Читать книгу The Private Equity Toolkit - Tamara Sakovska - Страница 31

How do you come up with a good investment idea? It might seem easier said than done, but let us look in detail at some of the resources you can use to find a promising investment theme.

 Knowledge you already have. Is there an industry that your firm already knows well and in which your fund has already completed transactions? Provided that doing an additional deal in this sector is not going to produce an overly concentrated portfolio, consider capitalizing on the industry knowledge your fund has already acquired through owning this business.

 Knowledge you can easily extend. Are there any deals that your fund recently lost to your competition? Are there any valuable industry insights that your fund gained in these aborted deal processes? Are you able to take advantage of this knowledge, identify any second or third-order effects present in this sector's value chain and perhaps even seek to exploit the same investment thesis in a different geography?

 Business press. Ask yourself more broadly about what is going on in the world. Where are the pockets of “economic turbulence” I wrote about earlier? Have you recently seen any inspiring articles or interviews in the business press discussing emerging trends, interesting products, or fast-growing and under-capitalized industries?

 Top-down sector analysis. Choose a big sector to look at and go through its supply chain to identify interesting subsectors. Where is a good place to invest? Consider the example of aerospace and defense as a large industry. Instead of imagining large aircraft and helicopter manufacturers, think of this sector's smaller segments: Who produces passenger seats, lavatories, three-dimensional real-time maps and in-flight entertainment? What about runway lighting, airport equipment, avionics and aircraft simulators for pilot training?

 Industry classification codes. This strategy is for a slow and rainy day. It works well for obscure sectors, especially if you are not sure how to break down a big industry into smaller sub-segments. You simply look for a publicly available source of standard industry classification codes and learn how that database breaks down a large industry of your choice into subsegments. For example, if you focus on the medical laboratory equipment sector and identify manufacturers of spectrofluorometers and turbidimeters through this analysis, then consider yourself to be on the right track.