Private Equity As an Asset Class

ISBN-10: 0470661380
ISBN-13: 9780470661383
Edition: 2nd 2010
List price: $39.99
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Description: Private Equity as an Asset Class, Second Edition draws upon the authors 20+ years in private equity, providing an up to date, practical guide mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals  More...

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Book details

List price: $39.99
Edition: 2nd
Copyright year: 2010
Publisher: John Wiley & Sons, Limited
Publication date: 4/9/2010
Binding: Hardcover
Pages: 280
Size: 6.75" wide x 10.00" long x 1.00" tall
Weight: 1.254
Language: English

Private Equity as an Asset Class, Second Edition draws upon the authors 20+ years in private equity, providing an up to date, practical guide mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as "what is private equity?" and progresses to detailed analysis of venture and buyout returns.It has been fully revised and updated to reflect the many changes the industry has seen since the first edition published. The financial crisis has seen a transformation of the buyout industry and rendered older volumes obsolete. This new book, which will be completely revised and include over 30% new material provides a fully up to date reference for the private equity investor. As well as comprehensive coverage of the burgeoning 'secondaries' market, it will cover in detail growth capital and development capital, both of which are central to the explosion of deals taking place in emerging markets. The book will also take readers though the entire fundraising process and a look at how the financial crisis has affected the industry, and where it is likely to go from here. Private Equity and the Financial crisis - NEW What is Private Equity? Private Equity Returns - The Basics. The Fundraising process - NEW Growth Capital - NEW Development Capital - NEW Buyout - REVISED How to Analyse Buyouts. - REVISED Buyout Returns - REVISED Venture Capital - REVISED How to Analyse Venture - REVISED Venture Returns - REVISED Secondaries - NEW Due Diligence - REVISED Planning your Investment Programme.

About the Author
Acknowledgements
Introduction
What is Private Equity?
What is Private Equity?
Fund investing versus direct investing
Co-investment
Terminology
Different types of Private Equity investment
Summary
What are Private Equity Funds, and How do They Work?
Capital: Allocated, Committed, Drawn Down and Invested
How do Private Equity Funds Work?
Structure
Cash flow
Investment
Fundraising
Private Equity Funds Distinguished from Other Fund Types
Hedge funds
Infrastructure
Private (Equity) Real Estate
A Note on International Issues
Summary
Private Equity Returns - The Basics
Understanding the J-curve and Compound Returns
Upper Quartile Figures
Median Returns
Average Returns
Pooled Returns
Using Vintage Year Returns for Benchmarking Purposes
Time-weighted Returns
Summary
Private Equity Returns - Multiples and Muddles
Multiples
Distributed over paid in (DPI)
Paid in to committed capital (PICC)
Residual value to paid in (RVPI)
Total value to paid in (TVPI)
Use of multiples in industry research
Muddles, Muggles and Markowitz
Returns
Risk
Liquidity
Summary
Buyout
Types of Buyout Transaction
MBO
MBI
BIMBO
LBO
Take Private (P2P)
Roll-up
Secondary Buyouts
Other 'Buyout' Activity
PIPEs
How do Buyouts Work?
Characteristics of Buyout
Established businesses
Debt
Earnings
Size
Control
Barriers to entry
Summary
How to Analyse Buyouts
Earnings
EBIT
EBITDA
Earnings Growth
Multiple
Multiple increase (sometimes called multiple arbitrage)
Leverage
Recapitalisation
Timing
Modelling and Analysing Buyout Funds
Enterprise value
Summary
Buyout Returns
US versus European Buyout
Buyout skill bases
Imperfect markets
Earnings multiples
Earnings growth
Leverage
Contribution of different drivers
Fund size
Summary
Venture Capital
What is Venture Capital?
Backing New Applications, Not New Technology
Classifi cation by Sector
IT
Telecoms
Life Science
Classifi cation by Stage
Seed stage
Early stage
Mid and late stages
Summary
How to Analyse Venture
The Fundamentals (1) - Money Multiples
The Fundamentals (2) - Valuation
Valuation as an element of stated returns
Differences in valuation approach between Europe and the US
Variability of Venture valuations
Pre-money and post-money valuations
Share classes
The Fundamentals (3) - Cost and Value
IRRs and multiples
Going in equity (GI%)
Percentage of the holding within the fund
The Impact of Home Runs
Summary
Venture Returns
US Outperformance versus Europe
Money multiples drive IRRs
Home runs and the golden circle
Market conditions
European Venture - Is it as Bad as it Seems?
Returns and Fund Size
Venture returns by stage
What of the Future?
Summary
Growth and Development Capital
The PLC and the BCG Growth Matrix
Development Capital
Target companies
Money in deals
Money out deals
Objectives
Growth Capital
Target companies
Objectives
Growth capital and late-stage Venture
Common Issues
Minority protection
Exit protection
The Future
Summary
Secondary Private Equity Fund Investing
Why do People Buy Secondaries?
Time and the J-curve
Diversifi cation by time
Diversifi cation by geography and sector
Treasury and Portfolio Secondaries
Why do People Sell Secondaries?
Change of strategy/leaving the asset class
Overconcentration by time, sector or geography
Unexpected need for cash
Housekeeping
Dissatisfaction with the GP
Restrictions on Transfer
Stapled primaries
Secondary Methodology
Tails
Fees etc
Secondary Buyouts - Warning
Summary
Due Diligence
Buyout Funds
Venture Funds
Co-investors
Cross-fund Investing
Buyout Companies
Venture Companies
Funds of Funds
Growth and Development Capital
Monitoring Private Equity Funds
The Changing Nature of Due Diligence
Summary
Planning Your Investment Programme
Cash Flow Planning
Allocated, Committed and Invested Capital
Diversifi cation by Time
Proper Commitment Levels
Diversifi cation by Sector and Geography
Total Return
How to deal with uninvested capital
Towards a New World of Private Equity Programmes?
Summary
Trends and Issues
Financial Crisis
Credit
Valuation
Holding periods
Secondaries
Emerging Markets
Concluding Thoughts
Track record
Returns
Fee structures
Private Equity at a Crossroads?
Summary
Glossary of Private Equity Terms
Index

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