╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Х╤Б╨╗╨╕ ╨▓╤Л ╤П╨▓╨╗╤П╨╡╤В╨╡╤Б╤М ╨╛╨┤╨╜╨╕╨╝ ╨╕╨╖ ╨┐╤А╨╡╤В╨╡╨╜╨┤╨╡╨╜╤В╨╛╨▓ ╨╜╨░ ╨╖╨▓╨░╨╜╨╕╨╡ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╨╛╨▓ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨▓╤Л ╨╜╨░╤Е╨╛╨┤╨╕╤В╨╡╤Б╤М ╨▓ ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╨╛╨╝ ╨╝╨╡╤Б╤В╨╡. ╨Ч╨┤╨╡╤Б╤М ╨╝╤Л ╤А╨░╤Б╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨▓╤Б╨╡ ╤В╨╛╨╜╨║╨╛╤Б╤В╨╕ ╤А╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╛╨│╨╛ ╤А╤Л╨╜╨║╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╤Г╨╖╨╜╨░╨╡╨╝ ╨▓╤Б╨╡, ╤З╤В╨╛ ╨▓╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨╖╨╜╨░╤В╤М, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╤А╨▓╨░╤В╤М╤Б╤П ╨╜╨░ ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕.

╨С╨╡╨╖ ╨╗╨╕╤И╨╜╨╕╤Е ╤Б╨╗╨╛╨▓, ╨▓╨╛╤В ╨╛ ╤З╨╡╨╝ ╨╝╤Л ╨┐╨╛╤Б╨╗╨╡╨┤╨╛╨▓╨░╤В╨╡╨╗╤М╨╜╨╛ ╨┐╨╛╨│╨╛╨▓╨╛╤А╨╕╨╝ ╨▓ ╤Н╤В╨╛╨╣ ╤Б╤В╨░╤В╤М╨╡:

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

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╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Э╨╛╨▓╨╕╤З╨╛╨║ ╨▓ ╤З╨░╤Б╤В╨╜╨╛╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╡? тАУ ╨Э╨░╤З╨╜╨╕╤В╨╡ ╤Б ╨╛╨▒╨╖╨╛╤А╨░ ╤З╨░╤Б╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨Ю╨▒╨╖╨╛╤А ╤З╨░╤Б╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (PE) ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨┐╨╛╨┤╤Е╨╛╨┤╤Г ╨║ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤О, ╨┐╤А╨╕ ╨║╨╛╤В╨╛╤А╨╛╨╝ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨░╤О╤В ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╤Г ╤Д╨╕╤А╨╝ ╨╕╨╗╨╕ ╨░╨║╨║╤А╨╡╨┤╨╕╤В╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓, ╨░ ╨╜╨╡ ╨╜╨░ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╤А╤Л╨╜╨║╨░╤Е.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡

╨Ю╨▒╨╖╨╛╤А ╤А╤Л╨╜╨║╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Т ╨а╨╛╤Б╤Б╨╕╨╕ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╨▓╨╡╨╜╤З╤Г╤А╨╜╤Л╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨╕╤Б╤В╤Л ╨┐╤Л╤В╨░╤О╤В╤Б╤П ╨▓╤Л╨▓╨╡╤Б╤В╨╕ ╨а╨╛╤Б╤Б╨╕╤О ╨╜╨░ ╨╝╨╡╨╢╨┤╤Г╨╜╨░╤А╨╛╨┤╨╜╤Г╤О ╨░╤А╨╡╨╜╤Г.

╨Я╨╛ ╨┤╨░╨╜╨╜╤Л╨╝ pitchbook.com, ╨а╨╛╤Б╤Б╨╕╤П ╨┐╤А╨╕╨▓╨╗╨╡╨║╨╗╨░ ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨╕ ╨▓╨╡╨╜╤З╤Г╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗. ╨Т╨╡╨╜╤З╤Г╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗╨Т╨╡╨╜╤З╤Г╤А╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ (╨Т╨Ъ) ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤В╨╕╨┐╤Г ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤Б╤В╨░╤А╤В╨░╨┐╨╛╨▓ ╤Б ╨▓╤Л╤Б╨╛╨║╨╕╨╝ ╨┐╨╛╤В╨╡╨╜╤Ж╨╕╨░╨╗╨╛╨╝ ╤А╨╛╤Б╤В╨░, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╝╨╛╤З╤М ╨╕╨╝ ╨┤╨╛╨▒╨╕╤В╤М╤Б╤П ╤Г╤Б╨┐╨╡╤Е╨░ ╨▓ ╨│╨╡╨╛╨╝╨╡╤В╤А╨╕╤З╨╡╤Б╨║╨╛╨╣ ╨┐╤А╨╛╨│╤А╨╡╤Б╤Б╨╕╨╕. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤А╤Л╨╜╨╛╤З╨╜╤Л╨╣ ╨▒╨░╤А ╨▓ 2011 ╨│╨╛╨┤╤Г. ╨Ш ╨┐╨╛╤Б╨╗╨╡ ╤Н╤В╨╛╨│╨╛, ╨▓ 2012 ╨╕ 2013 ╨│╨╛╨┤╨░╤Е, ╨╛╨▒╨░ ╤Н╤В╨╕╤Е ╤А╤Л╨╜╨║╨░ ╨▓╤Л╤И╨╗╨╕ ╨╜╨░ ╨┐╨╗╨░╤В╨╛. ╨Т╨╖╨│╨╗╤П╨╜╨╕╤В╨╡ ╨╜╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Г╤О ╨╜╨╕╨╢╨╡ ╨┤╨╕╨░╨│╤А╨░╨╝╨╝╤Г, ╨╕ ╨▓╤Л ╨┐╨╛╨╣╨╝╨╡╤В╨╡, ╨╜╨░╤Б╨║╨╛╨╗╤М╨║╨╛ ╨▓╤Б╨╡ ╤Н╤В╨╛ ╨░╨║╤В╤Г╨░╨╗╤М╨╜╨╛ ╨┤╨╗╤П ╤А╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╛╨│╨╛ ╤А╤Л╨╜╨║╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╤Ж╨╡╨╗╨╛╨╝.

╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Т╨╛╤В ╨║╨░╨║ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╤Б╨╛╤Б╤А╨╡╨┤╨╛╤В╨░╤З╨╕╨▓╨░╤О╤В╤Б╤П ╨╜╨░ ╤А╨╛╤Б╤В╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╤П╤Е ╨▓╤Л╨║╤Г╨┐╨░:

╨У╨╡╨╛╨│╤А╨░╤Д╨╕╤П: ╨з╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╤Г╨┤╨╡╨╗╤П╤О╤В ╨▓╨╜╨╕╨╝╨░╨╜╨╕╨╡ ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╨╡╨╝╤Г ╤А╤Л╨╜╨║╤Г ╨а╨╛╤Б╤Б╨╕╨╕ ╨╕ ╨Х╨▓╤А╨░╨╖╨╕╨╣╤Б╨║╨╛╨╝╤Г ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╛╨╝╤Г ╤Б╨╛╤О╨╖╤Г. ╨╕ ╤А╨╡╤Б╤Г╤А╤Б╤Л. ╨Ю╨▒╤Й╨░╤П ╨▓╨╜╤Г╤В╤А╨╡╨╜╨╜╤П╤П ╨╕ ╨▓╨╜╨╡╤И╨╜╤П╤П ╤В╨╛╤А╨│╨╛╨▓╨░╤П ╨┐╨╛╨╗╨╕╤В╨╕╨║╨░ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╨╡╤В ╤Б╨▓╨╛╨▒╨╛╨┤╨╜╨╛╨╡ ╨┤╨▓╨╕╨╢╨╡╨╜╨╕╨╡ ╤Д╨░╨║╤В╨╛╤А╨╛╨▓ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╤Б╤В╨▓╨░. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ (╨Х╨Р╨н╨б), ╨▓ ╨║╨╛╤В╨╛╤А╤Г╤О ╨▓╤Е╨╛╨┤╤П╤В ╤В╨░╨║╨╕╨╡ ╤Б╤В╤А╨░╨╜╤Л, ╨║╨░╨║ ╨С╨╡╨╗╨░╤А╤Г╤Б╤М, ╨Ъ╨░╨╖╨░╤Е╤Б╤В╨░╨╜, ╨Р╤А╨╝╨╡╨╜╨╕╤П ╨╕ ╨Ъ╤Л╤А╨│╤Л╨╖╤Б╤В╨░╨╜.
╨д╨╛╨║╤Г╤Б╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕: ╨а╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╕╨╣ ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╛╤А╨╕╨╡╨╜╤В╨╕╤А╨╛╨▓╨░╨╜ ╨╜╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤Б╤А╨╡╨┤╨╜╨╡╨│╨╛ ╤А╨░╨╖╨╝╨╡╤А╨░ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╕ ╤Б╤В╤А╨░╨╜╨░╤Е ╨Х╨Р╨н╨б. ╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨░╨║╤Ж╨╡╨╜╤В ╨┤╨╡╨╗╨░╨╡╤В╤Б╤П ╨╜╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤Г╨╢╨╡ ╨╖╨░╨▓╨╡╤А╤И╨╕╨╗╨╕ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╗╨╡╤В ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨╕╤Й╤Г╤В ╨║╨░╨┐╨╕╤В╨░╨╗ ╨┤╨╗╤П ╤А╨╛╤Б╤В╨░.
╨б╨╡╨║╤В╨╛╤А╤Л: ╨Х╤Б╤В╤М ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╛╤В╤А╨░╤Б╨╗╨╡╨╣, ╨▓ ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕: ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨░╤П ╨╕╨╜╤Д╤А╨░╤Б╤В╤А╤Г╨║╤В╤Г╤А╨░ ╨╕ ╨╛╨▒╤А╨░╨▒╨╛╤В╨║╨░ ╨┐╨╗╨░╤В╨╡╨╢╨╡╨╣, ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╨╡ ╤Г╤Б╨╗╤Г╨│╨╕, ╨▒╨╕╨╖╨╜╨╡╤Б ╨╕ ╨Ш╨в-╤Г╤Б╨╗╤Г╨│╨╕.
╨а╨░╨╖╨╝╨╡╤А ╨▒╨╕╨╗╨╡╤В╨╛╨▓: ╨а╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╕╨╣ ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╛╨▒╤Л╤З╨╜╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╨╛╤В 10 ╨┤╨╛ 20 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╛╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨▓ ╤Б╨┤╨╡╨╗╨║╨╕ ╤Б ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝. ╨Т ╨║╨╗╤Г╨▒╨╜╤Л╤Е ╤Б╨┤╨╡╨╗╨║╨░╤Е ╨╛╨╜╨╕ ╨┤╨╛╤Е╨╛╨┤╤П╤В ╨┤╨╛ 100 ╨╝╨╕╨╗╨╗╨╕╨╛╨╜╨╛╨▓ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓. ╨Ю╨╜╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╤О╤В ╤З╨╡╤А╨╡╨╖ ╨╝╨╕╨╜╨╛╤А╨╕╤В╨░╤А╨╜╤Л╨╡ ╨┐╨░╨║╨╡╤В╤Л ╨╕ ╨║╨╛╨╜╤В╤А╨╛╨╗╤М╨╜╤Л╨╡ ╨┐╨░╨║╨╡╤В╤Л.
╨Ш╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╣ ╨│╨╛╤А╨╕╨╖╨╛╨╜╤В: ╨Ю╨▒╤Л╤З╨╜╨╛ ╨╛╨╜╨╕ ╨┐╤А╨╛╨▓╨╛╨┤╤П╤В ╤Б╨┤╨╡╨╗╨║╤Г ╨╛╤В 2 ╨┤╨╛ 5 ╨╗╨╡╤В, ╨░ ╨╖╨░╤В╨╡╨╝, ╨╡╤Б╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨╜╨╡ ╨║╨░╨╢╤Г╤В╤Б╤П ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╤Л╨╝╨╕, ╨╛╨╜╨╕ ╨╕╤Й╤Г╤В ╤Б╤В╤А╨░╤В╨╡╨│╨╕╤О ╨▓╤Л╤Е╨╛╨┤╨░.
╨б╤В╤А╨░╤В╨╡╨│╨╕╤П ╨╛╤В╤Б╤В╤Г╨┐╨╗╨╡╨╜╨╕╤П: ╨а╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╕╨╣ ╤З╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨╛╨▒╤Л╤З╨╜╨╛ ╨╕╤Й╨╡╤В ╨┤╨▓╨╡ ╤Б╤В╤А╨░╤В╨╡╨│╨╕╨╕ ╨▓╤Л╤Е╨╛╨┤╨░. ╨н╤В╨╛ ╨╗╨╕╨▒╨╛ ╤В╨╛╤А╨│╨╛╨▓╨░╤П ╨┐╤А╨╛╨┤╨░╨╢╨░, ╨╗╨╕╨▒╨╛ IPO.

╨Т╨╡╨┤╤Г╤Й╨╕╨╡ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Я╨╛ ╤Б╨╗╨╛╨▓╨░╨╝ ╨Я╤А╨╡╨║╨╕╨╜╨░, ╤В╤А╨╕ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨▓╤Л╨┤╨╡╨╗╤П╤О╤В╤Б╤П ╨┐╨╛ ╨╛╨▒╤Й╨╡╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г, ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╜╨╛╨╝╤Г ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨╡╤Б╤П╤В╤М ╨╗╨╡╤В. ╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨┐╨╛╤Б╨╝╨╛╤В╤А╨╕╨╝ ╨╜╨░ ╨╜╨╕╤Е ╨╛╨┤╨╕╨╜ ╨╖╨░ ╨┤╤А╤Г╨│╨╕╨╝: —

╨С╤Н╤А╨╕╨╜╨│ ╨Т╨╛╤Б╤В╨╛╨║ ╨Ъ╤Н╨┐╨╕╤В╨░╨╗ ╨Я╨░╤А╤В╨╜╨╡╤А╤Б: ╨Э╨░ ╨╡╨│╨╛ ╨┤╨╛╨╗╤О ╨┐╤А╨╕╤И╨╗╨╛╤Б╤М ╨┐╨╛╤З╤В╨╕ 32% ╨▓╤Б╨╡╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨┐╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╜╨╛╨│╨╛ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╖╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨╡╤Б╤П╤В╤М ╨╗╨╡╤В. ╨д╨╕╤А╨╝╨░ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╤Д╨╛╨║╤Г╤Б╨╕╤А╤Г╨╡╤В╤Б╤П ╨╜╨░ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╤Б╨╡╨║╤В╨╛╤А╨░╤Е, ╨╜╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╜╨╡╤Д╤В╤М ╨╕ ╨│╨░╨╖, ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Г╤Б╨╗╤Г╨│╨╕, ╤В╨╡╨╗╨╡╨║╨╛╨╝╨╝╤Г╨╜╨╕╨║╨░╤Ж╨╕╨╕, ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤М╤Б╨║╨╕╨╡ ╤В╨╛╨▓╨░╤А╤Л ╨╕ ╤Б╤А╨╡╨┤╤Б╤В╨▓╨░ ╨╝╨░╤Б╤Б╨╛╨▓╨╛╨╣ ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╨╕. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╤Д╨╕╤А╨╝╨░ ╨▓ ╨╛╤Б╨╜╨╛╨▓╨╜╨╛╨╝ ╨┤╨╡╨╗╨░╨╡╤В ╤Г╨┐╨╛╤А ╨╜╨░ ╨▓╤Л╨║╤Г╨┐ ╨╕ ╤Б╨╛╨▓╨╝╨╡╤Б╤В╨╜╨╛╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡.
╨Я╨░╤А╤В╨╜╨╡╤А╤Л ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕: ╨Ч╨░ ╨┐╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╡ ╨┤╨╡╤Б╤П╤В╤М ╨╗╨╡╤В Russia Partners ╨┐╤А╨╕╨▓╨╗╨╡╨║╨╗╨░ ╨▒╨╛╨╗╨╡╨╡ 1,1 ╨╝╨╕╨╗╨╗╨╕╨░╤А╨┤╨░ ╨┤╨╛╨╗╨╗╨░╤А╨╛╨▓ ╨б╨и╨Р ╨▓ ╨▓╨╕╨┤╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╤Е ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓. ╨н╤В╨░ ╤Д╨╕╤А╨╝╨░ ╨║╨╛╨╜╤Ж╨╡╨╜╤В╤А╨╕╤А╤Г╨╡╤В╤Б╤П ╨╜╨░ ╨┐╨╛╨╖╨┤╨╜╨╡╨╣ ╤Б╤В╨░╨┤╨╕╨╕ ╨┐╨╗╨░╨╜╨╛╨▓ ╤А╨░╤Б╤И╨╕╤А╨╡╨╜╨╕╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╣.
╨а╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╕╨╣ ╤Д╨╛╨╜╨┤ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣: ╨н╤В╨░ ╤Д╨╕╤А╨╝╨░ ╤В╨░╨║╨╢╨╡ ╨╖╨░╨╜╨╕╨╝╨░╨╡╤В╤Б╤П ╤Б╨╛╨▓╨╝╨╡╤Б╤В╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕ ╨╕ ╤А╨╛╤Б╤В╨╛╨╝. ╨Ю╤Б╨╜╨╛╨▓╨╜╤Л╨╝╨╕ ╤Б╨╡╨║╤В╨╛╤А╨░╨╝╨╕, ╨▓ ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╤Н╤В╨░ ╤Д╨╕╤А╨╝╨░, ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤Б╤В╤А╨╛╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨╛, ╨┐╤А╨╕╤А╨╛╨┤╨╜╤Л╨╡ ╤А╨╡╤Б╤Г╤А╤Б╤Л ╨╕ ╤Б╨╡╨╗╤М╤Б╨║╨╛╨╡ ╤Е╨╛╨╖╤П╨╣╤Б╤В╨▓╨╛. ╨Ю╨╜ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤А╤Г╨╡╤В ╨▓ ╨а╨╛╤Б╤Б╨╕╤О ╨╕ ╤Б╨╛╤Б╨╡╨┤╨╜╨╕╨╡ ╤Б╤В╤А╨░╨╜╤Л, ╨░ ╤В╨░╨║╨╢╨╡ ╨▓ ╨Ъ╨╕╤В╨░╨╣.

╨Я╤А╨╕╨▓╨╗╨╡╤З╨╡╨╜╨╕╨╡ ╤З╨░╤Б╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Ф╨░╨▓╨░╨╣╤В╨╡ ╨┐╨╛╤Б╨╝╨╛╤В╤А╨╕╨╝, ╨║╨░╨║ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╜╨░╨▒╨╕╤А╨░╤О╤В ╨║╨░╨╜╨┤╨╕╨┤╨░╤В╨╛╨▓. ╨Т╨╖╨│╨╗╤П╨╜╨╕╤В╨╡ ╨╜╨░ ╨┐╤А╨╕╨▓╨╡╨┤╨╡╨╜╨╜╤Л╨╣ ╨╜╨╕╨╢╨╡ ╨┐╤А╨╛╤Ж╨╡╤Б╤Б, ╨╕ ╤Г ╨▓╨░╤Б ╨▒╤Г╨┤╨╡╤В ╤Е╨╛╤А╨╛╤И╨╡╨╡ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨╛ ╤В╨╛╨╝, ╨║╨░╨║ ╨▓ ╤Ж╨╡╨╗╨╛╨╝ ╨╛╤Б╤Г╤Й╨╡╤Б╤В╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╨╛╨┤╨▒╨╛╤А ╨┐╨╡╤А╤Б╨╛╨╜╨░╨╗╨░ ╨▓ ╤З╨░╤Б╤В╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╤Е ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕:

╨б╨╡╤В╤М: ╨Ю╨┤╨╕╨╜ ╨╕╨╖ ╤Б╨░╨╝╤Л╤Е ╨╝╨╛╤Й╨╜╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨╣╤В╨╕ ╤Б╨╛╨▒╨╡╤Б╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╤Б ╨╛╨┤╨╜╨╛╨╣ ╨╕╨╖ ╤З╨░╤Б╤В╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Т╤Б╨╡, ╤З╤В╨╛ ╨▓╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╤Б╨┤╨╡╨╗╨░╤В╤М, ╤Н╤В╨╛ ╨┐╨╛╤Б╤В╨╛╤П╨╜╨╜╨╛ ╨▒╤Л╤В╤М ╨▓ ╤Б╨╡╤В╨╕. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Б╨▓╤П╨╖╨░╤В╤М╤Б╤П ╤Б ╤Б╨╡╤В╤М╤О ╨▓╤Л╨┐╤Г╤Б╨║╨╜╨╕╨║╨╛╨▓ ╨╕╨╗╨╕ LinkedIn, ╤З╤В╨╛╨▒╤Л ╨╜╨░╨╣╤В╨╕ ╨╗╤О╨┤╨╡╨╣ ╨▓ ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╨╛╨╣ ╨╛╤В╤А╨░╤Б╨╗╨╕, ╨░ ╨╖╨░╤В╨╡╨╝ ╤Г╨┐╨╛╨╝╤П╨╜╤Г╤В╤М ╨╛ ╤Б╨▓╨╛╨╡╨╝ ╨╢╨╡╨╗╨░╨╜╨╕╨╕ ╤А╨░╨▒╨╛╤В╨░╤В╤М ╨▓ ╤Б╤Д╨╡╤А╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Ъ╨╛╨│╨┤╨░ ╨╛╨╜╨╕ ╨▓╤Л╤Е╨╛╨┤╤П╤В, ╤Г ╨▒╨╛╨╗╤М╤И╨╕╨╜╤Б╤В╨▓╨░ ╨▓╤Л╨┐╤Г╤Б╨║╨╜╨╕╨║╨╛╨▓ ╨╡╤Б╤В╤М ╨▒╨░╨╖╨╛╨▓╨╛╨╡ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨╛ ╤В╨╛╨╝, ╤З╨╡╨╝ ╨╛╨╜╨╕ ╤Е╨╛╤В╤П╤В ╨╖╨░╨╜╨╕╨╝╨░╤В╤М╤Б╤П ╨▓ ╤Б╨▓╨╛╨╡╨╣ ╨║╨░╤А╤М╨╡╤А╨╡. ╨Э╨╛ ╨╡╤Б╨╗╨╕ ╤Г ╨▓╨░╤Б ╨╡╤Б╤В╤М ╨╛╨┐╤Л╤В ╤А╨░╨▒╨╛╤В╤Л ╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛-╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨╣ ╤Б╤Д╨╡╤А╨╡ ╨╕╨╗╨╕ ╨░╤Г╨┤╨╕╤В╨╡, ╤Н╤В╨╛, ╨▒╨╡╨╖╤Г╤Б╨╗╨╛╨▓╨╜╨╛, ╨┐╨╛╨╝╨╛╨╢╨╡╤В ╨▓╨░╨╝ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨┐╤А╨╕╨│╨╗╨░╤И╨╡╨╜╨╕╨╡ ╨╜╨░ ╤Б╨╛╨▒╨╡╤Б╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡ ╨▓ ╨╛╨┤╨╜╤Г ╨╕╨╖ ╤З╨░╤Б╤В╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╜╨░╨╝╨╜╨╛╨│╨╛ ╨╝╨╡╨╜╤М╤И╨╡, ╨╡╤Б╨╗╨╕ ╨▓╤Л ╨▒╤Г╨┤╨╡╤В╨╡ ╨╕╨╜╤В╨╡╨╜╤Б╨╕╨▓╨╜╨╛ ╨╛╨▒╤Й╨░╤В╤М╤Б╤П, ╤Н╤В╨╛, ╨▒╨╡╨╖╤Г╤Б╨╗╨╛╨▓╨╜╨╛, ╨┐╨╛╨╝╨╛╨╢╨╡╤В ╨▓╨░╨╝ ╨┐╤А╨╡╨╛╨┤╨╛╨╗╨╡╤В╤М ╨┐╨╡╤А╨▓╨╛╨╜╨░╤З╨░╨╗╤М╨╜╤Г╤О ╨┐╨╡╤А╨╡╨│╤А╤Г╨╖╨║╤Г.
╨Э╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛╤Б╤В╤М ╨╛╨┐╤Л╤В╨░ ╤А╨░╨▒╨╛╤В╤Л ╨▓ ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╤Л╤Е ╨╛╨▒╨╗╨░╤Б╤В╤П╤Е: ╨Т ╨а╨╛╤Б╤Б╨╕╨╕ ╨╝╨╛╨╢╨╜╨╛ ╨┐╤А╨╛╨╣╤В╨╕ ╤Б╤В╨░╨╢╨╕╤А╨╛╨▓╨║╤Г, ╨╡╤Б╨╗╨╕ ╨▓╤Л ╤Г╨▓╨╡╤А╨╡╨╜╤Л ╨▓ ╨▓╤Л╨▒╤А╨░╨╜╨╜╨╛╨╝ ╨▓╨░╨╝╨╕ ╨┐╤Г╤В╨╕ (╨╜╨░╨┐╤А╨╕╨╝╨╡╤А, private equity). ╨Э╨╛ ╤Б╤А╨░╨╖╤Г ╨┐╨╛╤Б╨╗╨╡ ╨▓╤Л╨┐╤Г╤Б╨║╨░ ╨╜╨╡ ╨▓╤Б╨╡ ╤Б╤В╤Г╨┤╨╡╨╜╤В╤Л ╤Г╨▓╨╡╤А╨╡╨╜╤Л ╨▓ ╤В╨╛╨╝, ╤З╤В╨╛ ╨╛╨╜╨╕ ╤Е╨╛╤В╤П╤В ╨┤╨╡╨╗╨░╤В╤М. ╨г ╨╜╨╕╤Е ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨╛╤Б╨╜╨╛╨▓╨╜╨░╤П ╨╕╨┤╨╡╤П (╨╜╨░╨┐╤А╨╕╨╝╨╡╤А, ╤Д╨╕╨╜╨░╨╜╤Б╤Л ╨▓ ╨▒╨╛╨╗╨╡╨╡ ╤И╨╕╤А╨╛╨║╨╛╨╝ ╤Б╨╝╤Л╤Б╨╗╨╡), ╨╜╨╛ ╨╜╨╡ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨░╤П. ╨Т╨╛╤В ╨┐╨╛╤З╨╡╨╝╤Г ╨▓╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨╜╨░╤З╨░╤В╤М ╤Б ╤З╨╡╨│╨╛-╤В╨╛. ╨н╤В╨╛ ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╕╨╣ ╤Г╤З╨╡╤В ╨╕╨╗╨╕ ╨░╤Г╨┤╨╕╤В, ╨╕╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛-╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨░╤П ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М. ╨Э╨╛ ╨╡╤Б╨╗╨╕ ╤Г ╨▓╨░╤Б ╨╡╤Б╤В╤М ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╗╨╡╤В ╨╛╨┐╤Л╤В╨░ ╤А╨░╨▒╨╛╤В╤Л ╨▓ ╨╗╤О╨▒╨╛╨╣ ╤Б╤Д╨╡╤А╨╡, ╤Б╨▓╤П╨╖╨░╨╜╨╜╨╛╨╣ ╤Б ╤Д╨╕╨╜╨░╨╜╤Б╨░╨╝╨╕, ╤Н╤В╨╛, ╨▒╨╡╨╖╤Г╤Б╨╗╨╛╨▓╨╜╨╛, ╨┐╨╛╨╝╨╛╨╢╨╡╤В.
╨Т╨┐╨╡╤З╨░╤В╨╗╨╡╨╜╨╕╨╡ ╨╛╤Е╨╛╤В╨╜╨╕╨║╨╛╨▓ ╨╖╨░ ╨│╨╛╨╗╨╛╨▓╨░╨╝╨╕: ╨Т╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨┐╨╛╨╝╨╜╨╕╤В╤М ╨┤╨▓╨╡ ╨▓╨╡╤Й╨╕, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨╣╤В╨╕ ╨╕╨╜╤В╨╡╤А╨▓╤М╤О, ╨┐╤А╨╛╨▓╨╛╨┤╨╕╨╝╤Л╨╡ ╤З╨░╤Б╤В╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨▓╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨╜╨╡ ╨╖╨░╨▒╤Л╤В╤М ╨┐╤А╨╛╨╕╨╖╨▓╨╡╤Б╤В╨╕ ╨▓╨┐╨╡╤З╨░╤В╨╗╨╡╨╜╨╕╨╡ ╨╜╨░ ╤Е╨╡╨┤╤Е╨░╨╜╤В╨╡╤А╨╛╨▓, ╨╡╤Б╨╗╨╕ ╨╛╨┐╨╡╤А╨╡╨┤╨╕╤В╨╡ ╤Б╨╛╨▒╨╡╤Б╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡. ╨Р ╨▓╨╛-╨▓╤В╨╛╤А╤Л╤Е, ╤Г ╨▓╨░╤Б ╨┤╨╛╨╗╨╢╨╡╨╜ ╨▒╤Л╤В╤М ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨┐╤Л╤В, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨╕╨╖╨▓╨╡╤Б╤В╨╕ ╨▓╨┐╨╡╤З╨░╤В╨╗╨╡╨╜╨╕╨╡ ╨╜╨░ ╤Е╨╡╨┤╤Е╨░╨╜╤В╨╡╤А╨╛╨▓. ╨Ю╤Е╨╛╤В╨╜╨╕╨║╨╕ ╨╖╨░ ╨│╨╛╨╗╨╛╨▓╨░╨╝╨╕ ╨┤╨╛╨╗╨╢╨╜╤Л ╤Г╨▓╨╕╨┤╨╡╤В╤М ╨▓ ╨▓╨░╤Б ╨│╨╛╤В╨╛╨▓╨╜╨╛╤Б╤В╤М ╨╕ ╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╤Й╨╡╤В ╤З╨░╤Б╤В╨╜╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨░╤П ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П.
╨Ш╨╜╤В╨╡╤А╨▓╤М╤О: ╨Ш╨╜╤В╨╡╤А╨▓╤М╤О ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╤Л ╤З╨░╤Б╤В╨╜╤Л╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╝ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П╨╝ ╨▓ ╨┤╤А╤Г╨│╨╕╤Е ╤Б╤В╤А╨░╨╜╨░╤Е. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨▓╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╤А╨╛╨╣╤В╨╕ ┬л╨┐╨╛╨┤╤Е╨╛╨┤╤П╤Й╨╡╨╡┬╗ ╤Б╨╛╨▒╨╡╤Б╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╡. ╨Ю╨▒╤Л╤З╨╜╨╛ ╤Е╨╡╨┤╤Е╨░╨╜╤В╨╡╤А╨╛╨▓ ╨╜╨░╨╜╨╕╨╝╨░╤О╤В ╨┤╨╗╤П ╨┐╨╡╤А╨▓╨╛╨│╨╛ ╨╛╤В╨▒╨╛╤А╨░. ╨Ъ╨░╨║ ╤В╨╛╨╗╤М╨║╨╛ ╤Н╤В╨╛ ╨▒╤Г╨┤╨╡╤В ╤Б╨┤╨╡╨╗╨░╨╜╨╛, ╨▓╤Л ╨▒╤Г╨┤╨╡╤В╨╡ ╤Б╨╕╨┤╨╡╤В╤М ╤Б ╤З╨╗╨╡╨╜╨░╨╝╨╕ ╨║╨╛╨╝╨░╨╜╨┤╤Л ╤Н╤В╨╛╨╣ ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╨╛╨╣ ╤З╨░╤Б╤В╨╜╨╛╨╣ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕. ╨Т╤Л ╨╛╤В╨▓╨╡╤В╨╕╤В╨╡ ╨╜╨░ ╨▓╨╛╨┐╤А╨╛╤Б╤Л ╨┐╨╛ ╤В╨╡╤Е╨╜╨╕╤З╨╡╤Б╨║╨╕╨╝ ╨░╤Б╨┐╨╡╨║╤В╨░╨╝ ╨╕ ╨║╨╛╨╜╤Ж╨╡╨┐╤В╤Г╨░╨╗╤М╨╜╨╛╤Б╤В╨╕. ╨Ч╨░╤В╨╡╨╝ ╨╛╨╜╨╕ ╤Б╨┐╤А╨╛╤Б╤П╤В ╨▓╨░╤Б, ╨┐╨╛╤З╨╡╨╝╤Г ╨▓╤Л ╤Е╨╛╤В╨╕╤В╨╡ ╤А╨░╨▒╨╛╤В╨░╤В╤М ╨▓ ╤Б╤Д╨╡╤А╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣! ╨н╤В╨╛ ╤А╨░╤Б╨┐╤А╨╛╤Б╤В╤А╨░╨╜╨╡╨╜╨╜╤Л╨╣ ╨▓╨╛╨┐╤А╨╛╤Б, ╨╕ ╨▓╤Л ╨┤╨╛╨╗╨╢╨╜╤Л ╨▒╤Л╤В╤М ╨│╨╛╤В╨╛╨▓╤Л ╨┐╤А╨░╨▓╨╕╨╗╤М╨╜╨╛ ╤Б╤Д╨╛╤А╨╝╤Г╨╗╨╕╤А╨╛╨▓╨░╤В╤М ╨╛╤В╨▓╨╡╤В. ╨Я╨╛╤Б╨╗╨╡╨┤╨╜╨╕╨╝ ╤А╨░╤Г╨╜╨┤╨╛╨╝ ╤З╨░╤Б╤В╨╛ ╨▒╤Г╨┤╨╡╤В ╨░╨╜╨░╨╗╨╕╨╖ ╤В╨╡╨╝╨░╤В╨╕╤З╨╡╤Б╨║╨╛╨│╨╛ ╨╕╤Б╤Б╨╗╨╡╨┤╨╛╨▓╨░╨╜╨╕╤П, ╨│╨┤╨╡ ╨▓╨░╤Б ╨┐╨╛╨┐╤А╨╛╤Б╤П╤В ╤А╨╡╤И╨╕╤В╤М ╨║╨╛╨╜╨║╤А╨╡╤В╨╜╤Г╤О ╨╖╨░╨┤╨░╤З╤Г. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╤Б╨║╨╛╨╗╤М╨║╨╛ ╤Д╨╛╨╜╨┤ ╨╖╨░╨┐╨╗╨░╤В╨╕╤В ╨╖╨░ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М, ╤З╤В╨╛╨▒╤Л ╨╖╨░╤А╨░╨▒╨╛╤В╨░╤В╤М 32%+ IRR? ╨Ы╤Г╤З╤И╨╡ ╨▓╤Б╨╡╨│╨╛ ╨┐╤А╨╛╨░╨╜╨░╨╗╨╕╨╖╨╕╤А╨╛╨▓╨░╤В╤М ╨┤╨╡╨╗╨╛ ╤Ж╨╡╨╗╨╕╨║╨╛╨╝, ╤Г╨┐╨╛╨╝╤П╨╜╤Г╤В╤М, ╨║╨░╨║ ╨▒╤Л ╨▓╤Л ╨╡╨│╨╛ ╤А╨░╨╖╤А╨╡╤И╨╕╨╗╨╕, ╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╕╤В╤М ╨╡╨│╨╛. ╨Х╤Б╨╗╨╕ ╨▓╤Л ╤Е╨╛╤А╨╛╤И╨╛ ╤А╨░╨╖╨▒╨╕╤А╨░╨╡╤В╨╡╤Б╤М ╨▓ ╤В╨╡╤Е╨╜╨╕╤З╨╡╤Б╨║╨╕╤Е ╨░╤Б╨┐╨╡╨║╤В╨░╤Е ╨╕ тАЛтАЛ╨╕╨╝╨╡╨╡╤В╨╡ ╤Б╨╛╨╛╤В╨▓╨╡╤В╤Б╤В╨▓╤Г╤О╤Й╨╕╨╣ ╨╛╨┐╤Л╤В ╨▓ ╤Н╤В╨╛╨╣ ╨╛╨▒╨╗╨░╤Б╤В╨╕, ╤Г ╨▓╨░╤Б ╨╜╨╡ ╨▓╨╛╨╖╨╜╨╕╨║╨╜╨╡╤В ╨┐╤А╨╛╨▒╨╗╨╡╨╝ ╤Б ╨╛╤В╨▓╨╡╤В╨░╨╝╨╕ ╨╜╨░ ╨▓╨╛╨┐╤А╨╛╤Б╤Л ╨╜╨░ ╤Б╨╛╨▒╨╡╤Б╨╡╨┤╨╛╨▓╨░╨╜╨╕╨╕.
╨п╨╖╤Л╨║╨╛╨▓╤Л╨╡ ╨╕ ╨▓╤Е╨╛╨┤╨╜╤Л╨╡ ╨▒╨░╤А╤М╨╡╤А╤Л: ╨Т╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨╖╨╜╨░╤В╤М ╤А╤Г╤Б╤Б╨║╨╕╨╣ ╤П╨╖╤Л╨║, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╨┤╨▓╨╕╨│╨░╤В╤М╤Б╤П ╨▓ ╤Б╤Д╨╡╤А╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨▓╨░╨╝ ╤В╨░╨║╨╢╨╡ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╨▓╤Л╤Г╤З╨╕╤В╤М ╨░╨╜╨│╨╗╨╕╨╣╤Б╨║╨╕╨╣ ╤П╨╖╤Л╨║, ╨┐╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨╝╨╜╨╛╨│╨╕╨╡ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╖╨░╨╜╨╕╨╝╨░╤О╤В╤Б╤П ╤В╤А╨░╨╜╤Б╨│╤А╨░╨╜╨╕╤З╨╜╤Л╨╝╨╕ ╤Б╨┤╨╡╨╗╨║╨░╨╝╨╕. ╨С╨░╤А╤М╨╡╤А╤Л ╨▓╤Е╨╛╨┤╨░ ╨С╨░╤А╤М╨╡╤А╤Л ╨▓╤Е╨╛╨┤╨░ ╨С╨░╤А╤М╨╡╤А╤Л ╨▓╤Е╨╛╨┤╨░ тАФ ╤Н╤В╨╛ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╨┐╤А╨╡╨┐╤П╤В╤Б╤В╨▓╨╕╤П, ╤Б ╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╨┤╨╛╨╗╨╢╨╡╨╜ ╤Б╤В╨╛╨╗╨║╨╜╤Г╤В╤М╤Б╤П ╨╜╨╛╨▓╤Л╨╣ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║, ╤З╤В╨╛╨▒╤Л ╨▓╤Л╨╣╤В╨╕ ╨╜╨░ ╤А╤Л╨╜╨╛╨║. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨╜╨╛╨▓╤Л╨╡ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╕ ╨┤╨╛╨╗╨╢╨╜╤Л ╨┐╨╗╨░╤В╨╕╤В╤М ╤Д╨╕╨║╤Б╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╖╨░╤В╤А╨░╤В╤Л ╨╜╨╡╨╖╨░╨▓╨╕╤Б╨╕╨╝╨╛ ╨╛╤В ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╤Б╤В╨▓╨░ ╨╕╨╗╨╕ ╨┐╤А╨╛╨┤╨░╨╢, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╜╨╡ ╨▒╤Л╨╗╨╕ ╨▒╤Л ╨┐╨╛╨╜╨╡╤Б╨╡╨╜╤Л, ╨╡╤Б╨╗╨╕ ╨▒╤Л ╤Г╤З╨░╤Б╤В╨╜╨╕╨║ ╨╜╨╡ ╨▒╤Л╨╗ ╨╜╨╛╨▓╤Л╨╝ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨╛╨╝. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╜╨╕╨║╨╛╨│╨┤╨░ ╨╜╨╡ ╨▓╤Б╨┐╨╗╤Л╨▓╨░╤О╤В ╨╜╨░ ╨┐╨╛╨▓╨╡╤А╤Е╨╜╨╛╤Б╤В╤М. ╨Э╨╛ ╤Б╨┐╤А╨╛╤Б╨╕╤В╨╡ ╨╗╤О╨▒╨╛╨│╨╛ ╤Б╤В╨░╤А╤И╨╡╨│╨╛ ╤Б╨┐╨╡╤Ж╨╕╨░╨╗╨╕╤Б╤В╨░ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕, ╨╕ ╨╛╨╜/╨╛╨╜╨░ ╤Б╨║╨░╨╢╨╡╤В ╨▓╨░╨╝, ╤З╤В╨╛ 99% ╨╝╨╗╨░╨┤╤И╨╕╤Е ╤Б╨┐╨╡╤Ж╨╕╨░╨╗╨╕╤Б╤В╨╛╨▓ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕╨╖ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Ш╨╜╨╛╤Б╤В╤А╨░╨╜╤Ж╤Л ╤А╨░╨▒╨╛╤В╨░╤О╤В ╨╜╨░ ╤А╨╛╤Б╤Б╨╕╨╣╤Б╨║╨╛╨╝ ╤А╤Л╨╜╨║╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨╜╨╛ ╨╜╨░ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤П╤Й╨╕╤Е ╨┤╨╛╨╗╨╢╨╜╨╛╤Б╤В╤П╤Е. ╨Ш╤В╨░╨║, ╨╡╤Б╨╗╨╕ ╨▓╤Л ╤Е╨╛╤В╨╕╤В╨╡ ╨╖╨░╨╜╤П╤В╤М╤Б╤П ╤З╨░╤Б╤В╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕, ╤В╨╛ ╨╕╨╝╨╡╨╣╤В╨╡ ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╛╨┐╤Л╤В ╤А╨░╨▒╨╛╤В╤Л ╨▓ ╨Т╨╡╨╗╨╕╨║╨╛╨▒╤А╨╕╤В╨░╨╜╨╕╨╕ ╨╕╨╗╨╕ ╨б╨и╨Р; ╨┐╤А╨╕ ╨╢╨╡╨╗╨░╨╜╨╕╨╕ ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨┐╨╡╤А╨╡╨╣╤В╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╤О ╨╜╨░ ╨▒╨╛╨╗╨╡╨╡ ╨▓╤Л╤Б╨╛╨║╨╕╨╡ ╤Б╤В╤Г╨┐╨╡╨╜╨╕.

╨е╨╛╤В╨╕╤В╨╡ ╨╖╨░╨╜╤П╤В╤М╤Б╤П ╤З╨░╤Б╤В╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝? тАУ ╨Ю╨▒╤П╨╖╨░╤В╨╡╨╗╤М╨╜╨╛ ╨╛╨╖╨╜╨░╨║╨╛╨╝╤М╤В╨╡╤Б╤М ╤Б ╤Н╤В╨╕╨╝ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛╨╝ ╨┐╨╛ ╤А╨░╨▒╨╛╤В╨╡ ╤Б ╤З╨░╤Б╤В╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕. ╨Ъ╨░╨║ ╨╜╨░╤З╨░╤В╤М ╤А╨░╨▒╨╛╤В╨░╤В╤М ╤Б ╤З╨░╤Б╤В╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕. ╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╖╨░╨╜╤П╤В╤М╤Б╤П ╤З╨░╤Б╤В╨╜╤Л╨╝╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╨╝╨╕, ╨╡╤Б╨╗╨╕ ╨▓╤Л ╤П╨▓╨╗╤П╨╡╤В╨╡╤Б╤М ╤Б╤В╤Г╨┤╨╡╨╜╤В╨╛╨╝ ╤Д╨░╨║╤Г╨╗╤М╤В╨╡╤В╨░ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓ ╨╕╨╗╨╕ ╤Б╨╝╨╡╨╢╨╜╤Л╤Е ╨╛╨▒╨╗╨░╤Б╤В╨╡╨╣, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨░, ╨▒╤Г╤Е╨│╨░╨╗╤В╨╡╤А╤Б╨║╨╕╨╣ ╤Г╤З╨╡╤В ╨╕╨╗╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛-╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║, ╨╕╨╗╨╕ ╤Г╨╢╨╡ ╤А╨░╨▒╨╛╤В╨░╨╡╤В╨╡ ╨▓ ╤Д╨╕╤А╨╝╨╡, ╤Б╨┐╨╡╤Ж╨╕╨░╨╗╨╕╨╖╨╕╤А╤Г╤О╤Й╨╡╨╣╤Б╤П ╨╜╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╤Е. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ .

╨Ъ╤Г╨╗╤М╤В╤Г╤А╨░ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨а╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╝╨╡╨╜╤М╤И╨╡, ╨┐╨╛╤Н╤В╨╛╨╝╤Г ╨╕ ╨║╨╛╨╝╨░╨╜╨┤╤Л ╨╝╨╡╨╜╤М╤И╨╡. ╨Т ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╡ ╤Б╤А╨░╨╖╤Г ╨┐╨╛╤Б╨╗╨╡ ╨┐╤А╨╕╤Б╨╛╨╡╨┤╨╕╨╜╨╡╨╜╨╕╤П ╨▓╤Л ╤Б╨╝╨╛╨╢╨╡╤В╨╡ ╨┐╨╛╨╗╤Г╤З╨╕╤В╤М ╨╝╨╜╨╛╨│╨╛ ╨╕╨╜╤Д╨╛╤А╨╝╨░╤Ж╨╕╨╕ ╨╕ ╨▒╤Г╨┤╨╡╤В╨╡ ╨╖╨░╨║╨╗╤О╤З╨░╤В╤М ╨╝╨╜╨╛╨╢╨╡╤Б╤В╨▓╨╛ ╤Б╨┤╨╡╨╗╨╛╨║. ╨С╨╛╨╗╨╡╨╡ ╤В╨╛╨│╨╛, ╨▓╤Л ╨▒╤Г╨┤╨╡╤В╨╡ ╨╖╨╜╨░╤В╤М ╨║╨░╨╢╨┤╨╛╨│╨╛ ╤Г╤З╨░╤Б╤В╨╜╨╕╨║╨░ ╨╜╨░╤Б╨║╨▓╨╛╨╖╤М. ╨Ф╨░╨╢╨╡ ╨▓╤Л ╤Б╨╝╨╛╨╢╨╡╤В╨╡ ╨▓╨╛╨╣╤В╨╕ ╨▓ ╨║╨╛╨╝╨╜╨░╤В╤Г ╤Г╨┐╤А╨░╨▓╨╗╤П╤О╤Й╨╡╨│╨╛ ╨┤╨╕╤А╨╡╨║╤В╨╛╤А╨░ ╨╕ ╨┐╨╛╨│╨╛╨▓╨╛╤А╨╕╤В╤М ╤Б ╨╜╨╕╨╝ ╨╛ ╨╗╤О╨▒╨╛╨╣ ╤Б╨┤╨╡╨╗╨║╨╡.

╨Э╨╛ ╤Г ╤Н╤В╨╛╨│╨╛ ╨╡╤Б╤В╤М ╨╕ ╨╛╨▒╤А╨░╤В╨╜╨░╤П ╤Б╤В╨╛╤А╨╛╨╜╨░. ╨Я╨╛╤Б╨║╨╛╨╗╤М╨║╤Г ╨║╨╛╨╝╨░╨╜╨┤╨░ ╨╝╨╡╨╜╤М╤И╨╡, ╤А╨░╨▒╨╛╤З╨░╤П ╨╜╨░╨│╤А╤Г╨╖╨║╨░ ╤Б╨╗╨╕╤И╨║╨╛╨╝ ╨▓╨╡╨╗╨╕╨║╨░, ╨╕ ╨▓╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨┐╤А╨╕╨╗╨╛╨╢╨╕╤В╤М ╨╝╨╜╨╛╨│╨╛ ╤Г╤Б╨╕╨╗╨╕╨╣ ╤Б ╤Б╨░╨╝╨╛╨│╨╛ ╨╜╨░╤З╨░╨╗╨░. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨║╨░╨║ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤Г ╨╜╨░╤З╨░╨╗╤М╨╜╨╛╨│╨╛ ╤Г╤А╨╛╨▓╨╜╤П, ╨▓╨░╨╝ ╨╜╤Г╨╢╨╜╨╛ ╨▓╤Л╨┐╨╛╨╗╨╜╤П╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╤А╨░╨▒╨╛╤В╤Л, ╤З╨╡╨╝ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤Г ╤Б ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╨╝╨╕ ╨│╨╛╨┤╨░╨╝╨╕ ╨╛╨┐╤Л╤В╨░. ╨в╨░╨║╨╕╨╝ ╨╛╨▒╤А╨░╨╖╨╛╨╝, ╨║╨░╨║ ╤В╨╛╨╗╤М╨║╨╛ ╨▓╤Л ╨┐╨╡╤А╨╡╨╣╨┤╨╡╤В╨╡ ╨╜╨░ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╤Г╤О ╤Б╤В╤Г╨┐╨╡╨╜╤М╨║╤Г, ╨▓╤Л ╨▒╤Г╨┤╨╡╤В╨╡ ╨▓╤Л╨┐╨╛╨╗╨╜╤П╤В╤М ╨╝╨╡╨╜╤М╤И╨╡ ╤А╨░╨▒╨╛╤В╤Л (╨╜╨╛ ╤А╨░╨▒╨╛╤В╨░╤В╤М ╤Б ╨▒╨╛╨╗╤М╤И╨╡╨╣ ╨╛╤В╨┤╨░╤З╨╡╨╣).

╨Ч╨░╤А╨┐╨╗╨░╤В╤Л ╨▓ ╤Б╤Д╨╡╤А╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨Ъ╨╛╨╝╨┐╨╡╨╜╤Б╨░╤Ж╨╕╤П ╨╜╨╡╨┐╨╗╨╛╤Е╨░╤П, ╨┤╨░╨╢╨╡ ╨╡╤Б╨╗╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╜╨╡╨▒╨╛╨╗╤М╤И╨╛╨╣ ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣.

╨Ъ╨╛╨╝╨┐╨╡╨╜╤Б╨░╤Ж╨╕╤П, ╨▓╤Л╨┐╨╗╨░╤З╨╕╨▓╨░╨╡╨╝╨░╤П ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╨░╨╝, ╤А╨░╨▒╨╛╤В╨░╤О╤Й╨╕╨╝ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕, ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В:

╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨╕╤Б╤В╨╛╤З╨╜╨╕╨║: ╨░╨╜╤В╨░╨╗╤М╤А╨╛╤Б╤Б╨╕╤П

╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╤Г╨▓╨╕╨┤╨╡╤В╤М ╨║╨╛╨╝╨┐╨╡╨╜╤Б╨░╤Ж╨╕╤О ╨╝╨╗╨░╨┤╤И╨╕╤Е ╤Б╨┐╨╡╤Ж╨╕╨░╨╗╨╕╤Б╤В╨╛╨▓ ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╖╨┤╨╡╤Б╤М. ╨Я╨╛ ╨╛╨▒╤Й╨╡╨╝╤Г ╨┐╤А╨╕╨╖╨╜╨░╨╜╨╕╤О, ╤Н╤В╨╛ ╨╜╨╡╨╝╨╜╨╛╨│╨╛ ╤Г╤Б╤В╨░╤А╨╡╨╗╨╛, ╨╜╨╛ ╨▓╤Б╨╡ ╨╡╤Й╨╡ ╨║╨░╨╢╨╡╤В╤Б╤П ╨╖╨░╤Е╨▓╨░╤В╤Л╨▓╨░╤О╤Й╨╕╨╝, ╤З╤В╨╛ ╨║╨╛╨╝╨┐╨╡╨╜╤Б╨░╤Ж╨╕╤П ╨╜╨░╤Б╤В╨╛╨╗╤М╨║╨╛ ╤Е╨╛╤А╨╛╤И╨░ ╨╜╨░ ╤О╨╜╨╕╨╛╤А╤Б╨║╨╛╨╝ ╤Г╤А╨╛╨▓╨╜╨╡.

╨Ш ╨║╨╛╨│╨┤╨░ ╨▓╨░╤Б ╨┐╨╛╨▓╤Л╤Б╤П╤В ╨┤╨╛ ╨╜╨╛╨▓╨╛╨╣ ╨┤╨╛╨╗╨╢╨╜╨╛╤Б╤В╨╕, ╨▓╤Л ╨┐╨╛╨╗╤Г╤З╨╕╤В╨╡ ╨┐╤А╨╛╨┐╨╛╤А╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨╛╨╡ ╨▓╨╛╨╖╨╜╨░╨│╤А╨░╨╢╨┤╨╡╨╜╨╕╨╡. ╨Ш╤В╨░╨║, ╨▓ ╨┤╨▓╤Г╤Е ╤Б╨╗╨╛╨▓╨░╤Е, ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╨╜╨╡ ╨┤╨╛╨╗╨╢╨╡╨╜ ╤А╨░╨╖╨╛╤З╨░╤А╨╛╨▓╤Л╨▓╨░╤В╤М ╨┐╤А╨╡╤В╨╡╨╜╨┤╨╡╨╜╤В╨╛╨▓, ╨┐╨╛ ╨║╤А╨░╨╣╨╜╨╡╨╣ ╨╝╨╡╤А╨╡, ╨▓ ╤З╨░╤Б╤В╨╕ ╨▓╨╛╨╖╨╜╨░╨│╤А╨░╨╢╨┤╨╡╨╜╨╕╤П.

╨Т╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕ ╨▓╤Л╤Е╨╛╨┤╨░ ╨╕╨╖ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕

╨е╨╛╤В╤П ╨╗╤О╨┤╨╕ ╨╜╨╡ ╤В╨░╨║ ╨╗╨╡╨│╨║╨╛ ╨┐╨╛╨║╨╕╨┤╨░╤О╤В ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕, ╨▓╨╛╤В ╤З╨╡╤В╤Л╤А╨╡ ╨▓╨░╤А╨╕╨░╨╜╤В╨░, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╛╨╜╨╕ ╨╛╨▒╤Л╤З╨╜╨╛ ╨▓╤Л╨▒╨╕╤А╨░╤О╤В, ╨║╨╛╨│╨┤╨░ ╨┤╤Г╨╝╨░╤О╤В ╨╛╨▒ ╨╕╨╖╤Г╤З╨╡╨╜╨╕╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣:

╨Я╨╡╤А╨▓╤Л╨╣ ╨▓╨░╤А╨╕╨░╨╜╤В тАФ ╨┐╨╛╨║╨╕╨╜╤Г╤В╤М ╤В╨╡╨║╤Г╤Й╨╕╨╣ ╤Д╨╛╨╜╨┤ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣, ╨┐╨╡╤А╨╡╨╣╤В╨╕ ╨▓ ╨┤╤А╤Г╨│╨╛╨╣ ╤Д╨╛╨╜╨┤ ╨╕ ╨▓╤Л╨╣╤В╨╕ ╨╜╨░ ╤Г╤А╨╛╨▓╨╡╨╜╤М ╨┐╨░╤А╤В╨╜╨╡╤А╨░ ╨┐╨╛╤Б╨╗╨╡ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╕╤Е ╨╗╨╡╤В ╨╛╤В╨╗╨╕╤З╨╜╨╛╨╣ ╤А╨░╨▒╨╛╤В╤Л (╤Н╤В╨╛ ╨╜╨╡ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╤М ╨▓╤Л╤Е╨╛╨┤╨░).
╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨╛╤Б╤В╨░╨▓╨╕╤В╤М ╤Б╨▓╨╛╤О ╨║╨░╤А╤М╨╡╤А╤Г ╨▓ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╨╜╨░╤З╨░╤В╤М ╤Б╨▓╨╛╨╣ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╤Л╨╣ ╨▒╨╕╨╖╨╜╨╡╤Б, ╨║╨░╨║ ╤В╨╛╨╗╤М╨║╨╛ ╨▓╤Л ╤Г╨╣╨┤╨╡╤В╨╡.
╨Т╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨┐╨╡╤А╨╡╨╡╤Е╨░╤В╤М ╨▓ ╨┤╤А╤Г╨│╨╕╨╡ ╤Б╤В╤А╨░╨╜╤Л (╤А╨░╨╖╨▓╨╕╤В╤Л╨╡ ╤Б╤В╤А╨░╨╜╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨Р╨╝╨╡╤А╨╕╨║╨░, ╨Т╨╡╨╗╨╕╨║╨╛╨▒╤А╨╕╤В╨░╨╜╨╕╤П ╨╕ ╤В. ╨┤.) ╨╕ ╨╕╨╖╤Г╤З╨╕╤В╤М ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╨╛-╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╤Е ╤Г╤Б╨╗╤Г╨│ ╨╕ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣.
╨Э╨╡╨╝╨╜╨╛╨│╨╕╨╡ ╨┐╤А╨╛╤Д╨╡╤Б╤Б╨╕╨╛╨╜╨░╨╗╤Л ╤Г╤Е╨╛╨┤╤П╤В ╨╕╨╖ ╤З╨░╤Б╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╕ ╨┐╤А╨╕╤Б╨╛╨╡╨┤╨╕╨╜╤П╤О╤В╤Б╤П ╨║ ╨│╨╛╤Б╤Г╨┤╨░╤А╤Б╤В╨▓╨╡╨╜╨╜╨╛╨╣ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕. ╨Ю╨┐╨╗╨░╤В╨░ ╨╕ ╤Б╨▓╤П╨╖╨╕ тАФ ╨┤╨▓╨╛╨╣╨╜╨░╤П ╨╜╨░╨│╤А╨░╨┤╨░ ╨╖╨░ ╤А╨░╨▒╨╛╤В╤Г ╨▓ ╨│╨╛╤Б╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕.

╨Ч╨░╨║╨╗╤О╤З╨╡╨╜╨╕╨╡

╨а╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ ╤А╨░╤Б╤В╨╡╤В ╨╕ ╨▓╤Б╨║╨╛╤А╨╡ ╨╝╨╛╨╢╨╡╤В ╤Б╤В╨░╤В╤М ╨╛╨┤╨╜╨╕╨╝ ╨╕╨╖ ╨│╨╕╨│╨░╨╜╤В╤Б╨║╨╕╤Е ╤А╤Л╨╜╨║╨╛╨▓ ╨▓ ╨╝╨╕╤А╨╡. ╨Ш╤В╨░╨║, ╨╡╤Б╨╗╨╕ ╨▓╤Л ╨╕╨╖ ╨а╨╛╤Б╤Б╨╕╨╕, ╨▓╤Л ╨╝╨╛╨╢╨╡╤В╨╡ ╨┐╤А╨╛╨┤╨╛╨╗╨╢╨╕╤В╤М ╨║╨░╤А╤М╨╡╤А╤Г ╨▓ ╤Б╤Д╨╡╤А╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Х╤Б╤В╤М ╨╝╨╜╨╛╨╢╨╡╤Б╤В╨▓╨╛ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣. ╨Э╨╛ ╨┐╤А╨╡╨┤╨┐╨╛╨╗╨╛╨╢╨╕╨╝, ╤З╤В╨╛ ╨▓╤Л ╨╕╨╜╨╛╤Б╤В╤А╨░╨╜╨╡╤Ж ╨╕ ╤Е╨╛╤В╨╡╨╗╨╕ ╨▒╤Л ╤А╨░╨▒╨╛╤В╨░╤В╤М ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Т ╤В╨░╨║╨╛╨╝ ╤Б╨╗╤Г╤З╨░╨╡ ╨╗╤Г╤З╤И╨╡ ╤Б╨╜╨░╤З╨░╨╗╨░ ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨╗╨╡╤В ╨┐╨╛╤А╨░╨▒╨╛╤В╨░╤В╤М ╨▓ ╤А╨░╨╖╨▓╨╕╤В╤Л╤Е ╤Б╤В╤А╨░╨╜╨░╤Е, ╨░ ╨┐╨╛╤В╨╛╨╝ ╨┐╨╛╨┤╤Г╨╝╨░╤В╤М ╨╛ ╤В╨╛╨╝, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╕╨╡╤Е╨░╤В╤М ╨▓ ╨а╨╛╤Б╤Б╨╕╤О ╨╜╨░ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤П╤Й╨╕╨╡ ╨┤╨╛╨╗╨╢╨╜╨╛╤Б╤В╨╕ ╨▓ private equity.

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨░ ╤Б╤В╨░╤В╤М╤П ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤Б╨╛╨▒╨╛╨╣ ╤А╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ Private Equity ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕. ╨Ь╤Л ╨╛╨▒╤Б╤Г╨╢╨┤╨░╨╡╨╝ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╤Л╨╡ ╤Г╤Б╨╗╤Г╨│╨╕, ╨▓╨╡╨┤╤Г╤Й╨╕╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨┐╨╛╨┤╨▒╨╛╤А ╨┐╨╡╤А╤Б╨╛╨╜╨░╨╗╨░, ╨║╤Г╨╗╤М╤В╤Г╤А╤Г, ╤И╨║╨░╨╗╤Г ╨╖╨░╤А╨░╨▒╨╛╤В╨╜╨╛╨╣ ╨┐╨╗╨░╤В╤Л ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕ ╨▓╤Л╤Е╨╛╨┤╨░. ╨Т╤Л ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╤В╨╡ ╨╛╨╖╨╜╨░╨║╨╛╨╝╨╕╤В╤М╤Б╤П ╤Б╨╛ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╡╨╣ ╤Б╤В╨░╤В╤М╨╡╨╣, ╤З╤В╨╛╨▒╤Л ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡ ╨╛ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╤П╤Е:

╨з╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨У╨╡╤А╨╝╨░╨╜╨╕╨╕╨з╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╨У╨╡╤А╨╝╨░╨╜╨╕╨╕╨У╨╡╤А╨╝╨░╨╜╨╕╤П ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨╛╨┤╨╜╨╕╨╝ ╨╕╨╖ ╨▓╨╡╨┤╤Г╤Й╨╕╤Е ╤А╤Л╨╜╨║╨╛╨▓ ╨┤╨╗╤П ╨┐╤А╤П╨╝╤Л╤Е ╨╕ ╨▓╨╡╨╜╤З╤Г╤А╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Э╨╡╨╝╨╡╤Ж╨║╨╕╨╣ ╤А╤Л╨╜╨╛╨║ ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╖╨░╨╜╨╕╨╝╨░╨╡╤В ╨▓╤В╨╛╤А╨╛╨╡ ╨╝╨╡╤Б╤В╨╛ ╨┐╨╛ ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╤Г ╤Г╨┐╤А╨░╨▓╨╗╤П╤О╤Й╨╕╤Е ╤Д╨╛╨╜╨┤╨░╨╝╨╕ ╨▓ ╨Х╨▓╤А╨╛╨┐╨╡ ╨┐╨╛╤Б╨╗╨╡ ╨Т╨╡╨╗╨╕╨║╨╛╨▒╤А╨╕╤В╨░╨╜╨╕╨╕. ╨Э╨╡╨╝╨╡╤Ж╨║╨╕╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨╛╤В╤А╨░╤Б╨╗╨╕ ╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕ ╤В╨░╨║╨╢╨╡ ╨╛╨║╨░╨╖╨░╨╗╨╕╤Б╤М ╨┐╤А╨╕╨▓╨╗╨╡╨║╨░╤В╨╡╨╗╤М╨╜╤Л╨╝╨╕ ╨┤╨╗╤П ╤З╨░╤Б╤В╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
╨Ю╨▒╨╖╨╛╤А ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓╨╛ ╨д╤А╨░╨╜╤Ж╨╕╨╕
Private Equity in IndiaPrivate Equity In India╨Ы╤Г╤З╤И╨╕╨╡ ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨▓ ╨Ш╨╜╨┤╨╕╨╕: ICICI Venture Fund Management, Kotak Private Equity Group, Chryscapital, Blackstone Group, India Value Fund, Ascent Capital, Everstone Capital.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡
╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨б╨╕╨╜╨│╨░╨┐╤Г╤А╨╡
Private Equity in UKPrivate Equity In UKPrivate Equity ╨▓ ╨Т╨╡╨╗╨╕╨║╨╛╨▒╤А╨╕╤В╨░╨╜╨╕╨╕ ╨▓ ╨╜╨░╤Б╤В╨╛╤П╤Й╨╡╨╡ ╨▓╤А╨╡╨╝╤П ╨┐╨╡╤А╨╡╨╢╨╕╨▓╨░╨╡╤В ╨▒╤Г╨╝ ╤Б ╤Г╨▓╨╡╨╗╨╕╤З╨╡╨╜╨╕╨╡╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨▓ ╤Д╨╛╨╜╨┤╤Л ╨┐╤А╤П╨╝╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨С╨╛╨╗╤М╤И╨╕╨╜╤Б╤В╨▓╨╛ ╨╕╨╜╤Б╤В╨╕╤В╤Г╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨Т╨╡╨╗╨╕╨║╨╛╨▒╤А╨╕╤В╨░╨╜╨╕╨╕ ╨┐╤А╨╡╨┤╨┐╨╛╤З╨╕╤В╨░╤О╤В ╨▓╨║╨╗╤О╤З╨░╤В╤М ╤З╨░╤Б╤В╨╜╤Л╨╡ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╕ ╨▓ ╤Б╨▓╨╛╨╕ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨┐╨╛╤А╤В╤Д╨╡╨╗╨╕.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡

╨з╨░╤Б╤В╨╜╤Л╨╣ ╨║╨░╨┐╨╕╤В╨░╨╗ ╨▓ ╨а╨╛╤Б╤Б╨╕╨╕ | ╨в╨╛╨┐ ╤Д╨╛╨╜╨┤╨╛╨▓╤Л╤Е ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╣ | ╨г╤Б╨╗╤Г╨│╨╕