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The Market Sentiment In European Private Equity And Venture Capital
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Book Synopsis The Market Sentiment in European Private Equity and Venture Capital by : Helmut Kraemer-Eis
Download or read book The Market Sentiment in European Private Equity and Venture Capital written by Helmut Kraemer-Eis and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides unique insights into the impact of the COVID-19 crisis on the European private equity (PE) and venture capital (VC) ecosystem. It achieves this purpose in two ways. By exploiting the recent survey wave of EIF's signature BA/VC/PE MM survey series, which was launched just prior to the COVID-19 outbreak in Europe, we are able to gauge how the pandemic changed the sentiment among European fund managers. This qualitative exercise is complemented by the results from a simple time series model that simulates the potential impact of the COVID-19 pandemic on the European PE and VC markets. Our analysis provides evidence that the European PE/VC ecosystem faces unprecedented challenges in the aftermath of the COVID-19 pandemic. A strong policy response in support of the PE/VC markets is imperative, to which EIF will be an indispensable contributor.
Book Synopsis Structuring European Private Equity by : Iggy Bassi
Download or read book Structuring European Private Equity written by Iggy Bassi and published by Euromoney Books. This book was released on 2006 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes LP allocation strategies to funds, fund structures, investment strategies, performance measurement and governance at the fund and portfolio level
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
Book Synopsis Venture Capital by : Stefano Caselli
Download or read book Venture Capital written by Stefano Caselli and published by Springer Science & Business Media. This book was released on 2012-11-02 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture Capital. A Euro-System Approach covers a wide spectrum of topics. These include: how venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of various fields.
Book Synopsis EIF Venture Capital, Private Equity Mid-market & Business Angels Surveys 2020 by : Helmut Krämer-Eis
Download or read book EIF Venture Capital, Private Equity Mid-market & Business Angels Surveys 2020 written by Helmut Krämer-Eis and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 2020 was an unprecedented and remarkable year, and also a year with high uncertainty and increased information needs. The EIF VC Survey, the EIF Private Equity Mid-Market Survey, and the EIF Business Angels Survey (the largest regular survey exercises among GPs and Business Angels on a pan-European level) provide an opportunity to retrieve unique market insights. On an exceptional basis, two waves for each of the three surveys were performed in 2020. This publication summarises and compares the main results, providing a detailed picture of the recent developments. The paper focuses on the market sentiment and the impact of COVID-19 on investors, their portfolio, fundraising and investments (including ESG considerations), and finally, it shows respondents' opinion with regard to crisis-related policy measures.
Book Synopsis Beyond the J Curve by : Thomas Meyer
Download or read book Beyond the J Curve written by Thomas Meyer and published by John Wiley & Sons. This book was released on 2005-08-12 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Venture Capital in Europe's Common Market by : Andrea Schertler
Download or read book Venture Capital in Europe's Common Market written by Andrea Schertler and published by . This book was released on 2001 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis J-Curve Exposure by : Pierre-Yves Mathonet
Download or read book J-Curve Exposure written by Pierre-Yves Mathonet and published by John Wiley & Sons. This book was released on 2008-07-31 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions to the problems. Among other topics J-Curve Exposure includes discussions of: Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. Approaches for splitting and prioritizing distributions from private equity funds. Techniques for track record analysis and other tools to help limited partners in their due diligence. Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.
Book Synopsis Venture Capital in Europe by : Greg N. Gregoriou
Download or read book Venture Capital in Europe written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner.*The only book in which academics from around the world present the latest research on venture capital in Europe*Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage
Book Synopsis Raising Venture Capital Finance in Europe by : Keith Arundale
Download or read book Raising Venture Capital Finance in Europe written by Keith Arundale and published by Kogan Page Publishers. This book was released on 2007-04-03 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: European private equity investment reached €47 billion in 2005, up 27% from 2004. Funds raised for private equity were €72 billion, up 250% on the previous year, both figures being all time highs. Raising Venture Capital Finance in Europe provides business owners, entrepreneurs and investors alike with a step-by-step approach to exploiting this market and funding new projects effectively. Written by Keith Arundale, an advisor and commentator on the European and US VC and private equity industry for over 20 years, the guide blends business experience with practical approaches to enable the reader to maximize the opportunities available. The book includes a series of real-life case studies from venture capitalists and entrepreneurs from around Europe, each with practical tips for successful venture capital finance raising. With forewords from Sir Paul Judge (Chairman, Enterprise Education Trust) and Patrick Sheehan (Chairman, Venture Capital Committee, European Private Equity and Venture Capital Association) the book begins with a brief introduction to the field, including an analysis of current trends and issues in the industry, and goes on to provide a detailed framework for an objective assessment of each business opportunity. The book looks at sources of finance and private equity, shows how to write a successful business plan, details the entire investment process, and considers the tax and legal issues involved. A particular feature of the book is that it looks at the topic from both sides - showing what the venture capitalist is looking for as well as detailing how an entrepreneur or business owner can make proposals attractive to those investors This means that the reader will be able to minimize time wasted on unnecessary activities and therefore develop investment approaches which are succinct, relevant, and give every chance of success.
Book Synopsis Private Equity 4.0 by : Benoît Leleux
Download or read book Private Equity 4.0 written by Benoît Leleux and published by John Wiley & Sons. This book was released on 2015-01-20 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.” Dr. Josh Lerner Jacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.
Book Synopsis Private Equity and Venture Capital by : Serena Gallo
Download or read book Private Equity and Venture Capital written by Serena Gallo and published by Springer Nature. This book was released on 2022-07-14 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: The terms venture capital and private equity may differ across countries. This book discusses venture capital not only as risk capital toward unlisted companies with the aim to enhance the investee firm, but also analyses broader forms of entrepreneurial investment: from early stage financing to buyout and turnaround transaction. This book is divided into four sections. The first section aims to shed light on the terminology and offers a comparison between private equity/venture capital, and the traditional banking sector as financing sources. The second section details the differences between private equity and venture capital transactions on the basis of firm life cycle, and summarizes the main characteristics of both private equity and venture capital investors and investee firms. The third section illustrates the evolution of the private equity and venture capital industry before and after the financial crisis by looking at three fundamental aspects: fundraising, investment and divestment, all in terms of volume and trends. The last section discusses the basic elements of corporate valuation applied to private equity and venture capital industry, with some practical examples.
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.
Book Synopsis Investors in Private Equity Funds by : Daniel Hobohm
Download or read book Investors in Private Equity Funds written by Daniel Hobohm and published by Springer Science & Business Media. This book was released on 2010-07-03 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Daniel Hobohm analyses investments by international investors in private equity and venture capital funds over the last two decades. He compares different investor types in their fund preferences, home bias and investor responses to market shocks.
Book Synopsis The performance of private equity by : Jörg Eschmann
Download or read book The performance of private equity written by Jörg Eschmann and published by GRIN Verlag. This book was released on 2010-12-27 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2010 in the subject Business economics - Investment and Finance, , course: -, language: English, abstract: The European private equity market had achieved a considerable volume until 2008. Reasons for increasing the volume can be seen in the favourable economic development, low inflation and strong competitive pressure on the part of financial intermediaries. These led to falling swap spreads on the financial markets and increased the investors’ risk tolerance. Then, in September 2009, the investment business was depressed. The dreariness in the business with private equity participations or buy-outs could already clearly be read in the half-year figures on the market. The amounts invested also declined by just over one third. Due to a lack of awareness, private equity is still frequently associated with high risk. Investing in an individual company can sometimes be fraught with risk. Since private equity funds work in a highly specialised way and concentrate on specific sectors or industries, the investment in a single private equity fund can also be risky. The risk of default of an umbrella fund with investments in approx. 20 or more target funds, however, is very low due to broad diversification. While additional costs are incurred for the investor for the services provided by the umbrella fund, the expected return is still clearly double-digit, even after subtracting these costs. The average annual return on private equity is regularly 3 to 5% above the average annual yields of stock investments. Recent studies provide evidence that companies that were sold by private equity investors achieved an annual growth in value of 24% to 29% - comparable listed companies managed added value of only nine percent. Private equity investments are investments in not listed companies with a high risk of default, low fungibility and transparency. A higher return on the investments is inevitably necessary – and feasible.
Book Synopsis The Future of Finance by : Dan Schwartz
Download or read book The Future of Finance written by Dan Schwartz and published by John Wiley & Sons. This book was released on 2010-03-29 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dan Schwartz has done a masterful job of synthesizing the thoughts of some of the best minds in the private equity business along with his own to create a superb discussion of the industry, past, present, and most importantly where it is going. This is a must read for anyone in the private equity world and for those considering the field. Leonard Harlan Chairman, Executive Committee, Castle Harlan Dan Schwartz was a first-hand witness to the birth of private equity in Asia and has chronicled its explosive growth over the past two decades. In The Future of Finance he uses an insider’s perspective to full effect, pulling together the views of many practitioners to illuminate both the roots of the 2008 global crisis and private equity’s potential role in rebuilding our financial system. Schwartz’ fast-paced, conversational style makes for a welcome contrast to dry economic analysis—well worth reading for both business leaders and students of finance. Dan Carroll Managing Partner, TPG Dan Schwartz’s The Future of Finance offers an insightful and compelling window into the world of private equity and venture capital. Schwartz has leveraged his more than 20 years of industry experience to produce a well researched and nuanced work that will prove invaluable to anyone interested in these fields. Joe Bae Managing Partner, Kohlberg Kravis Roberts & Co. Asia For anyone concerned about the future economic impact of global innovation, job creation, and finance, Dan Schwartz’s comprehensive new treatise is a must read. Replete with in-depth perspectives of dozens of the most senior global venture capital and private equity leaders and numerous case study examples, this gem artfully explains the dramatic changes happening in these vital industries and how government leaders, policy makers, entrepreneurs and investors must adapt for continuing success in the second decade of the 21st century. Dixon R. Doll Cofounder and General Partner, DCM Chairman, U.S. National Venture Capital Assoc. (2008-09) From cottage industry to multi-billion asset class, Asian private equity has transformed the region’s financial and corporate landscape in two short decades. Dan Schwartz was present at the beginning of this fascinating era as iconic spokesman and entrepreneurial founder of AVCJ. His contribution as chief convener to the industry helped shape an asset class. The Future of Finance is forward looking while drawing upon the rich past of an industry’s development amid volatile cycles, financial crises, pandemics, capital excess, capital drought and Darwinian struggles. Many of the prime movers, who paved the way to the future, have shared privileged views with Dan over the years and now on these insightful pages. Philip Bilden Managing Director, HarbourVest Partners (Asia) Dan Schwartz’s extensive and experienced network has enabled him to tap the key issues and insights of today’s leading private equity and venture capital practitioners around the world. This enlivens Dan’s stroll through Europe, North America and Asia as he examines the development of these private capital markets…and these insights shape the prism through which he views a future for private equity in the coming decades. Bill Ferris Executive Chairman, Champ Private Equity Dan Schwartz is the person best placed to write about the history of the private equity industry in Asia—he was there right from the beginning. In nearly two decades, he has been a keen observer of the industry’s developments and market trends. He was the cheerleader when the industry was down and he has been a friend to most of the leading practitioners, a position that provides him with unique insights into the actual workings of the industry as described in the book. The “New Corporate Theory” introduced in the last section of the book is an interesting thesis. If it comes to fruition, it will transform the shareholder-driven corporate governance model as we know it today. Tang Kok Yew Chairman and Managing Partner, Affinity Equity Partners (HK) It would be hard to find a better guide to the private equity world. Dan Schwartz has been central to providing thought leadership in the Asian private equity markets and a leading commentator worldwide for over 20 years, he also has had impeccable timing as an entrepreneur. Jeremy Coller CEO and CIO, Coller Capital
Book Synopsis Private Equity in Emerging Markets by : D. Klonowski
Download or read book Private Equity in Emerging Markets written by D. Klonowski and published by Springer. This book was released on 2012-09-24 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collected edition captures the essence of private equity development in emerging markets, examining the evolution of the private equity industry as well as exit opportunities, financial performance, and anticipated future trends. It also discusses the 'hands-on' aspects of private equity investing in emerging markets.
