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Informationen zum Autor HARRY CENDROWSKI is a 30-year veteran consultant to and investor in private equity and venture capital funds. He is cofounder and Managing Director of Cendrowski Corporate Advisors, a midwest financial and operations consulting firm based in Chicago, Illinois, and Bloomfield Hills, Michigan. LOUIS W. PETRO has contributed to Wiley business publications and has written both books and journal articles. He is a professor at the University of Windsor and a CPA. JAMES P. MARTIN is Managing Director of Cendrowski Corporate Advisors. He is a seasoned enterprise risk management professional who has performed engagements for private equity funds and their portfolio companies as well as publicly traded organizations. ADAM A. WADECKI is Manager of Operations for Cendrowski Corporate Advisors and a lecturer at the University of Michigan, Ann Arbor. Klappentext An authoritative guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companiesAn essential text for any business/finance professional's library, Private Equity: History, Governance, and Operations, Second Edition begins by presenting historical information regarding the asset class. This information includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. The text subsequently analyzes PE fund and portfolio company governance structures. It also presents ways to improve existing governance structures of these entities. A specific focus on portfolio company operations, including due diligence assessments, concludes the text.* Seamlessly blends historical information with practical guidance based on risk management and fundamental accounting techniques* Assists the book's professional audience in maximizing returns of their PE investments* Highly conducive to advanced, graduate-level classroom use* Purchase of the text includes access to a website of teaching materials for instructional useLearn more about PE history, governance, and operations with the authoritative guidance found in Private Equity: History, Governance, and Operations, Second Edition. Zusammenfassung A guide to understanding the world of private equity (PE) investing, governance structures, and operational assessments of PE portfolio companies. It includes historical fundraising and investment levels, returns, correlation of returns to public market indices, and harvest trends. Inhaltsverzeichnis Preface xvii Module I The Private Equity Model and Historical Information Chapter 1 Introduction to Private Equity 3 Introduction 3 What Is Private Equity? 4 General Terms and Brief Overview 5 The Limited Partner Agreement and General Partner Incentives 12 Private Equity Firm Structure and Selected Regulations 15 Types of Private Equity Investment 20 The Private Equity Fundraising Process 22 Recent Fundraising Trends 25 General Partner Investment Restrictions 26 Conclusion 28 Notes 28 Chapter 2 Overview of Historical Trends 29 Introduction 29 A Brief History of Private Equity 29 Private Equity at the Turn of the Century 33 Venture Capital Investment and Returns by Fund Stage 39 Venture Capital and Buyout Returns by Fund Size 43 Secondary Funds 45 Conclusion 48 Notes 48 Chapter 3 Trends in Private Equity 51 Introduction 51 A Changing Tide 51 Overall Industry and Fundraising Trends 54 Selected Regulatory Changes and Proposals 60 Rise of Strategic Buyers 64 Conclusion 66 Notes 66 Chapter 4 Harvesting Private Equity Investments Through Initial Public Offering 69 Initial Public Offerings 69 Basics 69<...
List of contents
Preface xvii
MODULE I The Private Equity Model and Historical Information
CHAPTER 1 Introduction to Private Equity 3
CHAPTER 2 Overview of Historical Trends 29
CHAPTER 3 Trends in Private Equity 51
CHAPTER 4 Harvesting Private Equity Investments Through Initial Public Offering 69
CHAPTER 5 Legal Considerations in Initial Public Offerings 85
CHAPTER 6 Harvesting Investments Through Mergers and Acquisitions 111
CHAPTER 7 Legal Considerations in Sale Transactions 123
CHAPTER 8 Intellectual Property and Private Equity 143
MODULE II Governance Structures in Private Equity
CHAPTER 9 The Private Equity Governance Model 163
CHAPTER 10 Value of Internal Control 177
CHAPTER 11 Internal Control Evaluation 201
CHAPTER 12 Financial Statement Fraud and the Investment Decision 219
CHAPTER 13 Professional Standards 235
MODULE III Understanding Operations
CHAPTER 14 Contemporary Business and Competitive Intelligence 277
CHAPTER 15 Organizations as Humans 293
CHAPTER 16 Beginning the Lean Transformation 309
CHAPTER 17 Performing Manufacturing Due Diligence Assessments 319
About the Authors 335
Glossary 339
Index 345
