Beyond the J Curve

Thomas Meyer 지음

Wiley 2011년 02월 15일 출간

작품소개

책소개

In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to 'go for top quartile funds'.Beyond the J Curve provides the answers to key questions, including:Why 'top-quartile' promises should be taken with a huge pinch of salt and what it takes to select superior fund managers?What do limited partners need to consider when designing and managing portfolios?How one can determine the funds' economic value to help addressing the questions of 'fair value' under IAS 39 and 'risk' under Basel II or Solvency II?Why is monitoring important, and how does a limited partner manage his portfolio?How the portfolio's returns can be improved through proper liquidity management and what to consider when over-committing?And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment?Beyond the J Curve takes the practitioner's view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.

목차

List of Boxes xvAcknowledgements xviiDisclaimer xviiiPART I PRIVATE EQUITY ENVIRONMENT 11 Introduction 31.1 Routes into private equity 31.2 The limited partner's viewpoint 41.3 The challenge of venture capital fund valuation 41.4 Hard figures or gut instinct? 51.5 Managing with fuzzy figures 51.6 Making the grades 51.7 Outline 72 Private Equity Market 92.1 Funds as intermediaries 102.2 The problem of predicting success 152.3 Broad segmentation of investment universe 182.4 Private equity market dynamics 222.5 Conclusion 263 Private Equity Fund Structure 273.1 Key features 293.2 Conflicts of interest 383.3 Finding the balance 384 Buyout and Venture Capital Fund Differences 414.1 Valuation 434.2 Business model 444.3 Deal structuring 454.4 Role of general partners 455 Funds-of-funds 475.1 Structure 475.2 Value added 485.3 Costs 515.4 Private equity investment programme 52PART II INVESTMENT PROCESS 576 Investment Process 596.1 Key performance drivers 596.2 Process description 616.3 Risk management 656.4 Tackling uncertainty 687 Risk Framework 737.1 Market value 757.2 Market or credit risk? 777.3 Conclusion 788 Portfolio Design 818.1 Portfolio design framework 818.2 Portfolio construction techniques 838.3 Risk&~return management approaches 889 Case Study 959.1 Looking for the optimal programme size 959.2 Overcoming entry barriers: long-term strategies 10410 The Management of Liquidity 11510.1 Liquidity management problem 11510.2 Liquidity management approaches 12310.3 Investment strategies for undrawn capital 13010.4 Cash flow projections 13310.5 Conclusion 145PART III DESIGN TOOLS 15111 Established Approaches to Fund Valuation 15311.1 Bottom-up approach to private equity fund valua

출판사 서평

"...highlights why limited partners are bad performers and provides guidance for investments..." (Financial Times, 1st August 05)"...an interesting book on a fascinating subject" (Professional Investor, Dec/Jan 05/06)

작가정보

저자(글) Thomas Meyer

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DR THOMAS MEYER studied computer science at the Bundeswehr Universitat in Munich followed by doctoral studies at the University of Trier. He also holds an MBA from the London Business School. After 12 years in the German Air Force he worked for the German insurance group Allianz AG in Corporate Finance and MA with particular focus on Japan, and as the regional Chief Financial Officer of Allianz Asia Pacific in Singapore.Over the last years Thomas has been responsible for the creation of the European Investment Fund's risk management function. The focus of his work is the development of valuation and risk management models and investment strategies for venture capital fund-of-funds.PIERRE-YVES MATHONET holds a Master of Science cum laude in Finance from London Business School and a Master of Science magna cum laude in Management from Solvay Business School, Brussels. He is also a Certified European Financial Analyst.He worked as an investment banker in the technology groups of Donaldson, Lufkin Jenrette (DLJ) and Credit Suisse First Boston, and previously, for the audit and consulting departments of PricewaterhouseCoopers.He is currently heading the venture capital activities within the Risk Management and Monitoring division of the European Investment Fund.Together, as risk managers, the authors are responsible for a portfolio of nearly two hundred private equity funds with more than 2.5 billion committed and almost 5 billion under management.