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Introduction to Private Equity

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ISBN-10: 0470745967

ISBN-13: 9780470745960

Edition: 2010

Authors: Cyril Demaria

List price: $29.99
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An Introduction to Private Equity provides readers with an easy to read but thorough grounding in the key aspects of the private equity industry. It provides coverage of the industry as a whole, its organization, governance and function, then looks at the various segments within the industry, including LBO, Venture Capital, Mezzanine Financing, Development Capital and other components. The book then goes on to look at private equity from the perspective of the individual or the business, looking at how they value a business, how the transaction works and looks at some due diligence issued that should be considered before moving ahead. Finally the book will look at private equity in the…    
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Book details

List price: $29.99
Copyright year: 2010
Publisher: John Wiley & Sons, Limited
Publication date: 3/31/2010
Binding: Hardcover
Pages: 248
Size: 7.00" wide x 10.00" long x 1.00" tall
Weight: 1.518
Language: English

About the Author
A moving target
A consubstantial lack of information
Benign neglect, malign consequences
Knowing the devil to circumvent it
What is Private Equity?
Private Equity as an Economic Driver: An Historical Perspective
Polling interests to identify and exploit sources of wealth
Identify, control and exploit resources
Leverage public policies and a favourable business environment
Championing entrepreneurship
No private equity without entrepreneurs
Convert ventures into business successes
Entrepreneurship and private equity form a specific ecosystem
Conclusion: an attempt at definition
A negotiated investment in equity or quasi-equity
A fixed maximum term
Implying specific risks
With high expected returns
Undertaken on behalf of qualified investors
Modern Private Equity - A French Invention?
USA: the foundry of modern private equity
The strict separation of public policies and public financing
The separation of public endeavours and private efforts; the subsequent support of the former for the latter
Governmental input: SBA, DARPA and ERISA
Universities, defence and disruptive innovation
Europe: adapting a successful model or creating its own?
Governmental input: legal changes, tax rebates, infrastructures and EU market
National champions, information technologies and incremental innovation
Conclusion: Emerging markets, building castles on sand?
The Private Equity Ecosystem
Private Equity: A Business System Perspective
We are all investors in private equity
Sources of capital
Private equity investment rationale
Organisation and governance of private equity funds
Private equity fund managers are financial intermediaries
Incentives and fees
Conflicts of interest
Power, checks and balances
Measuring performance, managing risks and optimising returns
Measuring performance in an uncertain context
Managing risks and optimising returns
Pitfalls and challenges
The Universe of Investment
Venture capital: financing company creation
Venture capital investment targets
Actors and structures
Operational activities
Growth capital: financing companies' expansion
Growth capital investment targets
Actors and structures
Operational activities
Leveraged buy-out: financing companies' transmissions
LBO investment targets
Operational activities
Other interventions in private equity
Targeting the stock exchange
Turn-around capital and special situations
Distressed debt
Quasi-equity instruments (mezzanine) and second lien debt
Merchant banking, investment banking and private equity house intervention
Secondary market
Real estate, infrastructure and exotic assets
The Process of Investment: A Matter of Trust and Mutual Interest
Step 1: Preliminary analysis
Step 2: Valuation
Step 3: Negotiating
Step 4: Structuring
Step 5: Complementary due diligences
Step 6: Transaction
Step 7: Monitoring and exit
Private Equity in Teenage Time: Trend Setting, Fads and Responsibilities
Private Equity Evolution: Trends or Buzzes?
Is private equity going mainstream?
Is private equity (still) creating value?
Private equity: between bubbles and crashes
There is no such thing as 'capital overhang'
Private Equity and Ethics: A Culture Clash
Confidentiality and self-regulation
General Conclusion - Private Equity Today and Tomorrow
Core target: manage the volatility of performance
The only valid leitmotiv: long-term thinking
The impact of the fair market value
A long-term trend: the attractiveness of private equity
Private equity: future victim of its own success?
The impact of a better knowledge of private equity
Understanding the risk and managing the J-Curve
Innovating through structuring
Private equity and universal owners
Change or die: the pressure on general partners
Regulation: Damocles' sword looming over private equity