{"id":995,"date":"2021-02-28T19:02:30","date_gmt":"2021-02-28T18:02:30","guid":{"rendered":"https:\/\/wprod.dev\/kermonycapital\/private-equity-3-quelle-experience\/"},"modified":"2021-02-28T19:02:30","modified_gmt":"2021-02-28T18:02:30","slug":"private-equity-3-quelle-experience","status":"publish","type":"post","link":"https:\/\/kermony-capital.com\/en\/private-equity-3-quelle-experience\/","title":{"rendered":"Private Equity #3 – Quelle exp\u00e9rience ?"},"content":{"rendered":"

Dans le pr\u00e9c\u00e9dent \u00e9pisode de cette s\u00e9rie, nous avons pr\u00e9sent\u00e9 les diff\u00e9rentes mani\u00e8res d\u2019acc\u00e9der au non cot\u00e9. L\u2019investissement via un fonds nourricier<\/strong> (FPCI, FPS) ou un fonds de fonds<\/strong> pour les investisseurs avertis reste la solution privil\u00e9gi\u00e9e pour acc\u00e9der aux meilleures expertises du capital investissement. L\u2019objet de cet article est de d\u00e9crire l\u2019exp\u00e9rience d\u2019un investissement dans un fonds de private equity et notamment ce que l\u2019on appelle la courbe en J<\/strong>.<\/p>\n

Rappel : Nous nous concentrons dans cette s\u00e9rie sur les solutions de qualit\u00e9 institutionnelle qui pr\u00e9sentent des performances beaucoup plus attractives que les solutions de d\u00e9fiscalisation type FCPI, FIP\u2026<\/p>\n

L\u2019exp\u00e9rience de la courbe en J<\/h2>\n

Lorsque le souscripteur s\u2019engage \u00e0 investir dans un fonds de private equity, il ne verse pas la totalit\u00e9 de son engagement \u00e0 l\u2019ouverture du fonds, mais au fur et \u00e0 mesure en fonction des appels de capitaux<\/strong>. En effet, le fonds va acqu\u00e9rir, g\u00e9rer et vendre les soci\u00e9t\u00e9s et\/ou des actifs pendant sa dur\u00e9e de vie. G\u00e9n\u00e9ralement, la p\u00e9riode d\u2019investissement est de 3-6 ans. La sortie de l\u2019entreprise se fait apr\u00e8s une d\u00e9tention de 3-5 ans, p\u00e9riode pendant laquelle le fonds va accompagner l\u2019entreprise dans sa strat\u00e9gie de croissance.<\/p>\n

Le fonds appelle les capitaux uniquement lorsqu\u2019il effectue ses investissements et pour faire face \u00e0 ses frais.<\/p>\n

Ainsi, le souscripteur va faire l\u2019exp\u00e9rience de ce qu\u2019on appelle \u00ab la courbe en J \u00bb. Dans la plupart des cas, par le jeu du r\u00e9investissement via le fonds du produit des cessions des soci\u00e9t\u00e9s de portefeuille, le souscripteur ne versera qu\u2019entre 60 et 80% de son engagement net des remboursements <\/strong>(soit le cumul des versements nets).<\/p>\n

Le fonds supporte au d\u00e9part les frais de gestion et les investissements initiaux sans percevoir de revenus. Les flux de tr\u00e9sorerie sont donc dans un premier temps n\u00e9gatifs, puis \u00e0 mesure que les investissements portent leurs fruits, la courbe commence \u00e0 se redresser pour finalement atteindre le point mort. Typiquement l\u2019\u00e9quilibre peut \u00eatre atteint au cours de l\u2019ann\u00e9e 7. A cette date, les premi\u00e8res cessions et les revenus annexes auront th\u00e9oriquement compens\u00e9 les frais d\u2019investissement et les montants investis.<\/p>\n

Ainsi, la performance d\u2019un investissement dans un fonds de private equity va \u00eatre tributaire bien \u00e9videmment de la qualit\u00e9 de la s\u00e9lection des entreprises mais \u00e9galement du rythme de d\u00e9ploiement des capitaux et de sortie.<\/strong> Ainsi, le g\u00e9rant du fonds de private equity devra \u00eatre \u00e9valu\u00e9 \u00e0 la fois sur sa capacit\u00e9 \u00e0 s\u00e9lectionner les entreprises ayant un fort potentiel de croissance, \u00e0 accompagner le management de l\u2019entreprise dans les strat\u00e9gies de croissance mais \u00e9galement \u00e0 sa capacit\u00e9 \u00e0 \u00ab\u00a0sourcer\u00a0\u00bb les entreprises et \u00e0 trouver les voies de sortie (r\u00e9seaux de repreneurs, cotation en bourse,\u2026).<\/p>\n

Le g\u00e9rant du fonds lui va rechercher \u00e0 g\u00e9n\u00e9rer de fortes performances (TRI) ainsi que des multiples du capital investi \u00e9lev\u00e9s. Nous reviendrons sur ces termes dans notre prochain article d\u00e9di\u00e9 au private equity.<\/p>\n

 <\/p>\n

Il apparait \u00e9galement que pour optimiser la performance de son engagement l\u2019investisseur aura tout int\u00e9r\u00eat \u00e0 ne pas \u00ab\u00a0laisser dormir\u00a0\u00bb les capitaux non appel\u00e9s<\/strong> et les investir de mani\u00e8re adapt\u00e9e afin de ne pas subir un co\u00fbt d\u2019opportunit\u00e9 li\u00e9 au fait que l\u2019int\u00e9gralit\u00e9 des capitaux ne servent pas imm\u00e9diatement. Bien \u00e9videmment, la gestion du risque sur l\u2019investissement de ces capitaux doit \u00eatre fine car si la valeur de ces capitaux baisse \u00e0 terme l\u2019investisseur devra \u00ab remettre au pot \u00bb pour respecter son engagement. A ce titre, cette gestion des capitaux non appel\u00e9s m\u00e9rite une gestion professionnelle afin d\u2019\u00e9viter les mauvaises surprises<\/strong>.<\/p>\n

Une exposition constante en private equity demande des engagements r\u00e9guliers<\/h2>\n

En raison de cette courbe en J, si l\u2019investisseur r\u00e9alise un engagement sur un seul fonds, sur les dix prochaines ann\u00e9es, il ne sera pas expos\u00e9 \u00e0 hauteur de son engagement sur l\u2019ensemble de la p\u00e9riode. En effectuant des engagements r\u00e9guliers \u00e0 des fonds de private equity, le portefeuille va alors s\u2019autofinancer car les capitaux appel\u00e9s du nouveau fonds souscrit pourront provenir des distributions des pr\u00e9c\u00e9dents fonds souscrits.<\/p>\n

 <\/p>\n

Kermony Office est membre de France Invest, l\u2019association pour la croissance et profite de l\u2019ancrage de sa soci\u00e9t\u00e9 s\u0153ur Kermony Capital pour vous donner acc\u00e8s \u00e0 des expertises de premier plan sur le non cot\u00e9<\/h3>\n

Pour acc\u00e9der \u00e0 l’article en entier, cliquez ici.<\/a><\/p>\n

D\u00e9finition des termes employ\u00e9s<\/strong>
\nEngagement<\/strong>\u00a0: Les engagements sont effectu\u00e9s lors du \u00ab\u00a0closing\u00a0\u00bb du fonds\u00a0; il s\u2019agit d\u2019une obligation financi\u00e8re d\u2019un investisseur d\u2019apporter le montant capital d\u00e9clar\u00e9<\/p>\n

Capitaux appel\u00e9s<\/strong>\u00a0: capitaux apport\u00e9s issus de l\u2019engagement de l\u2019investisseur pour l\u2019investissement du fonds dans les entreprises, les d\u00e9penses op\u00e9rationnelles et les frais de gestion. Les capitaux sont appel\u00e9s au fur et \u00e0 mesure des besoins au cours de la p\u00e9riode d\u2019investissement (1-6 ans)<\/p>\n

Distributions<\/strong>\u00a0: Cash ou capital rembours\u00e9 aux investisseurs \u00e0 partir d\u2019un investissement totalement ou partiellement r\u00e9alis\u00e9. Les distributions aux investisseurs sont effectu\u00e9es au fur et \u00e0 mesure de la r\u00e9alisation des sorties (ann\u00e9es 3 \u00e0 10) avant que l\u2019int\u00e9gralit\u00e9 de l\u2019engagement soit appel\u00e9.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Dans le pr\u00e9c\u00e9dent \u00e9pisode de cette s\u00e9rie, nous avons pr\u00e9sent\u00e9 les diff\u00e9rentes mani\u00e8res d\u2019acc\u00e9der au non cot\u00e9. L\u2019investissement via un fonds nourricier (FPCI, FPS) ou un fonds de fonds pour les investisseurs avertis reste la solution privil\u00e9gi\u00e9e pour acc\u00e9der aux meilleures expertises du capital investissement. L\u2019objet de cet article est de d\u00e9crire l\u2019exp\u00e9rience d\u2019un investissement […]<\/p>\n","protected":false},"author":2,"featured_media":994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nPrivate Equity #3 - Quelle exp\u00e9rience ? - Kermony Capital<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Equity #3 - Quelle exp\u00e9rience ? - Kermony Capital\" \/>\n<meta property=\"og:description\" content=\"Dans le pr\u00e9c\u00e9dent \u00e9pisode de cette s\u00e9rie, nous avons pr\u00e9sent\u00e9 les diff\u00e9rentes mani\u00e8res d\u2019acc\u00e9der au non cot\u00e9. 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