雙語閱讀｜私募巨頭KKR公布繼任計劃

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IN MOST four-decade-old firms run by greying co-founders, investors would have long since demanded clarity on succession. But private equity works differently: the industry has been dominated by its pioneers ever since its origins in the 1970s. So an announcement on July 17th about its future leadership by KKR, one of the world』s largest private-equity firms, puts it a step ahead of its rivals. Its aim of ensuring that the firm has the right structure in place 「for decades to come」 is not obviously shared across the industry.

大多數有40年歷史的公司通常仍由年邁的聯合創始人經營，投資者們長期以來一直要求公司制定明確的繼任計劃。但是，私募企業的繼任方式有所不同：自20世紀70年代誕生以來，該行業一直都是先驅、開拓者主導。因此，全球最大私募股權巨頭之一科爾伯格·克拉維斯（Kohlberg Kravis Roberts & Co. L.P.，KKR）7月17日公布其未來領導人計劃，無疑比競爭對手先跨出一步。它的目標是確保公司在「未來幾十年」建立維持合理的公司結構，不過，這一目標並未在私募行業成為共識。

KKR has been run since 1976 by two of its founders, Henry Kravis and George Roberts (both in their early 70s). They are staying on as co-chairmen and co-chief executives but with less of a day-to-day role. Lining up behind them are a pair of 40-somethings, Joe Bae and Scott Nuttall, who will join the board and take the titles of co-president and co-chief operating officer.

自1976年以來，科爾伯格·克拉維斯（KKR）一直由兩位創始人亨利·克拉維斯（Henry Kravis）和喬治·羅伯茨（George Roberts）主掌——兩人現均已年逾古稀。他們目前擔任聯合董事長和聯合首席執行官，但在逐漸減少日常工作。他們的繼任者是正值不惑之年的喬·貝（Joe Bae）和斯科特·納托爾（Scott Nuttall），將以聯合總裁兼聯合首席運營官的身份加入董事會，領導該公司繼續發展。

Such explicit, public succession planning is unusual. Stephen Schwarzman, the boss and co-founder of Blackstone, the world』s largest private-equity firm, has hinted that Jonathan Gray, head of its property arm, could succeed him. But the chiefs of other behemoths, such as Leon Black of Apollo, or David Rubenstein, William Conway and Daniel D』Aniello, the trio behind and atop Carlyle, have largely kept silent about their heirs. So too have the bosses of many smaller firms.

這樣明確地公開其繼承計劃是極不尋常的。世界最大的私募股權公司黑石集團的總裁兼聯合創始人斯蒂芬·施瓦茨曼（Stephen Schwarzman）曾暗示稱，該公司財產部門負責人喬納森·格雷（Jonathan Gray）可以接替他。但是，其他私募巨頭的總裁們，如阿波羅（Apollo）的萊昂·布萊克（Leon Black），或在凱雷「台前幕後」的三人組大衛·魯本斯坦（David Rubenstein），威廉·康威（William Conway）和丹尼爾·德阿尼洛（Daniel D』Aniello），繼任者計劃基本保持緘默。許多規模更小一些的企業老闆們也是如此。

Public reticence does not necessarily imply a lack of planning. Most private-equity firms are private partnerships and do not face the level of scrutiny accorded to publicly listed firms like KKR. But there is often pressure to reveal succession plans from investors who are committing capital that could be tied up for ten years or more.

不過，不公開宣布並不一定意味著它們缺乏規劃。大多數私募投資機構都是私人合夥企業，它們不需要像KKR這樣的上市企業一樣受到嚴格的監管審查。但是，他們通常也要面對來自投資者的壓力，因為他們需要了解其繼任計劃，才能決定是否要在未來十年甚至更久把自己的資本與這些領導人緊密聯繫在一起。

Not having a scheme for a smooth transition of power carries risk in all businesses. But the potential for acrimonious disputes, not least over money, is particularly high in private equity. In a recent analysis of over 700 firms, Josh Lerner and Victoria Ivashina of Harvard Business School found that compensation of partners in the industry was inextricably tied, not to individual investment success, but rather to whether they were there at a firm』s birth. The average founder receives nearly 20% of all profits from 「carried interest」 and owns a 31% stake in his firm; a non-founding senior partner gets on average only 11% of profits and owns less than 14% of the firm.

沒有一個平穩的過渡計劃對所有企業來說都極具風險。但是，私募股權行業發生競爭激烈的內部爭端——不只是金錢方面——的可能性特別高。哈佛商學院經濟學家喬什·萊納（Josh Lerner）和維多利亞·伊娃什娜（Victoria Ivashina）最近研究分析了700多家公司，發現私募行業合作夥伴的薪酬與個人投資成功無關，與他們是不是公司的創始人有關。創始人平均可以獲得近20％公司「附帶權益」的所得利潤，擁有31％的股權；而一個非創始人身份的高級合伙人平均只有11％的利潤，擁有不到14％的股權。

Such unequal arrangements can make a transition trickier. Reallocating profits or transferring outsize ownership stakes to other partners risks internal bickering. In 2010 Justin Wender, the anointed successor of John Castle, the founder of an American firm called Castle Harlan, left amid a dispute about 「future ownership」. Friction over succession and profit-sharing at Charterhouse, a British firm, came to light in 2014 in the form of a lawsuit by a disgruntled former partner, who alleged, among other things, that the firm tried to force him to sell his stake at an excessively low price. Charterhouse won the case.

這種不均衡的安排使得權力過渡變得更加棘手。重新分配利潤或將其擁有的巨額股權轉讓給其他合伙人勢必引起內部爭端。 2010年，美國公司哈蘭酒庄（Castle Harlan）的創始人約翰·卡素（John Castle）就是這樣。該公司原本的「欽定」接班人賈斯汀·溫德（Justin Wender）不得不在關於「未來所有權」的爭議中離職。英國查特豪斯公司（Charterhouse）內部關於繼承和利益分配的摩擦爭端在2014年公之於眾。該公司前合伙人不滿利益分配而將其告上法庭，宣稱公司試圖強迫他以超低價格出售其股份，最後卻敗訴。

Mr Lerner worries that a growing trend of exiting founders selling their stakes externally causes other problems, particularly for private firms. If such firms are no longer in the hands of those who make the profits, for example, that may weaken the alignment of interests that has driven much of the industry』s success.

萊納擔心，即要卸任創始人將其股份出售給外部人員或者公司，這種行為漸成趨勢可能會導致其他問題，對私營企業來說尤其如此。如果一家企業不再掌握在創造利潤的人員手中，這樣可能會削弱利潤的分配一致性，從而造成企業失敗。

All these concerns will come to a head when increasing numbers of founders step back. Large firms like KKR have diverse businesses and big teams of executives; smaller counterparts, where power is concentrated with individual founders, may have more trouble adjusting. All the more reason to follow KKR』s lead on leadership. Success and succession will become ever more intertwined.

隨著越來越多的創始人退休，所有這些擔憂將會成為現實，那時就要面臨關係到企業生死存亡的時刻了。像KKR這樣的大企業擁有廣泛的業務範圍和大型高管團隊；在規模更小一些的企業里，權力集中在少數人手中，可能會遇到很多調整困難。對它們來說，就更需要學習KKR企業，及早合理安排繼任者計劃，並將之公之於眾。這樣，企業才會永遠蒸蒸日上，欣欣向榮。

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