By Stefan Povaly
This booklet deals a accomplished research of non-public fairness divestment processes--so-called exits--for ecu buyouts. interpreting the potency of departures, it deals thoughts and guidance for an built-in and exit-oriented inner most fairness portfolio administration. furthermore, the booklet presents a close evaluate of go out choice drivers. Its findings will give a contribution to a clearer realizing and higher predictability of go out behavior.
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Extra resources for Private Equity Exits: Divestment Process Management for Leveraged Buyouts
Andreas Grünbichler for his dedication to this venture in addition to his responsiveness, instrumental counsel, and confident suggestions. i'd additionally wish to convey nice appreciation to my moment educational manager Prof. Dr. Martin Hilb, for his aid and valued enter quite within the zone of company governance. in addition, I owe due to Prof. Dr. Josh Lerner for his curiosity during this venture and tips provided in the course of my learn stopover at on the Harvard company college. the fundamental middle of this paintings depends exact survey and interview suggestions from virtually 60 top inner most fairness organizations working within the ecu buyout marketplace. i want to thank all deepest fairness pros and associations for having participated during this examine and for his or her curiosity in aiding educational study during this box. in addition, i'm thankful to Georges Noël from the ecu deepest fairness and enterprise Capital organization for aiding this research and his invaluable enter at the survey techniques. i'm additionally thankful to Dr. Volker Kraft for his suggestion on designing a survey focusing on deepest fairness enterprises and to my buddy and colleague Dr. Nicolaus bathrooms for his useful concepts in pursuing this sort of venture. additionally, distinct thank you are directed to my organisation, JPMorgan, for having supported this venture and for accommodating my dedication to those reviews. VI Preface I owe deep gratitude to my spouse Bianca for being a robust supporter and an concept in the course of the undertaking. final yet no longer least, I exhibit nice due to my mom and dad for his or her non-stop backing of my reviews and for having enormously facilitated the liberty in pursuing my pursuits all through my lifestyles. Stefan Povaly London, January 2007 Table of contents 1 2 creation 1 1. 1 Framework and cause of the paintings 1. 2 learn procedure 1. 2. 1 learn layout framework 1. 2. 2 study process and strategy 1. three constitution define 2 7 7 nine 12 historical past 15 2. 1 inner most fairness 2. 1. 1 Definition 2. 1. 2 Evolution of the non-public fairness marketplace 2. 1. three phases of non-public fairness financing 2. 1. four deepest fairness marketplace constitution 2. 1. five marketplace traits 2. 1. 6 Hedge cash and personal fairness 2. 1. 7 company governance elements 2. 1. eight functionality of non-public fairness as an asset type 2. 2 Leveraged buyouts 2. 2. 1 Definition and purposes 2. 2. 2 The function of the rate of interest surroundings for leveraged buyouts 2. 2. three Leveraged buyout rules and effects 2. 2. four industry evaluate and background 2. 2. five Buyout marketplace tendencies 2. 2. 6 functionality of the leveraged buyout industry 2. three Divestments of portfolio businesses 2. three. 1 go out section within the ‘Venture Capital Cycle’ 2. three. 2 power divestment routes 15 15 18 27 30 forty six forty seven fifty three sixty five eighty two eighty two eighty four 86 ninety six 108 114 117 117 118 VIII three desk of contents Theoretical beginning and literature evaluation three. 1 organization conception as an total framework for personal fairness exits three. 2 Underlying theoretical techniques – timing of departures three. 2. 1 Value-add and tracking price notion three. 2. 2 uneven details and certification three.