风险资本与私人股权投资基金的组合管理J-Curve Exposure fb2 pdf azw3 网盘 rtf 免费 下载 txt

Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable.

Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, 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 to the problems. Among other topics J-Curve Exposure includes discussions of:

Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS.

Approaches 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.

List of Boxes

Foreword

Acknowledgments

Abbreviations

Disclaimer

PART I PRIVATE EQUITY LANDSCAPE

　1 Introduction

　2 Institutional Investing in Private Equity

　3 Private Equity Environment

　4 Risk Management Lessons from a Listed Private Equity Fund-of-Funds

　Appendix 4A Adjusted current ratio methodology

PART II THE ECONOMICS OF PRIVATE EQUITY FUNDS

　5 Venture Capital Fund Fair Value

　6 Model-Based Approach to VC Fund Valuation

　7 Private Equity Fund Valuation Approaches

　8 Distribution Waterfall

　9 Break-even Analysis

　10 Track Record Analysis

　Appendix 10A Performance spread between best and worst manager

PART III MANAGING UNDER UNCERTAINTY

　11 Grading and Fitness Landscapes

　12 Private Equity Funds and Real Options

　13 Co-investing

　14 Side Funds

　15 Limited Partner Decision-Making Fallacies

PART IV MANAGING PORTFOLIOS OF PRIVATE EQUITY FUNDS

　16 Portfolio Construction Principles

　17 Portfolio Construction Rules of Thumb

　18 Guidelines, Monitoring and Corrective Actions

　19 Securitization

20 J Curve Exposure

References

Index

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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® 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.

书籍介绍

Building on the success of the author's previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner's viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry's opaque track record, unclear valuations and risks, 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 to the problems. Among other topics J-Curve Exposure includes discussions of: *Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. *Approaches 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.