Introduction to Private Equity: Venture, Growth, LBO and Turn-Around Capital (The Wiley Finance Series)

Description

This second edition of Introduction to Private Equity is more than an update, it reflects the dramatic changes which have affected an industry which is evolving rapidly, internationalizing and maturing fast. What is recognized as a critical yet grounded guide to the private equity industry blends academic rigour with practical experience. It provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry; including insurance, funds of funds, funds and portfolio companies. The book approaches the private equity sector top-down, to provide a sense of its evolution and how the current situation has been built. It then details the interrelations between investors, funds, fund managers and entrepreneurs. At this point, the perspective shifts to bottom-up, how a private business is valued, how transactions are processed and the due diligence issues to consider before moving ahead. Introduction to Private Equity, Second Edition covers the private equity industry as a whole, putting its recent developments (such as secondary markets, crowdfunding, venture capital in emerging markets) into perspective. The book covers its organization, governance and function, then details the various segments within the industry, including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing, Growth Capital, Distressed Debt, Turn-Around Capital, Funds of Funds and beyond. Finally, it offers a framework to anticipate and understand its future developments. This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector, following a major crisis. Review: Good Introduction to Private Equity - The private equity industry is varied and fast moving and it can be difficult to find relevant and up to date books on the topic. In my experience, books in this area are either dry, specialist texts, focusing on a narrow aspect of the field, or more discursive (but less objective or factually informative) observations on deals and personalities. All these books have their place, but it can be difficult to find a good general introduction to the industry. This book, however, provides a comprehensive and detailed overview of the private equity industry, covering (among other matters) its history and development, the structures and objectives behind PE firms, and a guide to investment and diligence processes. However, the generality of the book does not stop it from being full of detailed facts and astute observations and I felt that I came away with a number of new insights after reading the same. I therefore feel that this is a good book for many audiences, for both those who want to understand the PE industry and for those that work within it. I suspect this book will be of particular value to those who would like a wider view and a fresh perspective on the market in which they operate. If I had one criticism, it would be that the book could merit more analysis of the Asian PE market (as currently there is only a short section which focuses on India and China). However, I imagine that this may be due more to the relative youth of the PE industry in Asia and assume that later editions may expand upon this. Review: An Introduction to PE and beyond - your one stop shop to get a (deep) overview - Anyone wanting to get a comprehensive, deep, and complete overview of the Private Equity industry should own a copy of Cyril Demaria's book. The author merges his vast experience in the field with the frameworks and concepts that the industry is built on. The book is an easy read without skipping on the important (and often tricky) subjects. Demaria manages to strike a balance of covering all major topics to give an overview as well as going into detail to highlight how concepts work out in practice. When buying the book I wanted to get a refresher having a basic knowledge of how the industry works as well as isolate and identify the areas I wanted to dive in deeper. I can highly recommend this book for anyone trying to acquire an better understanding of the industry as well as industry veterans who want to make sure they can explain their work to industry outsiders.