Fully revised and updated to reflect changes in the private equity sector
Building on and refining the content of previous editions, Introduction to Private Equity, Debt and Real Assets, Third Edition adopts the same logical, systematic, factual and long-term perspective on private markets (private equity, private debt and private real assets) combining academic rigour with extensive practical experience.
The content has been fully revised to reflect developments and innovations in private markets, exploring new strategies, changes in structuring and the drive of new regulations. New sections have been added, covering fund raising and fund analysis, portfolio construction and risk measurement, as well as liquidity and start-up analysis. In addition, private debt and private real assets are given greater focus, with two new chapters analysing the current state of these evolving sectors.
• Reflects the dramatic changes that have affected the private market industry, which is evolving rapidly, internationalizing and maturing fast
• Provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry
• Approaches the private markets sector top-down, to provide a sense of its evolution and how the current situation has been built
• Details the interrelations between investors, funds, fund managers and entrepreneurs
This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector.
By:
Cyril Demaria
Imprint: John Wiley & Sons Inc
Country of Publication: United States
Edition: 3rd edition
Dimensions:
Height: 246mm,
Width: 178mm,
Spine: 36mm
Weight: 1.021kg
ISBN: 9781119537380
ISBN 10: 111953738X
Series: Wiley Finance
Pages: 464
Publication Date: 30 April 2020
Audience:
Professional and scholarly
,
Undergraduate
Format: Hardback
Publisher's Status: Active
Acknowledgements ix About the Author xi Introduction 1 Part I What are Private Equity, Private Debt and Private Real Assets? Chapter 1 Private Equity as an Economic Driver: An Historical Perspective 15 Chapter 2 Modern Private Equity – A French Invention? 39 Part II The Private Markets Ecosystem Chapter 3 Private Markets: A Business System Perspective 85 Chapter 4 The Universe of Investment 145 Chapter 5 The Process of Investment: A Matter of Trust and Mutual Interest 245 Part III Private Markets in Teenage Time: Trend Setting, Fads and Responsibilities Chapter 6 Private Markets Evolution: Trends or Buzzes? 267 Chapter 7 Private Equity and Ethics: A Culture Clash 287 Chapter 8 General Conclusion: Private Markets Today and Tomorrow 309 Template 1 (Fund): Architecture of the Private Placement Memorandum of a Private Equity Fund 329 Template 2 (Fund): Structure of a Limited Partnership Agreement 331 Template 3 (Fund): Due Diligence Checklist 335 Template 4 (Fund): Quarterly Report Template 339 Template 5 (Company): Non-Disclosure Agreement 343 Template 6 (Company): Business Plan 347 Template 7 (Company): Term Sheet 353 Business Case: Kroton Educacional SA – A Private Equity Operation Can Hide Another One 363 Exhibits 379 Glossary 389 Bibliography 425 Index 439
CYRIL DEMARIA is a Partner and Head of private markets at Wellershoff & Partners, an independent CIO service provider for family offices and financial institutions. A private equity expert combining academic expertise and practical experience, his extensive knowledge of the asset class spans more than 20 years during which he has notably held positions at the Chief Investment Office of UBS, where he was in charge of private markets research (buy-side). He is the founder and managing partner of two venture capital funds. He is also an Affiliate Professor at EDHEC and lectures at top academic institutions such as HEC Paris, EADA, and ESCP-Europe. He is an expert and a trainer for leading private equity associations such as Invest Europe, France Invest and SECA, and has authored best-selling books, such as Introduction to Private Equity which has been translated in multiple languages, and Private Equity Fund Investments.
