PRIVATE EQUITY AS AN ASSET CLASS GUY FRASER SAMPSON PDF

His introduction to private equity is stimulating reading for experts and non-experts. 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. Rapid and significant changes in the environment during the recent financial crisis have prompted the need for a new edition. Separate chapters have been added on growth and development capital, as well as secondary investing.

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His introduction to private equity is stimulating reading for experts and non-experts. 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.

Rapid and significant changes in the environment during the recent financial crisis have prompted the need for a new edition. Separate chapters have been added on growth and development capital, as well as secondary investing. Newly emergent issues are considered, such as lengthening holding periods and the possible threat of declining returns.

Particular problems, such as the need to distinguish between private equity and hedge funds, are addressed. The glossary has also been expanded. In short, readers will find that this new edition takes their understanding of the asset class to new heights. Coverage include: A glossary of private equity terms Venture capital Buyout Growth capital Development capital Secondary investing Understanding private equity returns Analysing funds and returns How to plan a fund investment programme Detailed discussion of industry performance figures show more Table of contents About the Author.

What is Private Equity? Fund investing versus direct investing. Different types of Private Equity investment. How do Private Equity Funds Work? Cash flow. Hedge funds. Private Equity Real Estate. A Note on International Issues. Private Equity Returns The Basics. Understanding the J-curve and Compound Returns. Upper Quartile Figures. Median Returns.

Average Returns. Pooled Returns. Time-weighted Returns. 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. Types of Buyout Transaction. Take Private P2P. Secondary Buyouts. How do Buyouts Work? Characteristics of Buyout. Established businesses.

Barriers to entry. Earnings Growth. Multiple increase sometimes called multiple arbitrage. Modelling and Analysing Buyout Funds. Enterprise value. US versus European Buyout. Buyout skill bases. Imperfect markets.

Earnings multiples. Earnings growth. Contribution of different drivers. Fund size. What is Venture Capital? Classifi cation by Sector. Life Science. Classifi cation by Stage.

Seed stage. Early stage. Mid and late stages. 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. The Fundamentals 3 Cost and Value. IRRs and multiples. Percentage of the holding within the fund. The Impact of Home Runs. 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? Growth and Development Capital. Development Capital. Target companies. Money in deals. Money out deals. Growth Capital. Growth capital and late-stage Venture. Common Issues. Minority protection. Exit protection. The Future. Secondary Private Equity Fund Investing. Why do People Buy Secondaries?

Time and the J-curve. Diversifi cation by time. Diversifi cation by geography and sector. Treasury and Portfolio Secondaries. Why do People Sell Secondaries? Overconcentration by time, sector or geography. Unexpected need for cash. Dissatisfaction with the GP. Restrictions on Transfer. Stapled primaries. Secondary Methodology.

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