Introduction to Private Equity, Debt and Real Assets

Zusammenfassung Fully revised and updated to reflect changes in the private equity sectorBuilding on and refining the content of previous editions! Introduction to Private Equity! Debt and Real Assets! Third Edition adopts the same logical! systematic! factual and long-term perspective on private markets (private equity! private debt and private real assets) combining academic rigour with extensive practical experience.The content has been fully revised to reflect developments and innovations in private markets! exploring new strategies! changes in structuring and the drive of new regulations. New sections have been added! covering fund raising and fund analysis! portfolio construction and risk measurement! as well as liquidity and start-up analysis. In addition! private debt and private real assets are given greater focus! with two new chapters analysing the current state of these evolving sectors. Reflects the dramatic changes that have affected the private market industry! which is evolving rapidly! internationalizing and maturing fast Provides a clear! synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry Approaches the private markets sector top-down! to provide a sense of its evolution and how the current situation has been built Details the interrelations between investors! funds! fund managers and entrepreneursThis book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector. Informationen zum Autor CYRIL DEMARIA is a Partner and Head of private markets at Wellershoff & Partners! an independent CIO service provider for family offices and financial institutions. A private equity expert combining academic expertise and practical experience! his extensive knowledge of the asset class spans more than 20 years during which he has notably held positions at the Chief Investment Office of UBS! where he was in charge of private markets research (buy-side). He is the founder and managing partner of two venture capital funds. He is also an Affiliate Professor at EDHEC and lectures at top academic institutions such as HEC Paris! EADA! and ESCP-Europe. He is an expert and a trainer for leading private equity associations such as Invest Europe! France Invest and SECA! and has authored best-selling books! such as Introduction to Private Equity which has been translated in multiple languages! and Private Equity Fund Investments. Klappentext Praise for Introduction to Private Equity! Debt and Real AssetsThird Edition"When the first edition came out in 2007! the landscape for private equity was about to be redrawn. This new edition comes in most handy to provide fresh perspective on the new private equity scene. As would be expected! the industry is finding original ways to reinvent itself in a deleveraging world. It is maturing! developing new forms to ensure its sustainability. Let there be no doubt it is an industry that is here to stay!"-Dr Benoit Leleux! Stephan Schmidheiny Professor of Entrepreneurship & Finance! IMD! Switzerland"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. This 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! Equity Strategist! Bank. J. Safra Sarasin"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 o...

Auteur

CYRIL DEMARIA is a Partner and Head of private markets at Wellershoff & Partners, an independent CIO service provider for family offices and financial institutions. A private equity expert combining academic expertise and practical experience, his extensive knowledge of the asset class spans more than 20 years during which he has notably held positions at the Chief Investment Office of UBS, where he was in charge of private markets research (buy-side). He is the founder and managing partner of two venture capital funds. He is also an Affiliate Professor at EDHEC and lectures at top academic institutions such as HEC Paris, EADA, and ESCP-Europe. He is an expert and a trainer for leading private equity associations such as Invest Europe, France Invest and SECA, and has authored best-selling books, such as Introduction to Private Equity which has been translated in multiple languages, and Private Equity Fund Investments.

Texte du rabat

Fully revised and updated to reflect changes in the private equity sector Building on and refining the content of previous editions, Introduction to Private Equity, Debt and Real Assets, Third Edition adopts the same logical, systematic, factual and long-term perspective on private markets (private equity, private debt and private real assets) combining academic rigour with extensive practical experience. The content has been fully revised to reflect developments and innovations in private markets, exploring new strategies, changes in structuring and the drive of new regulations. New sections have been added, covering fund raising and fund analysis, portfolio construction and risk measurement, as well as liquidity and start-up analysis. In addition, private debt and private real assets are given greater focus, with two new chapters analysing the current state of these evolving sectors. Reflects the dramatic changes that have affected the private market industry, which is evolving rapidly, internationalizing and maturing fast Provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry Approaches the private markets sector top-down, to provide a sense of its evolution and how the current situation has been built Details the interrelations between investors, funds, fund managers and entrepreneurs This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector.

Contenu

Acknowledgements ix

About the Author xi

Introduction 1

Part I What are Private Equity, Private Debt and Private Real Assets?

Chapter 1 Private Equity as an Economic Driver: An Historical Perspective 15

Chapter 2 Modern Private Equity - A French Invention? 39

Part II The Private Markets Ecosystem

Chapter 3 Private Markets: A Business System Perspective 85

Chapter 4 The Universe of Investment 145

Chapter 5 The Process of Investment: A Matter of Trust and Mutual Interest 245

Part III Private Markets in Teenage Time: Trend Setting, Fads and Responsibilities

Chapter 6 Private Markets Evolution: Trends or Buzzes? 267

Chapter 7 Private Equity and Ethics: A Culture Clash 287

Chapter 8 General Conclusion: Private Markets Today and Tomorrow 309

Template 1 (Fund): Architecture of the Private Placement Memorandum of a Private Equity Fund 329

Template 2 (Fund): Structure of a Limited Partnership Agreement 331

Template 3 (Fund): Due Diligence Checklist 335

Template 4 (Fund): Quarterly Report Template 339

Template 5 (Company): Non-Disclosure Agreement 343

Template 6 (Company): Business Plan 347

Template 7 (Company): Term Sheet 353

Business Case: Kroton Educacional SA - A Private Equity Operation Can Hide Another One 363

Exhibits 379

Glossary 389

Bibliography 425

Index 439