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Full Description
This book deals with risk capital provided for established firms outside the stock market, private equity, which has grown rapidly over the last three decades, yet is largely poorly understood. Although it has often been criticized in the public mind as being short termist and having adverse consequences for employment, in reality this is far from the case. Here, John Gilligan and Mike Wright dispel some of the biggest myths and misconceptions about private equity. The book provides a unique and authoritative source from a leading practitioner and academic for practitioners, policymakers, and researchers that explains in detail what private equity involves and reviews systematic evidence of what the impact of private equity has been. Written in a highly accessible style, the book takes the reader through what private equity means, the different actors involved, and issues concerning sourcing, checking out, valuing, and structuring deals. The various themes from the systematic academic evidence are highlighted in numerous summary vignettes placed alongside the text that discuss the practical aspects. The main part of the work concludes with an up-to-date discussion by the authors, informed commentators on the key issues in the lively debate about private equity. The book further contains summary tables of the academic research carried out over the past three decades across the private equity landscape including: the returns to investors, economic performance, impact on R&D and employees, and the longevity and life-cycle of private equity backed deals.
Contents
Preface to the Fourth Edition
1: The Private Equity Market
2: The Private Equity Fund
3: Measuring Private Equity Performance
4: Doing a Deal: The Process of a Private Equity Transaction
5: Financial Markets, Financial Instruments, and Financial Engineering
6: A Detailed Worked Example of a Leveraged Buyout
7: The Private Equity Critics and the Research
Appendix 1: Detailed Data Appendices
Appendix 2: Summaries of Peer-Reviewed Studies of Buyouts and Private Equity
Bibliography
Glossary
