Dividend Recaps and IPO Proceeds - The Untold Story of Bain Capital's Financial Success

Sven Furth, Christian Rauch
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Abstract

The presented study shows how Bain Capital and other Buyout Investment Firms applied Dividend Recap Schemes to financially benefit from their portfolio companies. The so generated distributions represented a large portion of the overall financial success from these investments. Although these schemes made the investments highly profitable for the buyout funds and their investors, it can be assumed that the involved portfolio firms were financially hurt in the process.
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股息重组和IPO收益——贝恩资本财务成功的不为人知的故事
本研究展示了贝恩资本和其他收购投资公司如何应用股息重组计划从其投资组合公司中获得财务收益。由此产生的分配占这些投资总体财务成功的很大一部分。尽管这些计划使收购基金及其投资者的投资获得了高额利润,但可以假设,在此过程中,参与的投资组合公司在财务上受到了损害。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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