International Private Equity 1st edition by Eli Talmor, Florin Vasvari – Ebook PDF Instant Download/Delivery: 0470971703, 978-0470971703
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ISBN 10: 0470971703
ISBN 13: 978-0470971703
Author: Eli Talmor, Florin Vasvari
Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School’s Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.
International Private Equity 1st Table of contents:
Part 1: Overview and fund-level analysis
Chapter 1: Introduction and Overview
1.1 Introduction
1.2 Cyclicality of the Private Equity Industry
1.3 Statistics on the Private Equity Industry
1.4 Recent Regulatory Activity
1.5 The Outlook of the Private Equity Industry
1.6 REFERENCES
Chapter 2: Private Equity Fund Economics
2.1 OVERVIEW
2.2 Private Equity Firms or General Partners
2.3 Investors in Private Equity Funds or Limited Partners
2.4 Private Equity Funds or Limited Partnerships
2.5 Advisors and Agents
2.6 References
Chapter 3: Performance Measurement in Private Equity
3.1 OVERVIEW
3.2 Measures of Private Equity Fund Performance
3.3 Benchmarking Private Equity Performance
3.4 Academic Findings on the Performance of Private Equity Funds
3.5 Why the Performance Assessment of Private Equity Remains Difficult
3.6 Conclusions
3.7 References
Chapter 4: Private Equity Investing in Emerging Markets
4.1 Introduction
4.2 Investment Landscape
4.3 Drivers for Pe Investments in Emerging Economies
4.4 Risks of Investing in Emerging Economies
4.5 Market Structure and Investment Characteristics
4.6 Comparative Landscape of Emerging Markets
4.7 Summary
4.8 References
Chapter 5: Fund Due Diligence
5.1 What is Fund Due Diligence?
5.2 Lp Investment Process
5.3 Fund Due Diligence in Detail
5.4 Summary
Chapter 6: Private Equity Fund Accounting
6.1 What is Happening in Private Equity Accounting?
6.2 Current Major Issues and Complexities
6.3 Interpreting Fund Accounts
Chapter 7: Gatekeepers
7.1 Introduction
7.2 Main Types of Professional Advisors
7.3 In-House or Outsourcing?
7.4 Outsourcing to a Fund of Funds
7.5 Fund-of-Funds Economics
7.6 Selecting A Fund of Funds
7.7 Outlook
7.8 Bibliography
Chapter 8: Listed Private Equity
8.1 Introduction
8.2 Benefits and Disadvantages of Listed Private Equity
8.3 Economic and Organizational Forms
8.4 Legal Forms
8.5 Estimated Risk Profile of Listed Private Equity
8.6 Lpe Indexes
8.7 References
Chapter 9: Secondary Fund Transactions
9.1 Introduction
9.2 Secondary Market Development
9.3 Parties Involved in Secondary Transactions
9.4 Secondary Transactions
9.5 The Pricing of Secondary Transactions
9.6 Conclusion
9.7 References
Part 2: Deal-level analysis
Chapter 10: Valuation of Private Equity Companies
10.1 Introduction
10.2 Valuation Guidelines
10.3 Implementation of the Main Valuation Methods: Multiples and DCF
10.4 Pitfalls to be Wary of When Valuing Private Companies
10.A Pueblo Clothing SPA
10.A.1 Analysis: What Are the Big Judgments Made in the Valuation?
10.B Chariot Skates PLC
10.B.1 Analysis: What are the Big Judgments Made in the Valuation?
10.C References
Chapter 11: Deal Analysis and Due Diligence
11.1 Introduction
11.2 The Sale Process
11.3 Circumstances Influence the Due Diligence Process
11.4 Deal Analysis and Due Diligence During the Sale Process
11.5 Motives/Perspectives of Stakeholders
Chapter 12: Leveraged Buyout Transactions
12.1 Introduction
12.2 LBO Execution: The Deal Process
12.3 LBO Stakeholders
12.4 Value Creation in an LBO
12.5 References
Chapter 13: Leveraged Buyout Modeling: An Excel Application
13.1 Overview
13.2 Build A Pre–transaction Structure Model
13.3 Determine Transaction Structure: Uses of Funds
13.4 Determine Transaction Structure: Sources of Funds
13.5 Build A Post–transaction Structure Model
13.6 Determine Exit and Compute Returns
13.7 Optimization and Analysis of the LBO Model
13.8 Analysis of the Toys R us LBO
13.9 Reference
Chapter 14: Post-Deal Operational Improvements
14.1 What Operational Improvements are Made Post Deal?
14.2 Identifying the Opportunity
14.3 Ebitda Growth
14.4 Maximizing Assets—human Capital
14.5 When Things Go Wrong
14.6 Conclusion
14.7 References
Chapter 15: Harvesting Private Equity Investments
15.1 Introduction
15.2 Steps to Exiting A Private Equity Investment
15.3 Exit Strategies
15.4 Summary
15.5 References
Part 3: Early-stage investing
Chapter 16: Angel Investing
16.1 What is Angel Investing?
16.2 What Motivates Business Angels?
16.3 Angel Investment Process
16.4 Recent Developments and Trends
16.5 Summary
16.6 References
Chapter 17: Venture Capital
17.1 Introduction
17.2 What is Venture Capital
17.3 The VC Investment Process
17.4 The VC Contract
17.5 Alternative Sources of VC Financing
17.6 Conclusion
17.7 References
Part 4: Case studies
Chapter 18: Realza Capital
December 2006
December 2008
Chapter 19: Private equity fund economics
Swicorp—a Short History
The Mena Region
The Mena Private Equity Landscape
The Role of Sovereign Wealth Funds (SWFS)
Swicorp’s Intaj Investment Strategy
Deal Selection Process
Step Carpet Group
Jordan Aviation LLC
Chapter 20: Mekong Capital: The importance of corporate culture in emerging market private equity
Founding Mekong Capital
Vietnam and the Private Equity Industry
MEF I and the Initial Investment Philosophy
MEF I Case Study: Aa Corporation
MEF II and A New Investment Philosophy
MEF II Case Study: International Consumer Products
Vietnam Azalea Fund
2007—Searching for Answers from Within
The Corporate Transformation Process
Will it Work?
Chapter 21: Bloomsbury Capital: June 2007
Bloomsbury Capital
Chapter 22: Edcon: Going shopping in South Africa
EDCON: A Leading South African Retailer
Bain Capital: Background
Opportunity Knocks
South Africa
Currency Risk
The Deal
The Bid
Chapter 23: FiberNet Communications
Hungarian History and Economy
Hungarian Television Broadcasting Market
Cable TV Industry
Fibernet’s Key Competitors
Upc Hungary
MatákáBeltv
The Fibernet Opportunity
Chapter 24: Seat SpA
Chronology of Seat Transaction
Bain Capital: Background
The Global and European Directory Market
The Italian Directory Market
Seat Business Description
Market Entry of Pagine Utili
The Internet: Threat or Opportunity?
Due Diligence
Italian Economic and Political Landscape
Privatization Process in Italy
THE DEAL
Chapter 25: Ducati and Investindustrial:Racing out of the pits and over the finish line
Investindustrial Acquisition of Ducati
Improving the Company (2006–2008)
The World Motorcycle Industry in 2008
Raising A New Fund
A “Wild Ride” for Ducati’s Stock
June 2010
Chapter 26: Styles & Wood: Behind the scenes of retail
Styles & Wood: The History
Gerard Quiligotti and the Turnaround Years
The MBO: The Fall of Wembley Stadium Group
Styles & Wood Since 1996: Managing the Growth Strategy
Project OAK in 2001: Management Incentives and Reapingrewards
Project OVAL in 2004: From 3I To Aberdeen—Secondary Buyout Decision
Market and Competition
Investing Decision
Chapter 27: SunRay Renewable Energy:Private equity in the sunshine
Sunray’s Choice of Solar Technology
The Value Chain of A Solar PV Developer
The European Renewable Market in 2006–2008
Sunray’s Business Model
Building the Management Team
Learning the Solar PV Game the Hard Way
Scaling Up the Business Across Southern Europe
Under the Umbrella of Private Equity
Montalto Di Castro: Building the Largest Solar Power Park in Europe
The Decision to Exit
Sunray’s Spirit Still Alive
Chapter 28: Debenhams
Private Equity Goes Shopping
Post Deal and Going Public Again
Chapter 29: Optos: A sight worth seeing
Douglas Anderson and the Vision
Scottish Business Landscape and Funding for Early-Stage Startups
Product Development
Diseases of the Back of the Eye and Optos’ Target Market
Manufacturing
Competition
Business Model: The “Razor/Razor Blade” Concept
Profit and Loss Implications
Cash Flow Implications
Financing 1995–2001
Geographic Expansion
Financing in 2002
Chapter 30: Capital for Enterprise U.K.: Bridging the SME early-stage finance gap
An “Equity Gap”?
Previous Attempts by the U.K. Government to Tackle the “Equity Gap”
Limits of Previous Programs
Launching Enterprise Capital Funds
Key questions and Options for the ECF Program Design
The First Years of Operation of the ECF Program
A Few Years on: A First Assessment
Where Next?
Glossary
Index
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Tags: Eli Talmor, Florin Vasvari, International Private Equity