The Wiley Finance: J-Curve Exposure : Managing a Portfolio of Venture Capital an

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Item specifics

Condition:

Like New: A book that looks new but has been read. Cover has no visible wear, and the dust jacket (if
Publication Year: 2007
Subject: Business & Economics Language: English
Product Type: Textbook Format: Hardcover
Country/Region of Manufacture: United States Educational Level: Professional
ISBN:

9780470033272

The Wiley Finance: J-Curve Exposure : Managing a Portfolio of Venture Capital an

Product Details

Synopsis
Building on the success of Beyond the J Curve, this work offers guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s point of view, the book offers private equity and venture capital professionals an advanced guide which will make high return targets more realistic and sustainable. The main factors that appear to make institutions shy away from venture capital are an unclear track record of this industry, unclear valuations and risks, coupled with a perceived intransparency, and the significant entry barriers to overcome before tangible results show.These issues are addressed and solutions proposed that do not come out of the ivory tower of academia. 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. 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.

Product Identifiers
ISBN-10 0470033274
ISBN-13 9780470033272

Key Details
Author Pierre-Yves Mathonet, Thomas Meyer
Number Of Pages 476 pages
Series The Wiley Finance
Format Hardcover
Publication Date 2007-12-17
Language English
Publisher Wiley & Sons, Incorporated, John
Publication Year 2007

Additional Details
Copyright Date 2007
Illustrated Yes

Dimensions
Weight 34.6 Oz
Height 1.2 In.
Width 6.9 In.
Length 9.8 In.

Target Audience
Group Scholarly & Professional

Classification Method
LCCN 2007-038114
LC Classification Number HG4751.M38 2007
Dewey Decimal 332.6
Dewey Edition 22

Table Of Content
List of BoxesForewordAcknowledgmentsAbbreviationsDisclaimerPART I PRIVATE EQUITY LANDSCAPE1 Introduction1.1 Barbarians, pirates and privateers1.2 A difficult world to conquer2 Institutional Investing in Private Equity2.1 Limited partnership2.2 Funds-of-funds2.3 Private equity funds investment program3 Private Equity Environment3.1 The informal VC market3.2 Private equity as part of alternative assets3.3 Mezzanine financing3.4 Overlap with public market3.5 Conclusion4 Risk Management Lessons from a Listed Private Equity Fund-of-Funds4.1 Relevance of the Private Equity Holding case4.2 The Swiss private equity funds-of-funds industry4.3 Commitments and investments4.4 The rise and (near) fall of Private Equity Holding4.5 Definition and analysis of ratios4.6 Lessons and epilogueAppendix 4A Adjusted current ratio methodologyPART II THE ECONOMICS OF PRIVATE EQUITY FUNDS5 Venture Capital Fund Fair Value5.1 Valuation Guidelines5.2 Motivation5.3 Current practices5.4 Problem areas5.5 Conceptual questions5.6 Can one do without judgment?5.7 Is there a pragmatic way forward?6 Model-Based Approach to VC Fund Valuation6.1 Why model?6.2 The private equity data market7 Private Equity Fund Valuation Approaches7.1 Determining the economic value of a private equity fund7.2 Accounting valuation of a fund’s portfolio of investee companies7.3 Conclusion8 Distribution Waterfall8.1 Introduction8.2 Basic waterfall model8.3 Impact of carried interest distribution approaches8.4 Clawback9 Break-even Analysis9.1 Objective of break-even analysis9.2 Methodology9.3 Scenarios and sensitivity analysis9.4 Additional analysis9.4.3 IRR distributions10 Track Record Analysis10.1 Due diligence10.2 Benchmarking10.3 Track record analysis tools10.4 Limitations10.5 ConclusionAppendix 10A Performance spread between best and worst managerPART III MANAGING UNDER UNCERTAINTY11 Grading and Fitness Landscapes11.1 Fitness landscapes11.2 Grading-based evaluation of private equity funds11.3 Grading as portfolio management tool11.4 VC market dynamics – power laws11.5 Searching landscapes11.6 Conclusion12 Private Equity Funds and Real Options12.1 Agency problems and contracting12.2 Changes in limited partnership agreements12.3 Braiding12.4 Summary13 Co-investing13.1 Motivation13.2 Co-investment risk and rewards13.3 Potential issues related to co-investments13.4 Implementation issues13.5 Portfolio management13.6 Conclusion14 Side Funds14.1 ‘Classical’ side funds14.2 Side funds – similar

Reviews
“This book is written with clarity and comprehensively researched, with every angle debated.” ( Private Equity Europe, Issue 92 January 2008)

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