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Private Capital Investing

Private Capital Investing

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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