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.
Autorentext
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 Assets
Third 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 of the thinking and the clarity of expression make it a work of reference on the subject."
Prof. Noël Amenc, CEO, Scientific Beta
"Introduction to Private Equity, Debt and Real Assets provides a holistic view of the private equity industry and is a good starting point for everyone interested in it. The author brings his academic and professional experience to bear. I can highly recommend it."
Bernhard Engelien, Managing Director, Greenhill
"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, Managing Director, UBS Global Asset Management
"Once a niche strategy, private equity has claimed its position in institutional investors' portfolios. The author has mastered the difficult task of writing both a comprehensive and topical book on the subject. Despite the broad wealth of information, the author manages to present the content in an entertaining manner, which makes the book a pleasant read as well. This book will prove an invaluable source of knowledge for laypersons, and provide experienced practitioners with new insights."
Marina Stoop, Manager Selection & Controlling, Zurich Invest
Inhalt
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