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Intro -- Private Equity 4.0 -- Contents -- List of case studies -- About the authors -- Professional acknowledgments -- Personal acknowledgments -- Foreword -- Introduction -- Private equity at the crossroads -- An historical perspective to gain insights for the future -- Private equity: all about people -- The best capitalism has to offer? The conceptual groundings -- Empowering and incentivizing: partnering for mutual success -- Focus, focus, focus -- Strategy is cheap -- operationalizing is key -- Alignment brings cohesion -- Flexibility as strategic value -- Carrots and sticks: the value of discipline -- Leverage… at all levels -- The cash flow paradox -- The buy-and-sell approach: capitalism on speed -- Believers, sceptics and cynics -- 1 Private equity: from "alternative" to "mainstream" asset class? -- Moving into mainstream -- A brief history -- An increasingly global industry -- Private equity in North America -- Private equity in Europe -- Private equity in Asia -- Emerging private equity players -- An industry in the limelight -- 2 Private equity as a business system -- Setting the stage -- The raison d'être of private equity funds -- Private equity's market segments -- The fuel behind private equity: investors -- Portfolio allocations by investors -- The (apparent) madness of private equity fees -- Management fee -- Carried interest -- General partner interest -- Commitments versus investments -- Distributions in cash, please! -- Due diligence, leverage, focus and… incentives -- Superior information -- Active ownership -- Financial leverage -- Alignment of interests -- Mitigating possible conflicts of interest -- Illiquidity… and new ways to cope with it -- Secondaries market -- Publicly listed private equity vehicles -- 3 Value creation in private equity -- The art of private equity -- Sourcing deals.
Creating value in private equity -- Operational value -- Exiting investments -- The economic impact of private equity -- 4 Private equity performance -- Performance metrics -- Valuing realized and unrealized investments -- Reporting fund performance -- Membership and self-reporting biases -- Performance by segments -- Performance by fund size -- The persistence effect -- The timing effect -- Comparison against benchmarks -- Correlation to other asset classes -- 5 The main characters in private equity -- Size matters: fund sizes, deal sizes and other dimension issues! -- Global alternative asset managers -- Example: The Carlyle Group -- Example: Bain Capital -- Regional, domestic and multi-country funds -- Example: EQT Partners -- Mid-market funds -- Example: H.I.G. Capital -- Venture capital funds -- Example: TVM Capital -- Distressed private equity -- Example: Cerberus Capital Management LP -- Secondary funds -- Example: Coller Capital -- Funds-of-funds -- Example: Pantheon -- Example: AlpInvest Partners -- Institutional limited partners -- Example: CalPERS (California Public Employees Retirement System) -- 6 The supporting cast -- London as European centre of gravity -- The private equity ecosystem: follow the fees -- Investment banks -- M&A advisory fees -- Arrangement fees -- Securitization fees, or the price of turning frogs into princes -- Fund management fees, or how to compete with your best clients -- Lending banks -- Accountancy firms -- Law firms -- Due diligence specialist providers -- Strategy consultants -- Placement agents -- Fund administrators -- Recruitment consultants -- Public relations agencies -- 7 Investing in a fund -- The private equity game -- The decision to invest -- Choice of investment vehicle -- Direct fund investments -- Indirect fund investments -- Diversifi cation in a rich marketplace -- Stages of investment.
Geographic focus -- Sector and size of investments -- Strategic approach -- Types of private equity firms -- Timing -- The pitch -- Manager selection -- Due diligence -- Terms, conditions and fee structures -- Subscription to a fund -- Capital calls -- Monitoring -- Distributions -- Reporting -- Fund liquidation -- 8 The future of private equity -- Reports of private equity's death were highly premature -- Private equity in a changing world -- Conclusion -- Index -- EULA.
"Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner." Dr. Josh LernerJacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed
analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2019. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.