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The PEI fundamentals series

Author: Sharp, Garry Publisher: Private Equity International, 2008.Language: EnglishDescription: 274 p. : Graphs ; 30 cm.ISBN: 9781904696568Type 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
Textbook Collection
Print HG4751 .S43 2008
(Browse shelf)
900196536
Consultation only 900196536
Total holds: 0

Includes glossary

Digitized

The PEI Fundamentals Series: Private Equity Contents About the authors Module 1: What is private equity and venture capital? x 11 13 13 13 13 14 15 16 16 16 17 18 19 20 20 20 21 21 21 21 21 21 22 22 23 25 26 27 29 31 31 31 31 Garry Sharp 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 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 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 Module 2: Private equity as an asset class Garry Sharp Getting the most out of this module Introduction Terminology Returns ­ and Risks 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 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 pr'ivate equity Economic infrastructure for private equity Exit opportunities Summary Appendix 1: The 50 people who will change private equity Appendix 2: The PEI 50 -- Private Equity International's ranking of the world's largest private equity firms Module 3: Structuring and raising a fund 32 33 33 33 34 36 36 37 40 42 42 42 42 42 42 43 43 43 43 43 43 43 44 44 44 45 45 45 46 61 85 87 87 88 88 89 89 89 89 89 Garry Sharp Getting the most out of this module 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 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 Due diligence Track record The management team 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 103 Module 4: Venture and development capital 90 90 90 90 91 91 91 91 91 91 92 92 92 93 93 93 94 94 95 96 96 99 99 99 100 101 101 102 105 107 107 109 111 111 111 111 113 114 114 Garry Sharp Getting the most out of this module Introduction Identifying the opportunities -- venture fund strategy A dose of reality 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 Summary Module 5: Management and leveraged buyouts 115 115 117 117 118 118 118 118 119 119 119 119 120 120 120 121 123 123 123 125 125 126 127 127 129 129 129 129 130 130 130 132 132 132 132 132 132 133 133 133 134 139 141 Garry Sharp 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 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 bon Institutional debt Documentation Case study -- The Clinovia buy-in/buyout The MBO model Summary Module 6: Private equity real estate and infrastructure 143 145 145 146 146 147 147 148 149 150 151 154 155 174 177 179 179 179 179 179 180 180 180 180 180 180 181 181 181 181 181 181 182 182 182 182 182 182 182 Garry Sharp 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 Infrastructure investments Privatisation and buyouts Public private partnerships, concessions and new projects Types of PPP Private equity and infrastructure Appendix 1: The PERE 30 -- Private Equity Real Estates's ranking of the world's largest private equity firms. Appendix 2: The long, long term Module 7: Due diligence Garry Sharp 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 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 Module 8: Aftercare and exits Garry Sharp 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 184 184 184 184 185 185 185 186 186 187 187 188 188 191 191 192 192 192 193 193 193 195 197 197 197 197 198 198 198 199 199 199 199 199 200 200 200 200 201 201 Underperformance Causes of underperformance Addressing underperformance Anticipation Analysis Action Follow-on investments 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 Module 9: Secondaries and their alternatives Kelly DePonte 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 Alternatives to secondary sales Trading exchanges/bulletin boards Securitised vehicles 202 202 202 202 202 203 203 203 203 204 204 204 205 205 205 205 205 206 206 207 208 209 209 210 211 213 213 214 215 216 218 218 218 219 219 220 220 221 221 222 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 Module 10: Running a private equity firm 224 226 229 230 231 233 235 237 237 238 239 239 240 240 241 241 241 242 243 243 243 243 244 244 244 245 245 246 247 247 248 248 248 249 249 250 250 251 253 David Huckfield Getting the most out of this module The institutionalisation of private equity and its meaning for a general partner Building the right structure: roles and responsibilities Human capital: attracting and retaining talent Human capital Attracting talent Retaining talent 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 Glossary Garry Sharp

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