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A Framework For Examining The Heterogeneous Opportunities Of Value Creation In Private Equity Buyouts
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Book Synopsis A Framework for Examining the Heterogeneous Opportunities of Value Creation in Private Equity Buyouts by : Francesco Castellaneta
Download or read book A Framework for Examining the Heterogeneous Opportunities of Value Creation in Private Equity Buyouts written by Francesco Castellaneta and published by . This book was released on 2019-06-24 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph reviews the literature on value creation in buyout investments and proposes an overall framework for mapping the heterogeneous opportunities to create value.
Book Synopsis Value Creation of Private Equity by : Kevin Elsäßer
Download or read book Value Creation of Private Equity written by Kevin Elsäßer and published by GRIN Verlag. This book was released on 2018-01-11 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2016 in the subject Business economics - Investment and Finance, grade: 1,0, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, language: English, abstract: Private equity companies are seen as high risk investment funds, trying to gain high returns on their investments in a period of around three to seven years. Even if the private equity industry has played an important role in growth or as an external financing source of established companies as well as newly-established companies, private equity investors are not seen as sustainable value creators. In various occasions, private equity funds are even declared as a greedy instrument to earn fast money. In order to analyse whether private equity companies create value in a sustainable way, this study compares the performance of private equity backed initial public offerings (IPOs) with non-private equity backed IPOs. Moreover, it analyses whether private equity backed IPOs outperform the market. This study evaluates the performance of private equity backed IPOs by performing two separate empirical analyses: one focusing on the UK private equity market - the largest private equity market in Europe - and one focusing on the entire European market. The research conducts a quantitative analysis of secondary data, more specifically by using stock prices of private equity backed firms, non-private equity backed firms and applicable benchmark market indices. Such data was obtained from multiple sources, such as the London Stock Exchange, Bloomberg and Yahoo Finance. In general, the study compares the performance of private equity backed IPOs with non-sponsor IPOs with regard to their price development and abnormal returns. The analysis is based on multiple independent analyses of each IPO. In order to provide a general understanding of this issue and to be able to interpret the research results, the paper discusses the theoretical framework and the findings of other authors. In recent decades, several authors have demonstrated their research on private equity based IPOs as well as the value creation of private equity firms. Based upon these, hypotheses are formulated, which are then subsequently tested using multiple research methods. In general, the study indicates that the majority of private equity firms do not create sustainable value. More than 50% of the analyzed private equity backed companies were not able to outperform the market benchmark indices. On average, private equity backed firms were able to significantly outperform the market in the UK. However, they were unable to perform equally well on a European level.
Book Synopsis Advanced Introduction to Private Equity by : Gompers, Paul A.
Download or read book Advanced Introduction to Private Equity written by Gompers, Paul A. and published by Edward Elgar Publishing. This book was released on 2022-08-12 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms.
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 2015-03-30 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 Value Creation in Leveraged Buyouts by : Nicolaus Loos
Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by Springer Science & Business Media. This book was released on 2007-11-05 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Book Synopsis How Do Private Equity Funds Create Value? by : Andreas Schneider
Download or read book How Do Private Equity Funds Create Value? written by Andreas Schneider and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this master's thesis is to contribute to the understanding of value creation in buyouts. The first part reviews two theoretical concepts that contribute to the explanation of various aspects in relation to value creation and presents a framework that identifies and links the different levers of value creation. The second part covers an empirical analysis that (i) examines the relative contribution of the most important of these levers (key value drivers) to the performance of leveraged buyouts (ii) and analyzes the impact of various factors such as transaction size, geographical region, entry year, exit type, holding period and entry mode on these levers and the resulting performance of buyouts. The data sample comprises a total of 42 realized European leveraged buyout investments with an entry enterprise value of at least &u8364150mn and the entry not dating back further than 1993. This study highlights, among other things, the predominance of the leverage effect as the key value driver in European leveraged buyouts and that private equity firms increasingly start to focus on the operating performance of their portfolio companies as a lever to drive value creation. Also, this work provides evidence that in today's competitive acquisition environment, multiple riding is far less common than in earlier years.
Book Synopsis Private Equity Demystified by : John Gilligan
Download or read book Private Equity Demystified written by John Gilligan and published by Oxford University Press. This book was released on 2020-11-04 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with risk capital provided for established firms outside the stock market, private equity, which has grown rapidly over the last three decades, yet is largely poorly understood. Although it has often been criticized in the public mind as being short termist and having adverse consequences for employment, in reality this is far from the case. Here, John Gilligan and Mike Wright dispel some of the biggest myths and misconceptions about private equity. The book provides a unique and authoritative source from a leading practitioner and academic for practitioners, policymakers, and researchers that explains in detail what private equity involves and reviews systematic evidence of what the impact of private equity has been. Written in a highly accessible style, the book takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The various themes from the systematic academic evidence are highlighted in numerous summary vignettes placed alongside the text that discuss the practical aspects. The main part of the work concludes with an up-to-date discussion by the authors, informed commentators on the key issues in the lively debate about private equity. The book further contains summary tables of the academic research carried out over the past three decades across the private equity landscape including: the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deals.
Book Synopsis Private Equity and Management Buy-outs by : Mike Wright
Download or read book Private Equity and Management Buy-outs written by Mike Wright and published by Edward Elgar Pub. This book was released on 2008 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private Equity and Management Buy-outs provides a balanced view of the often polarized private equity debate. This careful and objective analysis of the presence of private equity in buy-out firms reviews the effects of this ownership transfer in terms of firm performance and survival, thus placing private equity in a broader context of implications for value creation.The analysis provides an overview of international trends in private equity and develops a conceptual framework for understanding the heterogeneity of private equity deals. Systematic evidence from large-scale studies of private equity and buy-outs are used to shed light on short- and longer-term economic and social effects. For the first time the broader scope of the key issues now facing private equity and buy-outs are brought together in the contributions herein. The book includes highlights such as:* empirical evidence on a special organizational form of private equity;* examination of backed buy-outs (perspectives from strategy, finance, HRM and management accounting);* discussion on the level of PE involvement;* challenging further debate on economic and social key issues regarding policy implications and a future research agenda.Academics and researchers - postgraduate and above - in business schools and schools of economics will find this book enlightening. It will also hold great interest for practitioners in the fields of mergers and acquisitions, general, strategic and financial management, and corporate entrepreneurship and corporate governance.
Book Synopsis Mastering Private Equity by : Claudia Zeisberger
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 409 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
Book Synopsis Private Equity Buyout Fonds - Value Creation in Portfoliounternehmen by : Alexander Becker
Download or read book Private Equity Buyout Fonds - Value Creation in Portfoliounternehmen written by Alexander Becker and published by Haupt Verlag AG. This book was released on 2009 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Buy and Build Strategies in Management Buyouts by : Moritz Breuninger
Download or read book Buy and Build Strategies in Management Buyouts written by Moritz Breuninger and published by GRIN Verlag. This book was released on 2013-11-29 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 7,5, Erasmus University Rotterdam (Strategic Management), language: English, abstract: Recent changes in the market for private equity have led investors to shift their attention away from market beta and towards generating alpha through the exploration of growth opportunities. PE firms increasingly use active ownership to implement these new growth plans. Buy and build strategies have emerged as a feasible and lucrative strategy of active ownership. The add-on acquisitions required when pursuing this strategy and the need to create value through synergistic effects necessitate post-acquisition integration efforts. Despite its relevance, researchers in the field of strategic management and finance have paid little attention to buy and build strategies. Moreover, they have yet to bridge the findings by scholars and practitioners on post-acquisition integration and active ownership. This paper seeks to fill this gap by answering the research question of how PE firms contribute to the integration process and how they handle task and affective conflicts and exercise management control with regard to the cooperation between the PE firm and the management of the portfolio company. Previous work has linked active ownership to capabilities and found that prior business experience is a strong predictor of active ownership, meaning a high level of contribution by the investment firm. This paper complements this work by analyzing active ownership of private equity firms in the context of post-acquisition integration in buy and build strategies and finds a direct link between capabilities and active ownership through four explanatory theory-building case studies. Birkinshaw et al. (2000)’s study on post-acquisition integration is used as a guiding concept in this paper. They distinguish between task integration, which is defined as the identification and realization of operational synergies, and human integration, which is defined as the creation of positive attitudes towards the integration and shared identity among employees. This paper creates a practical Framework for Integration Management on this notion and extends it by additional academic literature and relevant studies of consulting firms. A number of working propositions are derived from the literature and linked to the framework. Each proposition is then tested through within-case analysis and across-case comparison. Based on the evidence, three propositions are revised or extended whereas six propositions are supported. [...]
Book Synopsis German Buyouts Adopting a Buy and Build Strategy by : Nils Hoffmann
Download or read book German Buyouts Adopting a Buy and Build Strategy written by Nils Hoffmann and published by Gabler Verlag. This book was released on 2008-01-24 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.
Book Synopsis Value Creation 2.0 - A Framework for Measuring Value Creation in Private Equity by : Claudia Zeisberger
Download or read book Value Creation 2.0 - A Framework for Measuring Value Creation in Private Equity written by Claudia Zeisberger and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report focuses on the question of value creation in private equity and presents a framework to clearly identify the sources of return and operational value creation by the GPs in PE investment.The framework - IVC 2.0 - deconstructs value creation across various financial and operational drivers and isolates value created through capital structure re-engineering, industry operating performance, and company-specific Alpha.
Book Synopsis Leveraged Management Buyouts by : Yakov Amihud
Download or read book Leveraged Management Buyouts written by Yakov Amihud and published by Beard Books. This book was released on 2002 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers presented at a conference held at the Leonard N. Stern School of Business, New York University, on May 20, 1988, and sponsored by the Salomon Brothers Center for the Study of Financial Institutions. The 1989 edition of this proceedings volume was published by Dow-Jones-Irwin. Academics, legis
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.
Book Synopsis Post-Investment Value Addition to Buyouts by : Degenhard Meier
Download or read book Post-Investment Value Addition to Buyouts written by Degenhard Meier and published by Deutscher Universitätsverlag. This book was released on 2006-02-24 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Degenhard Meier explores the dimensions of post-investment value addition characterizing the interaction between private equity firms and their portfolio companies and derives plausible hypotheses which he tests in an innovative way, i.e. he takes the current discussion on alternative methods to structural equation modeling as a basis and develops this discussion further by shedding light on partial least squares - a variance-based approach to structural equation modeling.
Book Synopsis Restructuring the Hold by : Thomas C. Anderson
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.
