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qiaowei · 2023年11月15日

私募公司为什么不采用负面筛选方法

NO.PZ2022120703000089

问题如下:

Which of the following ESG strategies is least likely used by private equity firms?

选项:

A.Positive screening B.Thematic investing C.Negative screening

解释:

C is correct because "like other investor types, private equity investors may certainly impose exclusionary screening i.e. negative screening on any number of criteria to restrict investment in certain sectors, either normatively or ethically defined. However, private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria. However, portfolio managers can benchmark segments of the portfolio against smaller investment universes, even including public companies, if data comparability exists. Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter"; and least likely that they would use negative screening.

A is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

B is incorrect because "private equity investors do not have the benefit of the breadth and diversity of indices and benchmarks of the listed equities space, limiting opportunities for peer comparability analysis or portfolio optimization efforts around ESG criteria … Hence, it is more likely that the GPs may apply some form of positive screening or thematic focus within their respective investment charter."

私募公司为什么不采用负面筛选方法

1 个答案

王岑 · 2023年11月16日

嗨,爱思考的PZer你好:


私募股权投资者可以根据一系列标准来实施排除性筛选,即负面筛选,以限制在某些行业的投资。然而,与上市股票领域的广泛和多样化的指数和基准相比,私募股权投资者并不具备这方面的优势,主要原因如下:

  1. 私募股权公司通常以收购或参与公司的方式进行投资,而不像公开市场上的股票投资那样容易买卖。因此,一旦他们投资了一家公司,退出或剥离投资可能较为困难,这使得采用负面筛选来排除某些行业或公司更加复杂。
  2. 与公开市场不同,私募股权投资者通常能够获得更多的控制权和影响力,他们可以积极参与被投资公司的管理和运营,以推动ESG改进。因此,他们可能更愿意采取积极的方法,通过引入ESG最佳实践来改善公司的绩效,而不是通过排除投资来实现目标。
  3. ESG数据在私募股权领域的可用性可能相对较低,这意味着私募股权公司可能更难以进行全面的负面筛选。相比之下,公开市场上的公司ESG数据更容易获取,使得负面筛选更为可行。
  4. 私募股权公司通常以较长期的投资视角进行投资,他们可能更愿意与被投资公司合作,共同解决ESG问题,而不是简单地剔除潜在问题。


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