October 21, 2017

The logic of the investor

January 29, 2011    PracticeРаспечатать эту статью

The logic of the investor

Once Patricia Cloherty, chairman of the board of directors of Delta Private Equity Partners, agreed to a deal on a plane en route from New York to Moscow after a conversation with a fellow traveler about his business – she liked how it relates to business and the team. In Cloherty professional flair to companies that can grow up: she was 40 years of venture capital investments around the world and serves on the boards of 70 companies, including the New York Stock Exchange.

In Russia, Patricia Cloherty since 1994. Her company operates here by two private equity funds. In an interview with Forbes, she told, than the relationship of entrepreneurs with investors differ from its experience in other countries, which industries seem to her perspective and ideas of where to look for new business.

What do the investors are now in a crisis?

Now, many difficulties and no new transactions – enough cases so that there is. We also focused on the existing portfolio. It is important to be sure that all companies go through a crisis. We adjust their strategy development, cleaning up the balance sheet, we try to restructure the debts of all, what is possible. And, of course, reduce costs. It is a matter of survival. But we do so in every crisis.

«They talk too much about the price»

Where would you advise entrepreneurs to find the money now?

I am 40 years in business and confident that we can always find the capital – from family and friends, foundations, other businesses or the banks. The problem of entrepreneurs is that they spend a lot of time in negotiations on a price.

We are more greedy?

No more than anywhere else. This is a typical mistake of an entrepreneur who first began his work. He prefers to have a big piece of something small and not a little piece of something big. This obsession – most have the control – a game of losers, those who do not understand that raising capital may increase by several times. Capital contributes to growth and to take the risk, and therefore entitled to share in the business. Many companies never would have grown into global leaders, if not for investors, which the owners have given their time in the majority.

There is some specificity of interaction of the investor and entrepreneur?

The big problem – lack of business transparency for investors. If I put my money into the project and energy, are entitled to full information on it. Now, in a crisis, we demand from companies who have invested in more accountability. We collect reports on quarterly, monthly, sometimes even more often. It always happens in a crisis. Your businesses is not easy – there is no such tradition.

Now do not have enough mutual trust between managers, investors, regulators. No one is honest. Owners of private companies started in the 1990s. Survive and grow rich while you can, just to avoid taxes. In developed economies, where the entrepreneur does not pay taxes, he faces heavy fines. Even the property can be confiscated. And so the majority of businessmen honestly pay.

What do you look for when taking a decision whether to invest in the business of an entrepreneur?

He has a realistic look at things. Big deal – the business plan. Realistic. Executable. Preparation of this plan is very important.

A look at the charisma?

I do not believe in the magic of charisma. A good entrepreneur can be a bore. The main thing is that it performs the stated plan. Important to me that it was a business man. And it does not matter whether it is a good company with which I was pleased to have dinner.

«Now is a good time to start a business»
Can you remember your favorite investment?

I can not identify some of the 55 companies that our funds. All investments have been successful. Superpribylnymi been investing in media, for example. We sold a stake in ITS at a price four times the investment. The package of NCN, cable operators – three times more expensive package in TV3 – almost 13 times more expensive.

If we talk about international companies, more than anything else, I’m proud of investment in pharmaceutical firm Agouron Pharmaceuticals in San Diego, USA. A team of scientists developed a drug for the treatment of HIV infection. I went into this project in 1988. Invested about $ 20 million in research, clinical trials – first in animals and then in humans receiving the certificates (in the pharmaceutical industry tests are time consuming, it all dragged on for nine years). Now the company – the world leader in the production of medicines for HIV-infected patients. I came out of the investment in 1995, having sold the share for $ 2.2 billion, matched a lot of factors: the great scholars, diligent managers and worthy mission – to combat HIV.

Do you personally in the crisis became more time?

No. I have not had much free time, all these 40 years. And I like it. Even when flying in an airplane, always looking for new ideas for business. It is a habit. I get a lot of information from the financial reports of companies in which I am a member of the board of directors, research analysts’ reports. I read magazines, including Forbes. There is much information available that can be useful in business.

Which industries will grow faster than others after a crisis or may even grow during the recession?

I believe in your consumer market – there are not many products are not developed many of the services. It is interesting to invest in media, telecommunications and financial services. Entrepreneurs can not invent something of their own – take the idea to other countries, see what works, what does not adapt to the market and run. Look for Internet Business. Another set of services, developing successfully in Europe, USA and Asia, does not exist in Russia and former Soviet states.

And in what company you would not have to invest?

In a company where the husband and wife own the business: there are too many emotions. I had a similar experience. Also in Russia – as yet – in some countries can not invest in a business related to intellectual property, it simply is not protected. This is a big obstacle to investment in new technologies. Worldwide, venture investors interested in precisely such companies because there is a real opportunity to increase the value of the company many times, if the technology will be globally competitive. Intelligence – the largest resource for market capitalization growth companies. It was formed by him added value.

Among the many talented Russian developers. Because of the “Soviet of the brain”, many companies are successful in Israel, Europe and America. The same PayPal created a Russian. And I’m in the U.S. has invested in the development of two Russian guys who had been studying semiconductors. I bought for $ 12 million 24% of the company. And IBM has sold the stake to 20 times more expensive. But for such investments it is necessary that intellectual property was protected.

Are you ready for new deals?

Yes, we are looking at new business in conjunction with a team of UFG Private Equity. I have set a goal to enter into one or two deals a year. But we take calculated risks as investing savings of U.S. citizens and Western Europe.

Are you interested depreciating assets?

Many people now look at the assets of the companies that are having problems. But we must understand that most likely there were serious errors, since the business came to a standstill. Everything can be neglected too.

Can I start a business now?

Now is a good time to start a business, so it does not require much capital: wages and rent lower prices for many materials and services fell. The main thing that was a good idea and the ability to generate profits immediately.

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