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Introduction xiii
Acknowledgements xxiii
What is Private Equity? 1
Fund investing versus direct investing 2
Terminology 4
Primary versus secondary fund investing 6
A broad delineation: buyout and venture 7
Capital: allocated, committed, drawn down and invested 9
How do private equity funds work? 11
Structure 11
Cashflow 13
Investment 15
Fundraising 16
Summary 20
Private Equity Returns - The Basics 23
Understanding the J-curve and compound returns 23
Upper quartile figures 29
Median returns 30
Average returns 31
Pooled returns 34
Multiples 34
Distributed over Paid In (DPI) 37
Paid In to Committed Capital (PICC) 38
Residual Value to Paid In (RVPI) 38
Total Value to Paid In (TVPI) 38
Valuation 39
Fees 40
Time-weighted returns 41
Summary 42
Buyout 45
Types of buyout transactions 45
MBO 45
MBI 46
BIMBO 46
LBO 47
Take private 47
Roll-up 48
Other "buyout" activity 48
Established businesses 50
Debt 52
Earnings 54
Size 55
Control 58
Barriers to entry 61
Summary 64
How to Analyse Buyouts 67
Earnings 68
EBIT 70
EBITDA 71
Earnings growth 72
Multiple 74
Multiple increase in an imperfect market 74
Multiple increase in a perfect market 77
Leverage 78
Recapitalisation 79
Timing 80
Modelling and analysing buyout funds 82
Summary 87
Buyout Returns 89
US versus European buyout 89
Buyout skill bases 91
Imperfect markets 92
Earnings multiples 94
Earnings growth 97
Leverage 100
Fund size 101
What can we expect from buyout returns in future? 107
Recent fundraising levels 109
Some conclusions and predictions 111
Summary 113
Venture Capital 115
What is venture capital? 115
Backing new applications, not new technology 116
Classification by sector 118
IT 118
Telecoms 121
Life Science 124
Classification by stage 128
Seed 129
The US model 131
Seed stage focus 131
Home run mentality 133
"Value add" 133
The US model comes to Europe 134
Why European venture capital firms have avoided the seed stage 134
Classification by stage, continued 135
Early stage investing 135
Mid- and late stage investing 135
Summary 135
How to Analyse Venture 137
The fundamentals 137
Money multiples 137
Valuation 140
Cost and value 147
IRRs and multiples 149
Going In Equity (GI%) 150
Percentage of the holding within the fund 151
The impact of home runs 151
Summary 155
Venture Returns 157
US out-performance versus Europe 157
Money multiples drive IRRs 159
Home runs and the golden circle 160
Market conditions 163
European venture - is it as bad as it seems? 165
Returns and fund size 170
Venture returns by stage 175
What of the future? 177
Summary 180
Due Diligence 183
Buyout funds 186
Venture funds 188
Co-investors 191
Cross-fund investing 192
Buyout companies 192
Venture companies 194
Fund of Funds 196
Monitoring private equity funds 198
Summary 201
Planning your Investment Programme 203
Cashflow planning 203
Allocated, committed and invested capital 205
Diversification by time 206
Proper commitment levels 208
Diversification by sector and geography 209
Total Return 213
How to deal with uninvested capital 214
Secondaries 216
Mezzanine 219
Private equity proxies 219
Towards a new world of private equity programmes 220
Summary 222
Glossary 225
Index 253
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