Private equity and venture capital: a practical guide for investors and practitioners
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
London
Euromoney Books
2000
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVII, 297 S. graph. Darst., Kt. |
| ISBN: | 1855646919 |
Staff View
MARC
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| 245 | 1 | 0 | |a Private equity and venture capital |b a practical guide for investors and practitioners |c ed. by Rick Lake ... |
| 264 | 1 | |a London |b Euromoney Books |c 2000 | |
| 300 | |a XVII, 297 S. |b graph. Darst., Kt. | ||
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Record in the Search Index
| _version_ | 1804128390931808256 |
|---|---|
| adam_text | Contents
Author biographies xv
Overview and introduction 1
Ronald A. Lake and Rick Lake
Lake Partners, Inc.
Part I: Developed markets overview 3
Chapter 1: Hidden treasure: A look into private equity s history,
future, and lure 5
Katherine A. Cattanach
Managing principal, Sovereign Financial Services;
Mary Frances Kelley
Managing principal, Sovereign Financial Services;
Gail Marmorstein Sweeney
Managing principal, Sovereign Financial Services
What constitutes a private equity investment? 5
A historical perspective 6
The mechanics of private equity partnerships 10
Return on private equity investments 10
Summary 12
Chapter 2: Overview of UK venture capital 13
James Nelson
Chairman of the British Venture Capital Association and
Director ofF C Ventures Ltd
Investing in dynamic high growth businesses 13
The scope and growth of UK venture capital 14
Why should business people consider raising venture capital and
what do investors look for in a company and its management team? 16
Outlook 18
Appendix 1: Funds invested by BVCA members, 1984 98 22
Appendix 2: Performance measurement survey summary results 23
Appendix 3: Average growth rates for venture backed and
quoted companies, 1993 98 (% per annum) 26
vii
CONTENTS
Chapter 3: European private equity: reaching adulthood 27
Serge Raicher
Secretary General, European Private Equity and
Venture Capital Association (EVCA)
Semantics 27
The economic impact of private equity 28
Trends 28
Performance 29
Possible policy evolution 31
Beyond western Europe 32
Part II: Emerging market perspectives 35
Chapter 4: Dragon equity: thoughts on the role and future
of private equity in China 37
Daniel Burstein
Managing Partner, Millennium Technology Ventures, L.P.
Turning loss to profit through LBOs 38
A long hill to climb 39
Prospects 40
Chapter 5: Private equity in Russia 43
Shiv Vikram Khemka
SUN Group
The private equity context 43
The investment process 48
Managing the investment 51
Growth and restructuring 55
Exiting the investment 56
Conclusion 57
Case study: SUN Brewing 58
Chapter 6: Asian private equity the Quantum Paradigm 61
John Paul Ho
Crimson Capital Management
The Traditional Paradigm 61
The Control Paradigm 63
The Quantum Paradigm • 63
Transferring new technologies, products/services and business
models to Asian markets 64
Applying Asia s strengths to develop competitive companies in
the global value chain 67
Japan joins the Quantum Paradigm 75
What does it take to win? 77
Conclusion 80
viii
CONTENTS
Part III: Buyouts, mezzanine and specialised forms of finance 83
Chapter 7: Management shrugged: the case for leveraged buyouts 85
Donald J. Gogel
Chief Executive Officer, Clayton, Dubilier Rice, Inc.
The Hawthorne effect 86
The vision thing 87
A dream team of management all stars 88
Stock ownership and cash incentives 88
A sense of urgency 89
Global change 90
Chapter 8: Leveraged management buyouts at KKR:
Historical perspectives on patient equity, debt discipline,
and LBO governance 93
George P. Baker
Harvard Business School
George David Smith
Stern School of Business
Financing leveraged acquisitions 95
Governance and the LBO association 96
No cookie cutter strategies 98
Distressed deals and reputation 100
Legacies 102
Chapter 9: The evolution of US corporate governance:
we are all Henry Kravis now 10?
Steven N. Kaplan
Leon Carroll Marshall professor of finance,
Graduate School of Business, University of Chicago
The takeover and restructuring wave of the 1980s 109
Corporate governance in the 1990s
How well does the US system work? *14
Chapter 10: Chameleon of the 1990s: considering mezzanine finance
and its place in the spectrum of private equity investments 117
Ron Kahn and Susan Wilson
Duff Phelps, LLC
Is it debt, or is it equity?
Insurance companies as mezzanine providers 117
118
Others enter the market
118
The mezzanine credit crunch
Development of mezzanine limited partnerships 119
Interest rates and mezzanine availability
ix
CONTENTS
The bifurcated mezzanine market 120
Capital flows to mezzanine 121
The mezzanine market today 123
Where the trends may lead 123
Chapter 11: Private financing of public companies 125
Gianluca Cicogna and Claudio Guazzoni
Zanett Lombardier Fund
The issuer s side of the private placement market 125
The investor side of the private placement market 126
A brief overview of private placements theory 127
How private placements work in practice 128
Credit risk analysis 132
Risk management 132
Conclusion 133
Part IV: New ventures 135
Chapter 12: An introduction to understanding venture capital funds 137
Joel Press, Senior Partner and Bonnie Kennedy, Principal
Ernst Young LLP
Business considerations and accounting 137
US tax considerations 144
Conclusion 146
Chapter 13: Structuring venture capital investments 147
Jonathan E. Cole, Esq. and Albert L. Sokol, Esq.
Edwards Angell, LLP
Pre investment considerations 147
Typical documentation for a venture capital investment 150
Standard investment documentation 151
Achieving goals via investment structure 154
Conclusion 158
Chapter 14: Negotiating the best valuation and terms for
early stage investment 159
Joseph W. Bartlett
Partner at Morrison Foerster LLP in New York and
adjunct professor at the New York University School of Law
The process of valuing and financing an early stage company 159
Empirical results 161
Protection against cram down or burnout financing 162
Pay or play provisions 163
x
CONTENTS
Form of the transaction 164
Benchmarks and milestones 165
Registration rights 165
Control 165
Severance payments and parachutes 166
No shop/no solicit provisions 166
Alternative investors 167
Risks and rewards 167
Conclusion 168
Chapter 15: The pricing of successful venture capital backed
high tech and life sciences companies 169
Houlihan Valuation Advisors/VentureOne Study
San Francisco, California
Introduction 169
Methods 170
Transactional analysis 174
Statistical analysis 184
Applicability of the study 186
Chapter 16: The evolution of the UK venture capital industry:
the dynamics of capital, entrepreneurship, public policy
and investors 189
Vicky Mudford
Director, Murray Johnstone Private Equity Limited, in charge of
Investor Relations (Executive Director of the British Venture Capital
Association, 1984 1997)
The evolution of UK public policy 190
Differences between the UK and US markets 191
Early stage/technology versus management buyouts/management
buyins (MBOs/MBIs) 192
The development of European IPO markets 195
The economic impact of venture capital 196
Venture capital today 197
.. .And what of the future? 201
Part V: Performance measurement 203
Chapter 17: The performance of US buyout funds 205
Jesse Reyes
Product Manager, Venture Economics;
Toby Walters
Publications Manager, Venture Economics
Sample composition 207
xi
CONTENTS
Total capitalisation 207
Summary of major findings 207
Composite group performance 207
Chapter 18: The performance of US venture capital funds 223
Jesse Reyes
Product Manager, Venture Economics
Toby Walters
Publications Manager, Venture Economics
Sample composition 225
Total capitalisation 225
Average capitalisation and sample bias 225
Cash flow investment cycle 225
Summary of major findings 226
Chapter 19: Historical performance of European private equity 241
Alan Doran
Bannock Consulting
Introduction 241
Progress in performance measurement 241
Results 244
Prospects 247
Chapter 20: The challenge of performance assessment 249
Paul A. Gompers
Associate Professor at the Harvard Business School and
faculty research fellow of the National Bureau of Economic Research;
Josh Lerner
Professor of Business Administration at the Harvard Business School
and research associate of the National Bureau of Economic Research
The problem 250
A proposed solution 252
The impact of marking to market 255
Conclusions 258
Chapter 21: LBO returns in the United States: what will it take to
succeed in the new era of LBOs? 261
Karen Gordon Mills
Managing Director and Founder, Solera Capital, LLC
The three eras of LBOs 261
Sources of LBO returns 264
What are the options for future success? 269
xii
CONTENTS
Implications for LBO firms in the coming era 271
Conclusion 273
Part VI: Investor perspectives 275
Chapter 22: The rationale for private investments from an
institutional perspective 277
Betty M. Sheets
Senior Investment Manager, Private Investments,
I.B.M. Retirement Fund
Introduction 277
Of risks and returns 278
How the process works 280
Why the process works 281
Will the process work? 282
Parting thoughts 284
Chapter 23: Down and dirty due diligence 287
Steve Brockman
Great Lakes Consulting Group, Inc.
My gig in a nutshell 287
The case of the not ready for prime time players 287
Auto by tell me a lie 289
The case of the in sourcer 291
Are they liars, stupid, careless, or just can t read? 292
Why dumb can be smart 293
A humble state of mind 293
Ten down and dirty tactics for your on site visit 294
Bonus down and dirty tactic 297
Afterword 297
xiii
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| spelling | Private equity and venture capital a practical guide for investors and practitioners ed. by Rick Lake ... London Euromoney Books 2000 XVII, 297 S. graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Equity Investments Venture capital Risikokapital (DE-588)4124067-4 gnd rswk-swf Morocco - Economic policy Risikokapital (DE-588)4124067-4 s DE-604 Lake, Rick Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009280633&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Private equity and venture capital a practical guide for investors and practitioners Equity Investments Venture capital Risikokapital (DE-588)4124067-4 gnd |
| subject_GND | (DE-588)4124067-4 |
| title | Private equity and venture capital a practical guide for investors and practitioners |
| title_auth | Private equity and venture capital a practical guide for investors and practitioners |
| title_exact_search | Private equity and venture capital a practical guide for investors and practitioners |
| title_full | Private equity and venture capital a practical guide for investors and practitioners ed. by Rick Lake ... |
| title_fullStr | Private equity and venture capital a practical guide for investors and practitioners ed. by Rick Lake ... |
| title_full_unstemmed | Private equity and venture capital a practical guide for investors and practitioners ed. by Rick Lake ... |
| title_short | Private equity and venture capital |
| title_sort | private equity and venture capital a practical guide for investors and practitioners |
| title_sub | a practical guide for investors and practitioners |
| topic | Equity Investments Venture capital Risikokapital (DE-588)4124067-4 gnd |
| topic_facet | Equity Investments Venture capital Risikokapital Morocco - Economic policy |
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