Private Equity as an Asset Class (2nd Edition) by Guy Fraser-Sampson

By Guy Fraser-Sampson

Unfairly reviled, and masses misunderstood, deepest fairness differs from all different asset sessions in quite a few vital respects, no longer least the best way its fund mechanisms function, and how during which its returns are recorded and analysed. unfortunately, excessive point asset allocation judgements are usually made at the foundation of prejudice and incorrect information, instead of a formal appreciation of the facts.

Guy Fraser-Sampson attracts upon greater than two decades of expertise of the personal fairness to supply a pragmatic consultant to learning the intricacies of this hugely professional asset type. Aimed both at traders, pros and company tuition scholars, it begins with such basic questions as 'what is deepest equity?' and progresses to specified attention of other different types of deepest fairness task resembling enterprise capital and buyout.

Rapid and demanding alterations within the surroundings throughout the contemporary monetary main issue have caused the necessity for a brand new variation. Separate chapters were additional on progress and improvement capital, in addition to secondary making an investment. Newly emergent matters are thought of, resembling lengthening retaining sessions and the prospective hazard of declining returns. specific difficulties, comparable to the necessity to distinguish among deepest fairness and hedge cash, are addressed. The word list has additionally been elevated. in brief, readers will locate that this new version takes their figuring out of the asset classification to new heights.

Key issues include:
• A word list of non-public fairness terms
• enterprise capital
• Buyout
• development capital
• improvement capital
• Secondary investing
• knowing deepest fairness returns
• Analysing cash and returns
• find out how to plan a fund funding programme
• special dialogue of functionality figures

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Additional info for Private Equity as an Asset Class (2nd Edition)

Sample text

2 What are Private Equity Funds, and How do They Work? For the first of many times in this book, let us note that Private Equity is very different in many important respects from just about any other asset class. One of the most significant of these differences is the way in which Private Equity funds work. Perversely, the more one knows about the world of finance, and the closer the acquaintance one has with investment funds in general, then the more confusing are Private Equity funds likely to be; in practice, it is often easier to teach lay people, such as pension fund trustees, about them since they come to them with no preconceived notions.

Thus, provided that you take into account both the coupon (the running yield) and the redemption effect, a perfectly valid annual return can be calculated for any bond at any time. Not so with a Private Equity fund. The cash flows are unpredictable, as we have seen, and to complicate matters still further, the best is often kept until last from an investor ’s point of view, as the biggest inflows tend to occur towards the end of the fund’s life rather than towards the beginning (this is particularly the case with Venture funds, whose average investment holding period will be longer than that of a Buyout fund).

Private Equity funds are designed for that part of an investor ’s portfolio in respect of which they can afford to give up short-term liquidity in exchange for the expectation of higher long-term returns. That is why they are ideal for long-term investors such as life insurance companies and pension funds (as well as family offices, sovereign wealth funds, endowments and foundations) and not at all suitable for short-term investors such as non-life insurance companies, banks and corporate treasury departments.

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