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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

Langue : Anglais

Auteurs :

Couverture de l’ouvrage J-curve exposure: Managing a portfolio of venture capital & private equity funds
Building on the success of Beyond the J Curve, this work offers guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner's point of view, the book offers private equity and venture capital professionals an advanced guide which will make high return targets more realistic and sustainable. The main factors that appear to make institutions shy away from venture capital are an unclear track record of this industry, unclear valuations and risks, coupled with a perceived intransparency, and the significant entry barriers to overcome before tangible results show. These issues are addressed and solutions proposed that do not come out of the “ivory tower” of academia. The book tackles some of the most pressing issues in the industry such as ‘The challenge of VC Fund Valuation' and also looks at some niche strategies for increasing wealth. Beyond the J-Curve is a ‘primer', dealing mainly with ‘plain vanilla' situations, in J-Curve Exposure the authors tackle the practical side of the implementation with real life examples balanced with concepts on an advanced level
List of Boxes.

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 ...

PIERRE-YVES MATHONET MSc Fin MSc Mngt, is heading the venture capital unit within the risk management division of the European Investment Fund. He is also a member of the private equity subcommittee of the Chartered Alternative Investment Analyst® Program.Before that, he worked as an investment banker in the technology groups of Donaldson, Lufkin & Jenrette, and Credit Suisse First Boston, and previously for the audit and consulting departments of PricewaterhouseCoopers. He is a regular speaker at major conferences, and initiated and chaired the EVCA’s Private Equity Foundation Course for Limited Partners. He has contributed articles to some leading alternative investments and financial publications. Pierre-Yves holds a Master of Science cum laude in Finance from London Business School and a Master of Science magna cum laude in Management from Solvay Business School in Brussels. He is also a Certified European Financial Analyst cum laude.

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

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