International private equity:
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Hoboken, N.J.
Wiley
2011
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Ausgabe: | 1. publ. |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | Formerly CIP Uk. - Includes bibliographical references and index. - Hier auch später erschienene, unveränderte Nachdrucke |
Beschreibung: | XVI, 747 S. Ill., graph. Darst. |
ISBN: | 9780470971703 0470971703 |
Internformat
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Datensatz im Suchindex
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adam_text | Titel: International private equity
Autor: Talmor, Eli
Jahr: 2011
Contents
Preface x¡
Abbreviations xiii
About the authors xv
Part 1 Overview and fund-level analysis 1
1 Introduction and overview 3
1.1 Introduction 3
1.2 Cyclicality of the private equity industry 6
1.3 Statistics on the private equity industry 8
1.4 Recent regulatory activity 13
1.5 The outlook of the private equity industry 18
1.6 References 19
2 Private equity fund economics 21
2.1 Overview 21
2.2 Private equity firms or general partners (GPs) 23
2.3 Investors in private equity funds or limited partners (LPs) 26
2.4 Private equity funds or limited partnerships 27
2.5 Advisors and agents 36
2.6 References 37
3 Performance measurement in private equity 39
3.1 Overview 39
3.2 Measures of private equity fund performance 40
3.3 Benchmarking private equity performance 47
3.4 Academic findings on the performance of private equity funds 51
3.5 Why the performance assessment of private equity remains difficult 52
3.6 Conclusions 54
3.7 References 54
4 Private equity investing in emerging markets 57
4.1 Introduction 57
4.2 Investment landscape 59
vi · Contents
4.3 Drivers for PE investments in emerging economies 63
4.4 Risks of investing in emerging economies 66
4.5 Market structure and investment characteristics 70
4.6 Comparative landscape of emerging markets 73
4.7 Summary 78
4.7 References 78
5 Fund due diligence 81
5.1 What is fund due diligence? 81
5.2 LP investment process 82
5.3 Fund due diligence in detail 91
5.4 Summary 102
6 Private equity fund accounting 111
6.1 What is happening in private equity accounting? Ill
6.2 Current major issues and complexities 115
6.3 Interpreting fund accounts 126
7 Gatekeepers 147
7.1 Introduction 147
7.2 Main types of professional advisors 147
7.3 In-house or outsourcing? 151
7.4 Outsourcing to a fund of funds 152
7.5 Fund-of-funds economics 158
7.6 Selecting a fund of funds 165
7.7 Outlook 167
7.8 Bibliography 168
8 Listed private equity 171
8.1 Introduction 171
8.2 Benefits and disadvantages of listed private equity 172
8.3 Economic and organizational forms 174
8.4 Legal forms 179
8.5 Estimated risk profile of listed private equity 181
8.6 LPE indexes 183
8.7 References 185
9 Secondary fund transactions 187
9.1 Introduction 187
9.2 Secondary market development 188
9.3 Parties involved in secondary transactions 191
9.4 Secondary transactions 194
9.5 The pricing of secondary transactions 197
9.6 Conclusion 202
9.7 References 203
Contents · vii
Part 2 Deal-level analysis 205
10 Valuation of private equity companies 207
10.1 Introduction 207
10.2 Valuation guidelines 208
10.3 Implementation of the main valuation methods: multiples and DCF 211
10.4 Pitfalls to be wary of when valuing private companies 224
10.A Pueblo Clothing SpA 226
10. Â Chariot Skates Pic 230
10.C References 234
11 Deal analysis and due diligence 235
11.1 Introduction 235
11.2 The sale process 236
11.3 Circumstances influence the due diligence process 238
11.4 Deal analysis and due diligence during the sale process 239
11.5 Motives/Perspectives of stakeholders 251
12 Leveraged buyout transactions 255
12.1 Introduction 255
12.2 LBO execution: The deal process 257
12.3 LBO stakeholders 269
12.4 Value creation in an LBO 273
12.5 References 280
13 Leveraged buyout modeling: An Excel application 283
13.1 Overview 283
13.2 Build a pre-transaction structure model 285
13.3 Determine transaction structure: Uses of funds 289
13.4 Determine transaction structure: Sources of funds 292
13.5 Build a post-transaction structure model 295
13.6 Determine exit and compute returns 296
13.7 Optimization and analysis of the LBO model 305
13.8 Analysis of the Toys R Us LBO 306
13.9 Reference 308
14 Post-deal operational improvements 309
14.1 What operational improvements are made post deal? 309
14.2 Identifying the opportunity 311
14.3 EBITDA growth 314
14.4 Maximizing assets—human capital 316
14.5 When things go wrong 318
14.6 Conclusion 319
14.7 References 319
15 Harvesting private equity investments 321
15.1 Introduction 321
15.2 Steps to exiting a private equity investment 324
viii · Contents
15.3 Exit strategies
15.4 Summary
15.5 References
Part 3 Early-stage investing
16 Ange 1 investing
16.1 What is angel investing?
16.2 What motivates business angels?
16.3 Angel investment process
16.4 Recent developments and trends
16.5 Summary
16.6 References
327
337
337
339
341
341
344
345
353
357
358
17 Venture capital 359
17.1 Introduction 359
17.2 What is venture capital 360
17.3 The VC investment process 365
17.4 The VC contract 372
17.5 Alternative sources of VC financing 377
17.6 Conclusion 378
17.7 References 379
Part 4 Case studies 381
18 Realza Capital 385
December 2006 385
December 2008 391
19 Swicorp: Private equity in the MENA region 2009 409
Swicorp—A Short History 409
The MENA region 411
The MENA Private Equity Landscape 412
The role of sovereign wealth funds (SWFs) 413
Swicorp s Intaj Investment Strategy 414
Deal selection process 415
Step Carpet Group 416
Jordan Aviation LLC 419
20 Founding Mekong Capital 436
Vietnam and the private equity industry 437
MEF I and the initial investment philosophy 438
MEF I case study: AA Corporation 439
MEF II and a new investment philosophy 440
MEF II case study: International Consumer Products 442
Vietnam Azalea Fund 443
2007—searching for answers from within 443
The corporate transformation process 444
Contents · ix
21 Bloomsbury Capital: June 2007 461
22 Edcon: Going shopping in South Africa 487
Edcon: A Leading South African Retailer 487
Bain Capital: Background 489
Opportunity Knocks 490
South Africa 491
Currency risk 492
The deal 494
The bid 496
23 FiberNet Communications 507
Hungarian history and economy 508
Hungarian television broadcasting market 509
Cable TV industry 509
FiberNet s key competitors 511
The FiberNet opportunity 512
24 Seat SpA 527
Chronology of Seat transaction 529
Bain Capital: background 529
The global and European directory market 530
The Italian directory market 531
Seat business description 531
Market entry of Pagine Utili 533
The Internet: Threat or opportunity? 533
Due diligence 534
Italian economic and political landscape 534
Privatization process in Italy 535
The deal 535
25 Ducati and Investindustrial: Racing out of the pits and over the finish line 549
Investindustrial acquisition of Ducati 551
Improving the company (2006-2008) 553
The world motorcycle industry in 2008 553
Raising a new fund 554
A wild ride for Ducati s stock 554
June 2010 556
26 Styles Wood: Behind the scenes of retail 571
Styles Wood: The history 571
Gerard Quiligotti and the turnaround years 572
The MBO: The fall of Wembley Stadium Group 574
Styles Wood since 1996: Managing the growth strategy 575
Project Oak in 2001: Management incentives and reaping rewards 575
Project Oval in 2004: From 3i to Aberdeen—secondary buyout decision 577
Market and competition 579
Investing decision 580
27 SunRay Renewable Energy: Private equity in the sunshine 593
SunRay s choice of solar technology 594
÷ · Contents
The value chain of a solar PV developer 594
The European renewable market in 2006-2008 595
SunRay s business model 597
Building the management team 597
Learning the solar PV game the hard way 598
Scaling up the business across Southern Europe 599
Under the umbrella of private equity 599
Montalto di Castro: Building the largest solar power park in Europe 602
The decision to exit 605
SunRay s spirit still alive 606
28 Debenhams 617
Post deal and going public again 625
29 Optos: A sight worth seeing 641
Douglas Anderson and the vision 641
Scottish business landscape and funding for early-stage startups 642
Product development 643
Diseases of the back of the eye and Optos s target market 643
Manufacturing 644
Competition 645
Business model: The razor/razor blade concept 645
Profit and loss implications 646
Cash flow implications 646
Financing 1995-2001 647
Geographic expansion 647
Financing in 2002 648
30 Capital for Enterprise U.K.: Bridging the SME early-stage finance gap 663
An equity gap ? 663
Previous attempts by the U.K. government to tackle the equity gap 664
Limits of previous programs 665
Launching enterprise capital funds 666
Key questions and options for the ECF program design 668
The first years of operation of the ECF program 673
A few years on: A first assessment 674
Where next? 677
Glossary 709
Index 717
|
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author | Talmor, Eli |
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dewey-ones | 332 - Financial economics |
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dewey-search | 332.673 |
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dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
edition | 1. publ. |
format | Book |
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spelling | Talmor, Eli Verfasser aut International private equity Eli Talmor and Florin Vasvari 1. publ. Hoboken, N.J. Wiley 2011 XVI, 747 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Formerly CIP Uk. - Includes bibliographical references and index. - Hier auch später erschienene, unveränderte Nachdrucke Private Equity (DE-588)7594875-8 gnd rswk-swf Internationales Management (DE-588)4114040-0 gnd rswk-swf 1\p (DE-588)4522595-3 Fallstudiensammlung gnd-content Private Equity (DE-588)7594875-8 s Internationales Management (DE-588)4114040-0 s DE-604 Vasvari, Florin Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024390797&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
spellingShingle | Talmor, Eli International private equity Private Equity (DE-588)7594875-8 gnd Internationales Management (DE-588)4114040-0 gnd |
subject_GND | (DE-588)7594875-8 (DE-588)4114040-0 (DE-588)4522595-3 |
title | International private equity |
title_auth | International private equity |
title_exact_search | International private equity |
title_full | International private equity Eli Talmor and Florin Vasvari |
title_fullStr | International private equity Eli Talmor and Florin Vasvari |
title_full_unstemmed | International private equity Eli Talmor and Florin Vasvari |
title_short | International private equity |
title_sort | international private equity |
topic | Private Equity (DE-588)7594875-8 gnd Internationales Management (DE-588)4114040-0 gnd |
topic_facet | Private Equity Internationales Management Fallstudiensammlung |
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