Zähmung der Private-Equity-Heuschrecken

Die vollständigen Auswirkungen der durch faule US-Hypotheken ausgelösten Finanzkrise sind noch unklar, doch zu ihren unvorhergesehenen Folgen gehört schon jetzt die unaufhaltbare Forderung nach mehr Transparenz an den Finanzmärkten und besserer Regulierung.

Ein Bereich der Finanzmärkte, der nicht den z.B. für Banken und Anlagefonds geltenden Transparenz- und Offenlegungsbestimmungen unterliegt, sind die Hedgefonds und Private-Equity-Fonds. Früher waren Private-Equity-Geschäfte relativ klein; heute geht es bei den fünf größten davon um mehr Geld, als die Jahreshaushalte Russlands und Indiens umfassen. Das in Private-Equity-Fonds und Hedgefonds investierte Kapital beläuft sich inzwischen auf drei Billionen Dollar. Bis Ende 2010 werden es den Erwartungen nach zehn Billionen Dollar sein. Die Fonds sind inzwischen stark von Investitionen seitens der Pensionskassen sowie von bei Banken und anderen nicht privaten Quellen aufgenommenen Krediten abhängig.

Tatsächlich entfallen auf diese private Fonds etwa zwei Drittel aller Neuschulden. Wenn es also – wie bei der US-Hypothekenkrise – ein Schuldenproblem gibt, so muss man sich auch die Rolle der privaten Fonds bei der Schaffung dieses Problems ansehen. Sie sind, kurz gesagt, eine wichtige Herausforderung für die Finanzstabilität, und dürften, wenn sie nicht reguliert werden, zu zukünftigen Krisen beitragen.

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