Book description
Unfairly reviled, and much misunderstood, private equity differs from
all other asset classes in various important respects, not least the way
in which its fund mechanisms operate, and the way in which its returns
are recorded and analysed. Sadly, high level asset allocation decisions
are frequently made on the basis of prejudice and misinformation, rather
than a proper appreciation of the facts.
Guy Fraser-Sampson draws upon more than twenty years of experience of
the private equity industry to provide a practical guide to mastering
the intricacies of this highly specialist asset class. Aimed equally
at investors, professionals and business school students, it starts
with such fundamental questions as 'what is private equity?' and
progresses to detailed consideration of different types of private
equity activity such as venture capital and buyout.
Rapid and significant changes in the environment during the recent
financial crisis have prompted the need for a new edition. Separate
chapters have been added on growth and development capital, as well as
secondary investing. Newly emergent issues are considered, such as
lengthening holding periods and the possible threat of declining
returns. Particular problems, such as the need to distinguish between
private equity and hedge funds, are addressed. The glossary has also
been expanded. In short, readers will find that this new edition takes
their understanding of the asset class to new heights.
Key points include:
- A glossary of private equity terms
- Venture capital
- Buyout
- Growth capital
- Development capital
- Secondary investing
- Understanding private equity returns
- Analysing funds and returns
- How to plan a fund investment programme
- Detailed discussion of industry performance figures
GUY FRASER-SAMPSON has over twenty years'
experience of the private equity industry, most notably having set up
and run for several years the European operations of Horsley Bridge.
As a partner in the firm, and Managing Director of Horsley Bridge
International, he had a unique opportunity to interact simultaneously
with private equity managers from all over the world, including famous
'golden circle' venture firms based predominantly in California. He
previously lived and worked in the Middle East as Investment
Controller with the Abu Dhabi Investment Authority (ADIA).
He has
extensive experience of the evaluation of private equity managers,
including having personally designed and developed a computer model
for the evaluation of buyout performance, but is equally recognised as
an expert on venture capital. In addition to his work with funds, he
has also conducted direct, secondary and mezzanine transactions over
the years.
Guy teaches post-graduate modules on private equity
and investment strategy at Cass Business School in the City of London,
and is also recognised as an authority on all types of alternative
assets. He performs consultancy and high level executive training
assignments for clients around the world, and is also in demand as a
provider of keynote addresses at investment conferences. In addition
to various professional qualifications, he holds an LLB with honours
from King's College London, and an MBA majoring in finance from
Warwick Business School.
Guy writes for a number of finance and
investment publications, including his influential monthly column in
Real Deals. He is the author of Multi-Asset Class
Investment Strategy, also published as part of the Wiley Finance
series, which questions accepted views of risk and return, and sets
out ways in which investors could and should incorporate a wide range
of so-called alternative assets into their planned portfolios. He
conducts regular investor workshops around the world based upon his
books.
