The CEO of New Mountain Capital on Using PE Management to Ignite Growth

新山资本CEO谈利用PE管理点燃增长之火

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Twelve years ago, in 2010, my private equity firm, New Mountain Capital, acquired a little-known Wisconsin software company, RedPrairie, for $565 million. In September 2021 we sold that same company, now named Blue Yonder, to Panasonic at a total value of $8.5 billion. About $5.7 billion of the gain had come from organic growth, not acquisitions.

12年前，即2010年，我的私募股权公司New Mountain Capital以5.65亿美元收购了威斯康星州一家鲜为人知的软件公司RedPrairie。2021年9月，我们将同一家公司，现在名为Blue Yonder，以85亿美元的总价值卖给了松下。其中大约57亿美元的收益来自有机增长，而不是收购。

That success wasn’t driven by some stroke of luck, technology breakthrough, or new product. Rather, it was the result of continual investment and improvement in the company’s management, strategy, and governance—the same approach that best-in-class private-equity firms have employed for years across dozens of industries and thousands of companies. By explaining how New Mountain transformed Blue Yonder, I hope to show exactly how private equity firms create value for businesses and for the economy and to underscore how much the PE industry has evolved since its inception.

这种成功并不是由某种运气、技术突破或新产品驱动的。相反，它是对公司的管理、战略和治理进行持续投资和改进的结果--这也是一流的私募股权公司多年来在数十个行业和数千家公司采用的方法。通过解释New Mountain是如何改造Blue Yonder的，我希望确切地说明私募股权公司是如何为企业和经济创造价值的，并强调私募股权行业自成立以来已经有了很大发展。

Private equity was first “institutionalized” about 40 years ago. Indeed, in 1981 I cofounded Goldman Sachs’s original private-equity group. I later became a partner at Forstmann Little from 1984 to 1999. When I joined Forstmann, only about 20 private equity firms were in existence. They all had small staffs (I was initially one of five investment professionals at Forstmann, including the three founders), and most of them relied heavily on leverage to generate excess returns.

私募股权约在40年前首次被 "制度化"。事实上，在1981年，我是高盛公司最初的私人股权投资小组的共同创始人。后来，我从1984年到1999年成为Forstmann Little公司的合伙人。当我加入Forstmann时，只有大约20家私募股权公司存在。它们的员工人数都不多（我最初是Forstmann五个投资专家之一，包括三个创始人），而且大多数公司都严重依赖杠杆来产生超额回报。

Private equity has changed dramatically since those early days. According to PitchBook, the United States alone now has about 5,000 PE firms, and they collectively own and oversee some 30,000 companies, employ 11 million people, and account for 6.5% of the country’s gross national product. Over the past five years or so the industry has invested approximately $5 trillion of capital, generally in companies that would have been too small or “unexciting” to access public stock markets. Private equity has also in recent years generated the highest returns of any asset class for pension funds and endowments, even after accounting for all fees and carried interest, and has had less volatility on the downside than traditional public equities have.

与早期相比，私募股权已经发生了巨大的变化。根据PitchBook的数据，仅美国现在就有大约5000家私募股权公司，它们共同拥有和监督大约3万家公司，雇佣了1100万人，占美国国民生产总值的6.5%。在过去五年左右的时间里，该行业已经投资了大约5万亿美元的资金，通常是投资于那些规模太小或 "不吸引人 "而无法进入公共股票市场的公司。近年来，私募股权也为养老基金和捐赠基金创造了所有资产类别中最高的回报，即使在计入所有费用和结转利息之后，而且与传统的公共股票相比，其下跌的波动性较小。

To be clear, PE firms are not corporate raiders. Companies to be sold choose us as their preferred partners on an entirely voluntary basis. PE firms are not hedge funds either: We own and manage entire companies for years; we don’t regularly trade in and out of stock positions. Nor are we venture capitalists, which may make lots of small investments and anticipate numerous failures as they seek some companies that perform extremely well. At New Mountain we aim to preserve and protect every business we buy, without portfolio theory, and help each one grow.

要明确的是，PE公司不是企业掠夺者。将被出售的公司在完全自愿的基础上选择我们作为其首选合作伙伴。PE公司也不是对冲基金。我们拥有并管理整个公司多年；我们不定期交易股票头寸。我们也不是风险资本家，他们可能会进行大量的小额投资，并在寻找一些表现极好的公司时预计会有许多失败。在New Mountain，我们的目标是维护和保护我们购买的每一家企业，不搞投资组合理论，并帮助每一家企业成长。

Private equity is most like an entrepreneur who is buying a business—but in place of one person who takes the helm of one company, our organized teams of professionals buy and build many companies. That means we offer the advantages of a large corporation—including strong, central, specialized teams and expansive networks—along with the flexibility and long-term mindset of an entrepreneur or a family business owner. That combination allows us to achieve success across many companies and over many years.

私募股权最像一个正在购买企业的企业家，但我们有组织的专业团队代替一个人掌舵一家公司，购买和建立许多公司。这意味着我们提供大公司的优势--包括强大的、中央的、专业的团队和广泛的网络--以及企业家或家族企业主的灵活性和长期思维方式。这种结合使我们能够在许多公司和多年的时间里获得成功。

I left Forstmann in 1999 to launch New Mountain out of a one-man rented office with a metal desk. Since then it has expanded to more than 200 people (including both operators and financial experts) at headquarters, more than 55,000 people at the companies we own, and a wide range of allies and advisers. Over the past 23 years New Mountain has acquired or founded more than 60 companies, about 30 of which we presently own. Across all our current and past portfolio companies we have added more than 49,000 jobs (net of any job losses); spent more than $5 billion on research and development, software, and capital expenditures; and generated many tens of billions of dollars in enterprise value while never taking a company into bankruptcy or missing an interest payment. We now oversee more than $35 billion in assets and funds.

我于1999年离开福斯特曼，在一个人租的办公室里，用一张金属桌子创办了新山公司。从那时起，它已经扩展到总部的200多人（包括经营者和金融专家），我们拥有的公司有55000多人，还有广泛的盟友和顾问。在过去的23年里，新山公司已经收购或创办了60多家公司，其中约30家是我们目前拥有的。在我们目前和过去的所有投资组合公司中，我们增加了超过49,000个工作岗位（扣除任何工作岗位的损失）；在研发、软件和资本支出上花费了超过50亿美元；并创造了数百亿美元的企业价值，同时从未使公司破产或错过任何利息支付。我们现在监管着超过350亿美元的资产和基金。

Private equity firms have varying styles. New Mountain looks to build businesses in secular growth (or “defensive growth”) industries, with a flat hierarchy and a nonpolitical, respectful, and intellectually honest culture. Some of the sectors we emphasize include life sciences, health care (with companies that lower costs), water and power (with companies that upgrade the U.S. grid), digital transformation enablers, and data and data analytics enterprises. We generally use acquisition debt sparingly, and in some cases not at all. Before making any investment we develop a long-term growth plan for the target company. Once we’ve bought it, our assigned team works closely with management to continually update and achieve that plan.

私募股权公司有不同的风格。新山公司希望在世俗增长（或 "防御性增长"）的行业中建立企业，拥有扁平化的等级制度和非政治性的、受人尊重的、智力上诚实的文化。我们强调的一些行业包括生命科学、医疗保健（与降低成本的公司合作）、水和电力（与升级美国电网的公司合作）、数字转型推动者以及数据和数据分析企业。我们通常很少使用收购债务，在某些情况下根本不使用。在进行任何投资之前，我们为目标公司制定一个长期增长计划。一旦我们买下了它，我们指定的团队就会与管理层紧密合作，不断地更新和实现这一计划。

Our experience with Blue Yonder highlights many of the techniques that we and other top PE firms employ to improve the companies we acquire. We offer the capabilities and access to capital that a large corporate parent would, without forcing companies to become part of a conglomerate culture. At the same time, we bring a fresh, entrepreneurial vision to strategy, talent, R&D, technology, and corporate alliances.

我们在Blue Yonder的经验突出了我们和其他顶级PE公司为改善我们收购的公司所采用的许多技术。我们提供一个大型企业母公司所具有的能力和获得资本的机会，而不强迫公司成为企业集团文化的一部分。同时，我们为战略、人才、研发、技术和企业联盟带来了全新的、企业家式的视野。

As Blue Yonder continues to grow as a large and important division of Panasonic, now operating on a global scale, we won’t seek to take credit for its future success. But we do take pride in having helped turn RedPrairie’s little business into a much more significant one that we hope will thrive for decades to come.

随着Blue Yonder继续成长为松下公司的一个大型重要部门，现在在全球范围内运作，我们不会寻求为其未来的成功邀功。但我们确实为帮助RedPrairie的小企业变成一个更重要的企业而感到自豪，我们希望它能在未来几十年里蓬勃发展。

In 2010 RedPrairie was by all accounts a solid but somewhat sleepy company, one of three niche leaders in the supply chain software and logistics sector, with earnings before interest, taxes, and depreciation of about $60 million. We found it through a deep dive into the software space, following a previous success with a similar business, Deltek. We were attracted to the potentially rising demand for supply chain offerings given the spread of e-commerce and to RedPrairie’s defensible market position, which included an installed base of 34,000 systems across 650 customers worldwide. We developed plans to accelerate the company’s growth, including more sales and marketing, an increased emphasis on international business, and add-on acquisitions. We funded RedPrairie’s purchase price of $565 million plus transaction costs with $335 million of equity from one of our funds and $240 million of debt set at only four times EBITDA. We reserved an additional $150 million of our fund equity for future growth investments.

2010年，RedPrairie从各方面来看都是一家稳健但有些沉睡的公司，是供应链软件和物流领域的三个利基领导者之一，利息、税收和折旧前盈利约为6000万美元。我们通过对软件领域的深入研究发现了它，此前我们在一家类似的企业Deltek取得了成功。鉴于电子商务的普及，我们被对供应链产品的潜在需求所吸引，也被RedPrairie可防御的市场地位所吸引，其中包括全球650家客户的34,000个系统的安装基地。我们制定了加速公司发展的计划，包括更多的销售和营销，更加重视国际业务，并进行额外的收购。我们为RedPrairie公司5.65亿美元的收购价格和交易成本提供资金，其中3.35亿美元来自我们的一个基金的股权，2.4亿美元的债务只设定为EBITDA的4倍。我们保留了另外1.5亿美元的基金股权用于未来的增长投资。

The acquisition got off to a solid start, with New Mountain and RedPrairie’s legacy management working closely together. Sales grew at a 17% compound annual rate from 2009 to 2012. We invested $25 million more in the company in 2011 to help fund the add-on acquisition of Escalate, further strengthening RedPrairie’s product offering in e-commerce and multichannel retail. By 2012 we were able to pay our investors a dividend of $123 million, reducing risk.

在New Mountain和RedPrairie的传统管理层的密切合作下，这次收购有了一个坚实的开端。从2009年到2012年，销售额以17%的复合年率增长。2011年，我们又向公司投资2500万美元，以帮助资助对Escalate的附加收购，进一步加强RedPrairie在电子商务和多渠道零售方面的产品。到2012年，我们能够向投资者支付1.23亿美元的股息，降低了风险。

Then came the type of opportunity that a traditional private company could not typically pursue without the support of a strong private-equity sponsor. With our assistance, RedPrairie acquired one of the two other leaders in the supply chain space: JDA.

然后，一个传统的私人公司在没有强大的私人资本赞助者的支持下，通常无法追求的机会出现了。在我们的帮助下，RedPrairie收购了供应链领域的另外两个领导者之一。JDA。

Headquartered in Arizona, JDA was a publicly traded company and larger than RedPrairie. We negotiated to buy it for $1.9 billion in November 2012, creating a combined business with more than $1 billion in revenues, the 14th-largest software company in the nation, and the potential category leader in the end-to-end supply-chain space. New Mountain put $250 million of additional equity into RedPrairie to help fund the purchase, plus $125 million more from coinvestors. The decision to buy JDA was driven by the potential for a stronger combined product line, a larger total sales force, and cross-selling opportunities. RedPrairie’s legacy management heartily recommended the acquisition, with the JDA team slated to lead the combined company, which would retain the JDA name.

总部位于亚利桑那州的JDA是一家上市公司，规模比RedPrairie大。我们在2012年11月通过谈判以19亿美元的价格收购了它，合并后的企业收入超过10亿美元，是全美第14大软件公司，也是端到端供应链领域的潜在类别领导者。New Mountain公司向RedPrairie公司追加了2.5亿美元的股权以帮助收购，另外还有1.25亿美元来自共同投资者。收购JDA的决定是由潜在的更强大的联合产品线、更大的总销售队伍和交叉销售机会驱动的。RedPrairie的传统管理层衷心推荐这次收购，JDA团队将领导合并后的公司，公司将保留JDA的名称。

The logic for the merger was sound, but the initial execution was flawed. Some top talent became disaffected; a sales force reorganization was counterproductive; and new competitive technologies threatened to catch us or pass us by. I went to the company’s national conference personally to assure employees that New Mountain would not abandon the business; rather, we would double down on our efforts to turn the company around and achieve success.

合并的逻辑是合理的，但最初的执行是有缺陷的。一些顶级人才开始不满；销售队伍的重组产生了反作用；新的竞争技术有可能赶上我们或与我们擦肩而过。我亲自去参加公司的全国会议，向员工保证新山公司不会放弃业务；相反，我们将加倍努力，使公司扭亏为盈，获得成功。

From that point on our team took an increasingly hands-on approach. This is another advantage of modern private- equity firms like ours: We have teams of functional experts on staff in every area from implementing IT systems to advanced procurement, from financial planning and analysis to understanding the newest Covid-19 regulations.

从那时起，我们的团队采取了越来越多的亲身实践方法。这是我们这样的现代私人股本公司的另一个优势。我们在每个领域都有职能专家团队，从实施IT系统到高级采购，从财务规划和分析到了解最新的Covid-19法规。

We took one of our own trusted internal operating partners—Baljit Dail, formerly a senior-level technologist and executive at McKinsey and Aon—and installed him as the company’s new CEO. We also kept adding skills and team members to New Mountain itself, which we made available to help JDA and our other companies as needed. We have grown from 62 investment professionals in 2012 to more than 100 today, including software and supply chain experts such as Nadia Shouraboura (formerly the head of Amazon’s supply chain), Robert Weiler (formerly an EVP at Oracle), Lawrence Jackson (formerly a senior executive at Pepsi and Walmart), and others. Nadia and Lawrence served on JDA’s board. Others helped guide decisions. And in 2016 JDA regained momentum, showing sales and bookings growth and rising customer-satisfaction scores. Working with its leaders, we began crafting an improved strategy for the years ahead.

我们把我们自己信任的内部运营伙伴之一--Baljit Dail，以前是麦肯锡和Aon的高级技术专家和管理人员，并让他担任公司的新CEO。我们还不断为New Mountain本身增加技能和团队成员，并在需要时为JDA和我们的其他公司提供帮助。我们的投资专家从2012年的62人增加到现在的100多人，包括软件和供应链专家，如Nadia Shouraboura（曾任亚马逊供应链负责人）、Robert Weiler（曾任甲骨文公司执行副总裁）、Lawrence Jackson（曾任百事可乐和沃尔玛的高级管理人员）等。Nadia和Lawrence在JDA的董事会任职。其他人帮助指导决策。2016年，JDA重新获得了发展动力，显示出销售和预订的增长以及客户满意度的上升。我们与公司领导合作，开始为未来几年制定更好的战略。

In December 2016, bolstered by those positive signs, we organized a new preferred-stock investment in JDA from New Mountain and Blackstone and used those proceeds to reduce the company’s debt. New Mountain remained the controlling shareholder while Blackstone added capital and expertise. The ability to arrange that kind of sophisticated financing on favorable terms for existing shareholders—in a way that also benefits the business and its employees—is another skill set that private equity firms provide.

2016年12月，在这些积极迹象的支持下，我们从New Mountain和Blackstone组织了对JDA的新优先股投资，并使用这些收益来减少该公司的债务。New Mountain仍然是控股股东，而Blackstone增加了资本和专业知识。以对现有股东有利的条件安排这种复杂的融资，并使企业及其员工受益的能力，是私募股权公司提供的另一项技能。

Then, in January 2017, we installed a new CEO at JDA, Girish Rishi. Girish considered Ed Breen, the CEO of DuPont, to be a mentor. Ed and I had worked closely together in the 1990s to build General Instrument, a Forstmann portfolio company, into a global leader in advanced communications technology. Ed had been a supporter of New Mountain since its launch and had recommended that another executive, Raj Gupta, join us. (We and Raj then had strong success at a company now called Avantor, which was acquired and transformed by New Mountain and has grown from a value of $290 million at purchase into a new member of the Fortune 500.)

然后，在2017年1月，我们在JDA安装了一个新的CEO，Girish Rishi。吉里什认为杜邦公司的首席执行官埃德-布林是一位导师。埃德和我在20世纪90年代曾密切合作，将福斯特曼投资的通用仪器公司打造成为先进通信技术的全球领导者。自新山公司成立以来，埃德一直是该公司的支持者，并推荐另一位高管拉吉-古普塔加入我们。(我们和拉吉当时在一家名为Avantor的公司取得了巨大的成功，该公司被New Mountain收购和改造，并从收购时价值2.9亿美元发展成为财富500强的新成员）。

Girish Rishi, until recently Blue Yonder’s CEO, at the company’s global annual kickoff in February 2020. Courtesy Blue Yonder

直到最近，Blue Yonder的首席执行官Girish Rishi在2020年2月公司的全球年度启动会上。礼貌的Blue Yonder

That Girish agreed to join us reflects a principle I call the talent per dollar ratio: PE companies can often attract extremely talented and valuable managers to businesses that those executives wouldn’t consider otherwise. They offer significant ownership opportunities (whether to purchase shares outright or to receive them as incentives). They also protect managers from the 90-day reporting pressures of public companies and the nepotism and professionalism issues they might see in family-run businesses. Girish worked with us and Blackstone to make other key additions, including a new CFO, Sue Savage; a new CMO, Kevin Iaquinto; a new chief development officer, Desikan Madhavanur; and a new head of sales, Mark Morgan.

Girish同意加入我们，反映了一个我称之为每美元人才比例的原则。PE公司通常可以吸引极有才华和价值的经理人加入那些高管不会考虑的企业。他们提供重要的所有权机会（无论是直接购买股份还是作为奖励获得股份）。它们还能保护经理人免受上市公司90天报告的压力，以及他们在家族企业中可能看到的裙带关系和专业主义问题。Girish 与我们和 Blackstone 合作，进行了其他重要的补充，包括新的 CFO Sue Savage、新的 CMO Kevin Iaquinto、新的首席开发官 Desikan Madhavanur 以及新的销售主管 Mark Morgan。

With this team and a refined vision for growth, JDA could go on offense. It evolved its legacy products into software as a service (SaaS); added AI and machine-learning capabilities; and pioneered new products such as the digital fulfillment platform Luminate, which provides a “control tower” to optimize real-time decision-making across end-to-end global supply chains. Blackstone teams (led by Michael Capellas and Martin Brand) and New Mountain ones (led by Pete Masucci, Jack Qian, Bill Haley, and Raj Merchant) provided continuing value at the board and ownership levels. The company renamed itself Blue Yonder (a name taken from one of its AI-oriented add-on acquisitions) to reflect a fresh vision for the future. We soon attracted the attention of Panasonic, which purchased a 20% interest in the company in July 2020 and became a board member, owner, and partner. Blue Yonder continued to prosper in 2021, helping clients navigate the supply chain disruptions created by the pandemic.

有了这个团队和完善的增长愿景，JDA可以开始进攻了。它将其传统产品发展为软件即服务（SaaS）；增加了人工智能和机器学习能力；并开创了新产品，如数字履行平台Luminate，它提供了一个 "控制塔"，以优化整个端到端全球供应链的实时决策。Blackstone 团队（由 Michael Capellas 和 Martin Brand 领导）和 New Mountain 团队（由 Pete Masucci、Jack Qian、Bill Haley 和 Raj Merchant 领导）在董事会和所有权层面持续提供价值。公司将自己更名为Blue Yonder（这个名字取自其面向人工智能的附加收购），以反映对未来的新愿景。我们很快吸引了松下公司的注意，松下公司于2020年7月购买了公司20%的股权，并成为董事会成员、所有者和合作伙伴。Blue Yonder在2021年继续繁荣，帮助客户渡过大流行病造成的供应链混乱。

After Panasonic acquired the rest of the company, last September, Girish and the other Blue Yonder executives invited their PE partners to dinner. We had a lot to celebrate. Since New Mountain’s initial investment the number of its employees had grown from 1,100 to about 5,500. Lucrative SaaS bookings had grown from near zero in 2010 to 18% of the company’s total in 2017, when Girish joined, to 79% in the second quarter of 2021. Recurring revenue from that business had been growing at a 79% average annual rate and was nearing half a billion dollars at the end of FY21. Under our and Blackstone’s ownership the company had invested more than $1 billion in R&D over the prior 10 years and had built a portfolio of 400-plus patents. Blue Yonder had also won a 2021 Microsoft Partner of the Year award, an AI Breakthrough Award, and numerous honors, including for humanitarian efforts during the pandemic and for diversity, equity, and inclusion.

去年9月，在松下收购了公司的其余部分后，Girish和Blue Yonder的其他高管邀请他们的PE合作伙伴共进晚餐。我们有很多事情要庆祝。自New Mountain最初投资以来，其员工人数已从1100人增长到约5500人。有利的SaaS预订已经从2010年的接近零增长到2017年Girish加入时占公司总额的18%，并在2021年第二季度达到79%。该业务的经常性收入一直以年均79%的速度增长，在21财年末接近5亿美元。在我们和黑石集团的所有权下，该公司在过去10年中投资了超过10亿美元用于研发，并建立了一个拥有400多项专利的组合。Blue Yonder 还赢得了 2021 年微软年度合作伙伴奖、人工智能突破奖以及众多荣誉，包括在大流行病期间的人道主义努力以及多样性、公平和包容。

About 450 past and present members of company management were equity owners who benefited from the sale to Panasonic, and Girish read letters from some of them. Meanwhile, the multibillion-dollar payout to New Mountain went primarily to its limited- partner institutional investors: mostly pension funds, state retirement plans, and sovereign funds that represent hundreds of thousands of workers and retirees around the world. And although we’re no longer involved with Blue Yonder, and Girish recently handed the role of CEO over to Mark Morgan as he moves on to pursue new ventures, the company continues to grow.

大约有450名过去和现在的公司管理层成员是受益于出售给松下的股权所有者，Girish宣读了其中一些人的信件。同时，对新山公司的数十亿美元的赔款主要给了其有限合伙人的机构投资者：主要是养老基金、国家退休计划和主权基金，这些基金代表了世界各地成千上万的工人和退休人员。尽管我们不再参与Blue Yonder，而且Girish最近将首席执行官的角色交给了Mark Morgan，因为他将继续从事新的事业，但该公司仍在继续发展。

Private equity involves no single magic bullet or trick. Firms like ours succeed when they do many things right:

私募股权并不涉及单一的魔术或技巧。像我们这样的公司在做对许多事情的时候才会成功。

Carefully choose which industries to enter, constantly skating to where the puck is moving

谨慎地选择进入哪些行业，不断地滑向冰球移动的地方

Bring fresh thinking and new strategic perspectives to legacy businesses

为传统业务带来新的思维和新的战略视角

Focus on the long term, with multiyear planning horizons

专注于长期，具有多年的规划视野

Recruit and install top-quality managers and board members, even at companies that start small

招聘和安置高质量的经理和董事会成员，即使是在开始时规模不大的公司也是如此。

Provide centralized resources for various functions

为各种功能提供集中的资源

Serve as professional, objective shareholders whose interests are aligned with those of our portfolio companies’ management

作为专业、客观的股东，其利益与我们所投资公司管理层的利益保持一致

Push hard to help every portfolio company grow and generate returns

努力帮助每个投资组合公司成长并产生回报

Stay flexible with the balance sheet and capital structure

保持资产负债表和资本结构的灵活性

Apply the networks, knowledge, and skills needed to create corporate alliances, execute strategic M&A, and make VC-style investments to provide higher returns

运用所需的网络、知识和技能，建立企业联盟，执行战略并购，并进行风险投资式的投资，以提供更高的回报。

In the late 1800s corporations became a new form of ownership and governance, supplanting small hands-on shareholders with large professional teams. Since the late 1900s private equity has begun to emerge as an alternative, increasingly able to offer the best of both worlds—hands-on shareholders plus broad expertise. Blue Yonder is just one business that has gained value under PE ownership; private equity has produced trillions of dollars’ worth of gains overall.

在19世纪末，公司成为一种新的所有权和治理形式，用大型专业团队取代了小股东的亲身参与。自20世纪末以来，私募股权开始作为一种替代方式出现，越来越能够提供两个世界的最佳选择--亲手操作的股东和广泛的专业知识。Blue Yonder只是一个在私募股权所有权下获得价值的企业；私募股权已经产生了价值数万亿美元的整体收益。

As members of this thriving ecosystem, and drawing on the strategies described in this article, we at New Mountain will strive to build many more successful companies in the future. We expect and hope that lots of other firms will join us.

作为这个蓬勃发展的生态系统的成员，并借鉴本文所述的策略，我们新山公司将努力在未来建立更多的成功公司。我们期待并希望有很多其他公司加入我们。