Top
| Introduction | |
| Acknowledgements | |
| What is Private Equity? | |
| Fund investing versus direct investing | |
| Terminology | |
| Primary versus secondary fund investing | |
| A broad delineation: buyout and venture | |
| Capital: allocated, committed, drawn down and invested | |
| How do private equity funds work? | |
| Structure | |
| Cashflow | |
| Investment | |
| Fundraising | |
| Summary | |
| Private Equity Returns - The Basics | |
| Understanding the J-curve and compound returns | |
| Upper quartile figures | |
| Median returns | |
| Average returns | |
| Pooled returns | |
| Multiples | |
| Distributed over Paid In (DPI) | |
| Paid In to Committed Capital (PICC) | |
| Residual Value to Paid In (RVPI) | |
| Total Value to Paid In (TVPI) | |
| Valuation | |
| Fees | |
| Time-weighted returns | |
| Summary | |
| Buyout | |
| Types of buyout transactions | |
| MBO | |
| MBI | |
| BIMBO | |
| LBO | |
| Take private | |
| Roll-up | |
| Other "buyout" activity | |
| Established businesses | |
| Debt | |
| Earnings | |
| Size | |
| Control | |
| Barriers to entry | |
| Summary | |
| How to Analyse Buyouts | |
| Earnings | |
| EBIT | |
| EBITDA | |
| Earnings growth | |
| Multiple | |
| Multiple increase in an imperfect market | |
| Multiple increase in a perfect market | |
| Leverage | |
| Recapitalisation | |
| Timing | |
| Modelling and analysing buyout funds | |
| Summary | |
| Buyout Returns | |
| US versus European buyout | |
| Buyout skill bases | |
| Imperfect markets | |
| Earnings multiples | |
| Earnings growth | |
| Leverage | |
| Fund size | |
| What can we expect from buyout returns in future? | |
| Recent fundraising levels | |
| Some conclusions and predictions | |
| Summary | |
| Venture Capital | |
| What is venture capital? | |
| Backing new applications, not new technology | |
| Classification by sector | |
| IT | |
| Telecoms | |
| Life Science | |
| Classification by stage | |
| Seed | |
| The US model | |
| Seed stage focus | |
| Home run mentality | |
| "Value add" | |
| The US model comes to Europe | |
| Why European venture capital firms have avoided the seed stage | |
| Classification by stage, continued | |
| Early stage investing | |
| Mid- and late stage investing | |
| Summary | |
| How to Analyse Venture | |
| The fundamentals | |
| Money multiples | |
| Valuation | |
| Cost and value | |
| IRRs and multiples | |
| Going In Equity (GI%) | |
| Percentage of the holding within the fund | |
| The impact of home runs | |
| Summary | |
| Venture Returns | |
| US out-performance 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 | |
| Due Diligence | |
| Buyout funds | |
| Venture funds | |
| Co-investors | |
| Cross-fund investing | |
| Buyout companies | |
| Venture companies | |
| Fund of Funds | |
| Monitoring private equity funds | |
| Summary | |
| Planning your Investment Programme | |
| Cashflow planning | |
| Allocated, committed and invested capital | |
| Diversification by time | |
| Proper commitment levels | |
| Diversification by sector and geography | |
| Total Return | |
| How to deal with uninvested capital | |
| Secondaries | |
| Mezzanine | |
| Private equity proxies 219 | |
| Towards a new world of private equity programmes | |
| Summary | |
| Glossary | |
| Index | |
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