三级IPS写作课真题讲义第60页

同学你好，这里的leveraged recapitalization和之前在二级中Alternative中讲的leveraged recapitalization不太一样，先看一下IPS中的定义哈：

A leveraged recapitalization is essentially a leveraging of a company’s balance sheet, usually accomplished by working with a private equity firm. The private equity firm generally invests equity and provides or arranges debt with senior and mezzanine (subordinated) lenders.
The owner transfers a portion of her stock for cash and retains a minority ownership interest in the freshly capitalized entity. Doing so allows the owner to monetize a large portion of her business equity (typically 60–80%) and retain significant upside potential (20–40%) from that point forward. Because of the retained stake, the owner should remain highly motivated to grow the business.

针对concentration holding, owner是要卖掉一部分股权换来cash的。