A Private Equity Secondary Market Model

Download A Private Equity Secondary Market Model full books in PDF, epub, and Kindle. Read online A Private Equity Secondary Market Model ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Secondary Markets of Private Equity Investments

Author : Severin Zörgiebel
Publisher : GRIN Verlag
ISBN 13 : 3640374797
Total Pages : 63 pages
Book Rating : 4.6/5 (43 download)

DOWNLOAD NOW!

Book Synopsis Secondary Markets of Private Equity Investments by : Severin Zörgiebel

Download or read book Secondary Markets of Private Equity Investments written by Severin Zörgiebel and published by GRIN Verlag. This book was released on 2009-07-16 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Investment and Finance, grade: 1,0, University of Frankfurt (Main), language: English, abstract: Private equity is an asset class with one notorious problem: illiquidity. First,investments are made without an exit option prior the determined maturity and second it is nearly impossible to purchase an interest of an existing private equityfund. For the last few years these issues have been changing due to the development and the emergence of a secondary market in the field of private equity (PE) which opens new investment opportunities and “provides investors with liquidity in an extremely illiquid asset class.” The main market indicators are growth and maturity. Especially in the financial sector of secondary markets the development of these indicators should be named. The PE secondary market is in a very early state and far from institutionalized markets like stock exchanges. Heavy market imperfections are a problematic characteristic in this context. Buyers and sellers have to meet privately and negotiate an agreement. Holding an asset for such a long period like in PE can be very unnatural and difficult in a fast moving world in which the need for liquidity and changing regulations, economic situations or other issues emerge very quickly. In consequence, an efficient secondary market seems to be important and necessary to face these problems and give investors the ability to participate and unload assets when circumstances force them to do so. The PE secondary market is a relatively new phenomenon and is characterized by steady movement, change and development. Experts from market leading secondary funds and advisory services attest the PE secondary market an essential progress. The PE secondary market transforms from a market for unloading poor performing assets, to an instrument for providing chances in the way of an active portfolio management tool. This Bachelor Thesis, titled “Secondary Markets of Private Equity Investments – An Analysis” has the main target to give a prevailing and critical overview of this subject.

A Private Equity Secondary Market Model

Author : Colin McGrady
Publisher :
ISBN 13 :
Total Pages : 7 pages
Book Rating : 4.:/5 (857 download)

DOWNLOAD NOW!

Book Synopsis A Private Equity Secondary Market Model by : Colin McGrady

Download or read book A Private Equity Secondary Market Model written by Colin McGrady and published by . This book was released on 2006 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Private Equity - Secondary Market

Author : Dominik Damaschke
Publisher : GRIN Verlag
ISBN 13 : 3638415147
Total Pages : 85 pages
Book Rating : 4.6/5 (384 download)

DOWNLOAD NOW!

Book Synopsis Private Equity - Secondary Market by : Dominik Damaschke

Download or read book Private Equity - Secondary Market written by Dominik Damaschke and published by GRIN Verlag. This book was released on 2005-09-06 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diplomarbeit aus dem Jahr 2005 im Fachbereich BWL - Investition und Finanzierung, Note: 1,7, Technische Universität Dortmund, Sprache: Deutsch, Abstract: Die Entwicklung eines Sekundärmarktes, also der Mechanismus über den auf dem Primärmarkt platzierte Anteile gehandelt werden, ist ein Zeichen für die Reife und Größe des entsprechenden Primärmarktes. Das bekannteste Beispiel hierfür sind Aktienbörsen, die den Handel von Unternehmensanteilen ermöglichen, welche zuvor auf dem Primärmarkt emittiert wurden. Für Investitionen in Private Equity galt lange Zeit, dass als Gegenleistung für die erwartete hohe Rendite, der Investor bereit sein musste sein Kapital, ohne eine zwischenzeitliche Ausstiegsoption, über Jahre zu binden. Auf der anderen Seite war es nicht möglich Anteile an bereits bestehenden Private Equity-Fonds zu erwerben. In den letzten Jahren hat sich auch ein Sekundärmarkt für Private Equity entwickelt, der es Investoren ermöglicht ihre Private Equity-Beteiligungen vorzeitig zu veräußern und auf der anderen Seite die Möglichkeit schafft bereits existierende Beteiligungen zu erwerben. Vor allem in Zeiten, in denen Börsengänge von Private Equity-finanzierten Unternehmen fast unmöglich geworden sind und industrielle Käufer Zurückhaltung üben, scheinen Sekundärtransaktionen einige Chancen zu bieten. Diese Chancen, aber auch die Risiken, die mit dem Secondary Market verbunden sind, sollen in dieser Arbeit untersucht werden. Dabei soll primär analysiert werden, welchen Nutzen der Secondary Market für den Primärmarkt hat und welche Funktionen er für diesen ausüben kann. Auch der Zukunft des Secondary Market soll in dieser Arbeit ein hoher Stellenwert eingeräumt werden. Es werden die Ansätze und die Möglichkeiten eines institutionalisierten Sekundärmarktes überprüft, sowie eine Prognose für die weitere Entwicklung des Secondary Market erarbeitet.

International Private Equity

Author : Eli Talmor
Publisher : John Wiley & Sons
ISBN 13 : 1119973880
Total Pages : 801 pages
Book Rating : 4.1/5 (199 download)

DOWNLOAD NOW!

Book Synopsis International Private Equity by : Eli Talmor

Download or read book International Private Equity written by Eli Talmor and published by John Wiley & Sons. This book was released on 2011-06-24 with total page 801 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School’s Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.

Private Equity and Venture Capital in Europe

Author : Stefano Caselli
Publisher : Academic Press
ISBN 13 : 0128122552
Total Pages : 352 pages
Book Rating : 4.1/5 (281 download)

DOWNLOAD NOW!

Book Synopsis Private Equity and Venture Capital in Europe by : Stefano Caselli

Download or read book Private Equity and Venture Capital in Europe written by Stefano Caselli and published by Academic Press. This book was released on 2018-01-26 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global financial markets might seem as if they increasingly resemble each other, but a lot of peculiar aspects qualify different markets with different levels of development. Private equity investors can take advantage of these variations. Structured to provide a taxonomy of the business, Private Equity and Venture Capital in Europe, Second Edition, introduces private equity and venture capital markets while presenting new information about the core of private equity: secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated, and new data, cases, examples, sections, and chapters illuminate elements unique to the European model. With the help of new pedagogical materials, this Second Edition provides marketable insights about valuation and deal-making not available elsewhere. Covers new regulations and legal frameworks (in Europe and the US) described by data and tax rates Features overhauled and expanded pedagogical supplements to increase the versatility of the Second Edition Focuses on Europe Includes balanced presentations throughout the book

Private Equity Secondaries Market

Author : Anthony O'Connor
Publisher :
ISBN 13 : 9781908783073
Total Pages : 158 pages
Book Rating : 4.7/5 (83 download)

DOWNLOAD NOW!

Book Synopsis Private Equity Secondaries Market by : Anthony O'Connor

Download or read book Private Equity Secondaries Market written by Anthony O'Connor and published by . This book was released on 2013 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Private Equity

Author : Harry Cendrowski
Publisher : John Wiley & Sons
ISBN 13 : 1118238850
Total Pages : 389 pages
Book Rating : 4.1/5 (182 download)

DOWNLOAD NOW!

Book Synopsis Private Equity by : Harry Cendrowski

Download or read book Private Equity written by Harry Cendrowski and published by John Wiley & Sons. This book was released on 2012-03-22 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companies An essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text. Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques Assists the book's professional audience in maximizing returns of their PE investments Highly conducive to advanced, graduate-level classroom use Purchase of the text includes access to a website of teaching materials for instructional use Learn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition.

Asset Allocation and Private Markets

Author : Cyril Demaria
Publisher : John Wiley & Sons
ISBN 13 : 1119380995
Total Pages : 325 pages
Book Rating : 4.1/5 (193 download)

DOWNLOAD NOW!

Book Synopsis Asset Allocation and Private Markets by : Cyril Demaria

Download or read book Asset Allocation and Private Markets written by Cyril Demaria and published by John Wiley & Sons. This book was released on 2021-03-03 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: The comprehensive guide to private market asset allocation Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field. The discussion focuses on private equity, private debt and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest. In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the “endowment model,” and hedging — or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies. Discover alternative solutions to traditional asset allocation strategies Consider attractive returns of private markets Delve into private equity, private debt and private real assets Gain expert perspectives on correlation, risk, liquidity, and portfolio construction Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalise traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.

Private Equity Secondaries Market

Author : Andrew Sealey
Publisher :
ISBN 13 : 9781908783578
Total Pages : 269 pages
Book Rating : 4.7/5 (835 download)

DOWNLOAD NOW!

Book Synopsis Private Equity Secondaries Market by : Andrew Sealey

Download or read book Private Equity Secondaries Market written by Andrew Sealey and published by . This book was released on 2013 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Private Equity Secondaries Market (Second Edition) is an invaluable resource about the dynamic secondary market. Edited by Campbell Lutyens, the title will guide both experienced players in private equity secondaries, and those new to the market or considering pursuing fresh opportunities. All of the in-depth 17 chapters are written by leading experts in the secondaries market. This publication contains all the information you'll need to successfully do business in this increasingly sophisticated area of private equity, whether you're seeking to buy or sell assets. W.

The Private Equity Secondary Market

Author : Campbell Luytens & Co. Ltd
Publisher :
ISBN 13 :
Total Pages : 123 pages
Book Rating : 4.:/5 (244 download)

DOWNLOAD NOW!

Book Synopsis The Private Equity Secondary Market by : Campbell Luytens & Co. Ltd

Download or read book The Private Equity Secondary Market written by Campbell Luytens & Co. Ltd and published by . This book was released on 2008* with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Private Equity Indices Based on Secondary Market Transactions

Author : Brian Boyer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (18 download)

DOWNLOAD NOW!

Book Synopsis Private Equity Indices Based on Secondary Market Transactions by : Brian Boyer

Download or read book Private Equity Indices Based on Secondary Market Transactions written by Brian Boyer and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's final distribution. We propose a new approach to evaluating performance using actual prices paid for limited partner shares of funds in secondary markets. We construct indices of buyout and venture capital performance using a proprietary database of secondary market prices between 2006 and 2017. These transaction-based indices exhibit significantly higher betas and volatilities, and lower alphas than NAV-based indices built from Preqin and obtained from Burgiss. There are a number of potential uses for these indices. In particular, they provide a way to track the returns of the buyout and venture capital sectors on a quarter-to-quarter basis and to value illiquid stakes in funds.

The Emergence of the Private Equity Secondary Market

Author : Alain Walder
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (866 download)

DOWNLOAD NOW!

Book Synopsis The Emergence of the Private Equity Secondary Market by : Alain Walder

Download or read book The Emergence of the Private Equity Secondary Market written by Alain Walder and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite a twelvefold growth over the last decade and its large contribution to improve attractiveness of the private equity asset class, little academic research has been carried out on the characteristics and drivers of the private equity secondary market. Besides gaining an understanding of the features and size of the secondary market, this paper aims at determining its historical drivers and attempts to forecast the future secondary volume over the period 2013-2016. The analysis is based on a multiple regression analysis as well as 19 interviews conducted with renowned experts in secondary private equity sphere. The private equity secondary base and lagged private equity returns explained 93.2% of the variation in the secondary volume in the last decade. However, secondary volume is principally a function of attractive pricing to the sellers. Based on the historical drivers, a decrease volume is predicted over the period 2014-2016, even though the model accounted for an increasing turnover rate. This study has contributed to future research on the topic.

Early Stage Valuation

Author : Antonella Puca
Publisher : John Wiley & Sons
ISBN 13 : 1119613639
Total Pages : 389 pages
Book Rating : 4.1/5 (196 download)

DOWNLOAD NOW!

Book Synopsis Early Stage Valuation by : Antonella Puca

Download or read book Early Stage Valuation written by Antonella Puca and published by John Wiley & Sons. This book was released on 2020-06-30 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses significant developments in the valuation of early stage enterprises at fair value with emphasis on practical applications—features a broad selection of case studies of early stage valuation Early Stage Valuation: A Fair Value Perspective provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. Author Antonella Puca, Senior Director with Alvarez & Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments. This authoritative guide examines how to apply market analysis, discounted cash flows models, statistical techniques such as option pricing models (OPM) and Monte Carlo simulation, the venture capital method and non-GAAP metrics to ESE valuation. The text considers the most recent AICPA, Appraisal Foundation and IPEV guidance, and examines developments in both academic research and venture capital investor practice. Numerous real-world case studies illustrate early stage valuation suitable for structuring sound, internally consistent business transactions. Covering current trends and the latest regulatory guidance in the area, this book: Provides step-by-step guidance on practical valuation applications Reflects current standards for ESE valuation, including the AICPA Guide to the Valuation of Portfolio Company Investments, the IPEV guidelines and guidance from the Appraisal Foundation Covers new approaches to the valuation of ESEs with option pricing models, Monte Carlo Simulation, calibration and non-GAAP metrics Offers an overview of start-up valuation Discusses how intangible assets are impacting the valuation of ESEs The book also includes contributions from Neil Beaton, Andreas Dal Santo, Alexander Davie, John Jackman and Mark Zyla. Early Stage Valuation: A Fair Value Perspective is an essential resource for valuation specialists, private equity and venture capital fund managers, analysts, attorneys, investment bankers, regulators and auditors, and investors with interest in the private equity and venture capital industry.

The Liquidity Cost of Private Equity Investments

Author : Taylor D. Nadauld
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (953 download)

DOWNLOAD NOW!

Book Synopsis The Liquidity Cost of Private Equity Investments by : Taylor D. Nadauld

Download or read book The Liquidity Cost of Private Equity Investments written by Taylor D. Nadauld and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important cost of investing in private equity is the illiquidity of these investments. In response to this illiquidity, a secondary market for transacting stakes in private equity funds has developed. This paper uses proprietary data from a leading intermediary to understand the magnitude and determinants of transaction costs in this market. Most transactions occur at a discount to net asset value. Buyers average an annualized Public Market Equivalent (PME) of 1.023 compared to 0.974 for sellers, implying that buyers outperform sellers by a market-adjusted five percentage points annually. For the most common type of transaction, the sale of stakes in funds four to nine years old, the difference is smaller, about three percentage points. Both the discount to NAV and the difference in returns between buyers and sellers returns appear to be related to factors associated with asymmetric information and market depth. Buyers in this market tend to be funds-of-funds, while sellers are more likely to be traditional private equity investors such as endowments and pension funds.

Performance of Private Equity Funds

Author : Taro Niggemann
Publisher : GRIN Verlag
ISBN 13 : 3638419770
Total Pages : 98 pages
Book Rating : 4.6/5 (384 download)

DOWNLOAD NOW!

Book Synopsis Performance of Private Equity Funds by : Taro Niggemann

Download or read book Performance of Private Equity Funds written by Taro Niggemann and published by GRIN Verlag. This book was released on 2005-09-20 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2005 in the subject Business economics - Investment and Finance, grade: 1.0, Otto Beisheim School of Management Vallendar, course: Doppeldiplomprogramm WHU Koblenz / EM Lyon, language: English, abstract: Private equity is currently replacing hedge funds as the most observed asset class. And while mutual funds experience a decline of assets under management, buyout funds break all records as far as fund raising is concerned. The attractiveness of buyout funds among investors is often attributed to superior returns and to an allegedly lower correlation with other asset classes. However, buyout fund returns also show superior volatility. In addition to that risk factor, investors must face liquidity and transparency risk. It is common agreement that investors are compensated for the elevated risk through a return premium. This and the cited lower correlation prompt more and more investors to add private equity into their portfolios. The wide-spread opinion of superior private equity performance is backed by several studies. But the analysis of these studies reveal that a number of them employ methodologies which are disapproved of by experts on theoretical private equity performance measurement. Furthermore, some have a one-sided notion of financial performance. Benchmarking, risk and correlation data which are crucial for an overall performance assessment often lack. The analysis of a series of technically appropriate, objective studies shows that private equity has historically outperformed public equity with regard to returns, in Europe more than in the United States (US). What remains unsolved is to which extent this return premium rewards the inherent, additional risk of private equity investments. And what is more certain: the prevalent view on correlation seems to be wrong. Empirical evidence and qualitative analysis speak for high correlation between private equity and the major asset classes. The most important driver for individual fund performance appears to be the quality of fund management. Thereby, specialized teams outperform others. Moreover, specialized funds provide investors better opportunity to diversify their private equity portfolio. Fundraising and investment conditions for private equity funds in France and Germany are favorable, but the accomplishment of superior performance will become harder in the future. The rules of the private equity business are changing as operating leverage has replaced financial leverage as the essential value driver.

Comparison of the Regulations of Private Equity Fund Secondary Market Transaction Between China and US

Author : Lan Xiang
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (793 download)

DOWNLOAD NOW!

Book Synopsis Comparison of the Regulations of Private Equity Fund Secondary Market Transaction Between China and US by : Lan Xiang

Download or read book Comparison of the Regulations of Private Equity Fund Secondary Market Transaction Between China and US written by Lan Xiang and published by . This book was released on 2011 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Private Equity in Action

Author : Claudia Zeisberger
Publisher : John Wiley & Sons
ISBN 13 : 1119327997
Total Pages : 418 pages
Book Rating : 4.1/5 (193 download)

DOWNLOAD NOW!

Book Synopsis Private Equity in Action by : Claudia Zeisberger

Download or read book Private Equity in Action written by Claudia Zeisberger and published by John Wiley & Sons. This book was released on 2017-06-09 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Best Practice in Private Equity Investing Private Equity in Action takes you on a tour of the private equity investment world through a series of case studies written by INSEAD faculty and taught at the world's leading business schools. The book is an ideal complement to Mastering Private Equity and allows readers to apply core concepts to investment targets and portfolio companies in real-life settings. The 19 cases illustrate the managerial challenges and risk-reward dynamics common to private equity investment. The case studies in this book cover the full spectrum of private equity strategies, including: Carve-outs in the US semiconductor industry (LBO) Venture investing in the Indian wine industry (VC) Investing in SMEs in the Middle East Turnaround situations in both emerging and developed markets Written with leading private equity firms and their advisors and rigorously tested in INSEAD's MBA, EMBA and executive education programmes, each case makes for a compelling read. As one of the world's leading graduate business schools, INSEAD offers a global educational experience. The cases in this volume leverage its international reach, network and connections, particularly in emerging markets. Private Equity in Action is the companion to Mastering Private Equity: Transformation via Venture Capital, Minority Investments & Buyouts, a reference for students, investors, finance professionals and business owners looking to engage with private equity firms. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, Mastering Private Equity systematically covers all facets of the private equity life cycle.