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Introduction to Private Equity, Debt and Real Assets
From Venture Capital to LBO, Senior to Distressed Debt, Immaterial to Fixed Assets
Cyril Demaria (Author)
9781119537380, Wiley
Hardback, published 30 April 2020
464 pages
24.6 x 17.8 x 3.6 cm, 1.021 kg
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.
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
Subject Areas: Finance & accounting [KF]
