在天高多了收购股权基金在我们的行业已经结束了。
The days of high acquisition multiple by equity funds in our industry are over.
随着资金以令人晕眩的比例涌向私人股权基金，想要打消从业者们对它的兴趣已经很难了。
WITH money pouring into private equity at a dizzying rate, it is hard to wipe the smiles off the faces of its practitioners.
大约三分之一的对冲基金持有苹果的股票，其中包括著名的SAC股权基金与绿光基金。
Around a third of all hedge funds own it, including big names like SAC Capital and Greenlight.
有报道称，美国司法部(DoJ)已经着手调查私人股权基金的竞标人之间可能存在的非法串标问题。
News reports said that America's Department of Justice (DoJ) had launched an inquiry into possible collusion among bidders in private-equity deals.
诸如到底什么是私募股权基金，什么是投行之类的问题，在晚餐或午餐的时候，都有坐在身边的完全陌生的人作出了回答。
Questions like what exactly is private equity or investment banking have been answered by complete strangers who sat next to me at dinner or lunch.
金融市场面临的影响将会是最大的，尤其是对于不通过交易所而直接售给顾客的金融衍生品、流水套期保值和私募股权基金。
The most dramatic effects will probably be felt on capital-markets activities, especially in over-the-counter derivatives and in running hedge and private equity funds.
其中有限合伙制作为私募股权基金的组织形式最为流行，美国80%以上的私募股权基金都采取了这种组织形式。
Limited partnership in which private equity funds for the production of the most popular forms of organization, the United States more than 80%of private equity funds have been taken this form.
不过，为遵守一般公认会计原则（GAAP），KKR认为必须将大多数基金并表（包括所有的私募股权基金）。
To comply with Generally Accepted Accounting Principles (GAAP), however, KKR believes that it must consolidate the majority of its funds (including all of its private equity funds).
包装企业表示，在答复澳大利亚，市场可能已经猜测，Amcor公司正在考虑提高部分股权基金收购的可能。
The packaging business said in its reply to the ASX that the market may have been speculating that Amcor is considering an equity raising to partially fund the possible acquisition.
正如集团交易使私募股权基金的购买力大大增强，集中资源意味着更大的目标也能被拿下(当信用变得昂贵时是没有便宜的交易的)。
Like the club deals that propelled private equity up the buying ladder, pooling resources means that bigger targets can come into play (no small consideration when credit has become more expensive).
“他们曾因为反对而退出，但是现在，即便这种冲突依然存在，投资银行还是回到了这一领域，”一家私人股权基金公司的执行官说。
“They retreated because of conflicts, and they are returning despite those conflicts still being present,” says an executive at one private-equity firm.
“他们曾因为反对而退出，但是现在，即便这种冲突依然存在，投资银行还是回到了这一领域，”一家私人股权基金公司的执行官说。
"They retreated because of conflicts, and they are returning despite those conflicts still being present," says an executive at one private-equity firm.
截至2005年6月30日的10年间，该指数年收益率为9.9%，而主动管理型股权基金的年平收益率为9.6%，我们落后30个基点。
For the ten years ended June 30, 2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.
一方面，过去的高回报率是未来低回报的指标：对于那些在这十年交替中购买股权共同基金的人们而言，这点已经证明是真理了。
On the one hand, high past returns are an indicator of low future returns: that has certainly proved true for those who bought equity mutual funds at the turn of the decade.
而且，该公司一直通过向主权财富基金出售少量管理公司股权的方式，为创始人带来流动性。
Moreover, it has been generating founder liquidity by selling off small management companies stakes to sovereign wealth funds.
所以基金公司通过抱怨公司的管理来表达对于股权太过于分散的无奈。
So funds are reluctant "to cheese off management too much" by complaining about corporate governance, says Mr Mukherjea.
另一个涌入另类资产(如众所周知的对冲基金和私募股权)的原因在于他们的收益与其他资产的收益无相关性。
Another rationale for the move into alternative assets (as hedge funds and private equity are known) is that returns are uncorrelated with those on other assets.
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.
其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较
There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.
某私企老板George Kappaz最近委托clearspire做一项复杂的业务(给他的一家基金公司Astrata构建股权)。
George Kappaz is a private-equity boss who recently gave a complex job to Clearspire (structuring an equity package for Astrata, one his fund's firms).
社会学家William Domhoff表示，99%的人仅榨油38%的企业股权，40%的金融债券，62%的股票和基金。
Sociologist William Domhoff reports that the 99 percent hold just 38 percent of equity in businesses, 40 percent of financial securities, and 62 percent of stocks and mutual funds.
持有阿斯顿·马丁(译注：astonMartin，英国豪华轿车、跑车生产厂，建于1913年)半数股权的科威特主权财富基金承认，正在努力清理自己的债务，这令人们愈发担心这家英国老牌豪华汽车公司的未来。
Fears for the future of Britain's Aston Martin car brand were heightened after the Kuwaiti sovereign wealth fund that owns half of the luxury carmaker admitted it was struggling to refinance its debt.
“影子银行业系统”是一种由私募股权、对冲基金、货币市场基金以及拍卖利率证券，外加诸如通用电气资本等非银行机构和债务抵押证券、信用违约掉期等新型证券所组成的网络。
This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.
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%).
在过去30年中，我们见证了金融服务业(比如资产管理，套保基金，并购基金，私募股权，风险投资)在GNP中的比率不断增长。
We have witnessed financial services (think asset management, hedge funds, buyout funds, private equity, and venture capital) grow as a percentage of GNP for the past thirty years.
在过去30年中，我们见证了金融服务业(比如资产管理，套保基金，并购基金，私募股权，风险投资)在GNP中的比率不断增长。
We have witnessed financial services (think asset management, hedge funds, buyout funds, private equity, and venture capital) grow as a percentage of GNP for the past thirty years.
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