Introduction to Private Equity [NOOK Book]

Overview

"While the landscape for private equity is being redrawn, an original roadmap is offered in this new book by Cyril Demaria. Combining academic grounding with practitioner relevance, it comprehensively reviews the asset class as a shifting ecosystem. An original review of an ever-original industry about to reinvent itself."
Dr Benoit Leleux, Stephan Schmidheiny Professor of Entrepreneurship & Finance, IMD, Switzerland

"Private equity is an important investment category for long-term investors. As such, all ...

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Introduction to Private Equity

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Overview

"While the landscape for private equity is being redrawn, an original roadmap is offered in this new book by Cyril Demaria. Combining academic grounding with practitioner relevance, it comprehensively reviews the asset class as a shifting ecosystem. An original review of an ever-original industry about to reinvent itself."
Dr Benoit Leleux, Stephan Schmidheiny Professor of Entrepreneurship & Finance, IMD, Switzerland

"Private equity is an important investment category for long-term investors. As such, all efforts to clarify the concepts, techniques and issues associated with these investments should be saluted. Cyril Demaria’s publication is particularly welcome from that point of view. The quality of the thinking and the clarity of expression make it a work of reference on the subject."
Professor Noël Amenc, Director of the EDHEC-Risk Institute

"As an investor and practitioner of the private equity asset class the first thing one realizes is that this book is clearly written by a practitioner who knows the industry inside-out. It is well structured and addresses a number of misconceptions afflicting the private equity industry. It offers very valuable insights to both novices and intermediate-level industry participants. One of the best books I have read on the subject."
Markus Benzler, Director, UBS Global Asset Management

"The author provides a thoroughly researched introduction to the different aspects and key dimensions of the private equity industry. The historical perspective adds a refreshing element of life in the matter. The volume keeps abreast of recent developments and offers a realistic assessment of the current trends affecting the industry. It should find its place on the bookshelf of practitioners and academics as a valuable reference work."
Cédric Spahr, Head of Alternative Investment Research, Credit Suisse AG

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Product Details

  • ISBN-13: 9780470711880
  • Publisher: Wiley
  • Publication date: 3/30/2010
  • Series: Wiley Finance Series, #506
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 244
  • Sales rank: 897,218
  • Product dimensions: 6.61 (w) x 9.61 (h) x 0.96 (d)
  • File size: 5 MB

Meet the Author

CYRIL DEMARIA is a Partner at Tiaré Investment Management AG, Zurich and Manager of Pilot Fish, a small business angels fund. Previously, he was a Portfolio Manager at Maaf Gestion, where he managed private equity assets in excess of $60 million, and Head of Corporate Development at Externall in Paris. Cyril began his career at Pyramid Technology Ventures, a hybrid venture capital and fund of funds firm dedicated to IT and software investments. He is also Associate Professor of Finance at ESSCA, where he lectures on private equity, LBO, money and finance and international finance, and Lecturer at EADA and ZHAW. He regularly consults as an expert for the Swiss, European and French private equity and venture capital associations and provides training in private equity topics to the Association Française des Investisseurs en Capital (AFIC) and the Institut d'Analyse Financière. Cyril holds a BA in Political Sciences, a Masters in Geopolitics applied to Money and Finance, a Masters in European Business Law, and a Diploma from HEC. He is currently a doctoral candidate at the University Sankt-Gallen.
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Table of Contents

Foreword.

Acknowledgments.

About the Author.

Introduction.

A Moving Target.

A Consubstantial Lack of Information.

Benign Neglect, Malign Consequences.

Knowing the Devil to Circumvent It.

PART I WHAT IS PRIVATE EQUITY?

1 Private Equity as an Economic Driver: An Historical Perspective.

1. Pooling interests to identify and exploit sources of wealth.

2. Championing entrepreneurship.

Conclusion: an attempt at definition.

2 Modern Private Equity – A French Invention?

1. USA: the foundry of modern private equity.

The strict separation of public policies and public financing.

The separation of public endeavours and private efforts; the subsequent support of the former for the latter.

2. Europe: adapting a successful model or creating its own?

Conclusion: Emerging markets, building castles on sand?

PART II THE PRIVATE EQUITY ECOSYSTEM.

3 Private Equity: A Business System Perspective.

1. We are all investors in private equity.

2. Organisation and governance of private equity funds.

3. Measuring performance, managing risks and optimising returns.

4. Pitfalls and challenges.

Conclusion.

4 The Universe of Investment.

1. Venture capital: financing company creation.

2. Growth capital: financing companies’ expansion.

3. Leveraged Buy-Out: financing companies transmissions.

4. Other interventions in private equity.

Conclusion.

5 The Process of Investment: a Matter of Trust and Mutual Interest.

1. Step 1: Preliminary analysis.

2. Step 2: Valuation.

3. Step 3: Negotiating.

4. Step 4: Structuring.

5. Step 5: Complementary due diligences.

6. Step 6: Transaction.

7. Step 7: Monitoring and exit.

Conclusion.

PART III PRIVATE EQUITY IN TEENAGE TIME: TREND SETTING, FADS AND RESPONSIBILITIES.

6 Private Equity Evolutions: Trends or Buzzes?

1. Is private equity going mainstream?

2. Is private equity (still) creating value?

3. Private equity: between bubbles and crashes.

Conclusion.

7 Private Equity and Ethics: a Culture Clash.

1. Greed.

2. Destruction.

3. Philanthropy.

4. Transparency.

5. Confidentiality and self-regulation.

Conclusion.

General Conclusion—Private Equity Today and Tomorrow.

1. Core target: manage the volatility of performances.

2. The only valid leitmotiv: long-term thinking.

3. The IMPACT of the fair market value.

4. A long-term trend: the attractiveness of private equity.

5. Private equity: future victim of its own success?

6. The impact of a better knowledge of private equity.

Bibliography

Glossary.

Index.

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