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This book addresses two different but related topics that can arise during the development of equity capital markets and which could possibly hinder their development: partial privatisation and shareholder rights. Both issues are developed in the context of transition economies in general and Russia in particular. Chapter 2 puts forward a theory of partial privatisation, i. e. a model that aims to explain why the state keeps some residual shares. Several recent surveys for Russia have shown that the state does often not actively use the voting rights of its residual shares. If this was true, partial privati­ sation could entrench management and hinder restructuring. It would also limit the supply of shares, which could lead to low liquidity. This would be likely to slow down the development of the equity capital market. However, the model in chapter 2 shows that it can be rational to hold back shares from sale in order to maximise privatisation receipts. Another issue which holds back the development of this market is the fact that shareholder rights can­ not be guaranteed by the state due to weak institutions. Chapter 3 contains an empirical examination of which firms honour shareholder rights and also provides a direct link between this problem and partial privatisation. Maybe surprisingly, some weak evidence is presented that shows that the residual state holding does not exert a negative influence with respect to the introduc­ tion of shareholder rights, but might even be a weak positive force.

Equity strategies are closely guarded secrets and as such, there is very little written about how investors and corporate can utilise equity vehicles as part of their growth strategies. In this much-needed book, industry expert Juan Ramiraz guides readers through the whole range of equity derivative instruments, showing how they can be applied to a range of equity capital market situations, including hedging, yield enhancement and disposal of strategic stakes, mergers and acquisitions, stock options plan hedging, equity financings, share buybacks and other transactions on treasury shares, bank regulatory capital arbitrage and tax driven situations. The book includes case studies to highlight how equity derivative strategies have been used in real-life situations.

Equity strategies are closely guarded secrets and as such, there is very little written about how investors and corporate can utilise equity vehicles as part of their growth strategies. In this much-needed book, industry expert Juan Ramiraz guides readers through the whole range of equity derivative instruments, showing how they can be applied to a range of equity capital market situations, including hedging, yield enhancement and disposal of strategic stakes, mergers and acquisitions, stock options plan hedging, equity financings, share buybacks and other transactions on treasury shares, bank regulatory capital arbitrage and tax driven situations. The book includes case studies to highlight how equity derivative strategies have been used in real-life situations.

An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public- legal and regulatory aspects of an offering; marketing and research- valuation and pricing- allocations of shares to investors - examination of fees and commissions * Global perpective: UK, European and US practices, regulations and examples, and case studies* First hand experience written by an IPO trader with academic rigour* Includes the changes in the market that resulted from 1998-2000 equity boom

Fully revised and updated to reflect changes in the private equity sector Building on and refining the content of previous editions, Introduction to Private Equity, Debt and Real Assets, Third Edition adopts the same logical, systematic, factual and long-term perspective on private markets (private equity, private debt and private real assets) combining academic rigour with extensive practical experience. The content has been fully revised to reflect developments and innovations in private markets, exploring new strategies, changes in structuring and the drive of new regulations. New sections have been added, covering fund raising and fund analysis, portfolio construction and risk measurement, as well as liquidity and start-up analysis. In addition, private debt and private real assets are given greater focus, with two new chapters analysing the current state of these evolving sectors.  ·   Reflects the dramatic changes that have affected the private market industry, which is evolving rapidly, internationalizing and maturing fast ·    Provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry ·    Approaches the private markets sector top-down, to provide a sense of its evolution and how the current situation has been built ·    Details the interrelations between investors, funds, fund managers and entrepreneurs  This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector.

Book is in Used-VeryGood condition. Pages and cover are clean and intact. Used items may not include supplementary materials such as CDs or access codes. May show signs of minor shelf wear and contain very limited notes and highlighting. 1.52

Venture Capital, Private Equity, and the Financing of Entrepreneurship explores the exciting world of active investing and lays out in a clear and readily accessible way their key features, ways of doing business and likely evolution. The book follows the cycle of active investing. Raising funds, considering transactions, structuring and overseeing transactions, and exiting investments are considered in turn. The focus is not just on the U.S. market, but on the increasingly global nature of these activities.

The 5th edition of Lerner's Venture Capital and Private Equity: A Casebook continues to present the important historical cases of private equity while incorporating a number of new relevant and timely cases from previous best-selling issues. It includes more cases relevant to the texts four main goals: understanding the ways in which private equity firms work, applying the key ideas of corporate finance to the industry, understanding the process of valuation, and critiquing valuation approaches of the past and present- an approach which has proved very successful over the past four editions. This casebook contains cases and notes designed to provide an understanding of the history of the private equity industry's development and the workings of the industry today. By explaining the industry on a case-by-case basis, this text promises to address the critical question of whether gains made in recent years have been sustained and how firms will respond to the current opportunities and challenges. 

Ten Leading private investors share their secrets to maximum profitability In The Masters of Private Equity and Venture Capital, the pioneers of the industry share the investing and management wisdom they have gained by investing in and transforming their portfolio companies. Based on original interviews conducted by the authors, this book is filled with colorful stories on the subjects that most matter to the high-level investor, such as selecting and working with management, pioneering new markets, adding value through operational improvements, applying private equity principles to non-profits, and much more.

Unread book in perfect condition.

Venture Capital, Private Equity, and the Financing of Entrepreneurship explores the exciting world of active investing and lays out in a clear and readily accessible way their key features, ways of doing business and likely evolution. The book follows the cycle of active investing. Raising funds, considering transactions, structuring and overseeing transactions, and exiting investments are considered in turn. The focus is not just on the U.S. market, but on the increasingly global nature of these activities.

Now, you can minimize your clients' tax liability and avoid legal pitfalls, as well as maximize returns on successful transactions and be prepared for all of the potential benefits, with Structuring Venture Capital, Private Equity and Entrepreneurial Transactions. Here at last is one-step-at-a-time, start-to-finish structural guidance for the following common business transactions: - Venture capital financing, - New business start-ups, - Brains-and-money deals, - Growth-equity investments, - Leveraged and management buyouts, - Industry consolidations, - Troubled company workouts and reorganizations, - Going public, - Selling a business, and Forming a private equity fund. Guided by Jack S. Levin's dynamic, transaction-by-transaction approach, you'll make the tax, legal, and economic structuring consequences of every deal benefit your client every time. In this extraordinary hands-on resource by the most sought-after authority in the field, you'll see exactly how to: Distribute the tax burden in your client's favor; Maximize returns on successful transactions; Control future rights to exit a profitable investment ...and turn every transaction into a winning venture!

This second edition of Introduction to Private Equity is more than an update, it reflects the dramatic changes which have affected an industry which is evolving rapidly, internationalizing and maturing fast. What is recognized as a critical yet grounded guide to the private equity industry blends academic rigour with practical experience. It provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry; including insurance, funds of funds, funds and portfolio companies. The book approaches the private equity sector top-down, to provide a sense of its evolution and how the current situation has been built. It then details the interrelations between investors, funds, fund managers and entrepreneurs. At this point, the perspective shifts to bottom-up, how a private business is valued, how transactions are processed and the due diligence issues to consider before moving ahead. Introduction to Private Equity, Second Edition covers the private equity industry as a whole, putting its recent developments (such as secondary markets, crowdfunding, venture capital in emerging markets) into perspective. The book covers its organization, governance and function, then details the various segments within the industry, including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing, Growth Capital, Distressed Debt, Turn-Around Capital, Funds of Funds and beyond. Finally, it offers a framework to anticipate and understand its future developments. This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector, following a major crisis.

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.

Book is in NEW condition. 1.52

Other books present corporate finance approaches to the VC/PE industry, but many key decisions require an understanding of the ways that law and economics work together. Venture Capital and Private Equity Contracting is better than straight corporate finance textbooks because it offers broad perspectives and principles that enable readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world.Explores the economic implications of contract terms for start-up firms in various industriesPairs international data with explanations and examples about differences in VC and PE national and regional marketsContains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreementsPresents international datasets on limited partnership agreements between institutional investors and VC and PE funds

Over the past twenty years, the private equity industry has undergone tremendous growth and sweeping changes.  With the growth of private equity investing, it is imperative that financial professionals fully understand this complex subject.  The cases and notes in this updated edition are designed to provide you with a better understanding of the history of the private equity industry?s development and the workings of the industry today. Divided into four modules, the first examines how private equity funds are raised and structured; the second considers the interactions between private equity investors and the entrepreneurs that they finance; the third discusses the process through which private equity investors exit their investments; and the last considers the future of the private equity industry.

In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to 'go for top quartile funds'. Beyond the J Curve provides the answers to key questions, including: Why 'top-quartile' promises should be taken with a huge pinch of salt and what it takes to select superior fund managers? What do limited partners need to consider when designing and managing portfolios? How one can determine the funds' economic value to help addressing the questions of 'fair value' under IAS 39 and 'risk' under Basel II or Solvency II? Why is monitoring important, and how does a limited partner manage his portfolio? How the portfolio's returns can be improved through proper liquidity management and what to consider when over-committing? And, why uncertainty rather than risk is an issue and how a limited partner can address and benefit from the fast changing private equity environment? Beyond the J Curve takes the practitioner's view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must have for all parties involved in this market, as well as academic and students.

Brand New! This item is printed on demand. 0.4800

The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals.  This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj · Adams Street Partners · Apax Partners · Baring PE Asia · Bridgepoint · The Carlyle Group · Coller Capital · Debevoise & Plimpton LLP · FMO · Foundry Group · Freshfields Bruckhaus Deringer · General Atlantic · ILPA · Intermediate Capital Group · KKR Capstone · LPEQ · Maxeda · Navis Capital · Northleaf Capital · Oaktree Capital · Partners Group · Permira · Terra Firma