| Description |
1 online resource |
| Bibliography |
Includes bibliographical references and index. |
| Summary |
Second edition of iIntroduction to Private Equity/i is more than an update, it reflects the dramatic changes which have affected an industry which is evolving rapidly, internationalizing and maturing fast. What is recognized as a critical yet grounded guide to the private equity industry blends academic rigour with practical experience. It provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry; including insurance, funds of funds, funds and portfolio companies./ The book approaches the private equity sector top-down, to provide a sense of its evolution and how the current situation has been built. It then details the interrelations between investors, funds, fund managers and entrepreneurs. At this point, the perspective shifts to bottom-up, how a private business is valued, how transactions are processed and the due diligence issues to consider before moving ahead./ iIntroduction to Private Equity, Second Edition/icovers the private equity industry as a whole, putting its recent developments (such as secondary markets, crowdfunding, venture capital in emerging markets) into perspective. The book covers its organization, governance and function, then details the various segments within the industry, including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing, Growth Capital, Distressed Debt, Turn-Around Capital, Funds of Funds and beyond. Finally, it offers a framework to anticipate and understand its future developments./ This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector, following a major crisis. & gt. |
| Contents |
Machine generated contents note: 0.1. Moving Target -- 0.2. Consubstantial Lack of Information -- 0.3. Benign Neglect, Malign Consequences -- 0.4. Knowing the Devil to Circumvent it -- pt. I WHAT IS PRIVATE EQUITY? -- 1. Private Equity as an Economic Driver: An Historical Perspective -- 1.1. Pooling Interests to Identify and Exploit Sources of Wealth -- 1.1.1. Identify, Control and Exploit Resources -- 1.1.2. Leverage Public Policies and a Favourable Business Environment -- 1.2. Championing Entrepreneurship -- 1.2.1. No Private Equity without Entrepreneurs -- 1.2.2. Convert Ventures into Business Successes -- 1.2.3. Entrepreneurship and Private Equity Form a Specific Ecosystem -- 1.3. Conclusion: An Attempt at Definition -- 1.3.1. Negotiated Investment in Equity or Quasi-Equity -- 1.3.2. Fixed Maximum Term -- 1.3.3. Implying Specific Risks -- 1.3.4. With High Expected Returns -- 1.3.5. Undertaken on Behalf of Qualified Investors -- 1.3.6. To Support Entrepreneurs -- 2. Modern Private Equity -- A French Invention? -- 2.1. USA: The Foundry of Modern Private Equity -- 2.1.1. Strict Separation of Public Policies and Public Financing -- 2.1.2. Separation of Public Endeavours and Private Efforts; the Subsequent Support of the Former for the Latter -- 2.1.3. Governmental Input: SBA, DARPA and ERISA -- 2.1.4. Universities, Defence and Disruptive Innovation -- 2.1.5. Challenges -- 2.2. Europe: Adapting a Successful Model or Creating its Own? -- 2.2.1. Governmental Input: Legal Changes, Tax Rebates, Infrastructures and Pan-EU Market -- 2.2.2. National Champions, Information Technologies and Incremental Innovation -- 2.2.3. Challenges -- 2.3. Conclusion: Emerging Markets, Building Castles on Sand? -- pt. II PRIVATE EQUITY ECOSYSTEM -- 3. Private Equity: A Business System Perspective -- 3.1. We Are All Investors in Private Equity -- 3.1.1. Sources of Capital -- 3.1.2. Private Equity Investment Rationale -- 3.2. Organisation and Governance of Private Equity Funds -- 3.2.1. Private Equity Fund Managers are Financial Intermediaries -- 3.2.2. Incentives and Fees -- 3.2.3. Conflicts of Interest -- 3.2.4. Power, Checks and Balances -- 3.3. Measuring Performance, Managing Risks and Optimising Returns -- 3.3.1. Measuring Performance in an Uncertain Context -- 3.3.2. Managing Risks and Optimising Returns -- 3.4. Pitfalls and Challenges -- 3.5. Conclusion -- 4. Universe of Investment -- 4.1. Venture Capital: Financing Company Creation -- 4.1.1. Venture Capital Investment Targets -- 4.1.2. Actors and Structures -- 4.1.3. Operational Activities -- 4.1.4. Challenges -- 4.1.5. Limits -- 4.2. Growth Capital: Financing Companies' Expansion -- 4.2.1. Growth Capital Investment Targets -- 4.2.2. Actors and Structures -- 4.2.3. Operational Activities -- 4.2.4. Challenges -- 4.2.5. Limits -- 4.3. Leveraged Buy-Out: Financing Companies' Transmissions -- 4.3.1. LBO Investment Targets -- 4.3.2. Actors -- 4.3.3. Operational Activities -- 4.3.4. Challenges and Limits -- 4.4. Other Interventions in Private Equity -- 4.4.1. Funds of Funds -- 4.4.2. Targeting the Stock Exchange -- 4.4.3. Special Situations: Turn-Around Capital and Distressed Debt -- 4.4.4. Quasi-Equity Instruments (Mezzanine) and Second Lien Debt -- 4.4.5. Merchant Banking, Investment Banking and Private Equity House Intervention -- 4.4.6. Secondary Market -- 4.4.7. Real Estate, Infrastructure and Exotic Assets -- 4.5. Conclusion -- 4.5.1. Private Equity is a Financing Solution Designed for a Specific Need -- 4.5.2. Venture and Growth Capital -- 4.5.3. Leveraged Buy-Out -- 5. Process of Investment: A Matter of Trust and Mutual Interest -- 5.1. Step 1: Preliminary Analysis -- 5.2. Step 2: Valuation -- 5.3. Step 3: Negotiating -- 5.4. Step 4: Structuring -- 5.5. Step 5: Complementary Due Diligence -- 5.6. Step 6: Transaction -- 5.7. Step 7: Monitoring and Exit -- 5.8. Conclusion -- pt. III PRIVATE EQUITY IN TEENAGE TIME: TREND SETTING, FADS AND RESPONSIBILITIES -- 6. Private Equity Evolution: Trends or Buzzes? -- 6.1. Is Private Equity Going Mainstream? -- 6.2. Is Private Equity (Still) Creating Value? -- 6.3. Private Equity: Between Bubbles and Crashes -- 6.4. Conclusion -- 6.4.1. There is No Such Thing as ̀Capital Overhang' -- 6.4.2. Elements of Analysis -- 6.4.3. From ̀Capital Overhang' to ̀Dry Powder' -- 7. Private Equity and Ethics: A Culture Clash -- 7.1. Greed -- 7.2. Destruction -- 7.3. Philanthropy -- 7.4. Transparency -- 7.5. Self-Regulation or Imposed Regulation? -- 7.6. Conclusion -- 8. General Conclusion -- Private Equity Today and Tomorrow -- 8.1. Fewer General Partners, but not Necessarily Better Ones -- 8.2. Core Target: Manage the Volatility of Performance -- 8.3. Only Valid Leitmotiv: Long-Term Thinking -- 8.4. Impact of Fair Market Value -- 8.5. Long-Term Trend: The Attractiveness of Private Equity -- 8.6. Private Equity: Future Victim of its Own Success? -- 8.7. Impact of a Better Knowledge of Private Equity -- 8.7.1. Understanding the Risk and Managing the J-Curve -- 8.7.2. Innovating through Structuring -- 8.7.3. Temptation of Co-Investments -- 8.7.4. Change or Die: The Pressure on General Partners -- 8.7.5. Regulation: Damocles' Sword Looming over Private Equity -- Template 1 (Fund) -- Architecture of the Private Placement Memorandum of a Private Equity Fund -- Template 2 (Fund) -- Structure of a Limited Partnership Agreement -- Template 3 (Fund) -- Due Diligence Checklist -- Template 4 (Fund) -- Quarterly Report Template -- Template 5 (Company) -- Non-Disclosure Agreement -- Template 6 (Company) -- Business Plan -- Template 7 (Company) -- Term-Sheet. |
| Subject |
Private equity.
|
|
Capital-investissement. |
|
Private equity |
|
Beteiligungsfinanzierung |
|
Private Equity |
|
Capital-investissement. |
| Other Form: |
Print version: Demaria, Cyril. Introduction to private equity. Second edition. Chichester, West Sussex : John Wiley & Sons Inc., [2013] 9781118571927 (DLC) 2013016709 |
| ISBN |
1299665365 (electronic bk.) |
|
9781299665361 (electronic bk.) |
|
9781118571897 (electronic bk.) |
|
1118571894 (electronic bk.) |
|
9781118571910 (electronic bk.) |
|
1118571916 (electronic bk.) |
|
(cloth) |
|
(cloth) |
| Music No. |
EB00063899 Recorded Books |
|
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