為,,全面修改立法壓制科技巨頭發(fā)展的可能性仍然很小,,但民主黨占多數(shù)(雖然優(yōu)勢(shì)微弱)的國(guó)會(huì)“對(duì)科技巨頭顯然形成了負(fù)面影響,因?yàn)椤覀冾A(yù)計(jì)各家巨頭將遭遇更多監(jiān)管和更尖銳的抨擊,?!盬edbush公司的分析師丹?艾夫斯在最近一份報(bào)告中寫(xiě)道。
詹尼尼稱,,對(duì)于私人投資者來(lái)說(shuō),,可以“創(chuàng)造不同的機(jī)會(huì)”。(財(cái)富中文網(wǎng))
譯者:馮豐
審校:夏林
隨著拜登新政府的上臺(tái),,最近要打擊科技巨頭(從Facebook到亞馬遜)的聲音漸起,,似乎不少人支持加強(qiáng)監(jiān)管。另類投資公司Hamilton Lane的首席執(zhí)行官馬里奧?詹尼尼表示,,如果屬實(shí),,那么對(duì)私募股權(quán)行業(yè)可能是好消息。
“削弱科技巨頭的主導(dǎo)地位……對(duì)行業(yè)里的某些公司可能不是好消息,,但對(duì)私募股權(quán)來(lái)說(shuō)卻是好事,。”詹尼尼告訴《財(cái)富》雜志,。在目前民主黨占微弱多數(shù)的美國(guó)國(guó)會(huì)中,,“估計(jì)每個(gè)人都想說(shuō):‘亞馬遜太強(qiáng)大了,谷歌(太強(qiáng)大了),?!叛圻^(guò)去,比比皆是,?!彼J(rèn)為兩黨都支持加強(qiáng)監(jiān)管。
至于立法者具體會(huì)采取什么行動(dòng),,“我不確定,。”詹尼尼說(shuō),,不過(guò)“只要采取措施削弱巨頭的實(shí)力,,對(duì)私募股權(quán)就有益,,因?yàn)橐?guī)模較小的公司能夠獲得更多的機(jī)會(huì)?!?/p>
政府對(duì)科技巨頭加強(qiáng)監(jiān)管可謂老生常談,,但最近監(jiān)管機(jī)構(gòu)對(duì)知名企業(yè)的關(guān)注似乎確實(shí)有所加強(qiáng)。Facebook最近遭反壟斷訴訟,,被指打壓競(jìng)爭(zhēng),,而亞馬遜(Amazon)和蘋(píng)果(Apple)等疫情期間的大贏家都發(fā)現(xiàn)政府的反壟斷大棒指向自己。與此同時(shí),,谷歌(Google)的搜索和搜索廣告業(yè)務(wù)再次陷入困境,。Facebook和亞馬遜等巨頭在歐洲也可能遭逢不利。
詹尼尼的公司負(fù)責(zé)管理730億美元的資產(chǎn),,還為4740億美元的資產(chǎn)提供咨詢,。據(jù)詹尼尼說(shuō),私募股權(quán)尋找投資標(biāo)的時(shí)總是繞不過(guò)FAANG(Facebook,、亞馬遜,、蘋(píng)果、Netflix和谷歌)等大巨頭,。
“現(xiàn)在隨便一家私募股權(quán)(公司)做交易時(shí)都會(huì)提出一個(gè)問(wèn)題,,哪怕第一個(gè)問(wèn)題沒(méi)有問(wèn)到,前三個(gè)問(wèn)題也必然會(huì)涉及,?!畞嗰R遜會(huì)不會(huì)進(jìn)入這個(gè)領(lǐng)域?’問(wèn)題的答案非常重要,。還可能問(wèn):‘谷歌做不做這塊,?’”他說(shuō),。
牽涉的還不僅是科技領(lǐng)域,。例如,亞馬遜等巨頭打算推出在線藥店進(jìn)軍醫(yī)療領(lǐng)域,?!叭绻蝗徽f(shuō):‘不允許亞馬遜侵犯某些領(lǐng)域?!m然有點(diǎn)奇怪,,但我還是認(rèn)為它對(duì)私募股權(quán)來(lái)說(shuō)是凈利好消息,因?yàn)檫@樣一來(lái)就有機(jī)會(huì)跟其他公司合作,?!闭材崮嵴f(shuō)。
盡管華爾街有些人認(rèn)為,,全面修改立法壓制科技巨頭發(fā)展的可能性仍然很小,,但民主黨占多數(shù)(雖然優(yōu)勢(shì)微弱)的國(guó)會(huì)“對(duì)科技巨頭顯然形成了負(fù)面影響,,因?yàn)椤覀冾A(yù)計(jì)各家巨頭將遭遇更多監(jiān)管和更尖銳的抨擊?!盬edbush公司的分析師丹?艾夫斯在最近一份報(bào)告中寫(xiě)道,。
詹尼尼稱,對(duì)于私人投資者來(lái)說(shuō),,可以“創(chuàng)造不同的機(jī)會(huì)”,。(財(cái)富中文網(wǎng))
譯者:馮豐
審校:夏林
With a new Biden administration and recent threats to crack down on some of the biggest tech behemoths (from Facebook to Amazon), there seems to be support for more regulation. And according to alternative investment manager Hamilton Lane's CEO, Mario Giannini, that might be good news for the private equity industry.
"Reducing the dominance of large technology companies…is probably not great for some portions of the industry, but good for private equity," Giannini tells Fortune. In Congress, which now maintains a slim Democratic majority, "I think everyone is interested in saying, ‘Amazon is too powerful, Google [is too powerful],’ pick your name," he says, arguing there's bipartisan support for more regulation.
As to what lawmakers do about it, "I’m not sure," says Giannini, but "to the extent that they do anything to diminish the power of those companies, that's good for private equity because it creates opportunity for smaller companies."
To be sure, government scrutiny of large tech companies is a tale as old as time, but lately regulators appear to be turning up the heat on the biggest names: Facebook was recently hit with an antitrust lawsuit alleging it has squashed competition, while players like Amazon and Apple, big winners of the pandemic era, have found themselves the subject of government ire over antitrust concerns. Google, meanwhile, is in hot water once more for its search and search advertising practices. And companies like Facebook and Amazon could be facing their own headwinds in Europe, too.
According to Giannini, whose firm has $73 billion in assets under management and advises on $474 billion in additional assets, the dominance of those FAANG names has been top of mind for private equity firms when scouting for deals.
"Right now, when any private equity [firm] does a deal, …if it’s not their first question, it’s one of their top three questions: ‘Is Amazon going to enter this space, yes or no?’ And that has a huge impact—'Is Google in this space?’” he says.
It isn't just an issue in tech. Companies like Amazon are moving into health care, for instance, by launching online pharmacies. "If all of the sudden the government [would] say, ‘I’m not going to allow Amazon to encroach in certain areas,’ then I think for private equity, oddly enough, that becomes a net positive because you do then have an opportunity with other companies," says Giannini.
Though some on the Street argue the threat of sweeping legislative changes to hamper Big Tech's reach is still minor, the new (albeit slim) Democratic majority in Congress poses "a clear negative for Big Tech as…we would expect much more scrutiny and sharper teeth around FAANG names," Wedbush analyst Dan Ives wrote in a recent note.
For private investors, says Giannini, that just "creates different opportunity sets."