{"id":11271,"date":"2024-03-25T17:56:44","date_gmt":"2024-03-25T16:56:44","guid":{"rendered":"https:\/\/grupodexter.com\/?p=11271"},"modified":"2024-04-29T18:42:39","modified_gmt":"2024-04-29T16:42:39","slug":"el-capital-privado-en-plena-rampa-de-ascenso","status":"publish","type":"post","link":"https:\/\/grupodexter.com\/sv\/el-capital-privado-en-plena-rampa-de-ascenso\/","title":{"rendered":"Private equity p\u00e5 v\u00e4g upp\u00e5t"},"content":{"rendered":"
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Private equity p\u00e5 v\u00e4g upp\u00e5t<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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ALFONSO MERLOS\u00a0<\/p>

Vicepresidente de DEXTER GLOBAL FINANCE<\/p>

<\/span>No basta en el libre mercado con que la competencia cometa errores o deje espacios di\u00e1fanos para el desarrollo del negocio propio. Es necesario saber aprovechar esos huecos y optimizarlos para, de facto, competir, progresar y crecer.<\/span><\/p>

<\/span>Seguramente de manera celebrada para los empresarios, ya quedaron atr\u00e1s los tiempos en los que la financiaci\u00f3n alternativa con capital privado era una mera v\u00eda de servicio de la gran autopista por la que transitaban las operaciones v\u00eda cajas de ahorros y sistema bancario tradicional, casi en esquema monopol\u00edstico, indiscutible e indiscutido.<\/span><\/p>

<\/span>Hoy, en una tendencia que no ha dejado de consolidarse, esa financiaci\u00f3n alternativa ya no es un \u00faltimo recurso o incluso una soluci\u00f3n que se busca casi a la desesperada cuando el conjunto de los conductos por los que puede circular el capital quedan obstruidos o est\u00e1n casi vac\u00edos (el efecto es el mismo).<\/span><\/p>

<\/span>El empresario, cada d\u00eda m\u00e1s, dise\u00f1a su propio esquema financiero para su compa\u00f1\u00eda y para sus proyectos, precisamente delimitando cu\u00e1ndo, c\u00f3mo y por qu\u00e9 en cada uno de los tramos de las iniciativas que pretende llevar adelante recurre a su propio \u2018equity\u2019, tienta a socios inversores, acude a la financiaci\u00f3n alternativa u opta por la bancaria: \u00e9se es un \u2018pool\u2019 que se dibuja, de forma creciente, con total naturalidad y persiguiendo siempre la viabilidad empresarial y, en \u00faltima instancia, los m\u00e1rgenes y el beneficio.<\/span><\/p>

<\/span>Esa rampa de total ascenso de la financiaci\u00f3n extrabancaria -una tendencia llamada no s\u00f3lo a consolidarse sino a acentuarse en este 2024- no es fruto de la casualidad, ni flor de un d\u00eda, ni puede considerarse un fen\u00f3meno repentino, algo equiparable a una moda que pronto desaparecer\u00e1 o girar\u00e1 a la marginalidad. Han sido varias las causas que, impulsadas de la mano de gestores e intermediarios financieros, han generado esta situaci\u00f3n.<\/span><\/p>

<\/span>La mayor profesionalidad de quienes operan en el campo de la financiaci\u00f3n privada, la cercan\u00eda, la transparencia, la seguridad\u2026 son todos ellos elementos que est\u00e1n contribuyendo grandemente a que se expanda esta ruta de acceso al cr\u00e9dito, cuando \u00e9ste se demanda en peque\u00f1os tickets -por debajo de los 500.000 euros- o cuando las necesidades son grandes, superando los 10 \u00f3 los 20 millones de euros, por ejemplo, para el desarrollo de ambiciosas promociones residenciales en cualquier punto de nuestro pa\u00eds: norte o sur, este u oeste, interior o costa, capitales consolidadas o nuevas urbanizaciones.<\/span><\/p>

<\/span>Tambi\u00e9n aqu\u00ed radica otro de los ejes y otra de las variables que se est\u00e1 moviendo, en la buena direcci\u00f3n, ampliando el abanico de oportunidades de los empresarios. Ya no s\u00f3lo la deuda privada en Espa\u00f1a se observa desde la \u00f3ptica prioritariamente del sector inmobiliario -sea \u00e9ste de oficinas, comercial, hotelero, log\u00edstico\u2026-, sino que se ha ampliado el foco para extenderse a firmas que, casi en cualquier sector de la econom\u00eda, buscan tocar y abrir esta puerta para proseguir su crecimiento, habitualmente con una garant\u00eda m\u00e1s hipotecaria que corporativa, en aras de la celeridad.<\/span><\/p>

La profesionalizaci\u00f3n de la financiaci\u00f3n alternativa est\u00e1 sirviendo, en paralelo, para hacer que brillen si cabe con m\u00e1s fuerza notas absolutamente distintivas, diferenciadoras, que la convierten en un producto atractivo para el emprendedor. La inmediatez y la velocidad, la agilidad y el sentido de urgencia para \u2018montar las operaciones\u2019 y proceder a su preaprobaci\u00f3n siguen siendo ventajas competitivas innegables respecto de lo que son capaces de ofrecer otros operadores financieros cl\u00e1sicos.<\/p>

En efecto, el tiempo es dinero. Y son incontables las ocasiones en las que no s\u00f3lo es recomendable sacrificar coste financiero para poder cerrar un negocio en los mejores t\u00e9rminos sino que ese sacrificio es la \u00fanica opci\u00f3n para el emprendedor. Pero incluso esta lectura, que tradicionalmente ha costado entender en nuestro pa\u00eds, resulta hoy mucho m\u00e1s comprensible y aceptable en la generalidad de nuestro tejido empresarial.<\/p>

As\u00ed, el coste financiero, como tantos otros -personal, materias primas, administrativos- ha dejado de tener el estigma de ser el \u00fanico especialmente observado con lupa para ser uno m\u00e1s. Dicho en otros t\u00e9rminos, la rentabilidad o el inter\u00e9s que el prestamista reclama al prestatario ha dejado de ser una especie de obsesi\u00f3n para este \u00faltimo, evitando as\u00ed su bloqueo.<\/p>

El viejo genio de los negocios, Warren Buffet, sostiene que \u201cel precio es lo que pagas mientras el valor es lo que recibes\u201d. En este sentido, el capital privado seguir\u00e1 prolongando su momento de oro en Espa\u00f1a, en gran medida, siempre que quienes se entregan a la gesti\u00f3n e intermediaci\u00f3n financiera lo hagan con plena conciencia de que el dinero que se abona por unos servicios tan necesarios tendr\u00e1 que ser indefectiblemente correspondido por la generaci\u00f3n de valor a\u00f1adido, de valor real, de valor que impulse y estimule un tejido empresarial que re\u00fane a clientes\u2026 cada d\u00eda m\u00e1s preparados y exigentes.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Private equity, in the midst of an upward trend<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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ALFONSO MERLOS <\/p>

Vice President of DEXTER GLOBAL FINANCE<\/p>

\t<\/span>In the free market, it is not enough for the competition to make mistakes or leave open spaces for the development of one’s own business. It is necessary to know how to take advantage of these gaps and optimize them in order to, de facto, compete, progress and grow.<\/span><\/p>

\t<\/span>Certainly in a celebrated way for entrepreneurs, the times in which alternative financing with private capital was a mere service road of the great highway along which the operations via savings banks and the traditional banking system, almost in a monopolistic, unquestionable and undisputed scheme, were passing by, are long gone.<\/span><\/p>

\t<\/span>Today, in a trend that has continued to consolidate, this alternative financing is no longer a last resort or even a solution that is sought almost in desperation when all the conduits through which capital can circulate are obstructed or almost empty (the effect is the same).<\/span><\/p>

\t<\/span>The entrepreneur, more and more every day, designs his own financial scheme for his company and for his projects, precisely delimiting when, how and why, in each of the stages of the initiatives he intends to carry out, he resorts to his own equity, tempts investment partners, resorts to alternative financing or opts for bank financing: this is a pool that is drawn, increasingly, with total naturalness and always pursuing business viability and, ultimately, margins and profit.<\/span><\/p>

\t<\/span>This ramp of total ascent of off-bank financing – a trend destined not only to consolidate but to become more pronounced in 2024 – is not the result of chance, nor is it a one-day flower, nor can it be considered a sudden phenomenon, something comparable to a fad that will soon disappear or become marginal. There have been several causes, driven by the hand of managers and financial intermediaries, that have generated this situation.<\/span><\/p>

\t<\/span>The greater professionalism of those who operate in the field of private financing, proximity, transparency, security… are all elements that are contributing greatly to the expansion of this route of access to credit, when it is demanded in small tickets -under 500,000 euros- or when the needs are large, exceeding 10 or 20 million euros, for example, for the development of ambitious residential developments anywhere in our country: north or south, east or west, interior or coast, consolidated capitals or new urbanizations.<\/span><\/p>

\t<\/span>Here again lies another of the axes and another of the variables that is moving in the right direction, expanding the range of opportunities for entrepreneurs. Private debt in Spain is no longer only seen from the point of view of the real estate sector – be it office, commercial, hotel, logistics… – but the focus has broadened to include firms in almost any sector of the economy that seek to knock and open this door to continue their growth, usually with a mortgage guarantee rather than a corporate guarantee, for the sake of speed.<\/span><\/p>

The professionalization of alternative financing is serving, at the same time, to make it shine even more brightly with absolutely distinctive, differentiating notes that make it an attractive product for the entrepreneur. The immediacy and speed, the agility and sense of urgency to ‘set up the operations’ and proceed to their pre-approval remain undeniable competitive advantages compared to what other classic financial operators are able to offer.<\/p>

Indeed, time is money. And there are countless occasions when it is not only advisable to sacrifice financial costs in order to close a deal on the best terms, but also when this sacrifice is the only option for the entrepreneur. But even this reading, which has traditionally been difficult to understand in our country, is today much more understandable and acceptable in the generality of our business fabric.<\/p>

Thus, financial costs, like so many others – personnel, raw materials, administrative costs – have ceased to have the stigma of being the only cost under close scrutiny, and have become just one more. In other words, the profitability or interest that the lender demands from the borrower has ceased to be a kind of obsession for the latter, thus avoiding its blockage.<\/p>

The old business genius, Warren Buffet, maintains that \u00abprice is what you pay while value is what you get\u00bb. In this sense, private equity will continue to prolong its golden moment in Spain, to a large extent, as long as those who engage in financial management and intermediation do so with full awareness that the money paid for such necessary services will have to be unfailingly matched by the generation of added value, real value, value that drives and stimulates a business fabric that brings together clients who are more prepared and demanding every day.<\/p>\n

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El capital privado, en plena rampa de ascenso ALFONSO MERLOS\u00a0 Vicepresidente de DEXTER GLOBAL FINANCE No basta en el libre mercado con que la competencia cometa errores o deje espacios di\u00e1fanos para el desarrollo del negocio propio. Es necesario saber aprovechar esos huecos y optimizarlos para, de facto, competir, progresar […]<\/p>\n","protected":false},"author":1,"featured_media":11273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-11271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dexter-global-finance"],"_links":{"self":[{"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/posts\/11271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/comments?post=11271"}],"version-history":[{"count":0,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/posts\/11271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/media\/11273"}],"wp:attachment":[{"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/media?parent=11271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/categories?post=11271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grupodexter.com\/sv\/wp-json\/wp\/v2\/tags?post=11271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}