"Alternative Investments":leveraged buyout
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Questions 1:
Which of the following is most likely a private equity strategy?
A、 Merger arbitrage
B、 Venture capital
C、 Quantitative directional
Questions 2:
Which of the following characteristics of a target company is likely the leastattractive for a leveraged buyout?
A、 Substantial amount of physical assets
B 、Strong and sustainable cash flow
C 、High leverage
B is correct. Venture capital is a private equity strategy in which private equity companies invest and get actively involved in the management of portfolio companies.
A is incorrect. This is a hedge fund strategy.
C is incorrect. This is a hedge fund strategy.
C is correct. Low leverage is an attractive feature of a target company in a leveraged buyout. This characteristic makes it easier for an acquirer to use debt to finance a large portion of the purchase price.
A is incorrect. A substantial amount of physical assets is a desirable feature of a target company in a leveraged buyout.
B is incorrect. A strong and sustainable cash flow is a desirable feature of a target company in a leveraged buyout.
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