LEADER 05480nam 2200721 a 450 001 9910824781803321 005 20230725052620.0 010 $a0-470-97053-7 010 $a1-118-37198-4 010 $a1-283-37169-3 010 $a9786613371690 010 $a0-470-66506-8 035 $a(CKB)3400000000021219 035 $a(EBL)699328 035 $a(OCoLC)768731766 035 $a(SSID)ssj0000566780 035 $a(PQKBManifestationID)12204376 035 $a(PQKBTitleCode)TC0000566780 035 $a(PQKBWorkID)10549871 035 $a(PQKB)10930354 035 $a(MiAaPQ)EBC699328 035 $a(Au-PeEL)EBL699328 035 $a(CaPaEBR)ebr10518752 035 $a(CaONFJC)MIL337169 035 $a(OCoLC)773481604 035 $a(EXLCZ)993400000000021219 100 $a20100301d2010 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPrivate equity as an asset class$b[electronic resource] /$fGuy Fraser-Sampson 205 $a2nd ed. 210 $aHoboken, N.J. $cJohn Wiley & Sons$d2010 215 $a1 online resource (282 p.) 225 1 $aWiley finance 300 $aDescription based upon print version of record. 311 $a0-470-66138-0 320 $aIncludes bibliographical references and index. 327 $aPrivate Equity as an Asset Class; Contents; About the Author; Acknowledgements; Introduction; 1 What is Private Equity?; What is Private Equity?; Fund investing versus direct investing; Co-investment; Terminology; Different types of Private Equity investment; Summary; 2. What are Private Equity Funds, and How do They Work?; Capital: Allocated, Committed, Drawn Down and Invested; How do Private Equity Funds Work?; Structure; Cash flow; Investment; Fundraising; Private Equity Funds Distinguished from Other Fund Types; Hedge funds; Infrastructure; Private (Equity) Real Estate 327 $aA Note on International Issues Summary; 3. Private Equity Returns - The Basics; Understanding the J-curve and Compound Returns; Upper Quartile Figures; Median Returns; Average Returns; Pooled Returns; Using Vintage Year Returns for Benchmarking Purposes; Time-weighted Returns; Summary; 4 Private Equity Returns - Multiples and Muddles; Multiples; Distributed over paid in (DPI); Paid in to committed capital (PICC); Residual value to paid in (RVPI); Total value to paid in (TVPI); Use of multiples in industry research; Muddles, Muggles and Markowitz; Returns; Risk; Liquidity; Summary; 5 Buyout 327 $aTypes of Buyout Transaction MBO; MBI; BIMBO; LBO; Take Private (P2P); Roll-up; Secondary Buyouts; Other 'Buyout' Activity; PIPEs; How do Buyouts Work?; Characteristics of Buyout; Established businesses; Debt; Earnings; Size; Control; Barriers to entry; Summary; 6 How to Analyse Buyouts; Earnings; EBIT; EBITDA; Earnings Growth; Multiple; Multiple increase (sometimes called multiple arbitrage); Leverage; Recapitalisation; Timing; Modelling and Analysing Buyout Funds; Enterprise value; Summary; 7 Buyout Returns; US versus European Buyout; Buyout skill bases; Imperfect markets; Earnings multiples 327 $aEarnings growth Leverage; Contribution of different drivers; Fund size; Summary; 8 Venture Capital; What is Venture Capital?; Backing New Applications, Not New Technology; Classification by Sector; IT; Telecoms; Life Science; Classification by Stage; Seed stage; Early stage; Mid and late stages; Summary; 9 How to Analyse Venture; The Fundamentals (1) - Money Multiples; The Fundamentals (2) - Valuation; Valuation as an element of stated returns; Differences in valuation approach between Europe and the US; Variability of Venture valuations; Pre-money and post-money valuations; Share classes 327 $aThe Fundamentals (3) - Cost and Value IRRs and multiples; Going in equity (GI%); Percentage of the holding within the fund; The Impact of Home Runs; Summary; 10 Venture Returns; US Outperformance versus Europe; Money multiples drive IRRs; Home runs and the golden circle; Market conditions; European Venture - Is it as Bad as it Seems?; Returns and Fund Size; Venture returns by stage; What of the Future?; Summary; 11. Growth and Development Capital; The PLC and the BCG Growth Matrix; Development Capital; Target companies; Money in deals; Money out deals; Objectives; Growth Capital 327 $aTarget companies 330 $aUnfairly reviled, and much misunderstood, private equity differs from all other asset classes in various important respects, not least the way in which its fund mechanisms operate, and the way in which its returns are recorded and analysed. Sadly, high level asset allocation decisions are frequently made on the basis of prejudice and misinformation, rather than a proper appreciation of the facts. Guy Fraser-Sampson draws upon more than twenty years of experience of the private equity industry to provide a practical guide to mastering the intricacies of this highly specialist asset class. 410 0$aWiley finance series. 606 $aPrivate equity 606 $aVenture capital 606 $aInvestments 615 0$aPrivate equity. 615 0$aVenture capital. 615 0$aInvestments. 676 $a332.6 700 $aFraser-Sampson$b Guy$0883617 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910824781803321 996 $aPrivate equity as an asset class$94051187 997 $aUNINA