International Private Equity

Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School's Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.

Autorentext

Eli Talmor is a professor at London Business School and
founding Chairman of its Coller Institute of Private Equity. He was
previously a professor of finance at the University of California
(UCLA and Irvine), Tel Aviv University, and the Wharton School
(University of Pennsylvania). Professor Talmor is a seasonal
private equity practitioner and has been a director of European and
American corporations. He served on the advisory board of the
African Venture Capital Association and the Board of Governors of
London Business School. He has frequently been invited to deliver
keynote speeches to business executives worldwide and interviews to
the international media on timely private equity matters. In recent
years he has been asked by the U.K. Parliament to provide equity
and to advise the U.K. Prime Minister's office. Professor
Talmor holds a Ph.D. from the University of North Carolina at
Chapel Hill and a B.Sc. from the Technion Israel Institute of
Technology.

Florin Vasvari is an Assistant Professor of Accounting at
London Business School and a fellow of the Coller Institute for
Private Equity. He co-teaches the Private Equity School with
Professor Talmor, and consults with several organizations.
Professor Vasvari is actively pursuing research on private equity
topics and debt markets. He has published several articles in
top-tier academic journals such as the Journal of Accounting
Research and Review of Accounting Studies and has been
invited to present his research at top business schools such as
Chicago GSB, Columbia Business School, Wharton School, MIT Sloan
School of Management, Harvard Business School, INSEAD, and others.
He is on the editorial board of Contemporary Accounting
Research and the advisory board of the Center for Accounting
Research and Education. Professor Vasvari holds a Ph.D. from the
University of Toronto, Rotman School of Management and M.A. from
the University of Toronto, Department of Economics.

Klappentext
Written from a unique joint practitioner and academic perspective by renowned experts in the field, International Private Equity is designed to be truly international in focus, with examples and case studies drawn from Europe, the Middle East, Africa and Asia, and from a wide range of business sectors. The case studies, taken from the collection of the London Business School's prestigious Coller Institute of Private Equity, are used to exemplify and illustrate all stages of the private equity deal process. To provide a context for these illustrative case studies, which make up the last section of the book, International Private Equity first covers all of the main aspects of the private equity model:

Part one provides an overview of the subject and a private equity fund level analysis, including coverage of fund economics, fund performance measurement, private equity investments in emerging markets, fund due diligence, fund accounting, the secondaries market for fund interests and alternative fund structures such as fund of funds and listed private equity funds.

Part two moves onto analysis at deal level, and covers topics such as valuation of private equity companies, deals analysis and due diligence, LBO transactions and modeling, post deal execution and the harvesting of private equity investments.

Part three deals with early stage investing and includes chapters on Business Angel investing and Venture Capital.

This unprecedented access to the Coller Institute's collection of case studies, combined with comprehensive and timely coverage of this important topic, makes International Private Equity an indispensible guide for students and practitioners alike.

"Professors Talmor and Vasvari combine academic rigor and real world cutting edge experience to provide an insightful and detailed description of private equity today. This is a most valuable contribution to academia, the industry, and to business in general."
Henry R. Kravis, Co-Chairman and Co-CEO, Kohlberg, Kravis Roberts

"International Private Equity provides a most comprehensive insight and practical review of what the private equity world is. Professors Eli Talmor and Florin Vasvari have distilled years of investing experience and financial analysis into a text that is a must-read for everyone interested in the field, whether a novice student or an experienced investor."
Dominique Senequier, CEO, AXA Private Equity

Inhalt
Preface. Abbreviations.

About the authors.

Part 1 Overview and fund-level analysis.

1 Introduction and overview.

1.1 Introduction.

1.2 Cyclicality of the private equity industry.

1.3 Statistics on the private equity industry.

1.4 Recent regulatory activity.

1.5 The outlook of the private equity industry.

1.6 References.

2 Private equity fund economics.

2.1 Overview.

2.2 Private equity firms or general partners (GPs).

2.3 Investors in private equity funds or limited partners (LPs).

2.4 Private equity funds or limited partnerships.

2.5 Advisors and agents.

2.6 References.

3 Performance measurement in private equity.

3.1 Overview.

3.2 Measures of private equity fund performance.

3.3 Benchmarking private equity performance.

3.4 Academic findings on the performance of private equity funds.

3.5 Why the performance assessment of private equity remains difficult.

3.6 Conclusions.

3.7 References.

4 Private equity investing in emerging markets.

4.1 Introduction.

4.2 Investment landscape.

4.3 Drivers for PE investments in emerging economies.

4.4 Risks of investing in emerging economies.

4.5 Market structure and investment characteristics.

4.6 Comparative landscape of emerging markets.

4.7 Summary.

4.7 References.

5 Fund due diligence.

5.1 What is fund due diligence?

5.2 LP investment process.

5.3 Fund due diligence in detail.

5.4 Summary.

6 Private equity fund accounting.

6.1 What is happening in private equity accounting?

6.2 Current major issues and complexities.

6.3 Interpreting fund accounts.

7 Gatekeepers.

7.1 Introduction.

7.2 Main types of professional advisors.

7.3 In-house or outsourcing?

7.4 Outsourcing to a fund of funds.

7.5 Fund-of-funds economics.

7.6 Selecting a fund of funds.

7.7 Outlook.

7.8 Bibliography.

8 Listed private equity.

8.1 Introduction.

8.2 Benefits and disadvantages of listed private equity.

8.3 Economic and organizational forms.

8.4 Legal forms.

8.5 Estimated risk profile of listed private equity.

8.6 LPE indexes.

8.7 References.

9 Secondary fund transactions.

9.1 Introduction.

9.2 Secondary market development.

9.3 Parties involved in secondary transactions.

9.4 Secondary transactions.

9.5 The pricing of s…