Private Equity Capital
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Private Equity Capital
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^ Investments in private equity An Introduction to Private Equity , including differences in terminology. Archived 5 January 2016 at the Wayback Machine
^
"Venture Capital Investing" . Privco.com . Retrieved 25 April 2022 .
^ Winning Strategy For Better Investment Decisions In Private Equity . USPEC , Retrieved 27 January 2020.
^ Jump up to: a b "Everything Is Private Equity Now" . www.bloomberg.com . 3 October 2019 . Retrieved 15 August 2021 . {{ cite web }} : CS1 maint: url-status ( link )
^ Eileen Appelbaum and Rosemary Batt. Private Equity at Work, 2014.
^ Duggan, Marie Christine (January 2018). "Diamond Turning Innovation in the Age of Impatient Finance" . Dollars & Sense – via www.academia.edu.
^ Priem, Randy (2017). "Syndication of European buyouts and its effects on target-firm performance" . Journal of Applied Corporate Finance . 28 (4): 95–117. doi : 10.1111/jacf.12209 . S2CID 157616562 .
^ "Investopedia LBO Definition" . Investopedia.com. 15 February 2009 . Retrieved 18 May 2012 .
^ The balance between debt and added value . Financial Times, 29 September 2006
^ "Frequently Asked Question: What is a tuck-in acquisition?" . Investopedia . 30 September 2008 . Retrieved 5 January 2013 .
^ "Add-On/Bolt-On Acquisition defined" . PrivCo . Retrieved 5 January 2013 .
^ Note on Leveraged Buyouts . Tuck School of Business at Dartmouth: Center for Private Equity and Entrepreneurship, 2002. Accessed 20 February 2009
^ Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach. Leverage and Pricing in Buyouts: An Empirical Analysis Archived 27 March 2009 at the Wayback Machine . 28 August 2007
^ Steven N. Kaplan and Per Strömberg. Leveraged Buyouts and Private Equity , Social Science Research Network, June 2008
^ Trenwith Group "M&A Review," (Second Quarter, 2006)
^ Peston, Robert (2008). Who runs Britain? . London: Hodder & Stoughton . pp. 28–67. ISBN 978-0-340-83942-3 .
^ "Zephyr Annual M&A Report: Global Private Equity, 2013" (PDF) . Bureau van Dijk . Bureau van Dijk . 2014 . Retrieved 22 May 2014 .
^ Fahey, Mark (6 January 2017). "IPOs vs mergers: Buyouts blow away IPOs when investors 'cash out' " . www.cnbc.com . Retrieved 12 January 2022 .
^ "Growth Capital Law and Legal Definition | USLegal, Inc" . definitions.uslegal.com .
^ "GROWTH CAPITAL MANAGEMENT" . Archived from the original on 24 October 2011.
^ Loewen, Jacoline (2008). Money Magnet: Attract Investors to Your Business: John Wiley & Sons. ISBN 978-0-470-15575-2 .
^ Driving Growth: How Private Equity Investments Strengthen American Companies Archived 7 November 2015 at the Wayback Machine . Private Equity Council. Accessed 20 February 2009
^ When Private Mixes With Public; A Financing Technique Grows More Popular and Also Raises Concerns . The New York Times , 5 June 2004
^ Gretchen Morgenson and Jenny Anderson. Secrets in the Pipeline . The New York Times , 13 August 2006
^ Marks, Kenneth H. and Robbins, Larry E. The handbook of financing growth: strategies and capital structure . 2005
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^ A higher yield Archived 12 November 2010 at the Wayback Machine . Smart Business Online, August 2009
^ In the United Kingdom, venture capital is often used instead of private equity to describe the overall asset class and investment strategy described here as private equity.
^ Jump up to: a b Joseph W. Bartlett. "What Is Venture Capital?" Archived 28 February 2008 at the Wayback Machine The Encyclopedia of Private Equity. Accessed 20 February 2009
^ Joshua Lerner. Something Ventured, Something Gained . Harvard Business School, 24 July 2000. Retrieved 20 February 2009
^ A Kink in Venture Capital’s Gold Chain . The New York Times , 7 October 2006
^ An equation for valuation . Financial Post, 27 June 2009
^ Paul A. Gompers. The Rise and Fall of Venture Capital Archived 27 September 2011 at the Wayback Machine . Graduate School of Business University of Chicago. Accessed 20 February 2009
^ Equity Financing Globe & Mail, 4 March 2011
^ The Principles of Venture Capital Archived 1 August 2013 at the Wayback Machine . National Venture Capital Association. Accessed 20 February 2009
^ The turnaround business Archived 12 June 2013 at the Wayback Machine . AltAssets, 24 August 2001
^ Guide to Distressed Debt . Private Equity International, 2007. Accessed 27 February 2009
^ Distress investors take private equity cues . Reuters, 9 August 2007
^ Bad News Is Good News: 'Distressed for Control' Investing . Wharton School of Business: Knowledge @ Wharton, 26 April 2006. Accessed 27 February 2009
^ Distressed Private Equity: Spinning Hay into Gold . Harvard Business School: Working Knowledge, 16 February 2004. Accessed 27 February 2009
^ "Distressed Private Equity" . thehedgefundjournal.com . Retrieved 5 July 2020 .
^ The Private Equity Secondaries Market, A complete guide to its structure, operation and performance The Private Equity Secondaries Market, 2008
^ Grabenwarter, Ulrich. Exposed to the J-Curve: Understanding and Managing Private Equity Fund Investments , 2005
^ A discussion on the J-Curve in private equity Archived 12 June 2013 at the Wayback Machine . AltAssets, 2006
^ A Secondary Market for Private Equity is Born , The Industry Standard, 28 August 2001
^ Investors Scramble for Infrastructure (Financial News, 2008)
^ Is It Time to Add a Parking Lot to Your Portfolio? ( The New York Times , 2006
^ [Buyout firms put energy infrastructure in pipeline] (MSN Money, 2008)
^ "Merchant Banking: Past and Present" . Fdic.gov. Archived from the original on 14 February 2008 . Retrieved 18 May 2012 .
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^ Joseph Haas (9 September 2013). "DRI Capital To Pursue Phase III Assets With Some of Its Third Royalty Fund" . The Pink Sheet Daily.
^ Wilson, John. The New Ventures, Inside the High Stakes World of Venture Capital.
^ A Short (Sometimes Profitable) History of Private Equity , Wall Street Journal, 17 January 2012.
^ "Who Made America? | Innovators | Georges Doriot" . www.pbs.org .
^ "Private Equity » Private equity, history and further development" .
^ "Joseph W. Bartlett, "What Is Venture Capital?" " . Vcexperts.com. Archived from the original on 28 February 2008 . Retrieved 18 May 2012 .
^ The Future of Securities Regulation speech by Brian G. Cartwright, General Counsel U.S. Securities and Exchange Commission. University of Pennsylvania Law School Institute for Law and Economics Philadelphia, Pennsylvania. 24 October 2007.
^ On 21 January 1955, McLean Industries, Inc. purchased the capital stock of Pan Atlantic Steamship Corporation and Gulf Florida Terminal Company, Inc. from Waterman Steamship Corporation. In May McLean Industries, Inc. completed the acquisition of the common stock of Waterman Steamship Corporation from its founders and other stockholders.
^ Marc Levinson, The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger , pp. 44–47 (Princeton Univ. Press 2006). The details of this transaction are set out in ICC Case No. MC-F-5976, McLean Trucking Company and Pan-Atlantic American Steamship Corporation—Investigation of Control , 8 July 1957.
^ "Lewis B. Cullman '41 | Obituaries | Yale Alumni Magazine" . yalealumnimagazine.com .
^ Reier, Sharon; Tribune, International Herald (10 July 2004). "Book Report : CAN'T TAKE IT WITH YOU" . The New York Times .
^ Trehan, R. (2006). The History Of Leveraged Buyouts . 4 December 2006. Retrieved 22 May 2008
^ [spam filter website: investmentu.com/research/private-equity-history.html The History of Private Equity] (Investment U, The Oxford Club
^ Burrough, Bryan. Barbarians at the Gate . New York : Harper & Row, 1990, p. 133-136
^ Taylor, Alexander L. " Buyout Binge ". TIME magazine , 16 July 1984.
^ David Carey and John E. Morris, King of Capital The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone (Crown 2010), pp. 15–26
^ Opler, T. and Titman, S. "The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs." Journal of Finance , 1993.
^ King of Capital, pp. 31–44
^ 10 Questions for Carl Icahn by Barbara Kiviat, TIME magazine , 15 February 2007
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^ Game of Greed ( TIME magazine , 1988)
^ Wallace, Anise C. " Nabisco Refinance Plan Set ." The New York Times , 16 July 1990.
^ King of Capital, pp. 97–99
^ Stone, Dan G. (1990). April Fools: An Insider's Account of the Rise and Collapse of Drexel Burnham . New York City: Donald I. Fine. ISBN 978-1-55611-228-7 .
^ Jump up to: a b Den of Thieves . Stewart, J. B. New York: Simon & Schuster, 1991. ISBN 0-671-63802-5 .
^ New Street Capital Inc. – Company Profile, Information, Business Description, History, Background Information on New Street Capital Inc. at ReferenceForBusiness.com
^ SORKIN, ANDREW ROSS and ROZHON, TRACIE. " Three Firms Are Said to Buy Toys 'R' Us for $6 Billion ." The New York Times , 17 March 2005.
^ ANDREW ROSS SORKIN and DANNY HAKIM. " Ford Said to Be Ready to Pursue a Hertz Sale ." The New York Times , 8 September 2005
^ PETERS, JEREMY W. " Ford Completes Sale of Hertz to 3 Firms ." The New York Times , 13 September 2005
^ SORKIN, ANDREW ROSS. " Sony-Led Group Makes a Late Bid to Wrest MGM From Time Warner ." The New York Times , 14 September 2004
^ " Capital Firms Agree to Buy SunGard Data in Cash Deal ." Bloomberg L.P. , 29 March 2005
^ Samuelson, Robert J. " The Private Equity Boom ". The Washington Post, 15 March 2007.
^ Dow Jones Private Equity Analyst as referenced in U.S. private-equity funds break record Associated Press, 11 January 2007.
^ Dow
Jones Private Equity Analyst as referenced in Private equity fund raising up in 2007: report , Reuters, 8 January 2008.
^ SORKIN, ANDREW ROSS. " HCA Buyout Highlights Era of Going Private ." The New York Times , 25 July 2006.
^ WERDIGIER, JULIA. " Equity Firm Wins Bidding for a Retailer, Alliance Boots ." The New York Times , 25 April 2007
^ Lonkevich, Dan and Klump, Edward. KKR, Texas Pacific Will Acquire TXU for $45 Billion Archived 13 June 2010 at the Wayback Machine Bloomberg, 26 February 2007.
^ SORKIN, ANDREW ROSS and de la MERCED, MICHAEL J. " Private Equity Investors Hint at Cool Down ." The New York Times , 26 June 2007
^ SORKIN, ANDREW ROSS. " Sorting Through the Buyout Freezeout ." The New York Times , 12 August 2007.
^ Turmoil in the markets , The Economist 27 July 2007
^ "Private equity deal making post-AIFMD: asset stripping rules" . www.dirittobancario.it . 13 March 2014.
^ "Private equity deal making post-AIFMD: notification and disclosure rules" . www.dirittobancario.it . 31 March 2014.
^ "Inside private equity's race to go public" . www.ft.com . 10 January 2022 . Retrieved 24 May 2022 .
^ "Staying Private Longer: Why Go Public?" . www.americanbar.org . Retrieved 22 April 2020 .
^ Meluzín, Tomáš; Zinecker, Marek; Balcerzak, Adam P.; Pietrzak, Michał B. (2 November 2018). "Why Do Companies Stay Private? Determinants for IPO Candidates to Consider in Poland and the Czech Republic". Eastern European Economics . 56 (6): 471–503. doi : 10.1080/00128775.2018.1496795 . S2CID 158377270 .
^ Fontenay, Elizabeth (2016). "The Deregulation of Private Capital and the Decline of the Public Company". Hastings Law Journal . 68 : 445.
^ Cua, Geneviève (8 February 2022). "Making private market assets more accessible" . businesstimes.com.sg . Retrieved 31 May 2022 .
^ King of Capital, pp. 213–214
^ Jump up to: a b M. Nicolas J. Firzli : ‘The New Drivers of Pension Investment in Private Equity’, Revue Analyse Financière, Q3 2014 – Issue N°52
^ Per Stromberg: 'The new demography of Private Equity', Master Thesis, Swedish Institute for Financial Research, Stockholm School of Economics Archived 4 March 2016 at the Wayback Machine
^ "PEI 300" (PDF) . PEI Media. 2017. Archived from the original (PDF) on 28 August 2017. ] from PEI Media
^ "Invest Europe - The Voice of Private Capital" . www.investeurope.eu . Retrieved 5 May 2017 .
^ "London-based PE funds" . Askivy.net . Retrieved 18 May 2012 .
^ Private equity versus hedge funds , QuantNet, 9 July 2007.
^ Understanding private equity strategies Archived 30 March 2012 at the Wayback Machine , QFinance, June 2008.
^ Napoletano, E. (12 February 2021). "What Is A Fund Of Funds?" . Forbes Advisor . Retrieved 15 June 2022 .
^ Private Equity Report, 2012 Archived 23 April 2015 at the Wayback Machine . TheCityUK.
^ "Why Rubenstein Believes SWFs May Become the Biggest Single Capital Source for Private Equity" . Sovereign Wealth Fund Institute. 5 March 2014 . Retrieved 8 January 2021 .
^ Kaplan, Steven Neil; Schoar, Antoinette (2005). "Private Equity Performance: Returns, Persistence, and Capital Flows" . The Journal of Finance . 60 (4): 1791–1823. doi : 10.1111/j.1540-6261.2005.00780.x . hdl : 1721.1/5050 . Retrieved 10 February 2012 .
^ Harris, Robert S.; Jenkinson, Tim; Kaplan, Steven N. (10 February 2012). "Private Equity Performance: What Do We Know?". Social Science Research Network. SSRN 1932316 . Accessed 10 February 2012. {{ cite journal }} : Cite journal requires |journal= ( help )
^ Robinson, David T.; Sensoy, Berk A. (15 July 2011). "Private Equity in the 21st Century: Liquidity, Cash Flows and Performance from 1984–2010" (PDF) . National Bureau of Economic Research . Retrieved 10 February 2012 . [ permanent dead link ]
^ "Academic pans PE returns, Real Deals" . Realdeals.eu.com. 17 June 2011. Archived from the original on 23 May 2012 . Retrieved 18 May 2012 .
^ In the United States, FOIA is individually legislated at the state level, and so disclosed private-equity performance data will vary widely. Notable examples of agencies that are mandated to disclose private-equity information include CalPERS , CalSTRS and Pennsylvania State Employees Retirement System and the Ohio Bureau of Workers' Compensation
^ "Guidelines for Disclosure and Transparency in Private Equity" (PDF) . Archived from the original (PDF) on 4 July 2008 . Retrieved 4 January 2019 .
^ New York Times, 12 Jun. 2021 "Private Inequity: How a Powerful Industry Conquered the Tax System--The I.R.S. Almost Never Audits Private Equity Firms, Even as Whistle-Blowers Have filed Claims Alleging Illegal Tax Avoidance"
^ New York Times, 12 Jun. 2021 "Private Inequity: How a Powerful Industry Conquered the Tax System--The I.R.S. Almost Never Audits Private Equity Firms, Even as Whistle-Blowers Have filed Claims Alleging Illegal Tax Avoidance"
^ Private Equity and India's FDI boom Archived 6 May 2011 at the Wayback Machine . The Hindu Business Line, 1 May 2007
^ "Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes Archives" . BFI . Retrieved 22 February 2021 .
^ Flood, Chris (14 October 2019). "US Congress examines private equity role in surging healthcare costs" . Financial Times .
^ Gondi, Suhas; Song, Zirui (19 March 2019). "Potential Implications of Private Equity Investments in Health Care Delivery" . JAMA . 321 (11): 1047–1048. doi : 10.1001/jama.2019.1077 . ISSN 1538-3598 . PMC 6682417 . PMID 30816912 .
^ Resneck, Jack S. (1 January 2018). "Dermatology Practice Consolidation Fueled by Private Equity Investment: Potential Consequences for the Specialty and Patients" . JAMA Dermatology . 154 (1): 13–14. doi : 10.1001/jamadermatol.2017.5558 . ISSN 2168-6084 . PMID 29164229 .
^ "Private equity captures rather than creates value | Opinion" . Newsweek . 22 July 2020 . Retrieved 15 August 2021 .
Private equity ( PE ) typically refers to investment funds , generally organized as limited partnerships , that buy and restructure companies. More formally, private equity is a type of equity and one of the asset classes consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange . [1]
A private-equity investment will generally be made by a private-equity firm , a venture capital firm or an angel investor . Each of these categories of investors has its own set of goals, preferences and investment strategies; however, all provide working capital to a target company to nurture expansion, new-product development, or restructuring of the company's operations, management, or ownership. [2]
Private equity is also often grouped into a broader category called "private capital", generally used to describe capital supporting any long-term, illiquid investment strategy . [3]
Bloomberg Businessweek has called "private equity" a rebranding of leveraged-buyout firms after the 1980s. [4]
The key features of private-equity operations are generally as follows.
The strategies private-equity firms may use are as follows, leveraged buyout being the most common.
Leveraged buyout, LBO, or Buyout refers to a strategy of making equity investments as part of a transaction in which a company, business unit, or business assets is acquired from the current shareholders typically with the use of financial leverage . [8] The companies involved in these transactions are typically mature and generate operating cash flows . [9]
Private-equity firms view target companies as either Platform companies, which have sufficient scale and a successful business model to act as a stand-alone entity, or as add-on / tuck-in / bolt-on acquisitions , which would include companies with insufficient scale or other deficits. [10] [11]
Leveraged
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