Venture Capital and Private Equity: A Casebook, Volume One

by Josh Lerner (Harvard Business School and National Bureau of Economic Research)

• ISBN13: 9780471322863
• ISBN10: 0471322865
• Edition: 1st
• Format: Hardcover
• Copyright: 2000-01-01
• Publisher: Wiley

Summary

What Explains the Recent Tremendous Growth in Private Equity Funds? How Have These Funds Created so Much Value? Can We Expect This Kind of Growth in Other Countries and Other Types of Investments? The pool of U.S. private equity funds has grown from $5 billion in 1980 to over $175 billion in 1999. Private equity's recent growth has outstripped that of almost every class of financial product. Whether you are an entrepreneur seeking private equity finance, a private equity investor grappling with the industry's changes, or an investor interested in private equity as a potential investment, this book is required reading! It presents a collection of real world cases-supplemented by detailed industry notes-that explore the exciting and dynamic world of venture capital and buyout funds. The organization mirrors that of the venture capital/private equity process itself: * The first part explores the raising and structuring of private equity funds, as well as the perspective of investors. * The second part explores the selection,oversight, and adding value to firms-the 'heart' of the private equity cycle. * The third part describes how private equity groups reap attractive returns from successful investments. * The final section explores the emerging efforts to translate the private equity model into other settings, such as corporate venturing programs.

Table of Contents

Private Equity Today and Tomorrow	ix
Martin Smith: February 1998	1	(10)
MODULE 1: RAISING AND STRUCTURING PRIVATE EQUITY FUNDS	11	(144)
Yale University Investments Office: November 1997	15	(26)
Fox Venture Partners: Enriching the Private Equity Investor Pool	41	(20)
Acme Investment Trust	61	(10)
A Note on Private Equity Partnership Agreements	71	(7)
Weston Presidio Offshore Capital: Confronting the Fundraising Challenge	78	(23)
ARCH Venture Partners: November 1993	101	(25)
Schroder Ventures: Launch of the EuroFund	126	(18)
A Note on European Private Equity	144	(11)
MODULE 2: PRIVATE EQUITY INVESTMENTS	155	(214)
GO Corporation	161	(20)
A Note on Valuation in Private Equity Settings	181	(20)
Apex Investment Partners (A): April 1995	201	(28)
The Exxel Group: September 1995	229	(28)
A Note on Private Equity in Developing Nations	257	(10)
The Fojtasek Companies and Heritage Partners: March 1995	267	(24)
Aberlyn Capital Management: July 1993	291	(27)
A Note on the Venture Leasing Industry	318	(10)
An Introduction to Patents and Trade Secrets	328	(7)
BCI Growth: May 1993	335	(27)
Apex Investment Partners (B): May 1995	362	(7)
MODULE 3: EXITING PRIVATE EQUITY INVESTMENTS	369	(74)
The European Association of Security Dealers: November 1994	373	(16)
Immulogic Pharmaceutical Corporation (A): March 1991	389	(18)
Immulogic Pharmaceutical Corporation (B-1): Malcolm Gefter	407	(2)
Immulogic Pharmaceutical Corporation (B-2): Henry McCance	409	(3)
Immulogic Pharmaceutical Corporation (B-3): Katherine Kirk	412	(5)
Immulogic Pharmaceutical Corporation (B-4): Phillip Gross	417	(4)
RogersCasey Alternative Investments: Innovative Responses to the Distribution Challenge	421	(22)
MODULE 4: TRANSPLANTING THE PRIVATE EQUITY MODEL	443	(72)
Xerox Technology Ventures: March 1995	449	(24)
Notheast Ventures: January 1996	473	(24)
A Note on Private Equity Information Sources	497	(18)
A Private Equity Glossary	515	(10)
Index	525