Mastering Private Equity
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Оглавление
Prahl Michael. Mastering Private Equity
LIST OF CONTRIBUTORS
FOREWORD
PREFACE
A NOTE FROM CLAUDIA ZEISBERGER
HOW TO USE THIS BOOK
SECTION I. PRIVATE EQUITY OVERVIEW
1. PRIVATE EQUITY ESSENTIALS
PRIVATE EQUITY FUNDS DEFINED
THE GP PERSPECTIVE
THE LP PERSPECTIVE
THE FEE STRUCTURE AND ECONOMICS OF PE
CLOSING
RELEVANT CASE SUDIES
REFERENCES AND ADDITIONAL READING
2. VENTURE CAPITAL
VENTURE CAPITAL DEFINED
START-UP DEVELOPMENT
THE VENTURE CAPITAL INVESTMENT PROCESS
FOR THE FIRST-TIME ENTREPRENEUR
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
3. GROWTH EQUITY
GROWTH EQUITY DEFINED
GROWTH EQUITY TARGETS
THE GROWTH EQUITY INVESTMENT PROCESS
MINORITY SHAREHOLDER RIGHTS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
4. BUYOUTS
BUYOUTS DEFINED
LEVERAGED BUYOUT FUNDING
MANAGEMENT TEAMS IN A BUYOUT
TYPES OF BUYOUT TRANSACTIONS
CLOSING
REFERENCES AND ADDITIONAL READING
5. ALTERNATIVE STRATEGIES
DISTRESSED PRIVATE EQUITY
REAL ASSETS
CLOSING
REFERENCES AND ADDITIONAL READING
SECTION II. DOING DEALS IN PE
6. DEAL SOURCING & DUE DILIGENCE
GENERATING DEAL FLOW
DUE DILIGENCE CONSIDERATIONS
THE DUE DILIGENCE PROCESS
DUE DILIGENCE AREAS
CLOSING
REFERENCES AND ADDITIONAL READING
7. TARGET VALUATION
THE VALUATION TOOLKIT
VENTURE CAPITAL
GROWTH EQUITY AND BUYOUTS
MORE ON VALUATION MULTIPLES
CLOSING
REFERENCES AND ADDITIONAL READING
8. DEAL PRICING DYNAMICS
BIDDING FOR A DEAL
BUYOUT PRICING ADJUSTMENTS AND CLOSING MECHANISMS
POST-CLOSING PRICE ADJUSTMENTS AND REMEDIES
CLOSING
REFERENCES AND ADDITIONAL READING
9. DEAL STRUCTURING
BUYOUT FUNDING INSTRUMENTS
INVESTMENT STRUCTURES AND SPVS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
10. TRANSACTION DOCUMENTATION
PE TRANSACTION DOCUMENTATION
BUYOUT DEBT DOCUMENTATION
EQUITY DOCUMENTATION
CLOSING
REFERENCES AND ADDITIONAL READING
SECTION III. MANAGING PE INVESTMENTS
11. CORPORATE GOVERNANCE
SENSE OF URGENCY
PRIVATE EQUITY AS ACTIVE OWNERS
ALIGNMENT OF INTEREST
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
12. SECURING MANAGEMENT TEAMS
WORKING WITH MANAGEMENT
WORKING WITH PE OWNERS
MANAGEMENT COMPENSATION PLANS
ALIGNING VC FUNDS AND ENTREPRENEURS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
13. OPERATIONAL VALUE CREATION
THE VALUE CREATION ROADMAP
RESOURCES FOR OPERATIONAL VALUE CREATION
MEASURING OPERATIONAL VALUE CREATION
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
14. RESPONSIBLE INVESTMENT
RESPONSIBLE INVESTMENT DEFINED
ESG IN TODAY’S PE INDUSTRY
THE CHALLENGE OF MEASURING IMPACT
EMERGING ESG FRAMEWORKS
ESG IN EMERGING MARKETS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
15. EXIT
EXIT CONSIDERATIONS
PREPARATION FOR SALE – EXIT SHAPING
EXIT PATHS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
SECTION IV. FUND MANAGEMENT AND THE GP–LP RELATIONSHIP
16. FUND FORMATION
SETTING UP A PE FUND
FUND VEHICLES
LIMITED PARTNERSHIP AGREEMENT
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
17. FUNDRAISING
THE GP FUNDRAISING PROCESS
FUNDRAISING DOCUMENTATION
THE FUNDRAISING ROADMAP
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
18. LP PORTFOLIO MANAGEMENT
DECIDING ON AN ALLOCATION TO PE
PORTFOLIO CONSTRUCTION CONSIDERATIONS
PE FUND MANAGER SELECTION
MANAGING AN EXISTING PE PORTFOLIO
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
19. PERFORMANCE REPORTING
INTERIM FUND PERFORMANCE
THE IRR CONUNDRUM
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
20. WINDING DOWN A FUND
LIQUIDATING A PE FUND
END-OF-FUND-LIFE OPTIONS
ZOMBIE FUNDS
CLOSING
REFERENCES AND ADDITIONAL READING
SECTION V. THE EVOLUTION OF PE
21. LP DIRECT INVESTMENT
GOING DIRECT
ATTRACTIONS OF CO-INVESTING
RISKS OF CO-INVESTING
IMPLEMENTATION CHALLENGES
GOING DIRECT
CLOSING
REFERENCES AND ADDITIONAL READING
22. LISTED PRIVATE EQUITY
LISTED PE FIRMS
LISTED PE FUNDS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
23. RISK MANAGEMENT
ASSET CLASS RISK
PORTFOLIO RISK
FUND MANAGER RISK
DIRECT INVESTMENT RISK
RISK MANAGEMENT FOR GPS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
24. PRIVATE EQUITY SECONDARIES
MAIN TRANSACTION TYPES
DEAL STRUCTURING
EXECUTING SECONDARIES TRANSACTIONS
CLOSING
RELEVANT CASE STUDIES
REFERENCES AND ADDITIONAL READING
25. EVOLUTION OF PRIVATE EQUITY
PE–HOW WE GOT HERE
PE – CAN IT REMAIN ATTRACTIVE?
PRIVATE EQUITY – QUO VADIS
ACKNOWLEDGMENTS
ABOUT THE AUTHORS
GLOSSARY
INDEX
WILEY END USER LICENSE AGREEMENT
Отрывок из книги
Our distinguished Guest Authors made time to share their experiences and at times critical comments, thereby adding a practical perspective to our writing. We are grateful for their support and list them in order of appearance.
The views expressed in the guest comments are the opinion of the respective author and not necessarily that of their firms and organizations.
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So what is private equity?
You will hear many answers to this question from industry leaders in the chapters ahead, but what I hope I've made clear is that private equity is so much more than its literal definition. For me, private equity always has been and always will be about building value over the long-term.
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