Debriefing and Access to Finance Plenary - KorpiPresentation Transcript
Restructuring Forum –
Debriefing from Private Equity
Tomas Korpi, Stockholm University
• Mike Wright, Nottingham University
• Anne Rannaleet, IK Investment Partners
• Sigurt Vitols, Social Science Center Berlin
• Andrew Watt, European Trade Union Institute
Restructuring Forum, July 5-6, 2010, Brussels
• PE apply different strategies, e.g.
– Governance - Expansion
– Focus - Financing (debt & equity)
• … and mixes of strategies
• PE active in many different contexts, both
• Increased profitability & productivity
– Less positive outcomes in recent years?
• Employment and wages?
– Few studies, but mixed employment effects and
lower wage growth
• Variability across PE firms and portfolio
– Research focused on average effects
– But indications of large differences between PE
• PE expected to grow
• But more “realistic” expectations regarding
• Promoting good practice
– Management practices
– Employee involvement
• Data for research
• Looming problems re refinancing of deals?