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Private Capital Investing

Private Capital Investing

Autorzy
Wydawnictwo John Wiley & Sons
Data wydania 01/12/2019
Wydanie Pierwsze
Liczba stron 328
Forma publikacji książka w twardej oprawie
Poziom zaawansowania Dla profesjonalistów, specjalistów i badaczy naukowych
Język angielski
ISBN 9781119526162
Kategorie Finanse i rachunkowość
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Opis książki

A step-by-step, comprehensive approach to private equity and private debt Private Capital Investing: The Handbook of Private Debt and Private Equity is a practical manual on investing in the two of the most common alternative asset classes (private equity and private debt) and provides a unique insight on how principal investors analyze investment opportunities. Unlike other textbooks available in the market, Private Capital Investing covers the various phases that principal investors follow when analyzing a private investment opportunity. The book combines academic rigor with the practical approach used by leading institutional investors. Chapters are filled with practical examples, Excel workbooks (downloadable from the book website), examples of legal clauses and contracts, and Q&A. Cases are referred at the end of every chapter to test the learning of the reader. Instructors will find referrals to both third-party cases or cases written by the author. - Covers analytical tools - Includes the most common methods used to structure a debt facility and a private equity transaction - Looks at the main legal aspects of a transaction - Walks readers through the different phases of a transaction from origination to closing Bridging the gap between academic study and practical application, Private Capital Investing enables the reader to be able to start working in private equity or private debt without the need for any further training. It is intended for undergraduates and MBA students, practitioners in the investment banking, consulting and private equity business with prior academic background in corporate finance and accounting.

Private Capital Investing

Spis treści

About the Author xi


Acknowledgements xiii


About the Companion Site xv


Introduction 1


The Rise of Private Markets (Alternative Assets) in the Investors' Allocation 2


The Rise of Private Markets as a Favoured Alternative Source of Company Financing 4


Private Equity 6


Private Debt 8


Deal Phases and Book Organisation 10


Chapter 1 Closed End Funds 13


A Close Up on Private Equity and Private Debt Partnerships 13


Cash Flows, J Curve, and Returns 16


Financial Returns 19


References and Further Reading 22


Suggested Cases 22


Chapter 2 Debt Products 23


Introduction 23


Definition and Some Useful Classifications 24


Pure Debt Instruments 29


High-yield Bonds 37


Mezzanine 39


Unitranche 43


A Close Up on Syndicated Lending 50


References and Further Reading 52


Suggested Cases 52


Chapter 3 Equity Products 53


Introduction 53


Ordinary Shares 54


Preference Shares 55


Convertibles 57


Other Equity Instruments 64


References and Further Reading 70


Suggested Cases 70


Chapter 4 Business Due Diligence 71


Introduction 71


Macro Factors 71


Industry Risk Analysis 73


Company Analysis 83


Summary Steps for a Strategic Analysis of a Business Plan 90


References and Further Reading 91


Suggested Cases 91


Chapter 5 Accounting Due Diligence 93


Introduction 93


Quality of Earnings 93


Ratio Analysis 101


Cash Flow Analysis 106


Creative Accounting 115


References and Further Reading 123


Suggested Cases 123


Chapter 6 Business Plan 125


Introduction 125


Pro-forma Financials 125


Profit and Loss Projections 126


Balance Sheet Projections 127


Putting it all Together: Modelling Cash, Short-term Debt, Net Income, and Shareholders' Equity 128


Sensitivity Analysis 128


Consistency Checks 129


References and Further Reading 133


Suggested Cases 133


Chapter 7 Valuation 135


Introduction 135


Fundamentals #1: Price and Value 135


Fundamentals #2: Enterprise Value and Equity Value 136


Fundamentals #3: Market Values vs. Book Values 140


Discounted Cash Valuation Method 140


Discounted Cash Valuation: WACC Approach 140


Discounted Cash Flow Valuation: Adjuster Present Value Method 144


Comparables Valuation Method 147


References and Further Reading 156


Suggested Cases 156


Chapter 8 Growth Equity 157


Introduction 157


Differences between Venture Capital, Growth Equity, and LBO 157


Instruments 159


Fundamentals #1: Pre-money and Post-money Valuation 160


Fundamentals #2: Capitalisation Table 165


Fundamentals #3: Dilution and Equity Stake Calculat

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