简介
Guy Fraser-Sampson draws upon twenty yearsa? private equity experience to provide a practical guide to mastering the intricacies of this highly specialist asset class. Aimed equally at investors, professionals and business school students, it starts with such fundamental questions as "what is private equity?" and progresses to detailed analysis of venture and buyout returns. It also unveils a totally new concept which looks set to revolutionise thinking in the industry: Total Return investing.Often unfairly reviled, and frequently misunderstood, private equity differs from all other asset classes in various important respects, not least in the nature and timing of its returns, which require a whole new approach for those reared on more traditional investments such as bonds and shares. This book shows how a good grasp of the basic structure of private equity vehicles and returns (including the dreaded J-curve) can lead to full understanding of the techniques needed to measure and analyse performance.Key points include: A glossary of private equity terms Venture funds and transactions Buyout funds and transactions Understanding private equity returns Analysis of historic returns How to plan a fund investment programme How to conduct effective due diligence Total Return investing
目录
Introduction p. xiii
Acknowledgements p. xxiii
What is Private Equity? p. 1
Fund investing versus direct investing p. 2
Terminology p. 4
Primary versus secondary fund investing p. 6
A broad delineation: buyout and venture p. 7
Capital: allocated, committed, drawn down and invested p. 9
How do private equity funds work? p. 11
Structure p. 11
Cashflow p. 13
Investment p. 15
Fundraising p. 16
Summary p. 20
Private Equity Returns - The Basics p. 23
Understanding the J-curve and compound returns p. 23
Upper quartile figures p. 29
Median returns p. 30
Average returns p. 31
Pooled returns p. 34
Multiples p. 34
Distributed over Paid In (DPI) p. 37
Paid In to Committed Capital (PICC) p. 38
Residual Value to Paid In (RVPI) p. 38
Total Value to Paid In (TVPI) p. 38
Valuation p. 39
Fees p. 40
Time-weighted returns p. 41
Summary p. 42
Buyout p. 45
Types of buyout transactions p. 45
MBO p. 45
MBI p. 46
BIMBO p. 46
LBO p. 47
Take private p. 47
Roll-up p. 48
Other "buyout" activity p. 48
Established businesses p. 50
Debt p. 52
Earnings p. 54
Size p. 55
Control p. 58
Barriers to entry p. 61
Summary p. 64
How to Analyse Buyouts p. 67
Earnings p. 68
EBIT p. 70
EBITDA p. 71
Earnings growth p. 72
Multiple p. 74
Multiple increase in an imperfect market p. 74
Multiple increase in a perfect market p. 77
Leverage p. 78
Recapitalisation p. 79
Timing p. 80
Modelling and analysing buyout funds p. 82
Summary p. 87
Buyout Returns p. 89
US versus European buyout p. 89
Buyout skill bases p. 91
Imperfect markets p. 92
Earnings multiples p. 94
Earnings growth p. 97
Leverage p. 100
Fund size p. 101
What can we expect from buyout returns in future? p. 107
Recent fundraising levels p. 109
Some conclusions and predictions p. 111
Summary p. 113
Venture Capital p. 115
What is venture capital? p. 115
Backing new applications, not new technology p. 116
Classification by sector p. 118
IT p. 118
Telecoms p. 121
Life Science p. 124
Classification by stage p. 128
Seed p. 129
The US model p. 131
Seed stage focus p. 131
Home run mentality p. 133
"Value add" p. 133
The US model comes to Europe p. 134
Why European venture capital firms have avoided the seed stage p. 134
Classification by stage, continued p. 135
Early stage investing p. 135
Mid- and late stage investing p. 135
Summary p. 135
How to Analyse Venture p. 137
The fundamentals p. 137
Money multiples p. 137
Valuation p. 140
Cost and value p. 147
IRRs and multiples p. 149
Going In Equity (GI%) p. 150
Percentage of the holding within the fund p. 151
The impact of home runs p. 151
Summary p. 155
Venture Returns p. 157
US out-performance versus Europe p. 157
Money multiples drive IRRs p. 159
Home runs and the golden circle p. 160
Market conditions p. 163
European venture - is it as bad as it seems? p. 165
Returns and fund size p. 170
Venture returns by stage p. 175
What of the future? p. 177
Summary p. 180
Due Diligence p. 183
Buyout funds p. 186
Venture funds p. 188
Co-investors p. 191
Cross-fund investing p. 192
Buyout companies p. 192
Venture companies p. 194
Fund of Funds p. 196
Monitoring private equity funds p. 198
Summary p. 201
Planning your Investment Programme p. 203
Cashflow planning p. 203
Allocated, committed and invested capital p. 205
Diversification by time p. 206
Proper commitment levels p. 208
Diversification by sector and geography p. 209
Total Return p. 213
How to deal with uninvested capital p. 214
Secondaries p. 216
Mezzanine p. 219
Private equity proxies p. 219
Towards a new world of private equity programmes p. 220
Summary p. 222
Glossary p. 225
Index p. 253
Acknowledgements p. xxiii
What is Private Equity? p. 1
Fund investing versus direct investing p. 2
Terminology p. 4
Primary versus secondary fund investing p. 6
A broad delineation: buyout and venture p. 7
Capital: allocated, committed, drawn down and invested p. 9
How do private equity funds work? p. 11
Structure p. 11
Cashflow p. 13
Investment p. 15
Fundraising p. 16
Summary p. 20
Private Equity Returns - The Basics p. 23
Understanding the J-curve and compound returns p. 23
Upper quartile figures p. 29
Median returns p. 30
Average returns p. 31
Pooled returns p. 34
Multiples p. 34
Distributed over Paid In (DPI) p. 37
Paid In to Committed Capital (PICC) p. 38
Residual Value to Paid In (RVPI) p. 38
Total Value to Paid In (TVPI) p. 38
Valuation p. 39
Fees p. 40
Time-weighted returns p. 41
Summary p. 42
Buyout p. 45
Types of buyout transactions p. 45
MBO p. 45
MBI p. 46
BIMBO p. 46
LBO p. 47
Take private p. 47
Roll-up p. 48
Other "buyout" activity p. 48
Established businesses p. 50
Debt p. 52
Earnings p. 54
Size p. 55
Control p. 58
Barriers to entry p. 61
Summary p. 64
How to Analyse Buyouts p. 67
Earnings p. 68
EBIT p. 70
EBITDA p. 71
Earnings growth p. 72
Multiple p. 74
Multiple increase in an imperfect market p. 74
Multiple increase in a perfect market p. 77
Leverage p. 78
Recapitalisation p. 79
Timing p. 80
Modelling and analysing buyout funds p. 82
Summary p. 87
Buyout Returns p. 89
US versus European buyout p. 89
Buyout skill bases p. 91
Imperfect markets p. 92
Earnings multiples p. 94
Earnings growth p. 97
Leverage p. 100
Fund size p. 101
What can we expect from buyout returns in future? p. 107
Recent fundraising levels p. 109
Some conclusions and predictions p. 111
Summary p. 113
Venture Capital p. 115
What is venture capital? p. 115
Backing new applications, not new technology p. 116
Classification by sector p. 118
IT p. 118
Telecoms p. 121
Life Science p. 124
Classification by stage p. 128
Seed p. 129
The US model p. 131
Seed stage focus p. 131
Home run mentality p. 133
"Value add" p. 133
The US model comes to Europe p. 134
Why European venture capital firms have avoided the seed stage p. 134
Classification by stage, continued p. 135
Early stage investing p. 135
Mid- and late stage investing p. 135
Summary p. 135
How to Analyse Venture p. 137
The fundamentals p. 137
Money multiples p. 137
Valuation p. 140
Cost and value p. 147
IRRs and multiples p. 149
Going In Equity (GI%) p. 150
Percentage of the holding within the fund p. 151
The impact of home runs p. 151
Summary p. 155
Venture Returns p. 157
US out-performance versus Europe p. 157
Money multiples drive IRRs p. 159
Home runs and the golden circle p. 160
Market conditions p. 163
European venture - is it as bad as it seems? p. 165
Returns and fund size p. 170
Venture returns by stage p. 175
What of the future? p. 177
Summary p. 180
Due Diligence p. 183
Buyout funds p. 186
Venture funds p. 188
Co-investors p. 191
Cross-fund investing p. 192
Buyout companies p. 192
Venture companies p. 194
Fund of Funds p. 196
Monitoring private equity funds p. 198
Summary p. 201
Planning your Investment Programme p. 203
Cashflow planning p. 203
Allocated, committed and invested capital p. 205
Diversification by time p. 206
Proper commitment levels p. 208
Diversification by sector and geography p. 209
Total Return p. 213
How to deal with uninvested capital p. 214
Secondaries p. 216
Mezzanine p. 219
Private equity proxies p. 219
Towards a new world of private equity programmes p. 220
Summary p. 222
Glossary p. 225
Index p. 253
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