Private Equity as an Asset Class

Guy Fraser-Sampson 지음

Wiley 2011년 12월 01일 출간

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Unfairly reviled, and much misunderstood, private equity differs from all other asset classes in various important respects, not least the way in which its fund mechanisms operate, and the way in which its returns are recorded and analysed. Sadly, high level asset allocation decisions are frequently made on the basis of prejudice and misinformation, rather than a proper appreciation of the facts.Guy Fraser-Sampson draws upon more than twenty years of experience of the private equity industry to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as -what is private equity?- and progresses to detailed consideration of different types of private equity activity such as venture capital and buyout.Rapid and significant changes in the environment during the recent financial crisis have prompted the need for a new edition. Separate chapters have been added on growth and development capital, as well as secondary investing. Newly emergent issues are considered, such as lengthening holding periods and the possible threat of declining returns. Particular problems, such as the need to distinguish between private equity and hedge funds, are addressed. The glossary has also been expanded. In short, readers will find that this new edition takes their understanding of the asset class to new heights.Key points include:A glossary of private equity termsVenture capitalBuyoutGrowth capitalDevelopment capitalSecondary investingUnderstanding private equity returnsAnalysing funds and returnsHow to plan a fund investment programmeDetailed discussion of industry performance figures

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About the Author.Acknowledgements.Introduction.1 What is Private Equity?What is Private Equity?Fund investing versus direct investing.Co-investment.Terminology.Different types of Private Equity investment.Summary.2. What are Private Equity Funds, and How do They Work?Capital: Allocated, Committed, Drawn Down and Invested.How do Private Equity Funds Work?Structure.Cash flow.Investment.Fundraising.Private Equity Funds Distinguished from Other Fund Types.Hedge funds.Infrastructure.Private (Equity) Real Estate.A Note on International Issues.Summary.3. Private Equity Returns &~ The Basics.Understanding the J-curve and Compound Returns.Upper Quartile Figures.Median Returns.Average Returns.Pooled Returns.Using Vintage Year Returns for Benchmarking Purposes.Time-weighted Returns.Summary.4 Private Equity Returns &~ Multiples and Muddles.Multiples.Distributed over paid in (DPI).Paid in to committed capital (PICC).Residual value to paid in (RVPI).Total value to paid in (TVPI).Use of multiples in industry research.Muddles, Muggles and Markowitz.Returns.Risk.Liquidity.Summary.5 Buyout.Types of Buyout Transaction.MBO.MBI.BIMBO.LBO.Take Private (P2P).Roll-up.Secondary Buyouts.Other 'Buyout' Activity.PIPEs.How do Buyouts Work?Characteristics of Buyout.Established businesses.Debt.Earnings.Size.Control.Barriers to entry.Summary.6 How to Analyse Buyouts.Earnings.EBIT.EBITDA.Earnings Growth.Multiple.Multiple increase (sometimes called multiple arbitrage).Leverage.Recapitalisation.Timing.Modelling and Analysing Buyout Funds.Enterprise value.Summary.7 Buyout Returns.US versus European Buyout.Buyout skill bases.Imperfect markets.Earnings multiples.Earnings growth.Leverage.Contributio

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저자(글) Guy Fraser-Sampson

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GUY FRASER-SAMPSON has over twenty years' experience of the private equity industry, most notably having set up and run for several years the European operations of Horsley Bridge. As a partner in the firm, and Managing Director of Horsley Bridge International, he had a unique opportunity to interact simultaneously with private equity managers from all over the world, including famous -golden circle- venture firms based predominantly in California. He previously lived and worked in the Middle East as Investment Controller with the Abu Dhabi Investment Authority (ADIA).He has extensive experience of the evaluation of private equity managers, including having personally designed and developed a computer model for the evaluation of buyout performance, but is equally recognised as an expert on venture capital. In addition to his work with funds, he has also conducted direct, secondary and mezzanine transactions over the years.Guy teaches post-graduate modules on private equity and investment strategy at Cass Business School in the City of London, and is also recognised as an authority on all types of alternative assets. He performs consultancy and high level executive training assignments for clients around the world, and is also in demand as a provider of keynote addresses at investment conferences. In addition to various professional qualifications, he holds an LLB with honours from King's College London, and an MBA majoring in finance from Warwick Business School.Guy writes for a number of finance and investment publications, including his influential monthly column in Real Deals. He is the author of Multi-Asset Class Investment Strategy, also published as part of the Wiley Finance series, which questions accepted views of risk and return, and sets out ways in which investors could and should incorporate a wide range of so-called alternative assets into their planned portfolios. He conducts regular investor workshops aroun