Introduction to Private Equity.
Cyril. Demaria
Bok Engelsk 2010 · Electronic books.
| Omfang | 1 online resource (245 pages)
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| Utgave | 1st ed.
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| Opplysninger | Introduction to Private Equity -- Contents -- Foreword -- Acknowledgements -- About the Author -- Introduction -- A moving target -- A consubstantial lack of information -- Benign neglect, malign consequences -- Knowing the devil to circumvent it -- PART I WHAT IS PRIVATE EQUITY? -- 1 Private Equity as an Economic Driver: An Historical Perspective -- 1. Pooling interests to identify and exploit sources of wealth -- (a) Identify, control and exploit resources -- (b) Leverage public policies and a favourable business environment -- 2. Championing entrepreneurship -- (a) No private equity without entrepreneurs -- (b) Convert ventures into business successes -- (c) Entrepreneurship and private equity form a specific ecosystem -- Conclusion: an attempt at definition -- (a) A negotiated investment in equity or quasi-equity -- (b) A fixed maximum term -- (c) Implying specific risks -- (d) With high expected returns -- (e) Undertaken on behalf of qualified investors -- 2 Modern Private Equity - A French Invention? -- 1. USA: the foundry of modern private equity -- The strict separation of public policies and public .nancing -- The separation of public endeavours and private efforts -- the subsequent support of the former for the latter -- (a) Governmental input: SBA, DARPA and ERISA -- (b) Universities, defence and disruptive innovation -- (c) Challenges -- 2. Europe: adapting a successful model or creating its own? -- (a) Governmental input: legal changes, tax rebates, infrastructures and EU market -- (b) National champions, information technologies and incremental innovation -- (c) Challenges -- Conclusion: emerging markets, building castles on sand? -- PART II THE PRIVATE EQUITY ECOSYSTEM -- 3 Private Equity: A Business System Perspective -- 1. We are all investors in private equity -- (a) Sources of capital -- (b) Private equity investment rationale.. - 2. Is private equity (still) creating value? -- 3. Private equity: between bubbles and crashes -- Conclusion -- There is no such thing as 'capital overhang' -- 7 Private Equity and Ethics: A Culture Clash -- 1. Greed -- 2. Destruction -- 3. Philanthropy -- 4. Transparency -- 5. Confidentiality and self-regulation -- Conclusion -- General Conclusion - Private Equity Today and Tomorrow -- 1. Core target: manage the volatility of performance -- 2. The only valid leitmotiv: long-term thinking -- 3. The impact of the fair market value -- 4. a long-term trend: the attractiveness of private equity -- 5. Private equity: future victim of its own success? -- 6. The impact of a better knowledge of private equity -- (a) Understanding the risk and managing the J-Curve -- (b) Innovating through structuring -- (c) Private equity and universal owners -- (d) Change or die: the pressure on general partners -- (e) Regulation: Damocles' sword looming over private equity -- Glossary -- Bibliography -- Index.. - 2. Organisation and governance of private equity funds -- (a) Private equity fund managers are financial intermediaries -- (b) Incentives and fees -- (c) Conflicts of interest -- (d) Power, checks and balances -- 3. Measuring performance, managing risks and optimising returns -- (a) Measuring performance in an uncertain context -- (b) Managing risks and optimising returns -- 4. Pitfalls and challenges -- Conclusion -- 4 The Universe of Investment -- 1. Venture capital: financing company creation -- (a) Venture capital investment targets -- (b) Actors and structures -- (c) Operational activities -- (d) Challenges -- (e) Limits -- 2. Growth capital: financing companies' expansion -- (a) Growth capital investment targets -- (b) Actors and structures -- (c) Operational activities -- (d) Challenges -- (e) Limits -- 3. Leveraged buy-out: financing companies' transmissions -- (a) LBO investment targets -- (b) Actors -- (c) Operational activities -- (d) Challenges -- (e) Limits -- 4. Other interventions in private equity -- (a) Targeting the stock exchange -- (b) Turn-around capital and special situations -- (c) Distressed debt -- (d) Quasi-equity instruments (mezzanine) and second lien debt -- (e) Merchant banking, investment banking and private equity house intervention -- (f) Secondary market -- (g) Real estate, infrastructure and exotic assets -- Conclusion -- 5 The Process of Investment: A Matter of Trust and Mutual Interest -- 1. Step 1: Preliminary analysis -- 2. Step 2: Valuation -- 3. Step 3: Negotiating -- 4. Step 4: Structuring -- 5. Step 5: Complementary due diligences -- 6. Step 6: Transaction -- 7. Step 7: Monitoring and exit -- Conclusion -- PART III PRIVATE EQUITY IN TEENAGE TIME: TREND SETTING, FADS AND RESPONSIBILITIES -- 6 Private Equity Evolution: Trends or Buzzes? -- 1. Is private equity going mainstream?.. - Introduction to Private Equity is a critical yet groundedguide to the private equity industry. Far more than just anotherintroductory guide, the book blends academic rigour with practicalexperience to provide a critical perspective of the industry from aprofessional who has worked at many levels within the industry,including insurance, funds of funds, funds and portfolio companies. The book looks at private equity from the point of view of theindividual or the business. How is a private business valued? Howis the acquisition transaction processed? What are the duediligence issues that should be considered before moving ahead? Avaluable insight to a rather opaque market. Introduction to Private Equity covers the private equityindustry as a whole, highlighting its historical development inorder to put its recent development into perspective. The bookcovers its organization, governance and function, then details thevarious segments within the industry, including LBO, VentureCapital, Mezzanine Financing, Growth Capital and beyond. Finally,it offers a framework to anticipate and understand its futuredevelopments. It provides a balanced perspective on the current corporategovernance challenges which are affecting the industry and drawsperspective to understand the evolution of the sector, followingone of its major crises.
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| Emner | |
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| ISBN | 9780470660942
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