The left western funds with which the majority of transactions consisted earlier, internal players replace. They use opportunity to get assets at the favorable price. Participants of the market note that in more safe times the market extremely konkurenten since perspective projects have many alternative opportunities of attraction of the capital. Transactions from 200 million rubles, with active participation in management for which it should compete with other PE funds earlier are now available. At a project choice investors are guided by the horizon from 3 to 7 years and by profitability of 20-25%.
according to Preqveca, the total amount of transactions entrances in February-August of this year made 191,5 million dollars. This money is unevenly distributed on branches: the most part fell on trade and a consumer sector, and also power. On import substitution PE funds treat projects watchfully. "The slogan is very popular, but except as in newspapers I anywhere do not see it", - one of participants of conference noted, having added that in a portfolio of its fund there are, for example, food companies. The director of Russia Partners Yury Mashintsev paid attention that components of production rose in price, thus the prices in the market are dictated by consumer demand which continues to decrease. Besides, according to the expert, in the same agriculture import substitution is rather long process." Growing up a broiler, 40 days are necessary, but it is necessary to construct everything not in 40 days", - he noted. At the same time experts agreed that current situation gives the chance to domestic agricultural producers to carry out serious modernization of production and to compete with the western producers. Participants of the market note that at some retailers quite good indicators of profit remain, however to them serious volumes of the capital are required - not many funds PE have such volumes.
Attractive to investors still have IT branch - from February to August in it was most of all transactions entrances (43). According to Yury Mashintsev, the IT companies became competitive sector which most of all won from ruble devaluation. According to the director of the Russian-Chinese investment fund Stanislav Son, the domestic hi-tech companies should not ignore the Chinese market." It is very susceptible to innovations, many Russian inventors have good prospects, - the expert told. - But not always there is an understanding how to bring idea to commercial realization". That who will manage to pass all way from idea to goods, the Chinese market can give unique advantage at the expense of the capacity much more surpassing capacity of the Russian market.
Participants of conference discussed also transactions about a distress assets (problem, selling with considerable discount). After crisis of 2008-2009 in Russia there were no specialized funds of "toxic" assets. Though in the world in similar funds it is attracted about 25 billion dollars (5% of the total amount of PE of investments). About 70% of the Russian PE funds are ready to participate in transactions about a distress assets, however to it stirs a number of problems. Main from them - a contradiction between the owner of an asset who overrates it, and the potential investor who, on the contrary, counts on essential discount. The deputy director general of unified social tax of Groups Irina Esipenko also paid attention to the "started" condition of many assets. According to her, banks often aggravate a situation with restructuring and delays of payments, and owners seek to rescue not the company, and.
Experts concluded p that now not the best moment for exits from the portfolio companies since to sell them with high profitability difficult. More the opportunity, according to participants of the market, can come in 3-5 years. In the next years you should not wait and a large number of entrances to transactions - rather, funds will concentrate at work with companies already available in a portfolio. Among actual tasks - increase of their efficiency and, in case of problems, realization of anti-recessionary measures.
Infografika RG/Leonid Kuleshov/of Evgeny Noskov