Private equity 4.0 reinventing value creation / Benoît Leleux, Hans van Swaay, Esmeralda Megally.
| Author/creator | Leleux, Benoit |
| Other author | Swaay, Hans van, 1953- |
| Other author | Megally, Esmeralda, 1977- |
| Format | Electronic |
| Publication Info | Hoboken, New Jersey : Wiley, 2015. |
| Description | 1 online resource. |
| Supplemental Content | Full text available from Ebook Central - Academic Complete |
| Subjects |
| Series | The Wiley finance series |
| Contents | Chapter 1 Exhibit 1.1 annual private equity fundraising Exhibit 1.2 Largest private equity deals to date (billions) Exhibit 1.3 Private equity fundraising by region Exhibit 1.4 Private equity fundraising by emerging markets Chapter 2 Exhibit 2.1 Typical structure of private equity partnership Exhibit 2.2 Phases in the life of a private equity fund Exhibit 2.3 Company life-cycle private equity investment strategies Exhibit 2.4 Composition of LP universe by investor type as of December 31, 2013 (number of LPs) Exhibit 2.5 Breakdown of aggregate capital currently invested in private equity by investor type as of December 31, 2013 (excluding funds of funds and asset managers) Exhibit 2.6 average private equity allocations by investor type as of December 31, 2013 (as a % of AUM) Exhibit 2.7 Strategic allocations of leading European family offices Exhibit 2.8 Distribution of management fees among private equity buyout funds (all funds Raising & Vintage 2012/2013 funds closed) Exhibit 2.9 Distribution of hurdle rates among private equity funds (all funds Raising & Vintage 2012/2013 funds closed) Exhibit 2.10 Management fees, carries and hurdles rates in US buyout and VC funds Exhibit 2.11 When fund sizes wreak havoc in incentive structures: revenue estimates for a sample of 144 buyout funds Exhibit 2.12 Average number of employees by firm assets under management as of December 31, 2013 Exhibit 2.13 Relative importance of value drivers Exhibit 2.14 Private equity secondary market: pricings and global transaction volume Chapter 3 Exhibit 3.1 Pre and post buyout key spending areas as percentage of revenues Exhibit 3.2 Value creation drivers over the last cycle (N denotes number of transactions) Exhibit 3.3 Estimates of value drivers in 2008 BCG study Exhibit 3.4 Six active ownership principles that drive company outperformance Exhibit 3.5 Buyout exit routes in Europe by amounts at cost in 2012 Exhibit 3.6 Private equity backed buyout exits broken down by type and aggregate exit value Exhibit 3.7 Net job creation rates: targets vs controls before and after LBOs Chapter 4 Exhibit 4.1 Net IRR deviation from median benchmark for private equity buyout funds Exhibit 4.2 Sample of a schedule of investments Exhibit 4.3 Spread between first and third quartile managers at Yale Endowment ten years ending June 30, 2012 Exhibit 4.4 Impact of fund size on predicted relative IRRs Exhibit 4.5 Relationship between predecessor and successor fund quartiles Exhibit 4.6 Net IRRs by vintage year all private equity Exhibit 4.7 Cambridge associates LLC US PE index vs. benchmarks, as of September 30, 2011 Exhibit 4.8 Median public pension fund returns by asset classes (as of June 30, 2013) Chapter 5 Exhibit 5.1 EVCA classification of buyout transactions by deal size Exhibit 5.2 EVCA classification of buyout funds by fund size Exhibit 5.3 Global private equity raised, by type of firm Exhibit 5.4 Largest GPs by total funds raised in last 10 years Exhibit 5.5 Largest GPs by total distressed private equity funds raised in last 10 years Exhibit 5.6 Largest GP secondaries: GPs by total secondary funds raised in last 10 years Exhibit 5.7 Largest GPs by total private equity fund of funds raised in last 10 years Chapter 6 Exhibit 6.1 Financial sponsor revenue ranking full year 2012 Exhibit 6.2 Bank revenue ranking, full year 2012 fees paid by financial sponsors Exhibit 6.3 Annual private equity-backed M&A activity Exhibit 6.4 Top 10 debt-financing providers to private equity firms in 2013 by deal value (aggregate value of deals for which financing was provided) Chapter 7 Exhibit 7.1 Comparison of characteristics of various investment vehicles Exhibit 7.2 Ratio of capital calls to distributions for global buyout funds |
| Abstract | "A multi-perspective look at private equity's inner workingsPrivate 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"-- Provided by publisher. |
| General note | Includes bibliographical references and index. |
| Access restriction | Available only to authorized users. |
| Technical details | Mode of access: World Wide Web |
| Source of description | Description based on print version record and CIP data provided by publisher. |
| Issued in other form | Print version: Leleux, Benoit. Private equity 4.0 Hoboken, New Jersey : Wiley, 2015 9781118939734 |
| Genre/form | Electronic books. |
| LCCN | 2015002099 |
| ISBN | (ebk) |
| ISBN | (ebk) |
| ISBN | (ebk) |
| ISBN | 9781118939734 (hbk) |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |