Private Equity Demystified An Explanatory Guide 4th edition by John Gilligan, Mike Wright – Ebook PDF Instant Download/Delivery: 0198866968 , 978-0198866961
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ISBN 10: 0198866968
ISBN 13: 978-0198866961
Author: John Gilligan, Mike Wright
This book deals with risk capital provided for established firms outside the stock market, private equity, which has grown rapidly over the last three decades, yet is largely poorly understood. Although it has often been criticized in the public mind as being short termist and having adverse consequences for employment, in reality this is far from the case. Here, John Gilligan and Mike Wright dispel some of the biggest myths and misconceptions about private equity. The book provides a unique and authoritative source from a leading practitioner and academic for practitioners, policymakers, and researchers that explains in detail what private equity involves and reviews systematic evidence of what the impact of private equity has been. Written in a highly accessible style, the book takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The various themes from the systematic academic evidence are highlighted in numerous summary vignettes placed alongside the text that discuss the practical aspects. The main part of the work concludes with an up-to-date discussion by the authors, informed commentators on the key issues in the lively debate about private equity. The book further contains summary tables of the academic research carried out over the past three decades across the private equity landscape including: the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deals.
Private Equity Demystified An Explanatory Guide 4th Table of contents:
1. The Private Equity Market
What is Private Equity?
What Is the Difference between Venture Capital, Growth Capital, and Private Equity?
What Do Private Equity Fund Managers Do?
What Is a Private Equity Fund?
What Are the Objectives of Private Equity Investment?
Are There Any Theoretical Ideas behind the Private Equity Investment Model?
What Risks Do Investors in Private Equity Funds Take?
What Is Leverage and What Role Does It Play in Private Equity?
What Market Risks Does Private Equity Create?
How Do Private Equity Funds Control Their Investments?
A Summary of the Core Ideas: The 4 As—Amplification, Alignment, Active Management, and Attention to Detail
A Brief History of Private Equity
How Big Is the Private Equity Market?
2. The Private Equity Fund
What Is a Private Equity Fund?
The Economics of Private Equity
Comparing Private Equity Funds
Fund Advisers and Other Service Providers to Private Equity
A Deeper Dive into a Limited Partners Agreement
Taxation
The Secondary Fund Market
3. Measuring Private Equity Performance
Gross versus Net Data
Committed versus Paid-In Capital
What are DPI and TVPI as Measures of Return?
Cash Flow versus Valuation
How Do Private Equity Funds Value Unrealized Investments?
Understanding Private Equity Portfolio Valuation Movements
Valuation of Limited Partner Holdings: The J Curve Revisited
Measures
A Closer Look at Internal Rates of Return
Money Multiples: TVPI and DPI
What Is the Range of Returns for Investors?
Combining Money Multiples and IRR: ‘IRR/DPI Space’
More Recent Leveraged Funds and Returns: Comparing Apples and Pears
Co-Investment and Direct Investments by LPs
Fees, Again
Summary
4. Doing A Deal: The Process of a Private Equity Transaction
Who’s Who in a Private Equity Transaction
Company Auctions
A Deeper Dive into a Private Equity Investment Agreement
Governance and Control: How Will Newco Be Owned and Run?
What Controls do the Private Equity Investors have?
Closing Remarks
5. Financial Markets, Financial Instruments, and Financial Engineering
Senior Debt and Mezzanine
Banks and Other Lenders
The Global Financial Crisis in a Nutshell
Debt and Debt Capacity
Deep Discounted Securities (DDS)
A Deeper Dive into a Leveraged Finance Contract
The Risks of Leverage: Financial Covenants and Events of Default
Debt: Equity Ratio and the Equity Cushion
Did the Largest Leveraged Buyouts Fail during the Recession?
What are Propco/Opco Structures? A Special Case
The Risks of Propco/Opco Structures
What Protection Exists for Publicly Quoted Companies?
Institutional and Management Equity
Refinancing and Exits
Distress and Restructuring
6. A Detailed Worked Example of a Leveraged Buyout
Operating Profit Projections
A Note on Valuations
Cash Flow Projections
A Profit Bridge
Funding Requirement
What Are the Transaction Fees and Expenses?
A Funding Structure
Exits and Returns
Closing Remarks
7. The Private Equity Critics and the Research
At the Level of Individual Investments
At the Fund Level
What Are the Areas for Further Research?
Addendum
Introduction
The Level of the Individual Investment
Moral Hazard and Rescue Funding
The Lenders
PE Funds
Valuation
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Tags: John Gilligan, Mike Wright, Private Equity, Explanatory Guide