International Private Equity by Vasvari, Florin -- Read -- Imperial Library of Trantor

Index

HalfTitle page Title page Copyright page Preface Abbreviations About the authors Dedication Part 1: Overview and fund-level analysis Chapter 1: Introduction and Overview

1.1 Introduction 1.2 Cyclicality of the Private Equity Industry 1.3 Statistics on the Private Equity Industry 1.4 Recent Regulatory Activity 1.5 The Outlook of the Private Equity Industry 1.6 References

Chapter 2: Private Equity Fund Economics

2.1 Overview 2.2 Private Equity Firms or General Partners 2.3 Investors in Private Equity Funds or Limited Partners 2.4 Private Equity Funds or Limited Partnerships 2.5 Advisors and Agents 2.6 References

Chapter 3: Performance Measurement in Private Equity

3.1 Overview 3.2 Measures of Private Equity Fund Performance 3.3 Benchmarking Private Equity Performance 3.4 Academic Findings on the Performance of Private Equity Funds 3.5 Why the Performance Assessment of Private Equity Remains Difficult 3.6 Conclusions 3.7 References

Chapter 4: Private Equity Investing in Emerging Markets

4.1 Introduction 4.2 Investment Landscape 4.3 Drivers for Pe Investments in Emerging Economies 4.4 Risks of Investing in Emerging Economies 4.5 Market Structure and Investment Characteristics 4.6 Comparative Landscape of Emerging Markets 4.7 Summary 4.8 References

Chapter 5: Fund Due Diligence

5.1 What is Fund Due Diligence? 5.2 Lp Investment Process 5.3 Fund Due Diligence in Detail 5.4 Summary

Chapter 6: Private Equity Fund Accounting

6.1 What is Happening in Private Equity Accounting? 6.2 Current Major Issues and Complexities 6.3 Interpreting Fund Accounts

Chapter 7: Gatekeepers

7.1 Introduction 7.2 Main Types of Professional Advisors 7.3 In-House or Outsourcing? 7.4 Outsourcing to a Fund of Funds 7.5 Fund-of-Funds Economics 7.6 Selecting A Fund of Funds 7.7 Outlook 7.8 Bibliography

Chapter 8: Listed Private Equity

8.1 Introduction 8.2 Benefits and Disadvantages of Listed Private Equity 8.3 Economic and Organizational Forms 8.4 Legal Forms 8.5 Estimated Risk Profile of Listed Private Equity 8.6 Lpe Indexes 8.7 References

Chapter 9: Secondary Fund Transactions

9.1 Introduction 9.2 Secondary Market Development 9.3 Parties Involved in Secondary Transactions 9.4 Secondary Transactions 9.5 The Pricing of Secondary Transactions 9.6 Conclusion 9.7 References

Part 2: Deal-level analysis Chapter 10: Valuation of Private Equity Companies

10.1 Introduction 10.2 Valuation Guidelines 10.3 Implementation of the Main Valuation Methods: Multiples and DCF 10.4 Pitfalls to be Wary of When Valuing Private Companies 10.A Pueblo Clothing SPA 10.A.1 Analysis: What Are the Big Judgments Made in the Valuation? 10.B Chariot Skates PLC 10.B.1 Analysis: What are the Big Judgments Made in the Valuation? 10.C References

Chapter 11: Deal Analysis and Due Diligence

11.1 Introduction 11.2 The Sale Process 11.3 Circumstances Influence the Due Diligence Process 11.4 Deal Analysis and Due Diligence During the Sale Process 11.5 Motives/Perspectives of Stakeholders

Chapter 12: Leveraged Buyout Transactions

12.1 Introduction 12.2 LBO Execution: The Deal Process 12.3 LBO Stakeholders 12.4 Value Creation in an LBO 12.5 References

Chapter 13: Leveraged Buyout Modeling: An Excel Application

13.1 Overview 13.2 Build A Pre–transaction Structure Model 13.3 Determine Transaction Structure: Uses of Funds 13.4 Determine Transaction Structure: Sources of Funds 13.5 Build A Post–transaction Structure Model 13.6 Determine Exit and Compute Returns 13.7 Optimization and Analysis of the LBO Model 13.8 Analysis of the Toys R us LBO 13.9 Reference

Chapter 14: Post-Deal Operational Improvements

14.1 What Operational Improvements are Made Post Deal? 14.2 Identifying the Opportunity 14.3 Ebitda Growth 14.4 Maximizing Assets—human Capital 14.5 When Things Go Wrong 14.6 Conclusion 14.7 References

Chapter 15: Harvesting Private Equity Investments

15.1 Introduction 15.2 Steps to Exiting A Private Equity Investment 15.3 Exit Strategies 15.4 Summary 15.5 References

Part 3: Early-stage investing Chapter 16: Angel 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

Chapter 17: Venture Capital

17.1 Introduction 17.2 What is Venture Capital 17.3 The VC Investment Process 17.4 The VC Contract 17.5 Alternative Sources of VC Financing 17.6 Conclusion 17.7 References

Part 4: Case studies Chapter 18: Realza Capital

December 2006 December 2008

Chapter 19: Private equity fund economics

Swicorp—a Short History The Mena Region The Mena Private Equity Landscape The Role of Sovereign Wealth Funds (SWFS) Swicorp’s Intaj Investment Strategy Deal Selection Process Step Carpet Group Jordan Aviation LLC

Chapter 20: Mekong Capital: The importance of corporate culture in emerging market private equity

Founding Mekong Capital Vietnam and the Private Equity Industry MEF I and the Initial Investment Philosophy MEF I Case Study: Aa Corporation MEF II and A New Investment Philosophy MEF II Case Study: International Consumer Products Vietnam Azalea Fund 2007—Searching for Answers from Within The Corporate Transformation Process Will it Work?

Chapter 21: Bloomsbury Capital: June 2007

Bloomsbury Capital

Chapter 22: Edcon: Going shopping in South Africa

EDCON: A Leading South African Retailer Bain Capital: Background Opportunity Knocks South Africa Currency Risk The Deal The Bid

Chapter 23: FiberNet Communications

Hungarian History and Economy Hungarian Television Broadcasting Market Cable TV Industry Fibernet’s Key Competitors Upc Hungary MatákáBeltv The Fibernet Opportunity

Chapter 24: Seat SpA

Chronology of Seat Transaction Bain Capital: Background The Global and European Directory Market The Italian Directory Market Seat Business Description Market Entry of Pagine Utili The Internet: Threat or Opportunity? Due Diligence Italian Economic and Political Landscape Privatization Process in Italy THE DEAL

Chapter 25: Ducati and Investindustrial:Racing out of the pits and over the finish line

Investindustrial Acquisition of Ducati Improving the Company (2006–2008) The World Motorcycle Industry in 2008 Raising A New Fund A “Wild Ride” for Ducati’s Stock June 2010

Chapter 26: Styles & Wood: Behind the scenes of retail

Styles & Wood: The History Gerard Quiligotti and the Turnaround Years The MBO: The Fall of Wembley Stadium Group Styles & Wood Since 1996: Managing the Growth Strategy Project OAK in 2001: Management Incentives and Reapingrewards Project OVAL in 2004: From 3I To Aberdeen—Secondary Buyout Decision Market and Competition Investing Decision

Chapter 27: SunRay Renewable Energy:Private equity in the sunshine

Sunray’s Choice of Solar Technology The Value Chain of A Solar PV Developer The European Renewable Market in 2006–2008 Sunray’s Business Model Building the Management Team Learning the Solar PV Game the Hard Way Scaling Up the Business Across Southern Europe Under the Umbrella of Private Equity Montalto Di Castro: Building the Largest Solar Power Park in Europe The Decision to Exit Sunray’s Spirit Still Alive

Chapter 28: Debenhams

Private Equity Goes Shopping Post Deal and Going Public Again

Chapter 29: Optos: A sight worth seeing

Douglas Anderson and the Vision Scottish Business Landscape and Funding for Early-Stage Startups Product Development Diseases of the Back of the Eye and Optos’ Target Market Manufacturing Competition Business Model: The “Razor/Razor Blade” Concept Profit and Loss Implications Cash Flow Implications Financing 1995–2001 Geographic Expansion Financing in 2002

Chapter 30: Capital for Enterprise U.K.: Bridging the SME early-stage finance gap

An “Equity Gap”? Previous Attempts by the U.K. Government to Tackle the “Equity Gap” Limits of Previous Programs Launching Enterprise Capital Funds Key questions and Options for the ECF Program Design The First Years of Operation of the ECF Program A Few Years on: A First Assessment Where Next?

Glossary Index

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