J-curve exposure: Managing a portfolio of venture capital & private equity funds Managing a Portfolio of Venture Capital and Private Equity Funds The Wiley Finance Series
Auteurs : Mathonet Pierre-Yves, Meyer Thomas
Foreword.
Acknowledgments.
Abbreviations.
Disclaimer.
PART I. PRIVATE EQUITY LANDSCAPE.
1. Introduction.
1.1 Barbarians, pirates and privateers.
1.2 A difficult world to conquer.
2. Institutional Investing in Private Equity.
2.1 Limited partnership.
2.2 Funds of funds.
2.3 Private equity funds investment program.
3. Private Equity Environment.
3.1 The informal VC market.
3.2 Private equity as part of alternative assets.
3.3 Mezzanine financing.
3.4 Overlap with public market.
3.5 Conclusion.
4. Risk Management Lessons from a Listed Private Equity Fund of Funds.
4.1 Relevance of the Private Equity Holding case.
4.2 The Swiss private equity funds of funds industry.
4.3 Commitments and investments.
4.4 The rise and (near) fall of Private Equity Holding.
4.5 Definition and analysis of ratios.
4.6 Lessons and epilogue.
Appendix 4A. Adjusted current ratio methodology.
PART II. THE ECONOMICS OF PRIVATE EQUITY FUNDS.
5. Venture Capital Fund Fair Value.
5.1 Valuation Guidelines.
5.2 Motivation.
5.3 Current practices.
5.4 Problem areas.
5.5 Conceptual questions.
5.6 Can one do without judgment?
5.7 Is there a pragmatic way forward?
6. Model Based Approach to VC Fund Valuation.
6.1 Why model?
6.2 The private equity data market.
7. Private Equity Fund Valuation Approaches.
7.1 Determining the economic value of a private equity fund.
7.2 Accounting valuation of a funds portfolio of investee companies.
7.3 Conclusion.
8. Distribution Waterfall.
8.1 Introduction.
8.2 Basic waterfall model.
8.3 Impact of carried interest distribution approaches.
8.4 Clawback.
9. Break even Analysis.
9.1 Objective of break even analysis.
9.2 Methodology.
9.3 Scenarios and sensitivity analysis.
9.4 Additional analysis.
9.4.3 IRR distributions.
10. Track Record Analysis.
10.1 Due diligence.
10.2 Benchmarking.
10.3 Track record analysis tools.
10.4 Limitations.
10.5 Conclusion.
Appendix 10A. Performance spread between best and worst manager.
PART III. MANAGING UNDER UNCERTAINTY.
11. Grading and Fitness Landscapes.
11.1 Fitness landscapes.
11.2 Grading based evaluation of private equity funds.
11.3 Grading as portfolio management tool.
11.4 VC market dynamics power laws.
11.5 Searching landscapes.
11.6 Conclusion.
12. Private Equity Funds and Real Options.
12.1 Agency problems and contracting.
12.2 Changes in limited partnership agreements.
12.3 Braiding.
12.4 Summary.
13. Co investing.
13.1 Motivation.
13.2 Co investment risk and rewards.
13.3 Potential issues related to co investments.
13.4 Implementation issues.
13.5 Portfolio management.
13.6 Conclusion.
14. Side Funds
14.1 'Classical side funds.
14.2 Side funds ...
Dr THOMAS MEYER heads up the risk management division of the European Investment Fund. Over the last few years he has been responsible for the creation of the European Investment Fund’s risk management function. The focus of his work is the development of valuation and risk management models and investment strategies for venture capital fund-of-funds. Thomas studied computer science at the Bundeswehr Universität in Munich followed by doctoral studies at the University of Trier. He holds an MBA from the London Business School and an MA in Japanese Language and Society from the University of Sheffield. After 12 years in the German Air Force he worked for the German insurance group Allianz AG in corporate finance and as the regional Chief Financial Officer of Allianz Asia Pacific in Singapore. He was a Visiting Research Fellow at Hitotsubashi University in Tokyo and is a member of the private equity subcommittee o
Date de parution : 12-2007
Ouvrage de 512 p.
17.5x25.2 cm