hozamelsőbbség

English translation: preferred return

07:04 Apr 24, 2016
Hungarian to English translations [PRO]
Law/Patents - Law: Contract(s) / szindikátusi megállapodás
Hungarian term or phrase: hozamelsőbbség
"17.1 A Felek megállapodnak abban, hogy a Befektetők az üzletrészéhez kapcsolódóan az általuk pénzbeli hozzájárulásként (függetlenül attól, hogy az a jegyzett tőkébe vagy tőketartalékban került befektetésre) befektetett tőke teljes összegére évi 25%-os belső megtérülési rátával (IRR) számított hozam összegéig hozamelsőbbséget élveznek a Társaság üzletrészeinek harmadik személy részére történő értékesítése esetén."
Sarah Agoston
Hungary
Local time: 08:38
English translation:preferred return
Explanation:
Nagyon kevés előfordulása van magyarul, egy másik kontextusból próbáltam kihámozni a jelentését: a befektető üzletrészéhez/részvényéhez (a többi tagot megelőző) elsőbbségi jog fűződik a társaság értékesítéséből befolyt bevétel tekintetében, a befektető befektetése és annak elvárt hozama erejéig. Vagy valami ilyesmi, innen a közepes magabiztosság :)
Soknak tűnik, de érdemes elolvasni az alábbi magyarázatokat:

http://wreninvestment.com/2013/07/what-is-a-preferred-return...
In some investments, an investor may be offered a preferred return in order to make the offer more appealing, interesting and advantageous over other investment alternatives.
A company who sources a property with potential, negotiates an exceptional deal, funds the earnest money deposit, funds & completes due diligence and financing may bring investors into the deal where these investors provide the equity required to complete the acquisition in exchange for a participatory position in the financial performance of the asset. Once acquired, this company will manage the asset to improve its management, increase operational efficiency, raise rental income, strategically invest in capital projects to improve the appeal of the property, etc. Both this company and its investors share in cash flow & equity participation of the property, however, when a preferred return is involved, investors are prioritized over management company where cash distributions are concerned.

http://www.investopedia.com/articles/stocks/09/abcs-of-priva...
The preferred return, or "hurdle rate", is basically a minimum annual return that the limited partners are entitled to before the general partners may begin receiving carried interest.

http://web.mit.edu/e-club/hadzima/what-are-the-terms-part1.h...
A Preferred Return. Investors usually feel that their payment of cash is more "tangible" than the entrepreneur's promises of greatness. As a result, rightly or wrongly, Investors, especially venture capital investors, want their return to come before that of the entrepreneur.

https://www.investmentlawgroup.com/structuring-private-real-...
Allocation of Profits and Losses; Clawbacks; Return of Capital
Most private real estate funds offer their investors a preferred return, together with a split of the fund’s overall net profits.

Generally, profits are allocated in the following order:
- investors will receive a return of their capital contributions
- investors will receive a preferred return, calculated on the total amount of their capital contributions while such sums are held by the private real estate fund
- the fund’s manager/ sponsor will receive an allocation equal to a portion of the total preferred return allocated to the investors (usually in the same percentage as the profit split and referred to as the preferred return “catch-up” or sponsor/ GP “catch-up”)
- finally, the remaining profits are split between the investors and the fund’s sponsor



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Note added at 2 hrs (2016-04-24 09:15:03 GMT)
--------------------------------------------------

Itt még egy referencia, talán ez a legérthetőbb:
https://fundrise.com/education/glossary/preferred-return
Preferred Return
A higher priority payout as compared to other potential distributions, a Preferred Return is paid to investors before a sponsor receives any share of the cash flow.

(Mint jeleztem, érdemes egyenként is belekukkintani a fenti linkekbe, én csak a lényeget írtam be, az adott kontextusokban még érthetőbb a kifejezés)

--------------------------------------------------
Note added at 2 hrs (2016-04-24 09:17:58 GMT)
--------------------------------------------------

Egyike a kevés magyar referenciáknak, de gondolom, már láttad:
http://www.napi.hu/befektetes/feltalaltak_a_hozamelsobbsegi_...
Az alap egyik érdekes újítása, hogy az A és B sorozatú befektetési jegyek eltérő módon jogosítanak hozamra. Az A sorozatú "normál", míg a B sorozatú egyfajta hozamelsőbbségi papír lesz. Ha az alapban hozam keletkezik, azt először a B sorozatra osztják ki, ám csak az aktuális jegybanki alapkamat plusz 50 bázispont (azaz fél százalékpont) értékig.
Selected response from:

Annamaria Amik
Local time: 09:38
Grading comment
köszönöm.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +2preferred return
Annamaria Amik


  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
preferred return


Explanation:
Nagyon kevés előfordulása van magyarul, egy másik kontextusból próbáltam kihámozni a jelentését: a befektető üzletrészéhez/részvényéhez (a többi tagot megelőző) elsőbbségi jog fűződik a társaság értékesítéséből befolyt bevétel tekintetében, a befektető befektetése és annak elvárt hozama erejéig. Vagy valami ilyesmi, innen a közepes magabiztosság :)
Soknak tűnik, de érdemes elolvasni az alábbi magyarázatokat:

http://wreninvestment.com/2013/07/what-is-a-preferred-return...
In some investments, an investor may be offered a preferred return in order to make the offer more appealing, interesting and advantageous over other investment alternatives.
A company who sources a property with potential, negotiates an exceptional deal, funds the earnest money deposit, funds & completes due diligence and financing may bring investors into the deal where these investors provide the equity required to complete the acquisition in exchange for a participatory position in the financial performance of the asset. Once acquired, this company will manage the asset to improve its management, increase operational efficiency, raise rental income, strategically invest in capital projects to improve the appeal of the property, etc. Both this company and its investors share in cash flow & equity participation of the property, however, when a preferred return is involved, investors are prioritized over management company where cash distributions are concerned.

http://www.investopedia.com/articles/stocks/09/abcs-of-priva...
The preferred return, or "hurdle rate", is basically a minimum annual return that the limited partners are entitled to before the general partners may begin receiving carried interest.

http://web.mit.edu/e-club/hadzima/what-are-the-terms-part1.h...
A Preferred Return. Investors usually feel that their payment of cash is more "tangible" than the entrepreneur's promises of greatness. As a result, rightly or wrongly, Investors, especially venture capital investors, want their return to come before that of the entrepreneur.

https://www.investmentlawgroup.com/structuring-private-real-...
Allocation of Profits and Losses; Clawbacks; Return of Capital
Most private real estate funds offer their investors a preferred return, together with a split of the fund’s overall net profits.

Generally, profits are allocated in the following order:
- investors will receive a return of their capital contributions
- investors will receive a preferred return, calculated on the total amount of their capital contributions while such sums are held by the private real estate fund
- the fund’s manager/ sponsor will receive an allocation equal to a portion of the total preferred return allocated to the investors (usually in the same percentage as the profit split and referred to as the preferred return “catch-up” or sponsor/ GP “catch-up”)
- finally, the remaining profits are split between the investors and the fund’s sponsor



--------------------------------------------------
Note added at 2 hrs (2016-04-24 09:15:03 GMT)
--------------------------------------------------

Itt még egy referencia, talán ez a legérthetőbb:
https://fundrise.com/education/glossary/preferred-return
Preferred Return
A higher priority payout as compared to other potential distributions, a Preferred Return is paid to investors before a sponsor receives any share of the cash flow.

(Mint jeleztem, érdemes egyenként is belekukkintani a fenti linkekbe, én csak a lényeget írtam be, az adott kontextusokban még érthetőbb a kifejezés)

--------------------------------------------------
Note added at 2 hrs (2016-04-24 09:17:58 GMT)
--------------------------------------------------

Egyike a kevés magyar referenciáknak, de gondolom, már láttad:
http://www.napi.hu/befektetes/feltalaltak_a_hozamelsobbsegi_...
Az alap egyik érdekes újítása, hogy az A és B sorozatú befektetési jegyek eltérő módon jogosítanak hozamra. Az A sorozatú "normál", míg a B sorozatú egyfajta hozamelsőbbségi papír lesz. Ha az alapban hozam keletkezik, azt először a B sorozatra osztják ki, ám csak az aktuális jegybanki alapkamat plusz 50 bázispont (azaz fél százalékpont) értékig.

Annamaria Amik
Local time: 09:38
Specializes in field
Native speaker of: Native in HungarianHungarian, Native in RomanianRomanian
PRO pts in category: 12
Grading comment
köszönöm.

Peer comments on this answer (and responses from the answerer)
agree  Erzsébet Czopyk: nagyon szép, Annamari!
23 mins
  -> Köszi a megerősítést!

agree  Iosif JUHASZ
3 days 4 hrs
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