Machine generated contents note: 0.1. Moving Target
0.2. Consubstantial Lack of Information
0.3. Benign Neglect, Malign Consequences
0.4. Knowing the Devil to Circumvent it
pt. I WHAT IS PRIVATE EQUITY?
1. Private Equity as an Economic Driver: An Historical Perspective
1.1. Pooling Interests to Identify and Exploit Sources of Wealth
1.1.1. Identify, Control and Exploit Resources
1.1.2. Leverage Public Policies and a Favourable Business Environment
1.2. Championing Entrepreneurship
1.2.1. No Private Equity without Entrepreneurs
1.2.2. Convert Ventures into Business Successes
1.2.3. Entrepreneurship and Private Equity Form a Specific Ecosystem
1.3. Conclusion: An Attempt at Definition
1.3.1. Negotiated Investment in Equity or Quasi-Equity
1.3.2. Fixed Maximum Term
1.3.3. Implying Specific Risks
1.3.4. With High Expected Returns
1.3.5. Undertaken on Behalf of Qualified Investors
1.3.6. To Support Entrepreneurs
2. Modern Private Equity
A French Invention?
2.1. USA: The Foundry of Modern Private Equity
2.1.1. Strict Separation of Public Policies and Public Financing
2.1.2. Separation of Public Endeavours and Private Efforts; the Subsequent Support of the Former for the Latter
2.1.3. Governmental Input: SBA, DARPA and ERISA
2.1.4. Universities, Defence and Disruptive Innovation
2.1.5. Challenges
2.2. Europe: Adapting a Successful Model or Creating its Own?
2.2.1. Governmental Input: Legal Changes, Tax Rebates, Infrastructures and Pan-EU Market
2.2.2. National Champions, Information Technologies and Incremental Innovation
2.2.3. Challenges
2.3. Conclusion: Emerging Markets, Building Castles on Sand?
pt. II PRIVATE EQUITY ECOSYSTEM
3. Private Equity: A Business System Perspective
3.1. We Are All Investors in Private Equity
3.1.1. Sources of Capital
3.1.2. Private Equity Investment Rationale
3.2. Organisation and Governance of Private Equity Funds
3.2.1. Private Equity Fund Managers are Financial Intermediaries
3.2.2. Incentives and Fees
3.2.3. Conflicts of Interest
3.2.4. Power, Checks and Balances
3.3. Measuring Performance, Managing Risks and Optimising Returns
3.3.1. Measuring Performance in an Uncertain Context
3.3.2. Managing Risks and Optimising Returns
3.4. Pitfalls and Challenges
3.5. Conclusion
4. Universe of Investment
4.1. Venture Capital: Financing Company Creation
4.1.1. Venture Capital Investment Targets
4.1.2. Actors and Structures
4.1.3. Operational Activities
4.1.4. Challenges
4.1.5. Limits
4.2. Growth Capital: Financing Companies' Expansion
4.2.1. Growth Capital Investment Targets
4.2.2. Actors and Structures
4.2.3. Operational Activities
4.2.4. Challenges
4.2.5. Limits
4.3. Leveraged Buy-Out: Financing Companies' Transmissions
4.3.1. LBO Investment Targets
4.3.2. Actors
4.3.3. Operational Activities
4.3.4. Challenges and Limits
4.4. Other Interventions in Private Equity
4.4.1. Funds of Funds
4.4.2. Targeting the Stock Exchange
4.4.3. Special Situations: Turn-Around Capital and Distressed Debt
4.4.4. Quasi-Equity Instruments (Mezzanine) and Second Lien Debt
4.4.5. Merchant Banking, Investment Banking and Private Equity House Intervention
4.4.6. Secondary Market
4.4.7. Real Estate, Infrastructure and Exotic Assets
4.5. Conclusion
4.5.1. Private Equity is a Financing Solution Designed for a Specific Need
4.5.2. Venture and Growth Capital
4.5.3. Leveraged Buy-Out
5. Process of Investment: A Matter of Trust and Mutual Interest
5.1. Step 1: Preliminary Analysis
5.2. Step 2: Valuation
5.3. Step 3: Negotiating
5.4. Step 4: Structuring
5.5. Step 5: Complementary Due Diligence
5.6. Step 6: Transaction
5.7. Step 7: Monitoring and Exit
5.8. Conclusion
pt. III PRIVATE EQUITY IN TEENAGE TIME: TREND SETTING, FADS AND RESPONSIBILITIES
6. Private Equity Evolution: Trends or Buzzes?
6.1. Is Private Equity Going Mainstream?
6.2. Is Private Equity (Still) Creating Value?
6.3. Private Equity: Between Bubbles and Crashes
6.4. Conclusion
6.4.1. There is No Such Thing as ̀Capital Overhang'
6.4.2. Elements of Analysis
6.4.3. From ̀Capital Overhang' to ̀Dry Powder'
7. Private Equity and Ethics: A Culture Clash
7.1. Greed
7.2. Destruction
7.3. Philanthropy
7.4. Transparency
7.5. Self-Regulation or Imposed Regulation?
7.6. Conclusion
8. General Conclusion
Private Equity Today and Tomorrow
8.1. Fewer General Partners, but not Necessarily Better Ones
8.2. Core Target: Manage the Volatility of Performance
8.3. Only Valid Leitmotiv: Long-Term Thinking
8.4. Impact of Fair Market Value
8.5. Long-Term Trend: The Attractiveness of Private Equity
8.6. Private Equity: Future Victim of its Own Success?
8.7. Impact of a Better Knowledge of Private Equity
8.7.1. Understanding the Risk and Managing the J-Curve
8.7.2. Innovating through Structuring
8.7.3. Temptation of Co-Investments
8.7.4. Change or Die: The Pressure on General Partners
8.7.5. Regulation: Damocles' Sword Looming over Private Equity
Template 1 (Fund)
Architecture of the Private Placement Memorandum of a Private Equity Fund
Template 2 (Fund)
Structure of a Limited Partnership Agreement
Template 3 (Fund)
Due Diligence Checklist
Template 4 (Fund)
Quarterly Report Template
Template 5 (Company)
Non-Disclosure Agreement
Template 6 (Company)
Business Plan
Template 7 (Company)
Term-Sheet.