Investing in private equity partnerships: the role of monitoring and reporting
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Wiesbaden
Gabler
2008
|
| Ausgabe: | 1. ed. |
| Schriftenreihe: | Entrepreneurial and financial studies
Gabler Edition Wissenschaft |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | Zugl.: München, Techn. Univ., Diss., 2007 |
| Beschreibung: | XXI, 316 S. graph. Darst. |
| ISBN: | 9783834909343 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804137731459121152 |
|---|---|
| adam_text | Table
of
Contents
IX
Table of Contents
TABLE OF FIGURES
.............................................................................................
XV
TABLE OF ABBREVIATIONS
........................................................................... XIX
TABLE OF SYMBOLS
...........................................................................................XXI
1
INTRODUCTION
..................................................................................................1
1.1
Relevance of Topic
.......................................................................................1
1.2
Aims of Analysis and Research Approaches
.............................................5
1.3
Structure of Analysis
....................................................................................7
2
INVESTING
ЕЧ
PRIVATE EQUITY PARTNERSHIPS
................................11
2.1
Fundamentals of Private Equity
...............................................................11
2.1.1
Definition of Private Equity Investments
.......................................11
2.1.2
Private Equity Funds as Intermediates
.........................................13
2.2
Characteristics of Private Equity Partnerships
......................................16
2.2.1
Generic Structure of the Limited Partnership
................................16
2.2.2
Life Cycle of the Limited
Ρ
artner
ship
............................................18
2.2.3
Partners in the Limited Partnership
...............................................20
2.2.3.1
Private Equity Firms as General Partners
........................20
2.2.3.2
Fund Investors as Limited Partners
..................................22
2.3
Characteristics of Private Equity Partnership Investments
..................25
2.4
Governing the Relationship between Limited and General Partners...
27
2.4.1
Potential Conflicts of Interest
........................................................27
2.4.2
Direct Means of Control
................................................................31
2.4.3
Performance Incentives
..................................................................34
2.4.4
Importance of Provisions in the Limited Partnership Agreement
. 3 7
χ
Table of
Contents
2.5
Fund Investors Investment Process
.........................................................38
2.5.1
Overview
........................................................................·................38
2.5.2
Asset Allocation
..............................................................................39
2.5.3
Portfolio Construction
....................................................................47
2.5.4
Portfolio Monitoring and Portfolio Management
..........................50
2.6
Institutional Differences and Limited Partners Investment Success
... 51
2.7
Role of Information in the Relationship between General and Limited
Partners
.......................................................................................................54
2.7.1
Overview
.........................................................................................54
2.7.2
Decision-supporting Role
...............................................................56
2.7.3
Governance-enabling Role
.............................................................58
2.7.4
Relationship-building Role
.............................................................59
3
FUND INVESTORS MONITORING
...............................................................63
3.1
Introductory Remarks
...............................................................................63
3.2
Research Methodology and Data
..............................................................64
3.3
Relevance and Objectives of Monitoring
.................................................67
3.4
Monitoring Performance
...........................................................................70
3.4.1
Return Measures of Fund Investments
...........................................70
3.4.2
Interim Retuims and the Relevance of Fund Valuation
..................75
3.4.2.1
J-curve Pattern of Interim Returns
...................................75
3.4.2.2
Interim Fund Valuation
....................................................77
3.4.3
Benchmarking Returns
...................................................................82
3.4.3.1
Peer Group Benchmarking
...............................................82
3.4.3.2
Public Market Benchmarking
...........................................84
3.4.4
Risks of Fund Investments
..............................................................90
3.4.4.1
Different Types of Risks
..................................................90
3.4.4.2
Measurement of Risks
......................................................94
Table of
Contents
XI
3.4.5
Fund Investment s Costs
................................................................97
3.5
Monitoring and Fund Governance
.........................................................100
3.5.1
Advisory Board Representation
...................................................100
3.5.2
Value Adding
................................................................................103
3.5.3
Crisis Management.
......................................................................106
3.6
Monitoring and Fund Re-Investing
........................................................109
3.6.1
Evaluating a Fund Investment Opportunity
.................................109
3.6.2
Differences to the First-time Decision
.........................................112
3.7
Monitoring and Fund Portfolio Management
.......................................114
3.7.1
Monitoring Portfolio Diversification
...........................................114
3.7.2
Monitoring Portfolio Liquidity
.....................................................118
3.7.3
Portfolio Management with Secondary Transactions
..................123
3.8
Resulting Information Requirements
.....................................................127
3.8.1
Information Sources
.....................................................................127
3.8.2
Satisfaction with the Fund Managers Reporting
........................131
3.8.3
Implications for the Content of the Fund Managers
Reporting..
134
3.8.4
Limitations of Fund Managers Reporting.
..................................141
4
FUND MANAGERS REPORTING
................................................................145
4.1
Introductory Remarks
.............................................................................145
4.2
Statutory Financial Statements
...............................................................147
4.2.1
Relevance of International Financial Reporting Standards
........147
4.2.2
Elements of Statutory Financial Statements
.................................148
4.2.3
Accounting for Portfolio Company Investments
..........................152
4.2.3.1
Financial Instruments and Level of Ownership
.............152
4.2.3.2
Accounting for Financial Instruments
............................155
4.2.3.3
Accounting for Associates and Joint Ventures
..............161
4.2.3.4
Accounting for Subsidiaries
...........................................163
ХИ
Table
of
Contents
4.2.4
Discussion of Financial Reporting Requirements
........................166
4.2.4.1
Consolidation of Portfolio Company Investments
.........166
4.2.4.2
Distinguishing Private Equity Funds from Non-
Investment Companies
...................................................172
4.2.4.3
Information Gap of Statutory Financial Statements
for Fund Investors
..........................................................176
4.3
Fair Value Measurement of Private Equity Portfolio Company
Investments
...............................................................................................178
4.3.1
Définition
and Concept of Fair Value
..........................................178
4.3.2
Valuation Process
.........................................................................180
4.3.3
Accounting Standards Requirements
...........................................183
4.3.4
Private Equity Industry Valuation Guidelines
.............................188
4.3.4.1
Objectives of Industry Valuation Guidelines
.................188
4.3.4.2
Development of Industry Valuation Guidelines
.............190
4.3.4.3
Comparison of Industry Valuation Guidelines
...............194
4.3.5
Valuation Techniques for Private Equity Investments
.................197
4.3.5.1
General Considerations
..................................................197
4.3.5.2
Market-based Valuation Techniques
..............................200
4.3.5.3
Model-based Valuation Techniques
...............................204
4.3.5.4
Selecting a Valuation Technique
....................................206
4.3.5.5
Considering other Indicators of Value
...........................210
4.3.5.6
Considering the Impact of Options and Contractual
Rights
..............................................................................213
4.3.6
Discussion of the Appropriateness of Fair Value Measurement
for Private Equity Investments
.....................................................216
4.3.6.1
Incentives to Manage Valuations
...................................216
4.3.6.2
Fair Value as Measurement Basis
..................................220
Table
of
Contents XIII
4.4 Investor
Reporting
...................................................................................224
4.4.1
IntroductoryRemarks
...................................................................224
4.4.2
Framework for the Analysis of Investor Reporting
......................226
4.4.2.1
Overview on Existing Literature
....................................226
4.4.2.2
Industry Reporting Guidelines
.......................................228
4.4.2.3
Categories
ofinformation
in Fund Reports
....................231
4.4.2.4
Information on Fund Level
............................................232
4.4.2.5
Information on Portfolio Company Level
......................236
4.4.3
Possible Influence of Fund Characteristics on the Disclosure....
238
4.4.4
Level of Disclosure
.......................................................................241
4.4.4.1
Research Methodology
...................................................241
4.4.4.2
Sample Description
........................................................243
4.4.4.3
Results
............................................................................245
4.4.5
Discussion of Results
....................................................................254
4.4.6
Limitations of the Study
................................................................261
5
CONCLUSION
...................................................................................................263
5.1
Summary
...................................................................................................263
5.2
Implications for Practitioners
.................................................................269
5.3
Implications for Further Research
.........................................................274
APPENDIX A: LIST OF INTERVIEW PARTNERS
..........................................277
APPENDIX B: INTERVIEW QUESTIONNAIRE
...............................................280
APPENDIX C: DISCLOSURE INDEX
..................................................................291
REFERENCES
..........................................................................................................295
Private
equity has become an important asset class for
institutional investors. As the asset class grows and in¬
vestors get more experienced, the debate concerning
transparency and governance of private equity funds has
intensified. Fund investors demand more disclosure from
private equity fund managers. Are these calls justified?
What information do fund investors need? How can private
equity fund investors manage their exposure to the asset
class effectively?
Kay Müller
presents an in-depth analysis into the moni¬
toring activities of institutional investors and explores
their information requirements by interviewing leading
European private equity fund investors. He contrasts
these results with the actual reporting by fund managers
and reveals essential information gaps based on a dis¬
closure study of private equity fund reports. Since effective
and open communication supports long-lasting and trusted
partnerships, these findings provide important guidance
on how to improve the relationships between investors
and fund managers in the private equity industry.
This book is essential reading for private equity industry
practitioners and investors as well as for students and
academics with a focus on finance, private equity or
investments in alternative asset classes.
|
| adam_txt |
Table
of
Contents
IX
Table of Contents
TABLE OF FIGURES
.
XV
TABLE OF ABBREVIATIONS
. XIX
TABLE OF SYMBOLS
.XXI
1
INTRODUCTION
.1
1.1
Relevance of Topic
.1
1.2
Aims of Analysis and Research Approaches
.5
1.3
Structure of Analysis
.7
2
INVESTING
ЕЧ
PRIVATE EQUITY PARTNERSHIPS
.11
2.1
Fundamentals of Private Equity
.11
2.1.1
Definition of Private Equity Investments
.11
2.1.2
Private Equity Funds as Intermediates
.13
2.2
Characteristics of Private Equity Partnerships
.16
2.2.1
Generic Structure of the Limited Partnership
.16
2.2.2
Life Cycle of the Limited
Ρ
artner
ship
.18
2.2.3
Partners in the Limited Partnership
.20
2.2.3.1
Private Equity Firms as General Partners
.20
2.2.3.2
Fund Investors as Limited Partners
.22
2.3
Characteristics of Private Equity Partnership Investments
.25
2.4
Governing the Relationship between Limited and General Partners.
27
2.4.1
Potential Conflicts of Interest
.27
2.4.2
Direct Means of Control
.31
2.4.3
Performance Incentives
.34
2.4.4
Importance of Provisions in the Limited Partnership Agreement
. 3 7
χ
Table of
Contents
2.5
Fund Investors' Investment Process
.38
2.5.1
Overview
.·.38
2.5.2
Asset Allocation
.39
2.5.3
Portfolio Construction
.47
2.5.4
Portfolio Monitoring and Portfolio Management
.50
2.6
Institutional Differences and Limited Partners' Investment Success
. 51
2.7
Role of Information in the Relationship between General and Limited
Partners
.54
2.7.1
Overview
.54
2.7.2
Decision-supporting Role
.56
2.7.3
Governance-enabling Role
.58
2.7.4
Relationship-building Role
.59
3
FUND INVESTORS' MONITORING
.63
3.1
Introductory Remarks
.63
3.2
Research Methodology and Data
.64
3.3
Relevance and Objectives of Monitoring
.67
3.4
Monitoring Performance
.70
3.4.1
Return Measures of Fund Investments
.70
3.4.2
Interim Retuims and the Relevance of Fund Valuation
.75
3.4.2.1
J-curve Pattern of Interim Returns
.75
3.4.2.2
Interim Fund Valuation
.77
3.4.3
Benchmarking Returns
.82
3.4.3.1
Peer Group Benchmarking
.82
3.4.3.2
Public Market Benchmarking
.84
3.4.4
Risks of Fund Investments
.90
3.4.4.1
Different Types of Risks
.90
3.4.4.2
Measurement of Risks
.94
Table of
Contents
XI
3.4.5
Fund Investment's Costs
.97
3.5
Monitoring and Fund Governance
.100
3.5.1
Advisory Board Representation
.100
3.5.2
Value Adding
.103
3.5.3
Crisis Management.
.106
3.6
Monitoring and Fund Re-Investing
.109
3.6.1
Evaluating a Fund Investment Opportunity
.109
3.6.2
Differences to the First-time Decision
.112
3.7
Monitoring and Fund Portfolio Management
.114
3.7.1
Monitoring Portfolio Diversification
.114
3.7.2
Monitoring Portfolio Liquidity
.118
3.7.3
Portfolio Management with Secondary Transactions
.123
3.8
Resulting Information Requirements
.127
3.8.1
Information Sources
.127
3.8.2
Satisfaction with the Fund Managers' Reporting
.131
3.8.3
Implications for the Content of the Fund Managers
'
Reporting.
134
3.8.4
Limitations of Fund Managers' Reporting.
.141
4
FUND MANAGERS' REPORTING
.145
4.1
Introductory Remarks
.145
4.2
Statutory Financial Statements
.147
4.2.1
Relevance of International Financial Reporting Standards
.147
4.2.2
Elements of Statutory Financial Statements
.148
4.2.3
Accounting for Portfolio Company Investments
.152
4.2.3.1
Financial Instruments and Level of Ownership
.152
4.2.3.2
Accounting for Financial Instruments
.155
4.2.3.3
Accounting for Associates and Joint Ventures
.161
4.2.3.4
Accounting for Subsidiaries
.163
ХИ
Table
of
Contents
4.2.4
Discussion of Financial Reporting Requirements
.166
4.2.4.1
Consolidation of Portfolio Company Investments
.166
4.2.4.2
Distinguishing Private Equity Funds from Non-
Investment Companies
.172
4.2.4.3
Information Gap of Statutory Financial Statements
for Fund Investors
.176
4.3
Fair Value Measurement of Private Equity Portfolio Company
Investments
.178
4.3.1
Définition
and Concept of Fair Value
.178
4.3.2
Valuation Process
.180
4.3.3
Accounting Standards Requirements
.183
4.3.4
Private Equity Industry Valuation Guidelines
.188
4.3.4.1
Objectives of Industry Valuation Guidelines
.188
4.3.4.2
Development of Industry Valuation Guidelines
.190
4.3.4.3
Comparison of Industry Valuation Guidelines
.194
4.3.5
Valuation Techniques for Private Equity Investments
.197
4.3.5.1
General Considerations
.197
4.3.5.2
Market-based Valuation Techniques
.200
4.3.5.3
Model-based Valuation Techniques
.204
4.3.5.4
Selecting a Valuation Technique
.206
4.3.5.5
Considering other Indicators of Value
.210
4.3.5.6
Considering the Impact of Options and Contractual
Rights
.213
4.3.6
Discussion of the Appropriateness of Fair Value Measurement
for Private Equity Investments
.216
4.3.6.1
Incentives to Manage Valuations
.216
4.3.6.2
Fair Value as Measurement Basis
.220
Table
of
Contents XIII
4.4 Investor
Reporting
.224
4.4.1
IntroductoryRemarks
.224
4.4.2
Framework for the Analysis of Investor Reporting
.226
4.4.2.1
Overview on Existing Literature
.226
4.4.2.2
Industry Reporting Guidelines
.228
4.4.2.3
Categories
ofinformation
in Fund Reports
.231
4.4.2.4
Information on Fund Level
.232
4.4.2.5
Information on Portfolio Company Level
.236
4.4.3
Possible Influence of Fund Characteristics on the Disclosure.
238
4.4.4
Level of Disclosure
.241
4.4.4.1
Research Methodology
.241
4.4.4.2
Sample Description
.243
4.4.4.3
Results
.245
4.4.5
Discussion of Results
.254
4.4.6
Limitations of the Study
.261
5
CONCLUSION
.263
5.1
Summary
.263
5.2
Implications for Practitioners
.269
5.3
Implications for Further Research
.274
APPENDIX A: LIST OF INTERVIEW PARTNERS
.277
APPENDIX B: INTERVIEW QUESTIONNAIRE
.280
APPENDIX C: DISCLOSURE INDEX
.291
REFERENCES
.295
Private
equity has become an important asset class for
institutional investors. As the asset class grows and in¬
vestors get more experienced, the debate concerning
transparency and governance of private equity funds has
intensified. Fund investors demand more disclosure from
private equity fund managers. Are these calls justified?
What information do fund investors need? How can private
equity fund investors manage their exposure to the asset
class effectively?
Kay Müller
presents an in-depth analysis into the moni¬
toring activities of institutional investors and explores
their information requirements by interviewing leading
European private equity fund investors. He contrasts
these results with the actual reporting by fund managers
and reveals essential information gaps based on a dis¬
closure study of private equity fund reports. Since effective
and open communication supports long-lasting and trusted
partnerships, these findings provide important guidance
on how to improve the relationships between investors
and fund managers in the private equity industry.
This book is essential reading for private equity industry
practitioners and investors as well as for students and
academics with a focus on finance, private equity or
investments in alternative asset classes. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Müller, Kay |
| author_GND | (DE-588)136231934 |
| author_facet | Müller, Kay |
| author_role | aut |
| author_sort | Müller, Kay |
| author_variant | k m km |
| building | Verbundindex |
| bvnumber | BV023366153 |
| classification_rvk | QK 530 |
| ctrlnum | (OCoLC)254422343 (DE-599)DNB988381974 |
| dewey-full | 332.6327 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6327 |
| dewey-search | 332.6327 |
| dewey-sort | 3332.6327 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. ed. |
| format | Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV023366153 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:10:53Z |
| indexdate | 2024-07-09T21:16:57Z |
| institution | BVB |
| isbn | 9783834909343 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016549508 |
| oclc_num | 254422343 |
| open_access_boolean | |
| owner | DE-M382 DE-355 DE-BY-UBR DE-703 DE-384 DE-945 DE-2070s |
| owner_facet | DE-M382 DE-355 DE-BY-UBR DE-703 DE-384 DE-945 DE-2070s |
| physical | XXI, 316 S. graph. Darst. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Gabler |
| record_format | marc |
| series2 | Entrepreneurial and financial studies Gabler Edition Wissenschaft |
| spelling | Müller, Kay Verfasser (DE-588)136231934 aut Investing in private equity partnerships the role of monitoring and reporting Kay Müller 1. ed. Wiesbaden Gabler 2008 XXI, 316 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Entrepreneurial and financial studies Gabler Edition Wissenschaft Zugl.: München, Techn. Univ., Diss., 2007 Dissertation / Thesis - 18 Private Equity - Fonds - Informationsfluss - Investor Fonds (DE-588)4202351-8 gnd rswk-swf Investor (DE-588)4336776-8 gnd rswk-swf Private Equity (DE-588)7594875-8 gnd rswk-swf Informationsfluss (DE-588)4161668-6 gnd rswk-swf Monitoring (DE-588)4209015-5 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Private Equity (DE-588)7594875-8 s Fonds (DE-588)4202351-8 s Informationsfluss (DE-588)4161668-6 s Investor (DE-588)4336776-8 s DE-604 Finanzierung (DE-588)4017182-6 s Monitoring (DE-588)4209015-5 s 1\p DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016549508&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016549508&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Müller, Kay Investing in private equity partnerships the role of monitoring and reporting Dissertation / Thesis - 18 Private Equity - Fonds - Informationsfluss - Investor Fonds (DE-588)4202351-8 gnd Investor (DE-588)4336776-8 gnd Private Equity (DE-588)7594875-8 gnd Informationsfluss (DE-588)4161668-6 gnd Monitoring (DE-588)4209015-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4202351-8 (DE-588)4336776-8 (DE-588)7594875-8 (DE-588)4161668-6 (DE-588)4209015-5 (DE-588)4017182-6 (DE-588)4113937-9 |
| title | Investing in private equity partnerships the role of monitoring and reporting |
| title_auth | Investing in private equity partnerships the role of monitoring and reporting |
| title_exact_search | Investing in private equity partnerships the role of monitoring and reporting |
| title_exact_search_txtP | Investing in private equity partnerships the role of monitoring and reporting |
| title_full | Investing in private equity partnerships the role of monitoring and reporting Kay Müller |
| title_fullStr | Investing in private equity partnerships the role of monitoring and reporting Kay Müller |
| title_full_unstemmed | Investing in private equity partnerships the role of monitoring and reporting Kay Müller |
| title_short | Investing in private equity partnerships |
| title_sort | investing in private equity partnerships the role of monitoring and reporting |
| title_sub | the role of monitoring and reporting |
| topic | Dissertation / Thesis - 18 Private Equity - Fonds - Informationsfluss - Investor Fonds (DE-588)4202351-8 gnd Investor (DE-588)4336776-8 gnd Private Equity (DE-588)7594875-8 gnd Informationsfluss (DE-588)4161668-6 gnd Monitoring (DE-588)4209015-5 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Dissertation / Thesis - 18 Private Equity - Fonds - Informationsfluss - Investor Fonds Investor Private Equity Informationsfluss Monitoring Finanzierung Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016549508&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016549508&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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