拜登就职，大型科技公司或将面临更多监管
随着拜登新政府的上台，最近要打击科技巨头（从Facebook到亚马逊）的声音渐起，似乎不少人支持加强监管。另类投资公司Hamilton Lane的首席执行官马里奥•詹尼尼表示，如果属实，那么对私募股权行业可能是好消息。
“削弱科技巨头的主导地位……对行业里的某些公司可能不是好消息，但对私募股权来说却是好事。”詹尼尼告诉《财富》杂志。在目前民主党占微弱多数的美国国会中，“估计每个人都想说：‘亚马逊太强大了，谷歌（太强大了）。’放眼过去，比比皆是。”他认为两党都支持加强监管。
至于立法者具体会采取什么行动，“我不确定。”詹尼尼说，不过“只要采取措施削弱巨头的实力，对私募股权就有益，因为规模较小的公司能够获得更多的机会。”
政府对科技巨头加强监管可谓老生常谈，但最近监管机构对知名企业的关注似乎确实有所加强。Facebook最近遭反垄断诉讼，被指打压竞争，而亚马逊（Amazon）和苹果（Apple）等疫情期间的大赢家都发现政府的反垄断大棒指向自己。与此同时，谷歌（Google）的搜索和搜索广告业务再次陷入困境。Facebook和亚马逊等巨头在欧洲也可能遭逢不利。
詹尼尼的公司负责管理730亿美元的资产，还为4740亿美元的资产提供咨询。据詹尼尼说，私募股权寻找投资标的时总是绕不过FAANG（Facebook、亚马逊、苹果、Netflix和谷歌）等大巨头。
“现在随便一家私募股权（公司）做交易时都会提出一个问题，哪怕第一个问题没有问到，前三个问题也必然会涉及。‘亚马逊会不会进入这个领域？’问题的答案非常重要。还可能问：‘谷歌做不做这块？’”他说。
牵涉的还不仅是科技领域。例如，亚马逊等巨头打算推出在线药店进军医疗领域。“如果政府突然说：‘不允许亚马逊侵犯某些领域。’虽然有点奇怪，但我还是认为它对私募股权来说是净利好消息，因为这样一来就有机会跟其他公司合作。”詹尼尼说。
尽管华尔街有些人认为，全面修改立法压制科技巨头发展的可能性仍然很小，但民主党占多数（虽然优势微弱）的国会“对科技巨头显然形成了负面影响，因为……我们预计各家巨头将遭遇更多监管和更尖锐的抨击。”Wedbush公司的分析师丹•艾夫斯在最近一份报告中写道。
詹尼尼称，对于私人投资者来说，可以“创造不同的机会”。（财富中文网）
译者：冯丰
审校：夏林
随着拜登新政府的上台，最近要打击科技巨头（从Facebook到亚马逊）的声音渐起，似乎不少人支持加强监管。另类投资公司Hamilton Lane的首席执行官马里奥•詹尼尼表示，如果属实，那么对私募股权行业可能是好消息。
“削弱科技巨头的主导地位……对行业里的某些公司可能不是好消息，但对私募股权来说却是好事。”詹尼尼告诉《财富》杂志。在目前民主党占微弱多数的美国国会中，“估计每个人都想说：‘亚马逊太强大了，谷歌（太强大了）。’放眼过去，比比皆是。”他认为两党都支持加强监管。
至于立法者具体会采取什么行动，“我不确定。”詹尼尼说，不过“只要采取措施削弱巨头的实力，对私募股权就有益，因为规模较小的公司能够获得更多的机会。”
政府对科技巨头加强监管可谓老生常谈，但最近监管机构对知名企业的关注似乎确实有所加强。Facebook最近遭反垄断诉讼，被指打压竞争，而亚马逊（Amazon）和苹果（Apple）等疫情期间的大赢家都发现政府的反垄断大棒指向自己。与此同时，谷歌（Google）的搜索和搜索广告业务再次陷入困境。Facebook和亚马逊等巨头在欧洲也可能遭逢不利。
詹尼尼的公司负责管理730亿美元的资产，还为4740亿美元的资产提供咨询。据詹尼尼说，私募股权寻找投资标的时总是绕不过FAANG（Facebook、亚马逊、苹果、Netflix和谷歌）等大巨头。
“现在随便一家私募股权（公司）做交易时都会提出一个问题，哪怕第一个问题没有问到，前三个问题也必然会涉及。‘亚马逊会不会进入这个领域？’问题的答案非常重要。还可能问：‘谷歌做不做这块？’”他说。
牵涉的还不仅是科技领域。例如，亚马逊等巨头打算推出在线药店进军医疗领域。“如果政府突然说：‘不允许亚马逊侵犯某些领域。’虽然有点奇怪，但我还是认为它对私募股权来说是净利好消息，因为这样一来就有机会跟其他公司合作。”詹尼尼说。
尽管华尔街有些人认为，全面修改立法压制科技巨头发展的可能性仍然很小，但民主党占多数（虽然优势微弱）的国会“对科技巨头显然形成了负面影响，因为……我们预计各家巨头将遭遇更多监管和更尖锐的抨击。”Wedbush公司的分析师丹•艾夫斯在最近一份报告中写道。
詹尼尼称，对于私人投资者来说，可以“创造不同的机会”。（财富中文网）
译者：冯丰
审校：夏林
With a new Biden administration and recent threats to crack down on some of the biggest tech behemoths (from Facebook to Amazon), there seems to be support for more regulation. And according to alternative investment manager Hamilton Lane's CEO, Mario Giannini, that might be good news for the private equity industry.
"Reducing the dominance of large technology companies…is probably not great for some portions of the industry, but good for private equity," Giannini tells Fortune. In Congress, which now maintains a slim Democratic majority, "I think everyone is interested in saying, ‘Amazon is too powerful, Google [is too powerful],’ pick your name," he says, arguing there's bipartisan support for more regulation.
As to what lawmakers do about it, "I’m not sure," says Giannini, but "to the extent that they do anything to diminish the power of those companies, that's good for private equity because it creates opportunity for smaller companies."
To be sure, government scrutiny of large tech companies is a tale as old as time, but lately regulators appear to be turning up the heat on the biggest names: Facebook was recently hit with an antitrust lawsuit alleging it has squashed competition, while players like Amazon and Apple, big winners of the pandemic era, have found themselves the subject of government ire over antitrust concerns. Google, meanwhile, is in hot water once more for its search and search advertising practices. And companies like Facebook and Amazon could be facing their own headwinds in Europe, too.
According to Giannini, whose firm has $73 billion in assets under management and advises on $474 billion in additional assets, the dominance of those FAANG names has been top of mind for private equity firms when scouting for deals.
"Right now, when any private equity [firm] does a deal, …if it’s not their first question, it’s one of their top three questions: ‘Is Amazon going to enter this space, yes or no?’ And that has a huge impact—'Is Google in this space?’” he says.
It isn't just an issue in tech. Companies like Amazon are moving into health care, for instance, by launching online pharmacies. "If all of the sudden the government [would] say, ‘I’m not going to allow Amazon to encroach in certain areas,’ then I think for private equity, oddly enough, that becomes a net positive because you do then have an opportunity with other companies," says Giannini.
Though some on the Street argue the threat of sweeping legislative changes to hamper Big Tech's reach is still minor, the new (albeit slim) Democratic majority in Congress poses "a clear negative for Big Tech as…we would expect much more scrutiny and sharper teeth around FAANG names," Wedbush analyst Dan Ives wrote in a recent note.
For private investors, says Giannini, that just "creates different opportunity sets."
