Two essential books, one essential package
Private Equity Mathematics
Edited by Oliver Gottschalg of HEC Paris and PERACS Private Equity Track Record Analytics, Private Equity Mathematics, Second Edition, is a must-have publication for all professionals investing in private equity assets and funds. This book is a valuable and practical resource with topics ranging from performance measurement and benchmarking, cash flow patterns and risks of private equity investing, to the economic and legal aspects of operating a private equity firm or investment programme.
In addition to updated and expanded content, this guide features recent advancements in performance measurement, benchmarking and risk assessment.
This guide will help you to:
- Understand the fundamentals of private equity investing and value creation drivers
- Gain insight into the issues with inappropriate use of common performance measures
- Optimise the measurement, management and integration of risk in the portfolio
- Develop more sophisticated methods and benchmarks to assess investment performance
- Better understand how to measure volatility in private equity investing
…and much more.
Private Equity Valuation
Written by Duff & Phelps, Private Equity Valuation is a must-have publication for all professionals buying, selling and valuing private equity assets. It provides fund managers and investors with valuable tools, practical guidance and illustrative examples on valuation techniques and nuances for various assets and scenarios. This is also a valuable guide for GPs seeking an insight into their investors’ fiduciary and regulatory pressures, and what a proactive LP is likely to require from GPs going forward.
Key features of this publication:
- Understand why fair value is essential and how to value assets fairly.
- Offers the latest guidance on valuation techniques and nuances, including changes to fair value rules made by FASB and IASB.
- Explains valuation nuances for investments in real estate, energy, shipping and management companies/GP companies.
- Guidance on valuing debt instruments and distressed transactions.
- Provides an enhanced framework to determine the attribution created by individual portfolio company investments.
- A handy A-Z reference guide of over 80 of the most common applications, from absolute return to waterfall analysis.
…and much more.
The package is ideal for:
- Fund managers
- Fund of fund managers
- Institutional investors
- Lawyers
- Consultants
- Bankers
- Academics
- Analysts
- Investment advisers
- Valuation professionals
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Private Equity Mathematics
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- Satyan Malhotra, Caspian Private Equity
- Ivan Herger, Capital Dynamics
- Fernando Vazquez, PERACS Private Equity Track - Record Analytics
- Bernd Kreuter, Palladio Partners
- Elias Korosis, Hermes GPE and Roy Kuo, Church -
- Commissioners
- Brian Gallagher, Twin Bridge Capital Partners
- Robert M. Ryan, PERACS Private Equity Track -
- Record Analytics
- Alexander Peter Groh, EMLYON Business School
- Michael J. Album, Trevor J. Chaplick, and Joshua - M. Miller, Proskauer Rose LLP
- Jenny Wheater and Pierfrancesco Carbone,
- Duane Morris LLP
- John Barber, Bridgepoint
- Leon Hadass, Pantheon and Arantxa Prado
- Michael J. Ryan, Hamilton Lane
- Griffith Norville, Hamilton Lane
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Private Equity Mathematics:
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SECTION I: FUNDAMENTALS
1. Private equity as part of your portfolio
Satyan Malhotra, Caspian Private Equity
2. Measuring private equity performance: a closer look
Ludovic Phalippou, University of Oxford
3. The private equity J-curve: Cash flow considerations from primary and secondary points of view
Ivan Herger, Capital Dynamics
4. Evaluating the private equity risk profile for GPs and LPs
By Fernando Vazquez, PERACS Private Equity Track Record Analytics
5. A Monte Carlo approach for risk management in private equity portfolios
Bernd Kreuter, Palladio Partners and Oliver Gottschalg, HEC Paris and PERACS Private Equity Track Record Analytics
6. Adventures in risk budgeting: moving forward on private equity portfolio risk
Elias Korosis, Hermes GPE and Roy Kuo, Church Commissioners
SECTION II: INVESTING
7. Performance drivers in private equity investments
Oliver Gottschalg, HEC Paris and PERACS Private Equity Track Record Analytics
8. Valuing private equity buyouts
Brian Gallagher, Twin Bridge Capital Partners
9. Private equity performance benchmarking
Robert M. Ryan, PERACS Private Equity Track Record Analytics
10. Benchmarking leveraged buyouts against comparable public market investments
Alexander Peter Groh, EMLYON Business School
11. A pragmatic approach to estimating the relative performance of private equity investments
Oliver Gottschalg, HEC Paris and PERACS Private Equity Track Record Analytics
12. Measuring and interpreting performance persistence in private equity
Oliver Gottschalg, HEC Paris and PERACS Private Equity Track Record Analytics
SECTION III: FUND AND PORTFOLIO MANAGEMENT
13. Compensation issues for management in a US MBO
Michael J. Album, Trevor J. Chaplick, and Joshua M. Miller, Proskauer Rose LLP
14. Compensation issues for management in a European MBO
Jenny Wheater and Pierfrancesco Carbone, Duane Morris LLP
15. Management fee, carried interest and other economic terms of private equity funds
John Barber, Bridgepoint
16. Fund of funds portfolio perspective
By Leon Hadass, Pantheon and Arantxa Prado
17. Insights in assessing the performance of private equity service providers
Michael J. Ryan, Hamilton Lane
18 Measuring volatility in private equity
Griffith Norville, Hamilton Lane
Glossary
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Private Equity Valuation:
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1. Introduction
David L. Larsen
2. Why fair value?
David L. Larsen
3. Fair value defined
David L. Larsen
4. Regulatory landscape
Ryan McNelley, Rittik Chakrabarti and David L. Larsen
5. Alternative asset investors
Sulabh Mathur and David L. Larsen
6. Basic valuation methodology
Chris Franzek, David L. Larsen and Ryan Johnson
7. Valuation nuances
Dr. Stephan Forstmann and Robert Malagon
8. Venture capital and early-stage investments
Steven Nebb
9. Limited partner interests
Steven Nebb, Bennett Cupit and David L. Larsen
10. Other valuation cases
Steven Nebb, Dr. Stephan Forstmann, David Scott and Ranbir Thukral
11. Valuation best practices
Jack Clemens and Ross Hostetter
12. Other uses of fair value
Daniel Patracuolla, Peter Salvatori and Susanna O’Brien
13. Created value attribution
PJ Viscio and George Pushne
14. Fair value: The future
David L. Larsen and Warren Hirschhorn
A to Z guide
