Normal view MARC view

Private equity mathematics

Author: Gottschalg, Oliver Publisher: Private Equity International, 2009.Language: EnglishDescription: 200 p. : Graphs/Ill. ; 24 cm.ISBN: 9781904696605Type of document: BookBibliography/Index: Includes glossary
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Asia Campus
Main Collection
Print HG4751 .P75 2009
(Browse shelf)
Available 900196529
Total holds: 0

Includes glossary


Private Equity Mathematics Contents About the editor Figures and tables Introduction By Professor Oliver Gottschalg Chapter overview PART I 1 INVESTING IN PRIVATE EQUITY vii ix xv xvii 1 3 3 3 4 12 19 19 19 20 23 24 26 29 29 29 30 31 33 34 35 37 39 Measuring private equity performance: a closer look By Ludovic Phalippou, University of Amsterdam The return multiple Internal rate of return (IRR) Well-known and less well-known IRR pitfalls Towards a solution: MIRR The private equity J-Curve: cash flow considerations from primary and secondary points of view By Christian Diller, Ivan Herger, Marco Wulff Capital Dynamics Introduction The shape of the J-Curve Different models for forecasting private equity cash flows Optimise liquidity management through secondary investments Shorter J-Curve with secondary investments Conclusion Assessing the risk of private equity fund investments By Christian Diller and Ivan Herger, Capital Dynamics Introduction Difference between calculating risk in public and private markets Risk calculation based on time-series private equity valuations Risk calculation based on cross-section of private equity multiples Invested capital at risk (iCaR) Diversification reduces risk Mapping the risk of private equity Implementing opportunity costs Conclusion 2 3 4 Benchmarking leveraged buyout transactions By Alexander Peter Groh, GSCM - Montpellier Business School Introduction Mimicking public market investment `Can factory' - an example Conclusion Private equity performance benchmarking By Robert M. Ryan, Perocs Due Diligence Services Traditional private equity performance benchmarking: measures and process Towards more advanced private equity performance benchmarks The fund selection efficiency of advanced private equity benchmarking techniques Estimating alpha in private equity By Barry Griffiths, Landmark Partners Introduction Background Estimating portfolio statistics via comparables Development of the algorithm Conclusion Performance drivers in private equity investments* By Oliver Gottschalg, HEC Paris Detailed performance benchmark Private equity as part of your portfolio By Satyan Malhotra, Caspian Capital Management Introduction Private equity tools (PETS) General partner perspective Fund of fund portfolio perspective Investor portfolio perspective Conclusion Assessing performance of private equity service providers By Erik Hirsch and Tom Kerr, Hamilton Lane A tale of two service providers Methods for evaluating performance Common pitfalls in assessing performance The cold reality Conclusion 43 43 44 48 51 55 55 60 62 65 65 65 66 68 72 75 79 81 81 82 86 90 97 100 105 105 107 111 112 120 5 6 7 8 9 10 Fund of funds portfolio perspective By Leon Hadass and Arantxa Prado, Pantheon Introduction Private equity fund of funds risk dimensions Theoretical portfolio construction approaches Private equity fund of funds portfolio construction -- worked example Practical considerations in private equity fund of funds portfolio construction Conclusion ACQUIRING PORTFOLIO COMPANIES 123 123 123 125 129 130 133 135 137 137 138 141 141 142 142 145 145 145 146 148 149 157 PART II 11 Investment valuations in private equity buyouts By Brian Gallagher, Twin Bridge Capital Partners Introduction The buyout process Managing the investment Value creation Exiting the investment Conclusion Investment valuation from a venture capital perspective By Simon Cook, DFJ Esprit Introduction Objectives of venture capital Perceptions of risk Multiple tranches and milestone-based investing A new company is founded: first VC round to exit Exit valuations 12 13 Compensation issues for management in an MBO 159 By Michael J. Album, Trevor). Chaplick, Matthew Hudson and Donna L. Yip, Proskauer Rose LLP Introduction 159 The buyout's effect on current compensation arrangements 159 The new arrangement 162 Conclusion 166 Assumptions accompanying MBO mathematical analysis: Management participation model -- common/preferred participation approach 167 14 Setting management incentives in a venture-backed context Stuart Chapman, DFJ Esprit 173 177 179 180 182 184 184 185 186 188 191 202 PART III RUNNING A PRIVATE EQUITY FIRM 15 Management fee, carried interest and other economic terms of private equity funds: formulae and nuances By John Barber, Bridgepoint Management fees Carried interest Other economic terms Preferred return Catch-up Escrow/clawback Outlook Appendix I -- Glossary About PEI Media

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