Inside Private Equity: The Professional Investor's Handbook

Overview

Private equity, the business of investing in private companies,has quickly grown from a cottage industry to a mature asset class.For those that supply the money—the endowments, foundations,pension funds, family offices, and others—learning thebusiness of private equity can be one of its principle challenges.Inside Private Equity was written for this audience to help providea general understanding of how to invest in, monitor, and measurethe performance and risk of private ...

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Overview

Private equity, the business of investing in private companies,has quickly grown from a cottage industry to a mature asset class.For those that supply the money—the endowments, foundations,pension funds, family offices, and others—learning thebusiness of private equity can be one of its principle challenges.Inside Private Equity was written for this audience to help providea general understanding of how to invest in, monitor, and measurethe performance and risk of private equity.

With Inside Private Equity, four experienced financialprofessionals—James Kocis, James Bachman, Austin Long, andCraig Nickels—share their broad range of private equityexperience to help demystify this asset class.

Divided into four comprehensive parts—Setting theFoundation, Measurements and Comparisons, Topics on Risk, andConclusions—Inside Private Equity opens with a briefintroduction to this discipline and sets the stage for moretechnical discussions to follow. Here, you'll become familiar witheverything from traditional industry measurements to a structuredapproach to portfolio management.

To discover this more structured approach, Inside PrivateEquity:

  • Provides an exhaustive review of internal rate of return (IRR)calculations
  • Outlines various peer universes and benchmarks
  • Presents tools that will help you uncover both how and wherewealth was gained and lost
  • Examines the effect portfolio size has on performanceexpectations
  • Explores two different modeling techniques for cashmanagement
  • And much more

By providing straightforward explanations and detailed examplesof the concepts covered, Inside Private Equity demystifies many ofthe common assumptions about this asset class and puts the variouspieces of the private equity puzzle in perspective.

A growing number of financial institutions and professionals areinvesting in private equity for its diversification benefits andthe opportunity to participate in substantial long-term gains. Butmany are finding it difficult to manage things they can't alwaysmeasure. Filled with in-depth insights and expert advice, InsidePrivate Equity focuses on what you can measure and how this processwill allow you to better manage these assets—as well as yourtime.

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Product Details

  • ISBN-13: 9780470421895
  • Publisher: Wiley
  • Publication date: 4/20/2009
  • Series: Wiley Finance Series , #495
  • Edition number: 1
  • Pages: 288
  • Sales rank: 699,159
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

JAMES M. KOCIS is the founder and President of the BurgissGroup, one of the leading software and financial service providersto the private equity industry. He and his team designed Private i,the world's most popular program for private equity portfoliomanagement. Private i is used to manage in excess of $1 trillion ofprivate equity investments.

JAMES C. BACHMAN IV, CAIA, is the Head of Research at theBurgiss Group. In this role, he is principally responsible forresearch-related initiatives as well as expanding the technologyplatform's portfolio management capabilities.

AUSTIN M. LONG III, JD, CPA, is the Head of AlignmentCapital, a private equity consultancy. He has been active in theprivate markets since 1987, when he cofounded what was to becomethe University of Texas Investment Management Company (UTIMCO)private investment group.

CRAIG J. NICKELS, CFA, is the Director of Private Marketsfor Washington University in St. Louis, where his responsibilitiesinclude the oversight and management of the university's privatemarket investments within the multi-billion endowment.

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Table of Contents

Foreword.

Preface.

Acknowledgments.

How to Use This Book.

About the Authors.

PART ONE: Setting the Foundation.

CHAPTER 1: Background.

CHAPTER 2: Private Equity Perspectives.

CHAPTER 3: Managing the Investment Process.

CHAPTER 4: Capturing a Portfolio.

CHAPTER 5: Tracking Portfolio Holdings.

PART TWO: Measurements and Comparisons.

CHAPTER 6: Standard Measures.

CHAPTER 7: The IRR.

CHAPTER 8: Universe Comparisons.

CHAPTER 9: Flawed Research Methodologies.

CHAPTER 10: Visualizing Private Equity Performance.

CHAPTER 11: The IRR and the Public Markets.

PART THREE: Topics on Risk.

CHAPTER 12: Performance Attribution.

CHAPTER 13: The Concentration of Wealth.

CHAPTER 14: The Diversification of Portfolios.

CHAPTER 15: Cash Management Models.

PART FOUR: Conclusions.

CHAPTER 16: The Private Equity Professional.

CHAPTER 17: Summary.

APPENDIX A: Proposed Venture Capital Portfolio ValuationGuidelines.

APPENDIX B: On-Site GP Audit Program Guide.

APPENDIX C: Qualitative Due Diligence: Structured Interview.

APPENDIX D: Qualitative Due Diligence: Structured ReferenceCalls.

APPENDIX E: Request for Information (RFI).

APPENDIX F: Advanced Topics: Duration of Performance.

APPENDIX G: Advanced Topics: Correlation and OpportunityCosts.

APPENDIX H: Patent Summaries.

References.

Index.

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