《风险资本与私人股权来自投资基金的组合管360百科理J-CurveExposure》是2007年Wiley出版社出版的图书，作者是Mathonet、Pierre-yves、Meyer、Thomas。
- 书名 风险资本与私人股权投资基金的组合管理J-Curve Exposure
- 别名 Building on the success of the author's previous
- 作者 Mathonet、Pierre-yves、Meyer、Thomas
- 原作品 Building on the success of the author's previous
- 出版社 Wiley出版社
内容简介
Building on 客其调祖木的敌印万员印the success of 必知始参攻围the author's previous book Beyond the 算块棉却士没J Curve:Managing a Portfolio of Venture Capital and Priv缩担三验ate Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting 湖各语帝土写生up and manag京找以棉绍燃ing a successful p来自rivate equity in360百科vestment programme. Written from the practitioner's viewpoint, the book offers private equity and venture capital profes引毛方依sionals an advanced guide that will make high return targets more realis末介难内把起频引效传圆tic and sustainable. Factors that can sometimes cause institutions to shy away from vent层日额黑乎油车神定轮如ure capital are 面影境曲致师含占还力苦the industry's opaque track record, unclear valuations and risks苗耐少机, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions t可东示府财阶够语o the problems. Among other topics J-Curve Exposure includ盐夫石站罪著往掉准es discussions of选另支鲜溶问宽发: *Experiences with the adoption of 未改意the International Private Equity and Venture Capital Valuation Gu何必idelines to address fair v响够款跳沙宪alue under IFRS. *Approac球感要乱照今权hes for splitting and prioritizing distributions from private equity funds. *Techniques for track record analysis and other tools to help limited partners in their due diligence. *Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. *Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. *Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.
作者简介
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(r) 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 Universit t 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 inSingapore. He was a Visiting Research Fellow at Hitotsubashi University in Tokyo and is a member of the private equity subcommittee of the Chartered Alternative Investment Analyst(r) (CAIA) Program.
Together, as risk managers, the authors are responsible for one of the largest European private equity portfolio's with of more than 250 funds and over 6 billion under management.
目录
List of Boxes.
Foreword.
Acknowle来自dgments.
Abbrevia360百科tions.
Disclaimer.
PART I. PRIVATE EQUITY LANDSCAP架病巴演跑诗九齐静亮居E.
1. Introduction.
1.1 Barbarians, p尽头端者华冲irates and privateers.
1.2 A difficult world to conquer.
2. Institutional Investing in Private Equity.
2.1 Limited partnershi花依粒控简p.
2.2 Funds-of-funds.
2.3 Private equity funds in的响vestment program.
3. Priva穿比如审权宁题te Equity Environment.
3.1 The inform试她造余管刚无al VC market.
音肉东征机硫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 fro把政屋家友复体护和矿m a Listed Privat常e Equity Fund-of-Funds.
4.1 Relevance of th素牛古县e 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 De字finition 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 practi将章吧川她笔孙ces.
5.4 Problem areas.
5.5 Conceptual questions.
5.6 Can 地呢星批钢钢列其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 priva般群树极呢te equity fund.
7.2 Ac传客呀安光否搞县写低全counting valuation of a fund's portfolio of investee companies.
7.3 Conclusion.
8. Distribution Waterfall.
8.1 Introduction.
8.2 Basic waterfall model.
8.3 Impact of carried inter弱带按收措est distribution approaches.
8.4 Clawback.
9. Break-even Analysis.
9.1 Objective of break-even analysis.
9.2 Methodology.
9欢食教香演烧属河立培剂.3 Scenarios and sensitivit烟树士持断航社y 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 – similar structures.
14.3 LPs structure or how to increase flexibilty.
14.4 Conclusion.
15. Limited Partner Decision-Making Fallacies.
15.1 Decision-making with poor data.
15.2 Herding as a response to uncertainty.
15.3 Decision-making biases.
15.4 Conclusion.
PART IV. MANAGING PORTFOLIOS OF PRIVATE EQUITY FUNDS.
16. Portfolio Construction Principles.
16.1 Private equity and modern portfolio theory.
16.2 Creating a portfolio of private equity funds.
16.3 The risk profile of private equity assets.
16.4 Risk dimensions.
17. Portfolio Construction Rules of Thumb.
17.1 What we know.
17.2 What we think we know or simply don't know.
17.3 Exploitation vs. Exploration.
18. Guidelines, Monitoring and Corrective Actions.
18.1 Investment guidelines as framework.
18.2 Implementation of investment policies.
18.3 Monitoring investment restrictions.
18.4 Monitoring strategy implementation.
18.5 Corrective actions.
19. Securitization.
19.1 Structure of private equity CFO.
19.2 Which private equity assets?
19.3 Parties involved and their objectives.
19.4 Modeling the transaction – simulating the performance of the assets.
19.5 Modeling the transaction – structural features.
19.6 External rating.
20. J Curve Exposure.
20.1 Cultural influences.
20.2 Blurred boundaries.
20.3 Limited scalability.
20.4 End-game?
References.
Index.
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