Venture Capital and Private Equity: A Casebook

Venture Capital and Private Equity: A Casebook

by Josh Lerner

Hardcover(Older Edition)



What Explains the Recent Tremendous Growth in Private Equity Funds? How Have These Funds Created so Much Value? Can We Expect This Kind of Growth in Other Countries and Other Types of Investments? The pool of U.S. private equity funds has grown from $5 billion in 1980 to over $175 billion in 1999. Private equity's recent growth has outstripped that of almost every class of financial product. Whether you are an entrepreneur seeking private equity finance, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, this book is required reading! It presents a collection of real world cases-supplemented by detailed industry notes-that explore the exciting and dynamic world of venture capital and buyout funds. The organization mirrors that of the venture capital/private equity process itself:
* The first part explores the raising and structuring of private equity funds, as well as the perspective of investors.
* The second part explores the selection,oversight, and adding value to firms-the 'heart' of the private equity cycle.
* The third part describes how private equity groups reap attractive returns from successful investments.
* The final section explores the emerging efforts to translate the private equity model into other settings, such as corporate venturing programs.

Product Details

ISBN-13: 9780471322863
Publisher: Wiley
Publication date: 10/28/1999
Edition description: Older Edition
Pages: 560
Product dimensions: 8.32(w) x 10.30(h) x 1.12(d)

About the Author

Dr. Josh Lerner is a Strategic Advisor at Master Minds. He is a Senior Advisor at Grove Street Advisors, LLC. Dr. Lerner works with the firm in an advisory role with a particular emphasis on helping the firm and its clients identify and respond to key trends in the private equity industry. He is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School, with a joint appointment in Finance and the Entrepreneurial Management. Dr. Lerner's research ... focuses on the structure of private equity and venture capital organizations and their role in transforming scientific discoveries into commercial products. Much of his research is collected in The Venture Capital Cycle, MIT Press, 1999 and The Money of Invention, Harvard Business School Press, 2001. Dr. Lerner also teaches doctoral courses on entrepreneurship and empirical methods in corporate finance, as well as executive education offerings.
Dr. Lerner serves as a Research Associate in the Corporate Finance and Productivity Programs and a Co-Editor of Innovation Policy and the Economy. In the 1993-1994 academic year, Dr. Lerner introduced an elective M.B.A. course on private equity and venture capital. He was a Venture Advisor at Zero Stage Capital. Dr. Lerner examined the impact of intellectual property protection, particularly patents, on the competitive strategies of firms in high-technology industries. He founded, raised funding for, and organized two groups at the National Bureau of Economic Research: the Entrepreneurship Working Group and the Innovation Policy and the Economy Group.
He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. Dr. Lerner recently led an international team of scholars in a study of the economic impact of private equity for the World Economic Forum. He is a Member of the Advisory Board of RBC Venture Partners and also for Zero Stage Capital. Dr. Lerner serves as a Harvard Business School's representative on Harvard University Patent, Trademark and Copyright Committee and the Provost's Committee on Technology Transfer. He holds a Ph.D. in Economics from Harvard University and a B.A. from Yale College with a special divisional major which combined Physics with the history of Technology.

Table of Contents

1Private Equity Today and Tomorrow1
2Martin Smith: January 200011
Module 1.Fundraising21
3Yale University Investments Office: July 200025
4Acme Investment Trust52
5A Note on Private Equity Partnership Agreements62
6University Technology Ventures: October 200074
7A Note on the Private Equity Fundraising Process90
8Columbia Capital Corporation: Summer 199896
9Francisco Partners108
Module 2.Investing133
10Adams Capital Management: March 1999139
11Martin Smith: May 2000157
12Apax Partners and Dialog Semiconductor: March 1998176
13A Note on Valuation in Private Equity Settings197
14A Note on European Private Equity218
15Securicor Wireless Networks: February 1996237
16Metapath Software: September 1997252
17A Note on Private Equity Securities265
18Venture Capital Case Vignettes274
19New Business Investment Company: October 1997278
Module 3.Exiting305
20Investori Associati: Exiting the Savio LBO (A)309
21A Note on the Initial Public Offering Process334
22RogersCasey Alternative Investments: Innovative Responses to the Distribution Challenge340
Module 4.New Frontiers357
23Intel 64 Fund361
24A Note on Corporate Venture Capital372
25CMGI: Organizational and Market Innovation378
26CDC Capital Partners400
27A Note on Private Equity in Developing Countries427
Career Issues & Wrap-Up438
28Joe Casey: January 2000438
29A Note on Private Equity Information Sources453

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