波士顿：巴西新经济现实下私募股权（PE）战略(英文 19页)

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Private Equity Strategies for Brazil’s New Economic Reality

Despite some recent turbulence, the Brazilian economy is showing signs of stabiliz-ing and is poised to resume growth soon. Several factors make the country attrac-tive to private equity (PE) firms looking to diversify in emerging markets. The PE market in Brazil is more mature than those of other developing countries, yet it still has significant room for growth, and several of its industries will expand significantly in the coming years. Nonetheless, to succeed, PE firms will need a clear understanding of the particular attributes of Brazil’s market.

尽管近期出现了一些动荡，但巴西经济正显示出稳定的迹象，并有望很快恢复增长。有几个因素使这个国家吸引私人股本(PE)公司寻求在新兴市场实现多元化。巴西的私募股权市场比其他发展中国家更为成熟，但它仍有很大的增长空间，未来几年，它的几个行业将会大幅扩张。尽管如此，为了取得成功，私募股权公司需要对巴西市场的特殊属性有一个清晰的认识。

Firms Need to Look Beneath the Surface

公司需要认清本质

To execute standard aspects of the PE playbook—such as screening potential investments, improving the financial and operational performance of portfolio com-panies to create value, and selling off holdings—PE firms must comprehend the intricacies of the local environment.

执行私募股权投资项目的标准方面，如筛选潜在投资，提高组合组合的财务和运营绩效，以创造价值，而出售持有的股份公司必须了解当地环境的复杂性。

Five Strategic Priorities Can Help Firms Capitalize in Brazil

5个战略重点可以帮助企业在巴西获利

Firms should look beyond conventional targets, revamp the screening process for a slower-growth environment, leave no stone unturned in creating value, bring industry-specific expertise to the table, and protect against economic volatility.

公司应该超越传统的目标，改变对增长缓慢的环境的筛选过程，在创造价值的过程中不留任何石头，把特定行业的专业知识带到桌子上，以防止经济波动。