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Private Equity 4. 0 : Reinventing Value Creation
Private Equity 4. 0 : Reinventing Value Creation
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Author(s): Leleux, B.
Leleux, Benoît
Megally, Esmeralda
van Swaay, Hans
ISBN No.: 9781118939734
Pages: 286
Year: 201503
Format: Trade Cloth (Hard Cover)
Price: £73.15
Dispatch delay: Dispatched between 7 to 15 days
Status: Available (Active record)

List of case studies ix About the authors xi Professional acknowledgments xiii Personal acknowledgments xv Foreword xvii Introduction xxi Private equity at the crossroads xxi An historical perspective to gain insights for the future xxi Private equity: all about people xxiii The best capitalism has to offer? The conceptual groundings xxiv Empowering and incentivizing: partnering for mutual success xxiv Focus, focus, focus xxv Strategy is cheap; operationalizing is key xxv Alignment brings cohesion xxvi Flexibility as strategic value xxvi Carrots and sticks: the value of discipline xxvi Leverage? at all levels xxvii The cash flow paradox xxvii The buy-and-sell approach: capitalism on speed xxviii Believers, sceptics and cynics xxviii 1 Private equity: from ?alternative? to ?mainstream? asset class? 1 Moving into mainstream 3 A brief history 6 An increasingly global industry 8 Private equity in North America 10 Private equity in Europe 11 Private equity in Asia 12 Emerging private equity players 13 An industry in the limelight 18 2 Private equity as a business system 25 Setting the stage 27 The raison d?être of private equity funds 27 Private equity?s market segments 29 The fuel behind private equity: investors 37 Portfolio allocations by investors 39 The (apparent) madness of private equity fees 42 Management fee 43 Carried interest 43 General partner interest 46 Commitments versus investments 50 Distributions in cash, please! 51 Due diligence, leverage, focus and? incentives 53 Superior information 54 Active ownership 54 Financial leverage 55 Alignment of interests 55 Mitigating possible confl icts of interest 56 Illiquidity? and new ways to cope with it 58 Secondaries market 58 Publicly listed private equity vehicles 60 3 Value creation in private equity 69 The art of private equity 71 Sourcing deals 74 Creating value in private equity 78 Operational value 79 Exiting investments 95 The economic impact of private equity 96 4 Private equity performance 103 Performance metrics 106 Valuing realized and unrealized investments 108 Reporting fund performance 109 Membership and self-reporting biases 109 Performance by segments 112 Performance by fund size 113 The persistence effect 114 The timing effect 116 Comparison against benchmarks 117 Correlation to other asset classes 121 5 The main characters in private equity 125 Size matters: fund sizes, deal sizes and other dimension issues! 127 Global alternative asset managers 132 Example: The Carlyle Group 133 Example: Bain Capital 138 Regional, domestic and multi-country funds 142 Example: EQT Partners 143 Mid-market funds 146 Example: H.I.G. Capital 148 Venture capital funds 152 Example: TVM Capital 154 Distressed private equity 157 Example: Cerberus Capital Management LP 159 Secondary funds 162 Example: Coller Capital 163 Funds-of-funds 165 Example: Pantheon 166 Example: AlpInvest Partners 169 Institutional limited partners 171 Example: CalPERS (California Public Employees Retirement System) 171 6 The supporting cast 173 London as European centre of gravity 176 The private equity ecosystem: follow the fees 177 Investment banks 178 M&A advisory fees 179 Arrangement fees 180 Securitization fees, or the price of turning frogs into princes 180 Fund management fees, or how to compete with your best clients 182 Lending banks 183 Accountancy firms 184 Law firms 185 Due diligence specialist providers 186 Strategy consultants 187 Placement agents 189 Fund administrators 190 Recruitment consultants 191 Public relations agencies 192 7 Investing in a fund 195 The private equity game 197 The decision to invest 198 Choice of investment vehicle 203 Direct fund investments 204 Indirect fund investments 204 Diversification in a rich marketplace 209 Stages of investment 210 Geographic focus 210 Sector and size of investments 210 Strategic approach 210 Types of private equity firms 211 Timing 211 The pitch 212 Manager selection 214 Due diligence 216 Terms, conditions and fee structures 221 Subscription to a fund 228 Capital calls 228 Monitoring 229 Distributions 230 Reporting 232 Fund liquidation 233 8 The future of private equity 235 Reports of private equity?s death were highly premature 237 Private equity in a changing world 239 Conclusion 244 Index 247.


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