{"product_id":"private-equity-4-0-reinventing-value-creation-hardback-9781118939734","title":"Private Equity 4.0; Reinventing Value Creation (Hardback) 9781118939734","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003ePrivate Equity 4.0\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eReinventing Value Creation\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eBenoît Leleux (Author), Hans van Swaay (Author), Esmeralda Megally (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781118939734, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 27 February 2015\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e288 pages\u003cbr\u003e24.6 x 17.3 x 2.3 cm, 0.612 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e“Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.”\u003c\/p\u003e \u003cp\u003eDr. Josh Lerner\u003cbr\u003eJacob H. Schiff Professor of Investment Banking \u2028Chair, Entrepreneurial Management Unit\u003cbr\u003e\u2028Harvard Business School\u003c\/p\u003e \u003cb\u003e\u003cbr\u003e\u003cbr\u003eA multi-perspective look at private equity's inner workings\u003c\/b\u003e \u003cp\u003e\u003ci\u003ePrivate Equity 4.0\u003c\/i\u003e provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more.\u003c\/p\u003e \u003cp\u003e\u003ci\u003ePrivate Equity 4.0\u003c\/i\u003e offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the industry's dominant business models\u003c\/li\u003e \u003cli\u003eDiscover how value is created and performance measured\u003c\/li\u003e \u003cli\u003ePerform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players\u003c\/li\u003e \u003cli\u003eElaborate a clear set of guidelines to invest in the industry and deliver better performance\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work.\u003c\/p\u003e \u003cp\u003eThe authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so.\u003c\/p\u003e \u003cp\u003ePrivate equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, \u003ci\u003ePrivate Equity 4.0\u003c\/i\u003e is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eList of case studies ix\u003c\/p\u003e \u003cp\u003eAbout the authors xi\u003c\/p\u003e \u003cp\u003eProfessional acknowledgments xiii\u003c\/p\u003e \u003cp\u003ePersonal acknowledgments xv\u003c\/p\u003e \u003cp\u003eForeword xvii\u003c\/p\u003e \u003cp\u003eIntroduction xxi\u003c\/p\u003e \u003cp\u003ePrivate equity at the crossroads xxi\u003c\/p\u003e \u003cp\u003eAn historical perspective to gain insights for the future xxi\u003c\/p\u003e \u003cp\u003ePrivate equity: all about people xxiii\u003c\/p\u003e \u003cp\u003eThe best capitalism has to offer? The conceptual groundings xxiv\u003c\/p\u003e \u003cp\u003eEmpowering and incentivizing: partnering for mutual success xxiv\u003c\/p\u003e \u003cp\u003eFocus, focus, focus xxv\u003c\/p\u003e \u003cp\u003eStrategy is cheap; operationalizing is key xxv\u003c\/p\u003e \u003cp\u003eAlignment brings cohesion xxvi\u003c\/p\u003e \u003cp\u003eFlexibility as strategic value xxvi\u003c\/p\u003e \u003cp\u003eCarrots and sticks: the value of discipline xxvi\u003c\/p\u003e \u003cp\u003eLeverage… at all levels xxvii\u003c\/p\u003e \u003cp\u003eThe cash flow paradox xxvii\u003c\/p\u003e \u003cp\u003eThe buy-and-sell approach: capitalism on speed xxviii\u003c\/p\u003e \u003cp\u003eBelievers, sceptics and cynics xxviii\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Private equity: from “alternative” to “mainstream” asset class? 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMoving into mainstream 3\u003c\/p\u003e \u003cp\u003eA brief history 6\u003c\/p\u003e \u003cp\u003eAn increasingly global industry 8\u003c\/p\u003e \u003cp\u003ePrivate equity in North America 10\u003c\/p\u003e \u003cp\u003ePrivate equity in Europe 11\u003c\/p\u003e \u003cp\u003ePrivate equity in Asia 12\u003c\/p\u003e \u003cp\u003eEmerging private equity players 13\u003c\/p\u003e \u003cp\u003eAn industry in the limelight 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Private equity as a business system 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSetting the stage 27\u003c\/p\u003e \u003cp\u003eThe raison d’être of private equity funds 27\u003c\/p\u003e \u003cp\u003ePrivate equity’s market segments 29\u003c\/p\u003e \u003cp\u003eThe fuel behind private equity: investors 37\u003c\/p\u003e \u003cp\u003ePortfolio allocations by investors 39\u003c\/p\u003e \u003cp\u003eThe (apparent) madness of private equity fees 42\u003c\/p\u003e \u003cp\u003eManagement fee 43\u003c\/p\u003e \u003cp\u003eCarried interest 43\u003c\/p\u003e \u003cp\u003eGeneral partner interest 46\u003c\/p\u003e \u003cp\u003eCommitments versus investments 50\u003c\/p\u003e \u003cp\u003eDistributions in cash, please! 51\u003c\/p\u003e \u003cp\u003eDue diligence, leverage, focus and… incentives 53\u003c\/p\u003e \u003cp\u003eSuperior information 54\u003c\/p\u003e \u003cp\u003eActive ownership 54\u003c\/p\u003e \u003cp\u003eFinancial leverage 55\u003c\/p\u003e \u003cp\u003eAlignment of interests 55\u003c\/p\u003e \u003cp\u003eMitigating possible confl icts of interest 56\u003c\/p\u003e \u003cp\u003eIlliquidity… and new ways to cope with it 58\u003c\/p\u003e \u003cp\u003eSecondaries market 58\u003c\/p\u003e \u003cp\u003ePublicly listed private equity vehicles 60\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Value creation in private equity 69\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe art of private equity 71\u003c\/p\u003e \u003cp\u003eSourcing deals 74\u003c\/p\u003e \u003cp\u003eCreating value in private equity 78\u003c\/p\u003e \u003cp\u003eOperational value 79\u003c\/p\u003e \u003cp\u003eExiting investments 95\u003c\/p\u003e \u003cp\u003eThe economic impact of private equity 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Private equity performance 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerformance metrics 106\u003c\/p\u003e \u003cp\u003eValuing realized and unrealized investments 108\u003c\/p\u003e \u003cp\u003eReporting fund performance 109\u003c\/p\u003e \u003cp\u003eMembership and self-reporting biases 109\u003c\/p\u003e \u003cp\u003ePerformance by segments 112\u003c\/p\u003e \u003cp\u003ePerformance by fund size 113\u003c\/p\u003e \u003cp\u003eThe persistence effect 114\u003c\/p\u003e \u003cp\u003eThe timing effect 116\u003c\/p\u003e \u003cp\u003eComparison against benchmarks 117\u003c\/p\u003e \u003cp\u003eCorrelation to other asset classes 121\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The main characters in private equity 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSize matters: fund sizes, deal sizes and other dimension issues! 127\u003c\/p\u003e \u003cp\u003eGlobal alternative asset managers 132\u003c\/p\u003e \u003cp\u003eExample: The Carlyle Group 133\u003c\/p\u003e \u003cp\u003eExample: Bain Capital 138\u003c\/p\u003e \u003cp\u003eRegional, domestic and multi-country funds 142\u003c\/p\u003e \u003cp\u003eExample: EQT Partners 143\u003c\/p\u003e \u003cp\u003eMid-market funds 146\u003c\/p\u003e \u003cp\u003eExample: H.I.G. Capital 148\u003c\/p\u003e \u003cp\u003eVenture capital funds 152\u003c\/p\u003e \u003cp\u003eExample: TVM Capital 154\u003c\/p\u003e \u003cp\u003eDistressed private equity 157\u003c\/p\u003e \u003cp\u003eExample: Cerberus Capital Management LP 159\u003c\/p\u003e \u003cp\u003eSecondary funds 162\u003c\/p\u003e \u003cp\u003eExample: Coller Capital 163\u003c\/p\u003e \u003cp\u003eFunds-of-funds 165\u003c\/p\u003e \u003cp\u003eExample: Pantheon 166\u003c\/p\u003e \u003cp\u003eExample: AlpInvest Partners 169\u003c\/p\u003e \u003cp\u003eInstitutional limited partners 171\u003c\/p\u003e \u003cp\u003eExample: CalPERS (California Public Employees Retirement System) 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 The supporting cast 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLondon as European centre of gravity 176\u003c\/p\u003e \u003cp\u003eThe private equity ecosystem: follow the fees 177\u003c\/p\u003e \u003cp\u003eInvestment banks 178\u003c\/p\u003e \u003cp\u003eM\u0026amp;A advisory fees 179\u003c\/p\u003e \u003cp\u003eArrangement fees 180\u003c\/p\u003e \u003cp\u003eSecuritization fees, or the price of turning frogs into princes 180\u003c\/p\u003e \u003cp\u003eFund management fees, or how to compete with your best clients 182\u003c\/p\u003e \u003cp\u003eLending banks 183\u003c\/p\u003e \u003cp\u003eAccountancy firms 184\u003c\/p\u003e \u003cp\u003eLaw firms 185\u003c\/p\u003e \u003cp\u003eDue diligence specialist providers 186\u003c\/p\u003e \u003cp\u003eStrategy consultants 187\u003c\/p\u003e \u003cp\u003ePlacement agents 189\u003c\/p\u003e \u003cp\u003eFund administrators 190\u003c\/p\u003e \u003cp\u003eRecruitment consultants 191\u003c\/p\u003e \u003cp\u003ePublic relations agencies 192\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Investing in a fund 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe private equity game 197\u003c\/p\u003e \u003cp\u003eThe decision to invest 198\u003c\/p\u003e \u003cp\u003eChoice of investment vehicle 203\u003c\/p\u003e \u003cp\u003eDirect fund investments 204\u003c\/p\u003e \u003cp\u003eIndirect fund investments 204\u003c\/p\u003e \u003cp\u003eDiversification in a rich marketplace 209\u003c\/p\u003e \u003cp\u003eStages of investment 210\u003c\/p\u003e \u003cp\u003eGeographic focus 210\u003c\/p\u003e \u003cp\u003eSector and size of investments 210\u003c\/p\u003e \u003cp\u003eStrategic approach 210\u003c\/p\u003e \u003cp\u003eTypes of private equity firms 211\u003c\/p\u003e \u003cp\u003eTiming 211\u003c\/p\u003e \u003cp\u003eThe pitch 212\u003c\/p\u003e \u003cp\u003eManager selection 214\u003c\/p\u003e \u003cp\u003eDue diligence 216\u003c\/p\u003e \u003cp\u003eTerms, conditions and fee structures 221\u003c\/p\u003e \u003cp\u003eSubscription to a fund 228\u003c\/p\u003e \u003cp\u003eCapital calls 228\u003c\/p\u003e \u003cp\u003eMonitoring 229\u003c\/p\u003e \u003cp\u003eDistributions 230\u003c\/p\u003e \u003cp\u003eReporting 232\u003c\/p\u003e \u003cp\u003eFund liquidation 233\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 The future of private equity 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReports of private equity’s death were highly premature 237\u003c\/p\u003e \u003cp\u003ePrivate equity in a changing world 239\u003c\/p\u003e \u003cp\u003eConclusion 244\u003c\/p\u003e \u003cp\u003eIndex 247\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52173728088344,"sku":"9781118939734","price":50.38,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781118939734_281324.jpg?v=1781168502","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/private-equity-4-0-reinventing-value-creation-hardback-9781118939734","provider":"Freshly Printed Books","version":"1.0","type":"link"}