{"id":554432,"date":"2021-12-07T14:17:19","date_gmt":"2021-12-07T14:17:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/private-equity-aint-all-its-cracked-up-to-be-the-words-we-tripped-over-in-2021\/"},"modified":"2021-12-07T14:17:19","modified_gmt":"2021-12-07T14:17:19","slug":"private-equity-aint-all-its-cracked-up-to-be-the-words-we-tripped-over-in-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/private-equity-aint-all-its-cracked-up-to-be-the-words-we-tripped-over-in-2021\/","title":{"rendered":"Private equity ain\u2019t all it\u2019s cracked up to be + the words we tripped over in 2021"},"content":{"rendered":"

<\/a> Private equity isn\u2019t quite as lucrative as it claims to be:<\/strong> Far from its heyday in the 1990s, private equity is struggling to outperform equities as covid stimulus inflates the markets and corporate valuations rise, argues New York Times<\/sup> columnist Michelle Celarier. Claims of super-sized returns have made the industry one of the most popular places for institutional players \u2014 and increasingly retail investors \u2014 to park their money, helping firms to acquire almost USD 850 bn in dry powder. But research shows that returns on PE investments have been on the long-term decline, falling from an estimated 15% two decades ago to just 1-5% over the past 10 years, having never made a complete recovery from the financial crisis in 2008-09.<\/p>\n

A lot for a little:<\/strong> Investments in US private equity funds formed between 2006 and 2015 could have been matched by investing in an equity index fund, according to a 2020 research paper<\/a> out of Oxford\u2019s Sa\u00efd Business School. Over the same time, investors shelled out at least USD 230 bn in management fees to PE firms. \u201cThe big picture is that they\u2019re getting a lot of money for what they\u2019re doing, and they\u2019re not delivering what they have promised or what they pretend they\u2019re delivering,\u201d Ludovic Phalippou, professor of finance at the Sa\u00efd Business School and author of the report, told the NYT.<\/p>\n

Gaming the numbers?<\/strong> There\u2019s no way to verify returns from a PE fund until it is liquidated, typically after a 10-year lifespan. In the interim, investors must rely on a fund\u2019s self-reported annual internal rate of return (IRR) figures, which PE critics including Phalippou say is easily gamed for a sunnier outlook. For example, if a 10-year PE fund sells an asset early on in its timeline, the return from the sale will be reflected in the IRR \u2014 but investors can\u2019t be sure that the capital gained can be reinvested at the same high rate until the fund liquidates. Borrowing extra liquidity early in a PE fund\u2019s lifetime can also boost annual returns by as much as 3%, according to estimates from investment and advisory firm Cambridge Associates.<\/p>\n

\n

SPACs aren\u2019t dead:<\/strong> SPACs<\/a> are on course to outnumber traditional IPOs in the US this year, according to Dealogic data picked up by Axios<\/a>. Some 562 blank-check firms went public on US exchanges between January and November this year, compared to 373 companies that went the normal route. Traditional issuers tended to raise more money though: in total, SPACs raised only USD 3 bn more than normal IPOs, despite significantly outnumbering them.<\/p>\n

The year was top-heavy for SPAC issuances<\/strong>, with the first quarter seeing a boom in popularity for the previously-obscure vehicles. Despite the subsequent plunge in the number of blank-check firms going public, traditional IPOs have been unable to catch up, and a recent resurgence has left Axios to conclude that SPACs are \u201chere to stay as a viable IPO alternative.\u201d<\/strong><\/p>\n

But they are coming under a watchful eye<\/strong>: Two high-profile SPACs are now under the investigation of federal regulators in the US, in the latest sign that blank-check firms are still struggling to throw off a slightly shady reputation. Former US President Donald Trump\u2019s Digital World Acquisition Corp. (DWAC), which is set to merge with the company running his new social media venture \u201cTruth Social<\/a>,\u201d has been asked to share stock trading information and communications with authorities, the company revealed in a regulatory filing (pdf)<\/a>. The news comes days after Trump\u2019s SPAC announced<\/a> it had raised USD 1 bn from institutional investors. Meanwhile, Churchill Capital Corp IV, which raised USD 4.4 bn in one of the largest SPAC transactions in history when it merged with electric car maker Lucid earlier this year, is being probed over disclosures and forecasts it made while listing, according to the Financial Times<\/a>.<\/p>\n

\n

<\/a> What do Omicron, Ethereum and Billie Eilish have in common? <\/strong>They all rank among the words most mispronounced on TV in 2021, not quite rolling off the tongue as newscasters would like them to, according to a list commissioned by language learning app Babbel<\/a> from the US Captioning Company<\/a>. (In case you\u2019re wondering, it\u2019s OH-mee-kraan, ih-THEE-ree-um and EYE-lish, standup comedian and Babbel Live teacher Esteban Touma tells Bloomberg<\/a>).<\/p>\n

The <\/strong>Ever Given<\/a><\/strong> also got a special mention<\/strong>, with newscasters repeatedly mistaking the name of the ship that got stuck in the Suez Canal in March for Evergreen, the vessel\u2019s owner. Other words that made the list include dog-themed cryptocurrency Dogecoin (DOHJ-coin), Chinese fast fashion retailer and viral trend-setter Shein<\/a> (SHEE-in), the Korean dessert Dalgona (tal-goh-NAH), popularized by Netflix\u2019s Squid Game, and Cheugy (CHOO-gee), a term used among Gen Z to mock millennials\u2019 outdated aesthetic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Private equity isn\u2019t quite as lucrative as it claims to be: Far from its heyday in the 1990s, private equity is struggling to outperform equities as covid stimulus inflates the markets and corporate valuations rise, argues New York Times columnist Michelle Celarier. Claims of super-sized returns have made the industry one of the most popular […]<\/p>\n","protected":false},"author":1,"featured_media":554433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,78,758,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-ipo-watch","tag-private-equity","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"6e5343b5-1e19-415a-84d8-ca5bf7df79ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/601.jpg","photo_position":"above","related_issue":[554428],"teaser":"","voice_url":""},"yoast_head":"\nPrivate equity ain\u2019t all it\u2019s cracked up to be + the words we tripped over in 2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/private-equity-aint-all-its-cracked-up-to-be-the-words-we-tripped-over-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private equity ain\u2019t all it\u2019s cracked up to be + the words we tripped over in 2021\" \/>\n<meta property=\"og:description\" content=\"Private equity isn\u2019t quite as lucrative as it claims to be: Far from its heyday in the 1990s, private equity is struggling to outperform equities as covid stimulus inflates the markets and corporate valuations rise, argues New York Times columnist Michelle Celarier. 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PE giants like Apollo and Blackstone are investing more in these companies as they expect that demand for original content will\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565470,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/venture-capital-vs-private-equity\/","url_meta":{"origin":554432,"position":1},"title":"Venture capital vs private equity","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Enterprise Explains: Venture capital vs private equity investments. At their core, venture capital and private equity have the same mandate \u2014 investing in companies and then exiting these investments to generate returns. Despite their similarities (and the fact that VC is actually a subset of private equity), the two types\u2026","rel":"","context":"In "Enterprise explains"","block_context":{"text":"Enterprise explains","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/enterprise-explains\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/private-equity-bosses-are-raking-in-bns-running-funds-that-fail-to-beat-cheap-tracker-funds\/","url_meta":{"origin":554432,"position":2},"title":"Private equity bosses are raking in bns running funds that fail to beat cheap tracker funds","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"Private equity bosses are raking in bns running funds that fail to beat cheap tracker funds, according to a new Oxford Business School study. Authored by Ludovic Phalippou, professor of finance at Oxford University\u2019s Said Business School, the report finds that top executives at private equity firms including Blackstone, Apollo,\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556923,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/finance-in-music-resurrects-record-companies-the-latest-from-dr-evil\/","url_meta":{"origin":554432,"position":3},"title":"Finance in music resurrects record companies + The latest from Dr Evil","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Private equity firms are having a royalties ball as streaming alters music\u2019s clashflow, making it a lucrative and attractive asset class. Global revenues from the music industry had begun to wane after the CD era, as physical sales of music tracks dropped, but the surging popularity in streaming platforms has\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/486.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673718,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/16\/private-equity-as-the-engine-of-egypts-reform-agenda\/","url_meta":{"origin":554432,"position":4},"title":"Private equity as the engine of Egypt\u2019s reform agenda","author":"enterpriseam admin","date":"16 October 2025","format":false,"excerpt":"True reform is about transforming businesses, markets, and opportunities on the ground. Post for Investment (PFI), the investment holding of Egypt Post, plays a central role in this transformation, partnering to scale sectors, modernize operations, and foster financial and digital inclusion.As a government-backed investment platform, PFI bridges public credibility with\u2026","rel":"","context":"In "A MESSAGE FROM PFI"","block_context":{"text":"A MESSAGE FROM PFI","link":"https:\/\/enterpriseam.com\/egypt\/category\/a-message-from-pfi\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/10\/728.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593960,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/15\/azimut-are-not-establishing-a-private-equity-fund\/","url_meta":{"origin":554432,"position":5},"title":"Azimut are not establishing a private equity fund","author":"enterpriseam admin","date":"15 October 2019","format":false,"excerpt":"CORRECTION- We reported yesterday that Azimut is looking to establish an Egypt-focused private equity fund. It is in fact setting up a fund to invest in Egyptian equities (the shares of publicly traded companies), rather than a PE fund (investing in privately held companies) as we said yesterday. We have\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554432"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554432\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/554428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554433"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554432"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554432"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}