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In Private Capital: The Complete Guide to Private Markets Investing, renowned private markets investor and expert Dr. Stefan W. Hepp delivers an insightful and comprehensive exploration of the history, nature, and influence of private market investing. The author offers a robust examination of the key practical and conceptual issues faced by investors as they move forward into the future.In the book, you'll find fulsome discussions of the rise of private market investment following the conclusion of World War II, as well as why the limited partnership became the dominant investment vehicle for private equity. You'll also discover the importance of the convergence of technology, government, academia, and venture capital that came to define what we now know as Silicon Valley.The book includes: Explanations of the emergence of buyout firms, as well as why and how buyouts differ from other forms of mergers and acquisitions Examinations of the explosive growth of private equity and other private asset classes since the turn of the millennium Discussions of the issues set to dominate the future of private markets, including ESG investing, value creation, unicorns, special purpose acquisition companies (SPACs), and more A must-read book for regulators, investors, asset managers, entrepreneurs, founders, and other businesspeople, Private Capital will earn a place on the bookshelves of anyone with a stake or interest in private equity and other private asset classes.
List of contents
Abbreviations ix
Introduction 1
Part I The Beginning 9
Chapter 1 Funding Private Enterprise 11
Chapter 2 Enterprise Financing in the USA from WWII to the 1960s 67
Chapter 3 How Silicon Valley Came to Be 77
Chapter 4 US Private Equity During the 1960s and 1970s 111
Part II Booms and Busts 157
Chapter 5 Private Equity During the 1980s 159
Chapter 6 The 1990s: Dotcom Boom and Bust 193
Chapter 7 A Private Markets Boom Between Two Crises 261
Part III Becoming Indispensable 355
Chapter 8 The GFC and the Surge of Private Markets 357
Chapter 9 Responding to Shifting Dynamics: Intermediaries, VC, and Growth Financing 435
Chapter 10 Buyouts, Private Debt, and Real Assets During the Post-GFC Boom 517
References 607
Acknowledgments 671
About the Author 675
Index 677
