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The Fundamentals of private equity and venture capital

Author: Sharp, Garry ; DePonte, Kelly ; Huckfield, DavidPublisher: Planning Executives Institute, 2007. ; PEI Media, 2007.Language: EnglishDescription: Various pagings : Graphs ; 30 cm.ISBN: 9781904696438 ; 978-1-904696-445 978-1-904696-452 978-1-904696-469 978-1-904696-476 978-1-904696-483 978-1-904696-490 978-1-904696-506 978-1-904696-513 978-1-904696-520 978-1-904696-537Type of document: BookBibliography/Index: Includes glossaryContents Note: Vol. 1 "What is private equity and venture capital?", 20 p.; Vol. 2 "Private equity as an asset class", 50 p.; Vol. 3 "Structuring and raising a fund", 24 p.; Vol. 4 "Venture and development capital", 20 p.; Vol. 5 "Management and leveraged buyouts", 24 p.; Vol. 6 "Private equity and infrastructure", 32 p.; Vol. 7 "Due diligence", 20 p.; Vol. 8 "Aftercare and exits", 20 p.; Vol. 9 "Secondaries and their alternatives", 28 p.; Vol. 10 "Running a private equity firm", 20 p.; "Glossary", 24 p.
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HG4751 .F8 2007 Vol.1-10
(Browse shelf)
001231889
Available 001231889
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Includes glossary

Vol. 1 "What is private equity and venture capital?", 20 p.; Vol. 2 "Private equity as an asset class", 50 p.; Vol. 3 "Structuring and raising a fund", 24 p.; Vol. 4 "Venture and development capital", 20 p.; Vol. 5 "Management and leveraged buyouts", 24 p.; Vol. 6 "Private equity and infrastructure", 32 p.; Vol. 7 "Due diligence", 20 p.; Vol. 8 "Aftercare and exits", 20 p.; Vol. 9 "Secondaries and their alternatives", 28 p.; Vol. 10 "Running a private equity firm", 20 p.; "Glossary", 24 p.

Digitized

The Fundamentals of Private Equity and Venture Capital Volume 1: What is private equity and venture capital? Contents About the author Getting the most out of this module The evolution of venture capital and private equity Introduction Evolution of the US market Europe Asia The 1990s The dot corn bubble Private equity today iv 5 5 5 5 6 7 8 8 8 9 Types of private equity The private equity cycle - connecting institutional investors and entrepreneurs The limited partnership Fund manager remuneration Alternatives to pooled funds and limited partnerships Single investor funds Fund of funds Gatekeepers Secondary funds 10 11 12 12 12 13 13 13 13 13 13 14 14 15 17 Why invest in private equity? The modern private equity firm - the shape of a GP Type Investment focus Investment style Case study 1: Get big or die; two very different venture capital tales Case Study 2: The management buyout Case study 3: Investor forces an exit Summary 18 19 The Fundamentals of Private Equity and Venture Capital Volume 2: Private equity as a asset class Contents About the author Getting the most out of this module Introduction Terminology iv 5 5 5 5 6 7 7 7 8 10 10 11 14 16 16 16 Returns - and risk Analysing risk in quoted markets Risk in private equity Assymetric risk and return Using statistics in measuring private equity performance Managing risk Private equity performance Measuring returns Comparing private and quoted equity returns Reasons for allocating funds to private equity Issues with private equity Resource requirements Illiquidity and timescale Unpredictability Lack of control Difficulty of access 16 16 16 17 17 17 17 17 17 17 18 18 18 19 19 19 20 Routes to private equity Direct/co-investment Private equity funds Fund of funds Secondaries Securitised/collateralised products Publicly-traded private equity Private equity market drivers Availability of investment opportunities Demand for private equity Economic infrastructure for private equity Exit opportunities Summary Appendix 1: Enter the Pantheon Appendix 2: PEI 50 - Private Equity International's ranking of the world's largest private equity firms 29 The Fundamentals of Private Equity and Venture Capital Volume 3: Structuring and raising a fund Contents About the author iv 5 5 5 6 6 7 7 7 7 7 8 8 Getting the most out of this module Terminology Fundraising - making the case The GP Investment strategy and fund categories Refining the proposal Size and type of investment Geography Sector focus The management team Investment track record Dealflow generation strategy Use of debt/financial structuring Syndication Due diligence processes Added value/aftercare Achieving exits The "perfect" fund proposition 8 8 9 9 9 9 9 9 10 10 The fundraising process Identifying potential investors Pre-marketing Consistency The offering memorandum (or private placement memorandum) Preparation of the investment pitch Preparation of supporting information Placement agents 10 11 11 11 Due diligence Track record The management team 12 12 13 14 14 17 Terms and conditions Key commercial issues Private equity fund structuring by Nick Benson, Private Funds Group, Clifford Chance, February 2007 Introduction Basic structuring considerations Specific investor requirements Multiple vehicle structures Types of fund vehicle Limited partnerships Conclusion 17 17 18 19 19 20 21 The Fundamentals of Private Equity and Venture Capital Volume 4: Venture and development capital Contents About the author Getting the most out of this module Introduction Identifying the opportunities - venture fund strategy A dose of reality iv 5 5 7 9 9 9 9 11 12 12 13 13 15 15 Making investments Generating dealflow Early appraisal Structuring investments The principles of investment structuring Assumptions and targets Preference Preferred shares in practice Xytrak proposed terms The term sheet Preconditions to investment Representations and warranties Board structure and membership Provision of information Consent matters Share rights Service agreements Confidentiality Payment of costs Exclusivity agreement 16 16 16 16 17 17 17 17 18 18 18 Summary The Fundamentals of Private Equity and Venture Capital Volume 5: Management and leveraged buyouts Contents About the author Getting the most out of this module The buyout principle - three different routes to value creation Creating value in buyouts The consequences of leverage The future for value creation Evolution of the buyout markets Management buyouts Failures iv 5 5 5 7 7 8 9 9 11 11 11 11 12 12 12 14 14 14 14 14 14 15 15 15 15 21 23 Investment criteria -- characteristics of a buyout company Strategy and market positioning The company The management team The buyout process Auctions The management role in a buyout and conflicts of interest The application of leverage -- types of debt and their uses Senior debt Working capital facility Subordinated or junior debt Second lien debt Mezzanine debt High yield bonds Securitisation Institutional debt Documentation The MBO model Summary The Fundamentals of Private Equity and Venture Capital Volume 6: Private equity real estate and infrastructure Contents About the author Getting the most out of this module Growth of the private equity real estate market Real estate investment categories Value added activities Opportunistic Real estate asset types iv 5 5 6 7 7 7 8 9 10 11 14 15 27 Infrastructure investments Privatisations and buyouts Public private partnerships, concessions and new projects Types of PPP Private equity and infrastructure Appendix 1: 20 landmark transactions in private equity real estate history Appendix 2: The structure of things The Fundamentals of Private Equity and Venture Capital Volume 7: Due diligence Contents About the author Getting the most out of this module What is due diligence? Types of due diligence Commercial due diligence Financial due diligence Management due diligence Legal and regulatory due diligence IT due diligence Technology or product due diligence Environmental due diligence Forensic due diligence Other specialist due diligence Vendor due diligence iv 5 5 5 5 5 6 6 6 6 6 6 7 7 7 7 7 7 8 8 8 8 8 8 8 10 10 10 10 11 11 11 12 12 13 13 14 14 17 17 18 18 18 19 19 19 The due diligence process Professionalism Clear focus Careful planning Allocation of resources Transparent decision making Careful selection of advisers The sale process and early due diligence The sales process Detailed due diligence The data room Financial due diligence The brief Historic financial performance Working capital movements and cashflows Historic performance against budget The financial projections Financial reporting and control systems The post-transaction funding structure Commercial due diligence Objectives Selection of advisers The management viewpoint Gathering information for CDD Management due diligence Looking to the future Methodology Due diligence issues and problems Obtaining information Integration of disciplines Presentation and correlation of results Summary The Fundamentals of Private Equity and Venture Capital Volume 8: Aftercare and exits Contents About the author Getting the most out of this module Introduction Aftercare Protecting value Reporting structure Modern trends in reporting Informal reporting Board structure and composition Executive directors Non-executive directors Representing the investor Monitoring progress and performance Contributing to growth and development Characteristics of the effective non-executive Board committees The chairman and board meetings Operating partners Aftercare ­ who does it iv 5 5 5 5 6 6 6 7 7 7 7 7 8 8 8 8 9 9 10 Underperformance Causes of underperformance Addressing underperformance Anticipation Analysis Action Follow-on investments 10 10 10 10 11 11 11 11 12 12 12 13 13 13 13 13 14 14 15 16 17 17 Fund reporting Annual report Valuation The valuation process Calculating the enterprise value The multiple The earnings figure EBITDA multiples Early stage companies Calculating the value of the fund's investment Structuring issues Exits Types of exit Stock market flotation (IPO) The secondary buyout Re-leveraging Summary 18 The Fundamentals of Private Equity and Venture Capital Volume 9: Secondaries and their alternatives Contents About the author Getting the most out of this module What drives the need for liquidity? History - overview of the primary private equity market The structural issue and transparency The rise of specialised secondary funds Secondary sales and purchases: practical issues Difficulties in execution Motivations of institutional investors: portfolio management Recent variations: primary secondaries More recent variations: direct secondaries The fund managers' perspective: investor relationships and stapled secondaries The role of intermediaries iv 5 5 6 7 8 10 10 10 11 11 12 12 13 13 14 16 18 21 22 23 25 Alternatives to secondary sales Trading exchanges/bulletin boards Securitised vehicles Total return swaps The future: The evolution continues Summary Appendix 1: A brief private equity liquidity timeline Appendix 2: Specialised secondary funds Appendix 3: Secondaries - the pricing dynamic The Fundamentals of Private Equity and Venture Capital Volume 10: Running a private equity firm Contents About the author Getting the most out of this module iv 5 The institutionalisation of private equity and its meaning for a general partner 5 Building the right structure: roles and responsibilities Human capital: attracting and retaining talent Human capital Attracting talent Retaining talent 6 7 7 8 8 9 9 9 10 11 11 11 11 12 12 12 13 13 14 15 15 16 16 16 17 17 18 18 19 Carried interest: meaning, uses and calculation Meaning Uses Calculation Effect of GP's retirement on carried interest Reporting: managing the GP/LP dialogue Objectives Reporting obligations Delivery methods A GP's technology requirements What does a private equity-specific software package have to do? Operational infrastructure Overview of the process Different steps necessary Timeframe Costs Fund administration requirements Bookkeeping and accounts Investment portfolio activity and custody Secretarial and compliance Outsourcing fund administration -- pros and cons Pros Cons Summary

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