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Essays On Private Equity And Real Estate
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Book Synopsis Active Private Equity Real Estate Strategy by : David J. Lynn
Download or read book Active Private Equity Real Estate Strategy written by David J. Lynn and published by John Wiley and Sons. This book was released on 2009-07-30 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proven private equity real estate investing strategies The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities. Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two. Includes a simulation of the economy in recession and the expected effects on the commercial real estate industry Offers examples of portfolio analysis and recommendations using ING Clarion's forecasts and Modern Portfolio Theory Focuses on multifamily, hotel, land, and industrial investments Demonstrates the use of the various tools available to the private equity real estate investor Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.
Book Synopsis Essays on Real Estate Private Equity by : Sebastian Krautz
Download or read book Essays on Real Estate Private Equity written by Sebastian Krautz and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Private Capital by : Vrinda Mittal
Download or read book Essays in Private Capital written by Vrinda Mittal and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: These results get stronger post the financial crisis, when underfunded positions and their subsequent investments in private equity increased. The paper shows that traditionally positive post buyout efficiency results turn negative in recent years, as marginal investors matching with marginal private equity funds pull down the average. The most underfunded pensions also realize lower total private equity returns relative to the least underfunded ones. These results suggest possibility of a ``funding doom loop" as currently public pensions use assumed return on assets to calculate liabilities. The second essay titled ``Flattening the Curve: Pandemic-Induced Revaluation of Urban Real Estate" focuses on work from home with the onset of the COVID-19 pandemic and its effect on residential real estate prices across the U.S. We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas.
Book Synopsis Essays on Private Equity and Real Estate by : Hyeik Kim
Download or read book Essays on Private Equity and Real Estate written by Hyeik Kim and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays in illiquid assets. The first two chapters study private equity. The first chapter examines whether the incentives implicit in general partners' contracts lead them to make value-destroying investments? Using a sample of European buyouts, I show that the structure of compensation contracts encourages GPs to overinvest in deals that are in later period of the investment phase to maximize their fee profits, even if the deals are unprofitable. Within each fund, deals made in later period of the investment phase have lower profit growth and lower net returns than those made earlier. This relationship persists after controlling for GP skills, fund sequences, and vintage year. Importantly, later period deals are more likely to be value-destroying. The results are concentrated in funds with higher earlier performance and in more established funds, suggesting that GPs with lower reputation costs are more likely to engage in such behavior. The results further suggest that the current fee structure can induce GPs to maximize their profits at the expense of LPs. The second chapter studies the effects of infrastructure privatization with the focus the effect of private equity acquisition of infrastructure. The privatization of infrastructure, especially by investor-owned private equity (PE) funds, raises questions about the economics of public goods and the policy question of who should own infrastructure assets. Airports represent a class of infrastructure that is increasingly important to the global economy and has experienced significant privatization in recent decades. This paper studies how ownership changes affect airport performance, with a focus on understanding both the role of privatization and any distinct effects of PE vs. non-PE private ownership in subsequent transactions. Across twenty performance measures, we observe marked improvements after PE acquisitions--in particular from non-PE private firms, which account for most of the PE deals--with no evidence of pre-trends. In contrast, non-PE privatizations and subsequent acquisitions lead to weaker or no improvement, and where it does occur it appears to reflect targeting rather than operational changes. We also study fees charged to airlines and measures from the income statement; these indicate higher prices after privatization and dramatically higher net income following PE acquisitions. Overall, we find relatively little evidence that privatization alone increases performance, and instead find strong evidence that infrastructure funds improve airport efficiency. The third chapter studies whether one's wealth affects her preference for liquidity. Korea has a unique rental system where a tenant can choose between paying a lump sum deposit called Chonsei or a monthly rent when renting a house. This unique system allows me to take the difference between the cost of monthly rent payment and the cost of Chonsei to calculate the liquidity premium for a quasi-identical asset. I find that within an apartment complex-year month, per unit price of liquidity decreases in size and price of apartment units, suggesting that wealthier households, ex-post, are given less compensation for illiquidity. The result expands the notion of investor clientele in liquidity premium by Amihud and Mendelson (1986) indicating that the investment horizon of investors may not be the only determinant in the cross-sectional explanation of liquidity premium. Other characteristics, such as wealth, could affect one’s preference for liquidity.
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 2017-08-07 with total page 421 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.
Book Synopsis Essays in Private Equity by : Ji-Woong Chung
Download or read book Essays in Private Equity written by Ji-Woong Chung and published by . This book was released on 2010 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This first essay studies the motivations and the consequences of leveraged buyouts of privately held companies. Over the last two decades, the number (enterprise value) of leveraged buyout transactions involving privately held targets totals 10,013 ($855 billion), accounting for 46% (21%) of the worldwide leveraged buyout market. Yet the vast majority of academic studies focus on the buyouts of publicly held targets. This chapter investigates the effects of leveraged buyouts on privately held targets. I find that, unlike the corporate restructuring process of public firms after the buyouts, private targets sponsored by private equity firms grow substantially after the buyouts. The overall evidence suggests that private equity firms, through leveraged buyouts, facilitate private targets' growth by alleviating targets' investment constraints. In the second essay which is co-authored with Berk Sensoy, Lea Stern, and Mike Weisbach, we study model and estimate the total incentives facing private equity general partners. Incentives from the explicit fee structure ("two and twenty") of private equity funds understate the actual incentives facing private equity general partners because they ignore the rewards stemming from the effect of current performance on the ability to raise larger funds in the future. We evaluate the importance of these implicit incentives in the context of a learning model in which investors use current performance to update their assessments of a general partner's ability, and, in turn, decide how much capital to allocate to the partners' next fund. Our estimates suggest that implicit incentives from expected future fundraising are about as large as explicit incentives from carried interest in the current fund. This implies that the performance-sensitive component of revenue is about twice as large as suggested by previous estimates based only on explicit fees. Consistent with the model, we find that these implicit incentives are stronger when abilities are more scalable and weaker when current performance is less informative about ability. Overall, the results suggest that implicit incentives from future fundraising have a substantial impact on general partners' welfare and are likely to be an important factor in the success of private equity firms. In the last chapter, I study performance persistence in the private equity industry. Contrary to what has been known in the literature, I find that performance persistence in private equity is short-living. Current fund performance is positively and significantly associated with the first follow-on fund performance, but not with the second or third follow-on funds. Even the statistically significant association between two consecutive funds' performance is not economically large. The returns of the best performing quartile portfolio drops by about half, and those of the worst performing portfolio improve substantially from one fund to the next fund. There is no difference in the performance of the second (and after) follow-on funds of current top and bottom performing quartile portfolios. Performance converges in the long run. The commonality of relevant market conditions between two consecutive funds largely explains performance persistence. Also, excessive fund growth conditional on past performance erodes performance and reduces persistence.
Book Synopsis Private Equity Unchained by : T. Meyer
Download or read book Private Equity Unchained written by T. Meyer and published by Springer. This book was released on 2014-09-10 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are significant returns to be made from private equity, infrastructure, real estate and other illiquid investments, but a competitive strategy is essential for investment success and for meeting objectives. This book takes readers through all the considerations of planning and implementing an investment strategy in illiquid investments.
Book Synopsis The Myth of Private Equity by : Jeffrey C. Hooke
Download or read book The Myth of Private Equity written by Jeffrey C. Hooke and published by Columbia University Press. This book was released on 2021-10-05 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once an obscure niche of the investment world, private equity has grown into a juggernaut, with consequences for a wide range of industries as well as the financial markets. Private equity funds control companies that represent trillions of dollars in assets, millions of employees, and the well-being of thousands of institutional investors and their beneficiaries. Even as the ruthlessness of some funds has made private equity a poster child for the harms of unfettered capitalism, many aspects of the industry remain opaque, hidden from the normal bounds of accountability. The Myth of Private Equity is a hard-hitting and meticulous exposé from an insider’s viewpoint. Jeffrey C. Hooke—a former private equity executive and investment banker with deep knowledge of the industry—examines the negative effects of private equity and the ways in which it has avoided scrutiny. He unravels the exaggerations that the industry has spun to its customers and the business media, scrutinizing its claims of lucrative investment returns and financial wizardry and showing the stark realities that are concealed by the funds’ self-mythologizing and penchant for secrecy. Hooke details the flaws in private equity’s investment strategies, critically examines its day-to-day operations, and reveals the broad spectrum of its enablers. A bracing and essential read for both the financial profession and the broader public, this book pulls back the curtain on one of the most controversial areas of finance.
Book Synopsis Real Estate Private Equity by : Stephen M. Tang
Download or read book Real Estate Private Equity written by Stephen M. Tang and published by . This book was released on 2003 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real estate private equity / opportunity fund sector has experienced tremendous growth as a result of regulatory and market changes. With this growth come the pains and opportunities of restructuring the capitalization of a capital-intensive industry. While the underlying assets of real estate opportunity funds are different than traditional private equity funds, many of the issues facing emerging real estate funds are similar to the issues faced by traditional private equity funds. As the industry continues to grow, many issues facing these opportunity funds will be intensified as the early pioneer funds start to exit their investments and realize returns to the limited partners. As the data analysis in this thesis indicates, the significance of the fund performance has very little correlation to date with any specific property sector as illustrated with the low R-square and t-Stat statistics related to the regression analysis. For the most part, very few consistent patterns have emerged in the industry with the exception of higher volatility in smaller funds and the importance of manager selection when it comes to investing in the right fund as evidenced by the wide range of performance returns within similar initial vintage year categories. The industry is maturing towards greater efficiency and transparency along with the broader private equity industry. It appears likely that alternative investments such as real estate opportunity funds as an investment alternative are here to stay. Not only does private equity align the interests of investor and manager but it also provides superior returns to the investor compared to the traditional fee-manager model that used to predominate property investments. The real estate industry, which represents fifteen percent of the U.S. GNP, is poised for continued growth. Moving forward, real estate private equity is well positioned to grow as well as it complements the public equity markets that help to improve the overall capital structure of the industry.
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 2011-01-25 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Private Equity "Private Equity: History, Governance, and Operations is an invaluable guide to understanding the world of private equity investing. Harry Cendrowski and his colleagues have drawn on their extensive experience and expertise to produce a book that is remarkably comprehensive and authoritative." —Robert Larson, Chairman, Lazard Real Estate Partners LLC and Larson Realty Group Managing Director, Lazard Alternative Investments "Private Equity: History, Governance, and Operations is an essential text for any business/finance professional's library. Applicable to both seasoned private equity gurus and students of the industry, its in-depth analysis of 'Best Practices' is well researched and clearly written." —William Campbell, Managing Director, W.Y. Campbell & Company "This is an interesting and very well-written book. It not only clearly describes the history and techniques of private equity investing, it also provides a thorough examination of the rarely appreciated relationships among internal control design and operation, corporate governance and sound investment decision-making and management. It is an important contribution to the literature of finance." —Barry Epstein, PhD, CPA, Partner, Russell Novak & Company, LLP, and author of Wiley GAAP 2008, The Handbook of Accounting and Auditing, and Wiley IFRS 2008 "Harry Cendrowski really hits a homerun with his newest book about the private equity (PE) industry. A definitive, authoritative text on the subject, it answered all my questions, plus some, and gave me a complete frame of reference where I now feel well informed on PE. I would recommend this book to anyone connected to the PE industry, business advisors, academics, and business owners." —Parnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA) "The timing could not be better to learn more about the current best practices and governance in the world of private equity. What was once an exclusive asset class reserved for the largest, most sophisticated investors has now become a mainstream alternative investment option for investors of all sizes. Still, many investors do not fully understand how the business works. Private Equity: History, Governance, and Operations endows its readers with an A-to-Z education on this emerging asset class, irrespective of their previous experiences." —Maribeth S. Rahe, President and Chief Executive Officer, Fort Washington Investment Advisors, Inc. & Fort Washington Capital Partners "As a private equity practitioner in the financial services space, I found this book to be a comprehensive-and comprehendible-resource covering all relevant aspects of the business of private equity. This book provides valuable 'how-to's' for improving the likelihood of having successful portfolio companies, with successful exits. Furthermore, both veteran and prospective PE investors now have a resource available to help them screen PE opportunities that best fit with their risk and return objectives." —Scott B. McCallum, Principal, Resource Financial Institutions Group, Inc. "For years, private equity has been a misunderstood asset class. Harry Cendrowski's book defines private equity in clear, concise terms. Anyone in the financial world will benefit from the insights, guidelines, and experiences detailed in Private Equity: History, Governance, and Operations." —Bob Clone, Senior Portfolio Manager, Alternative Investments Division, Michigan Department of Treasury
Book Synopsis Essays on Investing in Private Equity by : Adrian Oberli
Download or read book Essays on Investing in Private Equity written by Adrian Oberli and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis deals with practical issues when investing in private equity. The first essay offers investors a strategy how to recommit to achieve their desired allocation to the asset class. Recommitments are advised to be composed of 1) distributions and 2) commitments that are not expected to be called anymore, both weighted by the inverse of the actual investment degree, and 3) the amount necessary to rebalance the asset classes to the strategic asset allocation. Historical simulations show that investment degrees in the range of 0.7 to 0.8 can be attained. The second essay addresses the selection of individual funds and discusses whether past top-quarter performance can be seen as an indication of future outperformance and whether investing in outperforming GPs can be implemented in practice? Empirical evidence on private equity return persistence shows mixed results. Further, implementing an approach based on past performance is difficult as subsequent funds are raised before previous funds' performance can be accurately measured. In the end, a holistic due diligence process might offer the best insights on the factors that in the end determine success or failure of managers and give investors the best indication to find top quartile GPs. The third essay deals with the fact that investors not only try to choose the best performing GPs, but also try to diversify their investments geographically. As investors are increasingly interested in emerging markets, the essay examines the determinants of private equity market activity and shows the differences of drivers in Asia compared to developed markets. Exit opportunities and the amount of credit provided by the banking sector are strong drivers. Unlike in developed markets, emerging markets are negatively impacted by the amount of credit provided by the banking sector. Funding of transactions may stand in direct competition with banks, explaining the negative relationship with.
Book Synopsis Essays on Private Equity by : Miguel Sousa
Download or read book Essays on Private Equity written by Miguel Sousa and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Cross-border Private Equity Investments by : Ana Laura Balcarcel
Download or read book Essays on Cross-border Private Equity Investments written by Ana Laura Balcarcel and published by . This book was released on 2005 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ph.D.-serie by : Frederik Christian Vinten
Download or read book Ph.D.-serie written by Frederik Christian Vinten and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Real Estate Economics and Finance by : Wenlan Qian
Download or read book Essays on Real Estate Economics and Finance written by Wenlan Qian and published by . This book was released on 2008 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Real Estate Investment Trusts by : Lisa Anne Cottrell Frank
Download or read book Essays on Real Estate Investment Trusts written by Lisa Anne Cottrell Frank and published by . This book was released on 2008 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Real Estate M&A and Private Equity Review by : Adam O. Emmerich
Download or read book The Real Estate M&A and Private Equity Review written by Adam O. Emmerich and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
