Download or read book The Good the Bad and the Ugly of Private Equity written by Sebastien Canderle and published by Createspace Independent Publishing Platform. This book was released on 2018-10-03 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial risk is a frequently observed and reported structural issue in leveraged buyouts. Other risks are equally prevalent but behavioural or institutional by nature. Factors like irrational decision-making, market manipulation and the lack of proper regulatory oversight are prominent indicators behind private equity's most troubling side effects. Drawing on a wide range of case histories and references like the buyouts of Bhs, Hilton, TIM Hellas, Toys "R" Us and Univision, The Good, the Bad and the Ugly of Private Equity investigates the industry's drivers of success and failure. The book aims to emphasize what differentiates good transactions and fund managers from the bad and truly ugly ones. Sebastien Canderle delivers a well-researched, engaging and illuminating account of the notoriously secretive money machine of private equity and volunteers pertinent prescriptions for change.
Download or read book Two and Twenty written by Sachin Khajuria and published by Crown Currency. This book was released on 2022-06-14 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first true insider’s account of private equity, revealing what it takes to thrive among the world’s hungriest dealmakers “Brilliant . . . eloquently takes readers inside the heroic world of private equity . . . [an] essential read.”—Forbes ONE OF THE BEST BOOKS OF THE YEAR: Next Big Idea Club Private equity was once an investment niche. Today, the wealth controlled by its leading firms surpasses the GDP of some nations. Private equity has overtaken investment banking—and well-known names like Goldman Sachs and Morgan Stanley—as the premier destination for ambitious financial talent, as well as the investment dollars of some of the world’s largest pension funds, sovereign wealth funds, and endowments. At the industry’s pinnacle are the firms’ partners, happy to earn “two and twenty”—that is, a flat yearly fee of 2 percent of a fund’s capital, on top of 20 percent of the investment spoils. Private equity has succeeded in near-stealth—until now. In Two and Twenty, Sachin Khajuria, a former partner at Apollo, gives readers an unprecedented view inside this opaque global economic engine, which plays a vital role underpinning our retirement systems. From illuminating the rituals of firms’ all-powerful investment committees to exploring key precepts (“think like a principal, not an advisor”), Khajuria brings the traits, culture, and temperament of the industry’s leading practitioners to life through a series of vivid and unvarnished deal sketches. Two and Twenty is an unflinching examination of the mindset that drives the world’s most aggressive financial animals to consistently deliver market-beating returns.
Download or read book The Only Guide to Alternative Investments You ll Ever Need written by Larry E. Swedroe and published by John Wiley and Sons. This book was released on 2010-05-13 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rewards of carefully chosen alternative investments can be great. But many investors don’t know enough about unfamiliar investments to make wise choices. For that reason, financial advisers Larry Swedroe and Jared Kizer designed this book to bring investors up to speed on the twenty most popular alternative investments: Real estate, Inflation-protected securities, Commodities, International equities, Fixed annuities, Stable-value funds, High-yield (junk) bonds, Private equity (venture capital), Covered calls, Socially responsible mutual funds, Precious metals equities, Preferred stocks, Convertible bonds, Emerging market bonds, Hedge funds, Leveraged buyouts, Variable annuities, Equity-indexed annuities, Structured investment products, Leveraged funds The authors describe how the investments work, the pros and cons of each, which to consider, which to avoid, and how to get started. Swedroe and Kizer evaluate each investment in terms of: Expected returns Volatility Distribution of returns Diversification potential Fees Trading and operating expenses Liquidity Tax efficiency Account location Role in an asset-allocation program Any investor who is considering or just curious about investment opportunities outside the traditional world of stocks, bonds, and bank certificates of deposit would be well-advised to read this book.
Download or read book The Debt Trap written by Sebastien Canderle and published by Harriman House Limited. This book was released on 2016-09-19 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the inside story of private equity dealmaking. Over the last 40 years, LBO fund managers have demonstrated that they are good at making money for themselves and their investors. But when one looks beneath the surface of the transactions they engineer, it is apparent that these deals can, at times, go spectacularly wrong. Through 14 business stories, all emanating from the noughties' credit bubble and including headline-grabbing names like Caesars, Debenhams, EMI, Hertz, Seat Pagine Gialle and TXU, The Debt Trap shows how, via controversial practices like quick flips, repeat dividend recaps, heavy cost-cutting and asset-stripping, leveraged buyouts changed, for better or for worse, the way private companies are financed and managed today. From technological disruption in the worlds of music recording and business-directory publishing to economic turbulence in the gambling, real estate and energy sectors, highly levered corporations are often incapable of handling market corrections when debt commitments start piling up. Behind the historical events and the financial empires erected by some of the elite private equity specialists, these 14 in-depth case studies examine how value-maximising techniques and a short-cut mentality can impact investment returns and portfolio assets. Whether you are a PE practitioner, investor, business manager, academic or business student, you will find The Debt Trap to be an authoritative and fascinating account.
Download or read book Unconventional Success written by David F. Swensen and published by Simon and Schuster. This book was released on 2005-08-09 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author of Pioneering Portfolio Management shows individuals how to avoid the for-profit mutual fund industry and get better returns on their money. In Unconventional Success, investment legend and bestselling author David F. Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent “churning” of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including pay-to-play product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen’s solution: A contrarian investment alternative that promotes well-diversified, equity-oriented, market-mimicking portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor’s financial future. “Reveals why the mutual fund industry as a whole does a disservice to the individual investor.” —Booklist “What he has to say is worth listening to.” —The New York Times
Download or read book Private Equity Laid Bare written by Ludovic Phalippou and published by . This book was released on 2021-01-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is version 2.6 (Warning: Audiobook is following the first edition)! Designed for an MBA course on private equity, this textbook aims to familiarize any reader with the jargon and mechanics of private markets using simplified examples, real-life situations and results from thorough academic studies. The intention is to have a book that can be read more like a novel than like a regular textbook. In order to have long-lasting impact on readers, I believe in making things as simple as possible, boiling everything down to the essence, going straight to the point, and, most importantly, writing in an informal and hopefully entertaining way. The objective is for the reader to open this book with anticipation of having a good educational time.
Download or read book Discussion Materials written by Bill Keenan and published by Post Hill Press. This book was released on 2020-03-31 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Why aren’t you using LTM EBITDA for credit metrics?” asked the managing director who sat across from me, his widow’s peak clearly visible as he inspected the sheet in front of him. His spacious office looked out onto New York Harbor. “Bust,” said the vice president, who was a slightly younger, douchier version of Widow’s Peak. He slashed his red ballpoint pen across the sheet and flipped to the next page. “Walk me through the debt paydown and your interest rate assumptions,” continued the VP. “Pretty dovish view. Maybe the Fed knows what they’re doing after all,” said Widow’s Peak. He shot a glance at the VP. They shared a chuckle—at what, I couldn’t tell you. This question about interest rates I knew: Dovish, I thought. Doves fly south for the winter, so dovish is downwards…low interest rates— “We’re running short on time,” said Widow’s Peak. He flipped to the cover page of my presentation. “One final point—all pitch decks should have the same title.” “Since this presentation was geared towards an LBO analysis I was thinking—” “No thinking. All decks—same title—Discussion Materials.” Noted. Discussion Materials gives the reader an honest look at Wall Street from someone in the trenches. After graduating from Columbia Business School, Bill Keenan joined Deutsche Bank’s investment banking division as an associate where despotic superiors (and the blinking red light of his BlackBerry) instilled low-level terror on an hourly basis. You’ll join him in his cubicle on the 44th floor of 60 Wall Street as he scrambles to ensure floating bar charts are the correct shade of orange and all numbers are left-aligned, but whatever you do, don’t ask him what any of it means. Leaning heavily on his fellow junior bankers and the countless outsourcing resources the bank employs, he slowly develops proficiency at the job, eventually gaining traction and respect, one deal at a time, over a two-year span, ultimately cementing his legacy in the group by attaining the unattainable: placing a dinner order on Seamless one Sunday night at work from Hwa Yuan Szechuan amounting to $25.00 (tax and tip included), the bank’s maximum allowance for meals—the perfect order.
Download or read book The Oxford Handbook of Capitalism written by Dennis C. Mueller and published by OUP USA. This book was released on 2012-04-19 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.
Download or read book Mastering Private Equity written by Claudia Zeisberger and published by John Wiley & Sons. This book was released on 2017-07-07 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Private Equity written by Paul Gompers and published by Anthem Press. This book was released on 2019-03-15 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: ’Private Equity’ is an advanced applied corporate finance book with a mixture of chapters devoted to exploring a range of topics from a private equity investor’s perspective. The goal is to understand why and which practices are likely to deliver sustained profitability in the future. The book is a collection of cases based on actual investment decisions at different stages for process tackled by experienced industry professionals. The majority of the chapters deal with growth equity and buyout investments. However, a range of size targets and investments in different geographical markets are covered as well. These markets include several developed economies and emerging markets like China, Russia, Turkey, Egypt and Argentina. This compilation of cases is rich in institutional details, information about different markets, and segments of the industry as well as different players and their investment practices – it is a unique insight into the key alternative asset class.
Download or read book The Good the Bad the Ugly of Trusts Investing in Partnerships written by David R. Nave and published by . This book was released on 2012 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the unique tax considerations to a trust investing in alternative investments such as hedge funds, real estate, venture capital and private equity through partnerships and provides guidance to trustees and advisors. Discusses prudent investor rule and suggests that if a trust is large enough, many advisors recommend to the trustee that a portion of the assets include alternative investments. These investments are generally structured as limited partnerships or limited liability companies. Discusses lack of clarity to the proper treatment of a partnership investment held by a fiduciary. Generally, current principal and income acts are inadequate in defining what is income or principal from a partnership interest, and trust instruments frequently fail to address this matter. This creates issues in determining FAI and DNI within the trust. There are inherent conflicts between Subchapter J and K. Looks at how separately stated items such as charitable contributions and portfolio expenses subject to the 2 percent floor are handled. Issues trust face in applying the passive loss rules particularly with real estate investments. Concludes that as trusts trend more and more to the modern portfolio theory of investing under the prudent investor rule, the trustee will be faced with numerous alternative investments. The structure of these investments, generally partnerships, tends to create numerous issues under Subchapter J. Therefore, it is imperative that the trustee understand the good, the bad and the ugly of investing in partnerships.
Download or read book All Deliberate Speed Reflections on the First Half Century of Brown v Board of Education written by Charles J. Ogletree and published by W. W. Norton & Company. This book was released on 2005-11-17 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: "An effective blend of memoir, history and legal analysis."—Christopher Benson, Washington Post Book World In what John Hope Franklin calls "an essential work" on race and affirmative action, Charles Ogletree, Jr., tells his personal story of growing up a "Brown baby" against a vivid pageant of historical characters that includes, among others, Thurgood Marshall, Martin Luther King, Jr., Earl Warren, Anita Hill, Alan Bakke, and Clarence Thomas. A measured blend of personal memoir, exacting legal analysis, and brilliant insight, Ogletree's eyewitness account of the legacy of Brown v. Board of Education offers a unique vantage point from which to view five decades of race relations in America.
Download or read book These Are the Plunderers written by Gretchen Morgenson and published by Simon and Schuster. This book was released on 2023-04-25 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Wall Street Journal Bestseller Pulitzer Prize–winning and New York Times bestselling financial journalist Gretchen Morgenson and financial policy analyst Joshua Rosner investigate the insidious world of private equity in this “masterpiece of investigative journalism” (Christopher Leonard, bestselling author of Kochland)—revealing how it puts our entire economy and us at risk. Much has been written about the widening gulf between rich and poor and how our style of capitalism has failed to provide a living wage for so many Americans. But nothing has fully detailed the outsized role a small cohort of elite financiers has played in this inequality. Pulitzer Prize–winning journalist and bestselling author Gretchen Morgenson, with coauthor Joshua Rosner, unmask the small group of celebrated Wall Street financiers, and their government enablers, who use excessive debt and dubious practices to undermine our nation’s economy for their own enrichment: private equity. These Are the Plunderers traces the thirty-year history of corporate takeovers in America and private equity’s increasing dominance. Morgenson and Rosner investigate some of the biggest names in private equity, exposing how they buy companies, load them with debt, and then bleed them of assets and profits. All while prosecutors and regulators stand idly by. The authors show how companies absorbed by private equity have worse outcomes for everyone but the financiers: employees are more likely to lose their jobs or their benefits; companies are more likely to go bankrupt; patients are more likely to have higher healthcare costs; residents of nursing homes are more likely to die faster; towns struggle when private equity buys their main businesses, crippling the local economy; and school teachers, firefighters, medical technicians, and other public workers are more likely to have lower returns on their pensions because of the fees private equity extracts from their investments. In other words: we are all worse off because of private equity. These Are the Plunderers is a “meticulous and devastating takedown of a powerful force in Western capitalism” (Brad Stone, bestselling author of Amazon Unbound) that exposes the greed and pillaging in private equity, revealing the many ways these billionaires have bled the economy, and, in turn, us.
Download or read book The Buyout of America written by Josh Kosman and published by Penguin. This book was released on 2009-11-12 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative exposé of the mysterious and potentially dangerous world of private equity Few people realize that the top private equity firms, such as Blackstone Group, Carlyle Group, and Kohlberg Kravis Roberts, have become the nation’s largest employers through the businesses they own. Using leveraged buyouts that load their acquired companies with loans, private equity firms have generated more than $1 trillion in new debt—which will come due just when these businesses are least likely to be able to pay it off. Journalist Josh Kosman explores private equity’s explosive growth and shows how its barons wring profits at the expense of the long-term health of their companies. He argues that excessive debt and mismanagement will likely trigger another economic meltdown within the next five years, wiping out up to two million jobs. He also explores the links between the private equity elite and Washington power players, who have helped them escape government scrutiny. The result is a timely book with an important warning for us all.
Download or read book Inside Private Equity written by James M. Kocis and published by John Wiley & Sons. This book was released on 2009-04-20 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inside Private Equity explores the complexities of this asset class and introduces new methodologies that connect investment returns with wealth creation. By providing straightforward examples, it demystifies traditional measures like the IRR and challenges many of the common assumptions about this asset class. Readers take away a set of practical measures that empower them to better manage their portfolios.
Download or read book Restructuring the Hold written by Thomas C. Anderson and published by John Wiley & Sons. This book was released on 2020-12-10 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Establishing an effective partnership and achieving improved outcomes for investors and management teams during the hold cycle Private equity represents a productive and fast-growing asset class—building businesses, creating jobs, and providing unlimited opportunity for investors and management teams alike, particularly if they know how to work together in candid and effective partnerships. Restructuring the Hold demonstrates how investors and managers can best work together to optimize company performance and the associated rewards and opportunities for everyone, not just the investors. Through brief references to the parable of the Gramm Company, a middle market portfolio company, readers will follow the disappointments and triumphs of a management team experiencing their first hold period under private equity ownership, from the day they get purchased through the day they get sold. Restructuring the Hold provides the reader both general knowledge and more detailed better practices and frameworks relating to specific time periods during the hold. Within this book readers will find: An examination of a typical middle-market private equity hold period Guidance for newly acquired management teams on what to expect during the hold period Descriptions of better practice operating cadence between investors and management teams Examples of effective partnerships between investors and management teams Discussions of topics relevant to typical hold periods, including organizational structures, operations improvement, selling pipelines and acquisition integrations With guidance from Restructuring the Hold, private equity principals and portfolio company executives can take steps toward greater collaboration and better outcomes. Through updated practices and strong relationships, they can partner effectively to improve portfolio company performance, which will lead to better outcomes for both investors and management teams.
Download or read book Private Equity written by Douglas Cumming and published by John Wiley and Sons. This book was released on 2009-12-31 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity, and the structure of private equity investments with investees, to name a few. Discusses the role of private equity in today's financial environment Provides international perspectives on private equity Details the regulation of private equity markets Filled with in-depth insights and expert advice, this book will provide you with a better understanding of private equity structures and put you in a better position to measure and analyze their performance.
