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2011 | Buch

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Private Equity in Poland

Winning Leadership in Emerging Markets

verfasst von: Darek Klonowski

Verlag: Palgrave Macmillan US

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Private Equity in Poland focuses on the private equity industry and emerging markets in Poland. Poland represents the most developed private equity industry in Central and Eastern Europe and is one of the most developed emerging markets worldwide

Inhaltsverzeichnis

Frontmatter

Sfinks

Frontmatter

Chapter 1. An Overview of Private Equity

Abstract

Private equity is a “glocal” business; it is influenced by global economic cycles, global market conditions, and international capital flows, as well as by local growth rates, local entrepreneurship dynamics, the local investment climate, and local institutional infrastructure. The local conditions are often significantly different from those experienced elsewhere; this is especially true in emerging markets.

Darek Klonowski

Stomil Sanok

Frontmatter

Chapter 2. Economic Development in Poland

Abstract

The broad economic reforms that occurred in Poland provide a good example of the dynamics that can be found in transitioning economies. The first reformers and policy makers in Poland did not have a map, blueprint, or manual for how best to proceed with reforms in their country; as such, some mistakes were unavoidable. Hindsight is always 20/20; today, the international economic community has over 20 years of evidence from economic transformations around the world to draw from.

Darek Klonowski

Automotive Components Europe (ACE Group)

Frontmatter

Chapter 3. Systemic Competitiveness in Poland

Abstract

The Polish government has focused on creating strong legal, accounting, and fiscal infrastructures for the flourishing private sector. The changes to these critical areas have been driven internally by the Polish government (on the basis of German and American models), as well as externally (pursuant to various EU agreements and directives). The improvements are reflective of the Polish government’s desire to make Poland an attractive destination for business, both regionally (within Central and Eastern Europe) and internationally.

Darek Klonowski

Inter Cars

Frontmatter

Chapter 4. Nurturing Entrepreneurship in Poland

Abstract

According to official statistics, there are 1.72 million firms in Poland (note that there are more than 3.5 million firms in the country that maintain registration in the national firms’ register, of which only half are active). Micro firms (defined as those with 0 to 9 employees) account for the largest pool of firms—1.65 million—while small-sized firms (10 to 49 employees) and medium-sized firms (50 to 249 employees) account for about 58,826 of the total number. Collectively, the small- and medium-sized enterprise (SME) sector is defined as all enterprises with less than 250 employees.

Darek Klonowski

Zetkama

Frontmatter

Chapter 5. The Exit Environment for Private Equity Firms in Poland

Abstract

For private equity firms, the most critical part of the private equity investment process is the exit, or the point where illiquid investments are converted into cash. The exit is basically the process by which the cash committed to the deal by private equity firms is monetized, and it serves as a final confirmation for private equity firms that their selection and analysis of investee firms, negotiations of appropriate legal terms and protections, collaboration with firms on strategic expansion and operational execution, and anticipation of the needs of public markets or strategic investors have been performed correctly.

Darek Klonowski

Lukas

Frontmatter

Chapter 6. The Evolution of Private Equity in Poland

Abstract

For two decades now, Poland has been undergoing an in-depth economic “overhaul,” changing from a socialist to a market economy. The major macroeconomic goals accomplished since then have included the stoppage of “galloping” inflation and its systematic reduction, a decrease in interest rates, the stabilization and convertibility of local currencies, and the privatization of state-owned enterprises. Product and service prices were liberalized and allowed to find equilibrium with the market. The achievement of these ambitious macro-economic objectives, as well as the creation of legal and administrative foundations to encourage competition and free market economy behavior, has led to strong private sector growth.

Darek Klonowski

Travelplanet.pl

Frontmatter

Chapter 7. Fundraising in Poland and the CEE Region

Abstract

Fundraising by private equity firms in Poland is one and the same with fundraising by firms operating across the entire Central and East European (CEE) region—limited partners that contribute to private equity allocate capital toward certain geographic regions (like CEE) rather than countries (exceptions may include larger countries like India or China, where limited partners can carve out allocations to the countries that have sizeable economies, high growth rates, and offer significant investment opportunities in their own right).

Darek Klonowski

Mercor

Frontmatter

Chapter 8. Fund Operations in Poland

Abstract

Competition between firms operating in the Polish private equity industry is intensifying. Local private equity firms compete with one another on multiple fronts, the biggest being obtaining preferential access to deals; the recruitment of talented personnel is another. A private equity firm that possesses a superior ability to assess investee firms, anticipates business risks, and deals with unexpected challenges will see a larger number of stellar performers and fewer write-offs. Private equity firms in Poland also evolve; as they are in the industry longer, they can achieve more success in their investment and fundraising activities, and can reconfirm their operational strengths to use them as a source of competitive strategy in the market place.

Darek Klonowski

Euronet Worldwide

Frontmatter

Chapter 9. Comparative Perspectives on Private Equity in Emerging Markets

Abstract

While the economic outlook for developed economies appears uncertain, many emerging markets face exciting growth prospects. Several emerging markets have shown extraordinary resilience to economic downturn, and have proved adaptable to changing economic fortunes inside of their nations, to evolving export conditions, and to looking outward for investment opportunities in the global market. While their overall development has reached a plateau in recent years, GDP growth in emerging markets (especially in Brazil, China, India, and Poland) still exceeds that in developed nations by a significant factor.

Darek Klonowski

Hawe

Frontmatter

Chapter 10. The Future Development of Private Equity in Poland

Abstract

The next decade of private equity development is likely to confirm the resilience of private equity financing in emerging markets. The current global economic slowdown is likely to result in structural adjustments to the global private equity industry; this will be especially true in emerging market countries, where such changes will be more pronounced. Key structural adjustments could include changing the capital flow allocations of private equity in favor of emerging markets, revising the attitude of private equity toward emerging markets (these countries are likely to become “destination” markets for global investors), improving access to liquidity for limited partners, altering fee structures, and adjusting return expectations.

Darek Klonowski

Backmatter

Titel: Private Equity in Poland
verfasst von: Darek Klonowski
Verlag: Palgrave Macmillan US
Electronic ISBN: 978-0-230-33805-0
Print ISBN: 978-1-349-29325-4
DOI: https://doi.org/10.1057/9780230338050