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1.Introduction1

What Are Venture Capital and Leveraged Buyouts？4

Why is Private Equity Needed？5

What is the History of Private Equity？7

About This Book11

What are the Key Themes in this Book？15

Illiquidity15

Uncertainty and Information Gaps16

Cyclicality16

Certification16

Incentives16

Deal Context17

Career Management17

2.The Private Equity Cycle—Fund-Raising and Fund Choosing18

Different Types of Private Equity19

Who are the LPs？23

Angel Investors23

Endowments25

Pension Funds26

Corporations27

Sovereign Wealth Funds28

Intermediaries29

The Limited Partnership31

The Limited Partnership Agreement33

Characteristics of the Fund33

Management of the Fund35

Activities of the General Partners36

Types of Investments38

Alignment of Interests：Fees and Carry39

Management Fees40

Carried Interest41

Other Fees44

Capital Calls45

The LP-GP Relationship：Stuff That Can’t Be Written Down46

The Fund-Raising Cycle：The Mating Habits of GPs and LPs47

Due Diligence and Access50

Patterns of Private Equity Fund-Raising51

Conclusion52

Questions52

3.Deal Sourcing and Evaluation—Not as Easy as it Looks54

Finding the Deal56

Where to Look—Specialization vs.Diversification56

Attracting vs.Finding Deals59

The Entrepreneur’s Perspective63

Deal Evaluation65

Due Diligence66

The Due Diligence Checklist68

What to Do with All This Stuff？76

The Role of the Partnership78

Serial Entrepreneurs and Successful Deals78

The Decision80

Networks and Syndicates82

Winning the Deal85

Follow-ons86

Conclusion87

Questions88

4.Assigning Value89

The Building Blocks：Pre-and Post-Money Valuations90

Comparables91

The Net Present Value Method95

Strengths and Weaknesses of the Net Present Value Method99

Monte Carlo Simulation100

The Adjusted Present Value Method101

The Venture Capital Method105

Strengths and Weaknesses of the Venture Capital Method107

Options Analysis107

Valuing Firms as Options108

Reducing Complex Problems to Options Analyses108

Strengths and Weaknesses of Using Option Pricing to Value Investment Opportunities110

Using Option Pricing to Price Private Equity Securities111

Putting It All Together111

Final Thoughts115

For Further Reading115

Questions116

5.Deal Structuring—Private Equity Securities and Their Motivation117

Basic Private Equity Securities118

Preferred Stock and its Variations121

Redeemable Preferred121

Convertible Preferred Stock125

Participating Convertible Preferred Stock126

Multiple Liquidation Preferences128

Exotic Securities（“Gingerbread”）131

Seniority and the Interplay of Multiple Securities134

Dividends137

Terms139

Vesting139

Covenants140

Antidilution Provisions144

A Tour of a Term Sheet149

Venture and Mezzanine Debt Securities150

Structuring a Buyout152

Debt Covenants154

Conclusion156

Questions156

6.After the Money Arrives165

Boards—The Seat of Governance167

Board Composition and Responsibilities168

Board Powers172

Staging of Financing173

The Business of Boards：Creating Value178

Value in Venture180

Avid Radiopharmaceuticals181

Endeca Technologies182

Board Strategy for Buyout Investments184

Montagu Private Equity185

Clayton＆Dubilier185

TPG187

Kohlberg Kravis Roberts188

Value Destruction188

Recent Studies189

Governance Techniques189

Information Gathering and Monitoring190

Deal Management：The Nitty Gritty192

When the Unexpected Happens：Re-contracting193

Conclusion195

Questions196

7.Achieving Liquidity—Exits and Distributions198

The Decision to Exit200

IPO or Acquisition？201

The Process of Exiting208

The IPO Process209

The Impact of Private Equity on IPOs216

IPOs as Exits from LBOs218

Acquisitions219

Other Ways to the Exit224

Partial Exits：Dividends224

Loss-Minimizing Exits225

Selling the Shares Back226

Shutdowns227

The Details of Distributions229

Why Distribute Stock？231

Dealing with Distributions234

Conclusion234

Questions235

8.The Globalization of Venture Capital and Private Equity237

Private Equity in the Developed Markets241

Historical Experience241

The Industry Since 2000245

Why These Differences？248

The European Private Equity Cycle250

Fund-Raising250

Investing250

Exiting251

Other Developed Private Equity Markets251

Private Equity in Emerging Markets255

Emerging Market Private Equity in the Past256

Emerging Markets：Private Equity Since 2000258

Private Equity Markets in Other Countries261

The Emerging Market Private Equity Cycle268

Investments269

Deal Identification and Due Diligence269

Deal Structuring270

Pricing271

Exits271

Conclusion272

Questions273

9.Risk and Return274

Why is Assessing Private Equity Performance Difficult？275

How is Performance Typically Measured？276

Cash on Cash276

Internal Rate of Return276

What are the Problems with These Measurements？279

The Case of the Tortoise and the Hare279

Lack of Systemization280

The Paradox of Multiple IRRs281

The Aggregation Problem284

Comparing Private Equity to the Public Markets285

The Yardstick Problem287

Solving the Yardstick Problem—Harder Than It Looks291

Thinking about Diversification291

The Asset Allocation Dilemma297

What Not to Do：The Boston University Horror Show298

Elements of Private Equity Diversification298

Other Forms of Diversification300

Final Thoughts302

Questions302

10.The Impact of Private Equity on Society—Does This Really Matter Anyway？304

The Consequences of Venture Capital306

The Impact of Buyouts312

Assessing the Buyouts of the 1980s312

Assessing Recent Buyouts313

Some Important Caveats318

The Consequences of Public Interventions319

Stimulus Efforts319

Regulatory Initiatives322

Taking Stock324

Questions324

11.People，Positions and Culture—Management of the Private Equity Firm326

Private Equity Jobs—What Are They，and How Do You Get One？327

Anal vsts328

Associates331

Principal333

Special Partners333

General Partners334

Other Professionals335

The Special Case of Venture Capital335

Compensation337

Managing the Private Equity Firm340

Small-Scale Firms340

Large-Scale Firms343

Culture and Strategy345

A Special Case：Corporate Venture Capital and Affiliated Funds346

Final Thoughts347

Questions348

12.Scaling and Institutionalization349

Key Facts About Growth and Scaling：Quantitative Evidence351

Dispersion351

Maturity354

Persistence355

Getting Big357

Human Resource Challenges359

Key Facts About Growth and Scaling：Case Study Evidence363

Growth Can Introduce Tensions364

One Size Does Not Fit All366

Despite Limited Partner Fears，Growth Can Be Helpful367

Final Thoughts370

Questions371

13.Boom and Bust372

The Nature of Industry Cycles374

Cycles and Fund-Raising374

Cycles and Investment Levels377

Cycles and Investment Performance381

What is Behind the Cycles？385

A Simple Framework385

The Impact of Shifts386

Why Does the Private Equity Market Overreact？389

Effectively Managing Cycles390

Implications for Private Equity Groups390

Implications for Public Policy392

Taking Stock395

Questions395

14.Wrapping Up396

Scenarios397

Recovery397

Back to the Future399

The Limited Partners’Desertion400

A Broken Industry401

Taking Stock403

Some Specific Predictions403

The Growing Importance of Emerging Markets404

The Renewed Attention to Incentives405

The Increased Public Footprint405

The Challenge of Institutionalization406

Final Thoughts406

Questions407

Glossary409

Index423