hether you realize it or not, many products, services, or goods that you use on a regular basis are from companies that are backed by private equity. Private equity is all around us. From the franchises, small businesses, to the big corporations. These lists of best books on private equity will give you a solid guide to understanding more of private equity. From what it is? What do private equity firms do? How to get private equity? Investing in private equity, and so many more.
Best Books on Private Equity: THE LIST
1. Secrets of Sand Hill Road | By Scott Kupor
If Silicon Valley is the greatest wealth-generating machine in the world, Sand Hill Road is its humming engine. That’s where you’ll find the biggest names in venture capital, including famed VC firm Andreessen Horowitz, where lawyer-turned-entrepreneur-turned-VC Scott Kupor serves as managing partner.
Whether you’re trying to get a new company off the ground or scale an existing business to the next level, you need to understand how VCs think. In Secrets of Sand Hill Road, Kupor explains exactly how VCs decide where and how much to invest, and how entrepreneurs can get the best possible deal and make the most of their relationships with VCs. Kupor explains, for instance:
• Why most VCs typically invest in only one startup in a given business category.
• Why the skill you need most when raising venture capital is the ability to tell a compelling story.
• How to handle a “down round,” when startups have to raise funds at a lower valuation than in the previous round.
• What to do when VCs get too entangled in the day-to-day operations of the business.
• Why you need to build relationships with potential acquirers long before you decide to sell.
Filled with Kupor’s firsthand experiences, insider advice, and practical takeaways, Secrets of Sand Hill Road is the guide every entrepreneur needs to turn their startup into the next unicorn.
Quotes from Secrets of Sand Hill Road;
“In VC, all we really care about is the at bats per home run.”
“If the ultimate size of the opportunity isn’t big enough to create a stand-alone, self-sustaining business of sufficient scale, it may not be a candidate for venture financing.”
“As uncomfortable as it may be, you need to spend a significant amount of time in your pitch talking about you as the CEO and the rest of your team.”
2. Real Venture Capital | By Richard Thompson
According to getAbstract, ‘This brief book offers a sound introduction to the fundamentals of venture capital investing. Though it emphasizes the United Kingdom, it illustrates the state of the venture capital business in other nations as well. Richard Thompson gives a straightforward explanation of what “real venture capital” is. He distinguishes venture capital for new business development from private equity, or refinancing, for established companies. Case studies and anecdotes from the author’s own experience support his plain, commonsense recommendations. While this book will be particularly appropriate for readers in the U.K.’
Quotes from Real Venture Capital;
“Venture capital, properly practiced, is a long-term business, a partnership with entrepreneurs and executives.”
“Usually the key to success for a young growth company is to have a narrow product focus and to exploit this as widely as practicable in the international market.”
“From an investment standpoint, instrument companies can offer low risk/medium reward opportunities with a good degree of stability. Those which involve very high cost items are, however, to be dealt with warily.”
“Having good professional advisers when dealing with overseas companies and investors is a ‘sine qua non’.”
“The U.S. is the easiest market in which to build a new company, since a base can first be established in the domestic market and then, from strength, the company can strike out into the international one.”
“Institutions need to put more money into real venture capital, partly because the buy-out market is overcrowded.”
3. Investing in Real Estate Private Equity | By Sean Cook
Investing in Real Estate Private Equity is your practical guide to investing in real estate through private offerings with established companies. The passive investment strategies for wealth building and income generation described in this book have traditionally been used by some of the world’s most sophisticated institutional investors, but are now available to nearly everyone thanks to recent regulatory changes. This handbook will guide you through the process of building your own diversified real estate portfolio by identifying and making investments with established and experienced private real estate operators.
This is NOT another get-rich-quick real estate fix & flip scheme. You will NOT be encouraged to sign up for conferences or clubs to learn a no-money-down investment strategy. This IS a practical guide meant to help you avoid common mistakes and navigate more skillfully through an often byzantine industry. You will learn:-What a private real estate investment is; the mechanics of syndicates, funds, and crowdfunding-Fundamentals of basic real estate evaluation-How to evaluate operators and investments-Fees, incentives, and other loads-Common terms and structures-Strategies to evaluate and manage risk-How to create and execute a personalized investment strategy.
Most people underestimate the time requirements, complexity, risk, and general brain damage involved with buying real estate directly. Thankfully, private real estate investments provide most of the same benefits as direct ownership, while taking advantage of established real estate companies’ years of experience, market knowledge, industry reputation, negotiating leverage, and expertise. Even better, they allow investors to diversify their investment allocation across a range of real estate product types (multifamily, retail, office, self-storage, etc.) and throughout the capital stack (equity, debt, mezzanine, and preferred equity), all while working with specialists in each strategy. Written by an experienced practitioner with over $5 billion in transactional experience, this book challenges conventional wisdom and provides an inside look into how the industry actually works. Using the practical tips and strategies found here, you can build your own unique real estate portfolio, manage risk, avoid common mistakes, hopefully make money, and perhaps even have some fun along the way.
4. Investment Banks, Hedge Funds, and Private Equity | By David Stowell
The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell’s introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives―drawn from his industry and academic backgrounds―delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence.
5. The Masters of Private Equity and Venture Capital | By Robert Finkel
Ten Leading private investors share their secrets to maximum profitability
In The Masters of Private Equity and Venture Capital, the pioneers of the industry share the investing and management wisdom they have gained by investing in and transforming their portfolio companies.
Based on original interviews conducted by the authors, this book is filled with colorful stories on the subjects that most matter to the high-level investor, such as selecting and working with management, pioneering new markets, adding value through operational improvements, applying private equity principles to non-profits, and much more.
Quotes from The Masters of Private Equity and Venture Capital;
“Nioptics also was an example of something Doriot had tried to teach me back at Harvard, and it is a lesson I have learned more than once. In venture capital investing, Doriot said, it is important to understand who will buy the technology you’re trying to sell. It is easy to fall in love with technology and lose sight of the fact that someone at some point will have to pay for it. An investor can lose a lot of money that way, and we have not been immune to such temptations.”
6. Private Equity as an Asset Class By Guy Fraser-Sampson
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
- 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
7. Private Equity Investing in Emerging Markets | By R. Leeds
Drawing on the author’s four decades of experience as a practitioner and academician working with private equity investors, entrepreneurs, and policymakers in over 100 developing countries around the world, this book uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.
8. Capital Returns | By Edward Chancellor
We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers, and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor’s perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one’s money to work where capital expenditure is depressed, competitive conditions are more favorable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple ‘growth’ and ‘value’ dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a ‘moat’). Some of Marathon’s most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real-life examples from global brewers to the semiconductor industry – showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximize portfolio returns over the long run.
9. Private Capital: Vol. I | By Eli Talmor and Florin Vasvari
The growth of private capital has been astounding, leading to an unprecedented increase in capital allocation by institutional investors and family offices around the world. It has also led to an expansion to other types of assets such as infrastructure, real estate, and private credit, and subsequently to its rebranding as private capital.
The two-volume book provides a comprehensive overview of the main topics in private capital. This volume is devoted to funding level aspects: private capital as an asset class, fund structuring, types, performance measurement, fundraising, fund due diligence, accounting and reporting, governance, administration, and tax considerations. It also covers risk management, ESG as well as special classes of funds: secondaries, credit, real estate, infrastructure, and natural resources.
10. Private Equity in Action | By Claudia Zeisberger, Michael Prahl, and Bowen White
Private Equity in Action takes you on a tour of the private equity investment world through a series of case studies written by INSEAD faculty and taught at the world’s leading business schools. The book is an ideal complement to Mastering Private Equity and allows readers to apply core concepts to investment targets and portfolio companies in real-life settings. The 19 cases illustrate the managerial challenges and risk-reward dynamics common to private equity investment.
The case studies in this book cover the full spectrum of private equity strategies, including:
- Carve-outs in the US semiconductor industry (LBO)
- Venture investing in the Indian wine industry (VC)
- Investing in SMEs in the Middle East
- Turnaround situations in both emerging and developed markets
Written with leading private equity firms and their advisors and rigorously tested in INSEAD’s MBA, EMBA, and executive education programs, each case makes for a compelling read.
As one of the world’s leading graduate business schools, INSEAD offers a global educational experience. The cases in this volume leverage its international reach, network, and connections, particularly in emerging markets.
Private Equity in Action is the companion to Mastering Private Equity: Transformation via Venture Capital, Minority Investments & Buyouts, a reference for students, investors, finance professionals, and business owners looking to engage with private equity firms. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, Mastering Private Equity systematically covers all facets of the private equity life cycle.
11. The Family Office Book | By Richard C. Wilson
Key strategies for running a family office for fund managers
Understanding the basics of the family office industry is essential if you want to succeed in establishing a successful fund for a wealthy family. That’s where The Family Office Book comes in. Outlining key strategies for family offices, from what a family office is to how the industry operates, and important global differences, the book is packed with interviews with experts from leading family offices.
Providing readers with need-to-know tips and tools to succeed, The Family Office Book gives current and future practitioners everything they need to know about this popular segment of the financial industry.
- Includes investment criteria, presented as a roadmap showing how several family offices are allocating capita
- Outlines strategies for fund managers of all types, including mutual funds, real estate funds, private equity, and hedge funds on raising capital in this field
- Features interviews with the most famous and sought after family offices to give real-life examples of successful family offices in action
A comprehensive and reliable resource, The Family Office Book details exactly how family offices are choosing investment managers and why, and how, to break into the industry.
12. International Private Equity | By Eli Ealmo and Florian Vasvari
Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa, and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School’s Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fundraising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.
13. Competition Demystified | By Bruce C. Greenwald and Judd Kahn
Bruce Greenwald, one of the nation’s leading business professors, presents a new and simplified approach to strategy that cuts through much of the fog that has surrounded the subject. Based on his hugely popular course at Columbia Business School, Greenwald and his coauthor, Judd Kahn, offer an easy-to-follow method for understanding the competitive structure of your industry and developing an appropriate strategy for your specific position.
Over the last two decades, the conventional approach to strategy has become frustratingly complex. It’s easy to get lost in a sophisticated model of your competitors, suppliers, buyers, substitutes, and other players while losing sight of the big question: Are there barriers to entry that allow you to do things that other firms cannot?
Quotes from Competition Demystified;
“no forces interfere with the process of entry by competitors, profitability will be driven to levels at which efficient firms earn no more than a “normal” return on their invested capital. It is barriers to entry, not differentiation by itself, that creates strategic opportunities.”
“Operational effectiveness can be the single most important factor in the success, or indeed in the survival, of any business.”
“If no forces interfere with the process of entry by competitors, profitability will be driven to levels at which efficient firms earn no more than a “normal” return on their invested capital. It is barriers to entry, not differentiation by itself, that creates strategic opportunities.”
“As any family with children knows, it is far easier to buy kittens and puppies than to drown them later. In”
“keep in mind Einstein’s admonition that “Everything should be made as simple as possible, but not simpler.”
14. Private Mortgage Investing | By Martha Maeda, Teri Clark, and Matthew Tabacchi
In recent years, the stock market and traditional investing have proven unstable and not very rewarding as many investors have watched their retirement and personal holding accounts dwindle or even collapse. Banks close, stock markets crash, and returns diminish. Want a safer bet for your hard-earned money? Try private mortgage investing.
Private mortgage investing has grown into a multi-billion dollar industry, becoming an important fixed-income vehicle for many investors with their personal funds, equity, and self-directed IRA accounts. Private mortgage investing is not for the get-rich-quick person, but is proof that good things come to those who wait; you can comfortably double your money every four to six years. This market allows investors to earn substantially higher yields — while offering the security of real property to back the loan.
Whether you are an experienced real estate pro, new to investing, interested in diversifying your portfolio, or simply tired of trusting stockbrokers and fund managers with your money, this book is for you. This comprehensive guide provides details on how to put your money to work in a relatively safe investment with a high return of 12 to 15 percent (or more) in most cases, compared to just 2 percent with most banks.
Start with the basics of private mortgage investing, including what exactly it is and how it differs from traditional forms of investment. You will learn how to work with mortgage brokers, how to construct an amortization schedule, and how to discern worthy borrowers from risky investments and protect yourself from loss. You will also learn the pros and cons of going it alone versus forming a partnership, the ins and outs of the tax code, and the advantages and disadvantages of owning private real estate from your IRA.
This book will lead you through conversations when approaching mortgage holders and how to establish trust from both banks and borrowers. Learn the value of holding presentations for groups of potential borrowers, as well as how to calculate a prime loan-to-value ratio to get the best returns on your investment. This book will lead you step by step through the process of inspecting and updating the property.
We spent hundreds of hours interviewing real estate experts so you have all the resources and information you need. Updated to reflect the recent housing and subprime mortgage-lending crisis, Private Mortgage Investing will lead you to step by step through the different scenarios involved in private mortgage investment and is full of tips, testimonies, and case studies to help you get the most from your money.
Even in this economic environment of very low-interest rates, you can still earn high yields with virtually little or no risk to your investment. This book shows you how.
Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award-winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.
15. The Hard Thing About Hard Things | By Ben Horowitz
Ben Horowitz, the co-founder of Andreessen Horowitz and one of Silicon Valley’s most respected and experienced entrepreneurs, offers essential advice on building and running a startup—practical wisdom for managing the toughest problems business school doesn’t cover, based on his popular ben’s blog.
While many people talk about how great it is to start a business, very few are honest about how difficult it is to run one. Ben Horowitz analyzes the problems that confront leaders every day, sharing the insights he’s gained developing, managing, selling, buying, investing in, and supervising technology companies. A lifelong rap fanatic, he amplifies business lessons with lyrics from his favorite songs, telling it straight about everything from firing friends to poaching competitors, cultivating and sustaining a CEO mentality to knowing the right time to cash in.
Filled with his trademark humor and straight talk, The Hard Thing About Hard Things is invaluable for veteran entrepreneurs as well as those aspiring to their own new ventures, drawing from Horowitz’s personal and often humbling experiences.
Quotes from The Hard Thing About Hard Things;
“CEOs should not play the odds. When you are building a company, you must believe there is an answer and you cannot pay attention to your odds of finding it — you just have to find it. It matters not whether your chance is at 9 in 10 or 1 and 1000, your task is the same.”
“When I work with entrepreneurs today, this is the main thing that I try to convey. Embrace your weirdness, your background, your instinct. If the keys are not there, they do not exist. I can relate to what they’re going through, but I can not tell them what to do. I can help them find it themselves. And sometimes they can find peace where I could not.”
“As I got further into it, I realised that embracing the unusual part of my background would be the key to making it through. It will be those things that would give me unique perspectives and approaches to the business. The things that I would bring to the table that nobody else had.”
“All the mental energy used to elaborate your misery would be far better used trying to find the one seemingly impossible way out of your current mess. Spend zero time on what you could’ve done and devote all of your time to what you might do. Because in the end, nobody cares; just run your company.”
“You must recognise that anything you measure automatically creates a set of employee behaviours.”
“What do I mean by politics? I mean people advancing their careers or agendas by means other than merits and contribution.”
16. The New Tycoons | By Jason Kelly
Inside the Trillion Dollar Industry That Owns Everything
What do Dunkin’ Donuts, J. Crew, Toys “R” Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms. The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything takes the reader behind the scenes of these firms: their famous billionaire founders, the overlapping stories of their creation and evolution, and the outsized ambitions that led a group of clever bankers from small shops operating in a corner of Wall Street into powerhouse titans of capital. This is the story of the money and the men who handle it.
Go inside the private worlds of founders Henry Kravis, Steve Schwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and built some of the most powerful and most secretive houses of money in the world.
- With numerous private equity firms going public for the first time, learn how these firms operate, where their money comes from and where it goes, and how every day millions of customers, employees, and retirees play a role in that complex tangle of money
- Author Jason Kelly tells the story of how thirty-some years ago a group of colleagues with $120,000 of their own savings founded what would become one of the largest private equity shops in the world, completing the biggest buyout the world has ever seen, and making them all billionaires in the process
- Presents a never-before-seen look inside a secretive and powerful world on the verge of complete transformation as the industry and its leaders gain public profiles, scrutiny, and political positions
Analyzing the founders and the firms at a crucial moment, when they’ve elevated themselves beyond their already lofty ambitions into the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined, trillion-dollar corners of the global economy and what it portends for these new tycoons.
17. Private Equity and Venture Capital in Europe | By Stefano Caselli
The distinctive nature of the European pe/VC environment is on display in Stefano Caselli’s presentation of its complete conceptual framework, from the volatile (its financial side) to the stable (its legal organization). A Bocconi University professor, Caselli offers a European perspective on market fundamentals, the v.c. cycle, and valuation issues, supporting his observations with recent examples and case studies. Written for investors, his book achieves many “firsts,” such as clarifying many aspects of EU and UK financial institutions. Complete with finding aids, keywords, exercises, and an extensive glossary, Private Equity and Venture Capital in Europe is written not just for Europeans, but for everybody who needs to know about this growing market.
- The only book that provides a comprehensive treatment of PE/VC in the UK/Europe, ideal for European business schools teaching professionals or pre-professionals who will work in Europe
- Provides a complete analysis of the EU versus US in all areas of PE/VC
- Contains cases and theory, providing both in one package
- Filled with pedagogical support features
18. From Zero to Sixty on Hedge Funds and Private Equity 3.0 | By Jonathan Stanford
This book looks to give you two things regarding hedge funds, private equity, and other asset management firms. Two things that anybody can learn and then use to talk about with their friends and coworkers. The first is the knowledge – a foundation toolset of keywords, industry phrases, and financial concepts made clear in plain English. This book puts meanings and understanding to terms you may have already heard in finance but did not quite understand. There is no math and there are no equations. This is not an academic paper nor does it want to be.
The goal is to help you grasp those concepts. Just interesting stories and detailed explanations to get you familiar with a variety of topics:
• How to hedge and private equity funds are structured
• Who their investors are
• Pension funds and endowments. The model practiced by the $20 billion Yale Endowment and the $650 billion Norway Pension Fund
• Fund investing strategies. Event-driven (including IPOs, splits, and spinoffs), merger arbitrage, private equity-type side pockets, and more
• Junk bonds, options, swaps, and other derivatives
• Leveraged buyouts and other types of private equity investing
• Venture capital funds and big changes affecting the venture capital industry.
The second thing you get makes this more than just a compilation of Wikipedia articles. Imagine yourself sitting next to a fund or an investor in a fund and observing them do something or make a move. Sure you want to know “what” they did but the stuff that would be truly interesting is the “why”. What is going through their head in doing this? This book walks you through it all so that you get to take in the mindsets, perspectives, and incentives of the fund’s managers, investors, and more. There is a whole lot more strategy going on than what you might at first think. It does not matter who you are: A student in school thinking about joining the alternative asset management industry, a retiree who wants to know more about these weird fund things, or a person who works with or near a hedge fund but has no idea what they really do. Does not matter. The only thing you need to have is a desire to start learning. If you are familiar with some of it, you can build on it here. If you are beginning from scratch (just as I myself was), you are in good hands. About 3.0: The third version of From Zero to Sixty is an update on many of the growing trends in hedge funds and private equity from the rise and fall of global macro investing to the emergence of sovereign wealth funds as the most powerful investing entities on Earth. Performance figures and statistics are updated. New concepts like short squeezes are brought to light. It is more of what you want to know. Despite the 3.0 moniker and the new cover, this book’s goal remains the same: Bring people up to speed on a fast-moving and complicated industry full of difficult lingo. This book is an education, a learning course set up with you in mind. That has not changed. The world changes every day. This book wants to help you keep up with it.
19. Beyond the J Curve | By Thomas Meyer and Pierre-Yves Mathonet
In recent times, venture capital and private equity funds have become household names, but so far little has been written for the investors in such funds, the so-called limited partners. There is far more to the management of a portfolio of venture capital and private equity funds than usually perceived. Beyond the J Curve describes an innovative toolset for such limited partners to design and manage portfolios tailored to the dynamics of this market place, going far beyond the typical and often-simplistic recipe to ‘go for top-quartile funds’.
Beyond the J Curve provides the answers to key questions, including:
- Why ‘top-quartile’ promises should be taken with a huge pinch of salt and what it takes to select superior fund managers?
- What do limited partners need to consider when designing and managing portfolios?
- How one can determine the funds’ economic value to help to address the questions of ‘fair value’ under IAS 39 and ‘risk’ under Basel II or Solvency II?
- Why is monitoring important, and how does a limited partner manage his portfolio?
- How the portfolio’s returns can be improved through proper liquidity management and what to consider when over-committing?
- And, why uncertainty rather than risk is an issue, and how a limited partner can address and benefit from the fast-changing private equity environment?
Beyond the J Curve takes the practitioner’s view and offers private equity and venture capital professionals a comprehensive guide making high return targets more realistic and sustainable. This book is a must-have for all parties involved in this market, as well as academics and students.
20. Asset Allocation and Private Markets | By Cyril Demaria, Maurice Pedergnana, Remy He, Roger Rissi, and Sarah Debrand
The comprehensive guide to private market asset allocation
Asset Allocation and Private Markets provides institutional investors, such as pension funds, insurance groups, and family offices, with a single-volume authoritative resource on including private markets in strategic asset allocation. Written by four academic and practitioner specialists, this book provides the background knowledge investors need, coupled with practical advice from experts in the field.
The discussion focuses on private equity, private debt, and private real assets, and their correlation with other asset classes to establish optimized investment portfolios. Armed with the grounded and critical perspectives provided in this book, investors can tailor their portfolio and effectively allocate assets to traditional and private markets in their best interest.
In-depth discussion of return, risks, liquidity and other factors of asset allocation takes a more practical turn with guidance on allocation construction and capital deployment, the “endowment model,” and hedging ― or lack thereof. Unique in the depth and breadth of information on this increasingly attractive asset class, this book is an invaluable resource for investors seeking new strategies.
- Discover alternative solutions to traditional asset allocation strategies
- Consider attractive returns of private markets
- Delve into private equity, private debt, and private real assets
- Gain expert perspectives on correlation, risk, liquidity, and portfolio construction
Private markets represent a substantial proportion of global wealth. Amidst disappointing returns from stocks and bonds, investors are increasingly looking to revitalize traditional asset allocation strategies by weighting private market structures more heavily in their portfolios. Pension fund and other long-term asset managers need deeper information than is typically provided in tangential reference in broader asset allocation literature; Asset Allocation and Private Markets fills the gap, with comprehensive information and practical guidance.
21. Kings over Aces | By Ross D. Blankenship
Do you want to invest in America’s top startups? Or are you an investor who wants to get into venture capital and startup investments? What if you had the opportunity to be a startup investor in the next Facebook, Uber, Google, or Airbnb? Now, you can invest in top startups and entrepreneurs like Elon Musk, Steve Jobs, and Bill Gates. For years, angel investing and venture capital have been behind closed doors with the same individuals and VC firms getting access to top deals. Learn how to invest like Jim Breyer of Accel Partners, Marc Andreessen of Andreessen Horowitz, Peter Thiel of Founders Fund, Reid Hoffman of Greylock Partners, Chris Sacca of Lowercase Capital, David Sze of Greylock, Douglas Leone and Jim Goetz of Sequoia, Peter Fenton of Benchmark, Fred Wilson of Union Square, and early-stage investor and angel expert, Ross Blankenship. The majority of accredited investors had no idea how to get in… how to get access to these deals… until now. Kings Over Aces gives you an inside look at how you too can invest in startups and put your investment capital to work. We show you how to invest in startups from incubators like Y Combinator, 500 Startups, TechStars and AngelPad. There are many billion-dollar startups across the country waiting for entrepreneurs like you to invest. You’ll also learn about Angel Kings’ investing formula for getting started with startup investing. This secret formula is changing the way private equity and venture capital investments happen. Whether you’re a new angel investor, venture capitalist, accredited investor, private equity investor, startup founder, or just someone who wants to learn about the hottest emerging deals and how you can get access, read Kings Over Aces… you might just make a lot of money investing in companies you love. If you’ve been sitting on the sidelines, it’s time to get in the game. Instead of hearing about that next big deal and how your friend made money because he invested “early in X,” now is your time to profit from the astronomical rise in startup and VC investing. Entrepreneurs are ready to meet venture capitalists just like you. We discuss investing concepts like the Lean Startup method by Eric Ries, discuss how to beat investors from shows like ABC’s “Shark Tank”, and provide detailed analysis of startup metrics such as cash flow, revenue, burn rate, exponential growth, and company valuations. In addition, we analyze startups from Angel List, which is a growing platform for investing under the SEC’s JOBS Act. You too can be the next billionaire startup investor. With our investment guide on startups and venture capital, the secrets, myths, and legends are revealed. You can also invest in “unicorn” startups and see billion-dollar startups first hand by reading this book on venture capital and startup funding. If you’re searching for ways how to become an angel investor, venture capitalist, or successful entrepreneur, this book will help you achieve your goals. Become profitable as an investor.
22. Songs of Profit, Songs of Loss | By Daniel Scott Souleles
Since the early 1980s, private equity investors have heralded and shepherded massive changes in American capitalism. From outsourcing to excessive debt taking, private equity investment helped normalize once-taboo business strategies while growing into an over $3 trillion industry in control of thousands of companies and millions of workers. Daniel Scott Souleles opens a window into the rarefied world of private equity investing through ethnographic fieldwork on private equity financiers. Songs of Profit, Songs of Loss documents how and why investors buy, manage, and sell the companies that they do; presents the ins and outs of private equity deals, management, and valuation; and explains the historical context that gave rise to private equity and other forms of investor-led capitalism.
In addition to providing invaluable ethnographic insight, Songs of Profit, Songs of Loss is also an anthropological study of inequality as Souleles connects the core components of financial capitalism to economic disparities. Souleles uses local ideas of “value” and “time” to frame the ways private equity investors comprehend their work and to show how they justify the prosperity and poverty they create. Throughout, Souleles argues that understanding private equity investors as contrasted with others in society writ large is essential to fully understand private equity within the larger context of capitalism in the United States.
23. A Pragmatist's Guide to Leveraged Finance | By Robert S. Kricheff
The high-yield leveraged bond and loan market (“junk bonds”) is now valued at $3+ trillion in North America, €1 trillion in Europe, and another $1 trillion in emerging markets. What’s more, based on the maturity schedules of current debt, it’s poised for massive growth. To successfully issue, evaluate, and invest in high-yield debt, however, financial professionals need credit and bond analysis skills specific to these instruments. Now, for the first time, there’s a complete, practical, and expert tutorial and workbook covering all facets of modern leveraged finance analysis. In A Pragmatist’s Guide to Leveraged Finance, Credit Suisse managing director Bob Kricheff explains why conventional analysis techniques are inadequate for leveraged instruments, clearly defines the unique challenges sellers and buyers face, walks step-by-step through deriving essential data for pricing and decision-making, and demonstrates how to apply it. Using practical examples, sample documents, Excel worksheets, and graphs, Kricheff covers all this, and much more: yields, spreads, and total return; ratio analysis of liquidity and asset value; business trend analysis; modeling and scenarios; potential interest rate impacts; evaluating and potentially escaping leveraged finance covenants; how to assess equity (and why it matters); investing on news and events; early-stage credit; and creating accurate credit snapshots. This book is an indispensable resource for all investment and underwriting professionals, money managers, consultants, accountants, advisors, and lawyers working in leveraged finance. In fact, it teaches credit analysis skills that will be valuable in analyzing a wide variety of higher-risk investments, including growth stocks.
24. Inside Secrets to Angel Investing | By Karen Rands
This book will give you the Inside Secrets of how the rich get richer by investing in entrepreneurs, funding innovation, and generating job growth.
Everything we know about investing in private companies, owning a part of multiple companies without operating them, has changed.
We call that Compassionate Capitalism.
One Inside Secret:
The point is that the wealthy smart investor, the “millionaire next door,” has already made his or her money before the public knows the company exists to put their order into their stockbroker. He or she is an active Angel Investor that invests in private companies, in addition to real estate and public stocks.
The buzz is about CrowdFunding. Angel Investing is more than that. Angel Investing can create passive income, even generational wealth if you learn to invest like a venture capitalist – with discipline and specific intent.
Why buy this book?
- This book provides a step-by-step approach to finding, evaluating, and making an angel investment in private companies before they go public or grow big enough to be acquired.
- It is chock full of Inside Secrets based on Karen’s 15 years’ experience and conversations with hundreds of investors – 44 Inside Secrets to be exact.
- Get complimentary membership in the National Network of Angel Investors and gain exclusive access to the Investor Resource portal with tools you will use as part of your investor journey – worth over $900.
- A glossary is included to help you learn the lingo – hundreds of terms to be ‘in the know’.
- Invest with confidence as you add this highly lucrative asset class to your investment portfolio.
Karen will take you through the history of angel investing, the economic impact and the trends that drive the market, and even the regulations that create a bubble or pop it. She describes the role that angel investors can play in an entrepreneur endeavor, depending on the amount of time and money they have available to invest. Karen has even made the whole process of finding deals, evaluating them, and ultimately closing the deal easy to understand by comparing it to how we find a mate – from the introduction, to the first date, courtship, and ultimately marriage -or not ;).
With over 300 pages, this book is full of practical information, keen insights, applicable quotes from industry experts, and detailed next steps in each chapter.
If you have thought about diversifying your investment portfolio beyond real estate and traditional stocks & bonds, and desire to have a real impact on bringing innovation to the market and creating jobs as a crowdfund investor or angel investor, this book is a must-have.
25. Leveraged Buyouts | By Paul Pignataro
A comprehensive look at the world of leveraged buyouts. The private equity industry has grown dramatically over the past twenty years. Such investing requires strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity.
Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability–and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics.
- Step-by-step financial modeling – taught using downloadable Wall Street models, you will construct the model step by step as you page through the book.
- Model built complete with Assumptions, Returns to Investors, Debt Covenants, Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Adjustments, Depreciation Schedule, Working Capital Schedule, Debt Schedule.
- Illustrative concepts on leveraged buyout mechanics aid in conceptual understanding.
- Hotkeys and explicit Excel instructions aid even the novice excel modeler.
- Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional.
- Understanding of various sources of funds (bank debt, high-yield debt, mezzanine, PIK, and equity), uses of funds, and assumption drivers are honed.
- Model built directly from Heinz public filings, searching through notes, performing research, and illustrating techniques to formulate projections.
- Includes in-depth coverage of leveraged buyout techniques commonly used by Wall Street professionals including:
- Paid-in kind securities (PIK)
- Preferred dividends (with a payout or deferred switch)
- Debt covenants
- Capitalization and amortization of debt fees
- Returns to investors
- Step-by-step we will come up with the expected return (IRR) of the Heinz investment to 3G and Berkshire Hathaway
- Chapter end questions, practice models, additional case studies, and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking or private equity field.
If you’re looking for the best way to hone your skills in this field, look no further than this book.
26. Lessons From Private Equity Any Company Can Use | By Orit Gadiesh and Hugh MacArthur
Private equity firms are snapping up brand-name companies and assembling portfolios that make them immense global conglomerates. They’re often able to maximize investor value far more successfully than traditional public companies.
How do PE firms become such powerhouses? Learn how in Lessons from Private Equity Any Company Can Use. Bain chairman Orit Gadiesh and partner Hugh MacArthur use the concise, actionable format of a memo to lay out the five disciplines that PE firms use to attain their edge:
· Invest with a thesis using a specific, appropriate 3-5-year goal
· Create a blueprint for change–a road map for initiatives that will generate the most value for your company within that time frame
· Measure only what matters–such as cash, key market intelligence, and critical operating data
· Hire, motivate and retain hungry managers–people who think like owners
· Make equity sweat–by making cash scarce, and forcing managers to redeploy underperforming capital in productive directions
This is the PE formulate for unleashing a company’s true potential.
27. The Predator's Ball | By Connie Bruck
During the 1980s, Michael Milken at Drexel Burnham Lambert was the Billionaire Junk Bond King. He invented such things as “the highly confident letter” (I’m highly confident that I can raise the money you need to buy company X) and “the blind pool” (Here are a billion dollars: let us help you buy a company), and he financed the biggest corporate raiders—men like Carl Icahn and Ronald Perelman.
And then, on September 7, 1988, things changed. The Securities and Exchange Commission charged Milken and Drexel Burnham Lambert with insider trading and stock fraud. Waiting in the wings was the US District Attorney, who wanted to file criminal and racketeering charges. What motivated Milken in his drive for power and money? Did Drexel Burnham Lambert condone the breaking of laws? The Predators’ Ball dramatically captures American business history in the making, uncovering the philosophy of greed that has dominated Wall Street in the 1980s.
Quotes from The Predator’s Ball;
“Explaining their allure, Milken said, “The opportunity to be true to yourself in high-yield bonds is great. It is not like buying a stock. With a stock, its value is generally dependent upon investors’ collective perceptions of the future. No matter how much research you have done regarding a particular stock, you don’t have a contract as to what the future price will be. But with a high-yield bond there is a date certain in the future when it matures, and if you hold it to maturity and your analysis is correct, you will be correct in your calculation of your yield—and you do have a contract as to future price. One is certain if you’re right. The other is not.”
“Milken told his boss, Edwin Kantor, who was in charge of all fixed-income trading, that he wanted to create an autonomous unit, with its own sales force, its own traders and its own research people: the high-yield- and convertible-bond department. Selling these low-rated bonds, he explained, was more like selling stocks than it was like selling high-grade bonds. If a bond was rated triple A by a rating agency, institutions bought them based on that rating—not on the salesman’s pitch about the company. But to convince an investor to buy a bond with a C rating you had to tell the company’s story. You had to know the company’s management, its product, its balance sheet, its earnings trend and cash flow—just as you would in trying to sell the stock of a little-known company.”
28. Mastering Private Equity Set | By Claudia Zeisberger
This set combines the definitive guide to private equity with its case book companion, providing readers with both the tools used by industry professionals and the means to apply them to real-life investment scenarios.
1) Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students, and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distills the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity, and buyout transactions.
With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals.
2) Private Equity in Action takes you on a tour of the private equity investment world through a series of case studies written by INSEAD faculty and taught at the world’s leading business schools. The book is an ideal complement to Mastering Private Equity and allows readers to apply core concepts to investment targets and portfolio companies in real-life settings. The 19 cases illustrate the managerial challenges and risk-reward dynamics common to private equity investment.
Written with leading private equity firms and their advisors and rigorously tested in INSEAD’s MBA, EMBA, and executive education programs, each case makes for a compelling read.
29. King of Capital | By David Carey and John E. Morris
The story of Steve Schwarzman, Blackstone, and a financial revolution, King of Capital is the greatest untold success story on Wall Street.
In King of Capital, David Carey and John Morris show how Blackstone (and other private equity firms) transformed themselves from gamblers, hostile-takeover artists, and ‘barbarians at the gate’ into disciplined, risk-conscious investors while the financial establishment—banks and investment bankers such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, Morgan Stanley—were recklessly assuming risks, leveraging up to astronomical levels and driving the economy to the brink of disaster. Now, not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on Wall Street, challenging the likes of Goldman Sachs and Morgan Stanley for dominance.
Insightful and hard-hitting, filled with never-before-revealed details about the workings of a heretofore secretive company that was the personal fiefdom of Schwarzman and Peter Peterson, King of Capital shows how Blackstone and private equity will drive the economy and provide a model for how the financing will work in the years to come.
Quotes from King of Capital;
“Hey, it’s been a great run. I loved it. This is my favorite place in the whole wide world. But this is something I want to do and I’m going to say yes to it,’ ”
“First, “don’t pay too much when you’re buying cyclicals,” he says. Second, “don’t have ambitious turnaround expectations for medium-sized companies. Don’t expect to reinvent them.” Third, if an investment calls for reengineering operations, “don’t have it be a Blackstone-manufactured plan.”
“Inevitably when people look back at this period, they will say this is the golden age for private equity because money is being made very readily,” Carlyle’s cofounder David Rubenstein told an audience at the beginning of 2006. It was indeed private equity’s moment. That year private equity firms initiated one of every five mergers globally and even more, 29 percent, in the United States. Blackstone’s partners, though, had decidedly mixed feelings about the bonanza. They began to worry that the market was overheating.”
“By early 2007, “we told our [investors] that, notwithstanding the fact that everyone else thinks it’s a fantastic time, the economy is rocking, there are no problems, we’re pulling back,” says James. “We’re not going to be investing, we’re going to be lowering the prices, we’re going to be changing the kinds of companies that we’re going to buy, because when everything feels good and you can’t see any problems, historically you’ve been near a peak.”
“It’s not that you see problems coming. You never see problems coming at that point, or no one would be giving you ten times leverage,” James says with hindsight. “There are no clouds on the horizon. What you see is too much exuberance, too much confidence, people taking risks that in the last 145 years wouldn’t have made sense. What you say is, this feels like a bubble.”
30. The Product Manager's Guide to Pricing | By W. Brian Wanless
Although this book is aimed at the financial community, I see it being a go-to resource within our own industry, the media, as well as anyone looking to understand the channel’s unique nuances.”Todd Eliason, Publisher & Editor in Chief, Direct Selling News. “No one should invest so much as a dollar in a direct sales business without reading Private Equity Investing in Direct Selling. Brett Blake exposes this mysterious industry to clear-headed analysis that allows for better diligence and higher investment returns.” – Best Selling Author Devin Thorpe” Whether you are considering an investment, joining a company as a new board member, or a corporate executive, or you are an owner considering a transaction, Private Equity Investing in Direct Selling will help you make wiser decisions and improve your returns. Too many investors have needlessly lost money in direct selling because they did not understand how to identify a pretender from a contender. Too many founders have taken money but didn’t know how to leverage the expertise and relationship of their investors. Brett Blake said, “My goal in writing this book is simple: I want to make sure investors benefit from the cash-rich economics of a channel that is evolving into mainstream social selling. As more investors see improved returns, more capital will be available to fund the dreams of direct selling founders and the millions of homegrown business owners that sell in this channel.”Direct Selling companies need more capital, but even more, they need the help of smart investors and savvy executives from outside the industry to help close the gap between current practices and those that will help it scale into the mainstream of public acceptance.”Brett Blake leveraged his relationships to perform front-line research for this book. He interviewed dozens of direct selling CEOs and investors and captured their experiences and best thinking in this book. He also documented more than 125 deals (involving companies like Herbalife, USANA, ARIIX, Young living, Younique, Youngevity, Amway, Avon, Mary Kay, Arbonne, Beachbody, and NuSkin), summarized due diligence questions every investor should ask, and created a comprehensive list of the KPIs that the most successful direct sellers use to measure the health of their business. The documentation alone in this book would cost companies thousands of dollars in consulting fees to learn.
31. Valuation: Measuring and Managing the Value of Companies | By Tim Koller, Marc Goedhart, and David Wessels
Valuation has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders.
This latest edition has been carefully revised and updated throughout and includes new insights on topics such as digital, ESG (environmental, social, and governance), and long-term investing, as well as fresh case studies.
Clear, accessible chapters cover the fundamental principles of value creation, analyzing and forecasting performance, capital structure and dividends, valuing high-growth companies, and much more. The Financial Times calls the book “one of the practitioners’ best guides to valuation.”
- Provides complete, detailed guidance on every crucial aspect of corporate valuation
- Explains the strategies, techniques, and nuances of valuation every manager needs to know
- Covers both core and advanced valuation techniques and management strategies
- Features/Includes a companion website that covers key issues in valuation, including videos, discussions of trending topics, and real-world valuation examples from the capital markets
For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.
32. Venture Capital and Private Equity | By Josh Lerner, Felda Hardymon, and Ann Leamon
Venture Capital and Private Equity: A Casebook, 5th edition provides an understanding of the ways in which private equity groups work. The casebook builds an understanding of the key distinctions in the industry, and reviews and applies key ideas of corporate finance.
The 5th edition continues to explore a wide variety of valuation approaches; from techniques widely used in practice to methods less frequently seen in practice today but likely to be increasingly important in the future years.
33. Private Equity Operational Due Diligence | By Jason A. Scharfman
A step-by-step guide to developing a flexible comprehensive operational due diligence program for private equity and real estate funds
Addressing the unique aspects and challenges associated with performing operational due diligence review of both private equity and real estate asset classes, this essential guide provides readers with the tools to develop a flexible comprehensive operational due diligence program for private equity and real estate. It includes techniques for analyzing fund legal documents and financial statements, as well as methods for evaluating operational risks concerning valuation methodologies, pricing documentation, and illiquidity concerns.
- Covers topics including fund legal documents and financial statement analysis techniques
- Includes case studies in operational fraud
- The companion website includes sample checklists, templates, spreadsheets, and links to laws and regulations referenced in the book
- Equips investors with the tools to evaluate liquidity, valuation, and documentation
- Also by Jason Scharfman: Hedge Fund Operational Due Diligence: Understanding the Risks
Filled with case studies, this book is required reading for private equity and real estate investors, as well as fund managers and service providers, for performing due diligence on the noninvestment risks associated with private equity and real estate funds.
34. Private Capital: Vol. II | By Eli Talmore and Florin Vasvari
The growth of private capital has been astounding, leading to an unprecedented increase in capital allocation by institutional investors and family offices around the world. It has also led to an expansion to other types of assets such as infrastructure, real estate, and private credit, and subsequently to its rebranding as private capital.
Whereas Volume I deals with fund-level matters, Volume II is devoted to an analysis at the investment level. It covers the valuation of private companies, deal screening, acquisition finance, LBO transactions, harvesting, operation in emerging markets, and more. A major part is dedicated to early-stage investing: angel investing, venture capital, accelerators, university technology transfers, crowdfunding, and more.
35. Venture Capital in Asia | By Willaim Scheela
This book is one of the first to analyze the development of private equity, including venture capital and business angel investing in emerging Southeast Asian economies of Thailand, Philippines, Vietnam, Indonesia, and China. The author analyzes the investment strategies of both types of private equity investors who face significant challenges when investing in emerging economies lacking the legal and financial institutions needed to support effective private equity investing. With the author’s detailed field research in Southeast Asia, as well as recent private equity research in China, you’ll learn about investment strategies (whether you’re a venture capitalist or business angel) in emerging markets. This investment strategy is based on significant networking that is used to build social capital, in-depth due diligence, and hands-on post-investment monitoring.
36. Private Capital Investing | By Roberto Ippolito
A step-by-step, comprehensive approach to private equity and private debt
Private Capital Investing: The Handbook of Private Debt and Private Equity is a practical manual on investing in the two of the most common alternative asset classes (private equity and private debt) and provides a unique insight on how principal investors analyze investment opportunities. Unlike other textbooks available in the market, Private Capital Investing covers the various phases that principal investors follow when analyzing a private investment opportunity.
The book combines academic rigor with the practical approach used by leading institutional investors. Chapters are filled with practical examples, Excel workbooks (downloadable from the book website), examples of legal clauses and contracts, and Q&A. Cases are referred at the end of every chapter to test the learning of the reader. Instructors will find referrals to both third-party cases or cases written by the author.
• Covers analytical tools
• Includes the most common methods used to structure a debt facility and a private equity transaction
• Looks at the main legal aspects of a transaction
• Walks readers through the different phases of a transaction from origination to closing
Bridging the gap between academic study and practical application, Private Capital Investing enables the reader to be able to start working in private equity or private debt without the need for any further training. It is intended for undergraduates and MBA students, practitioners in the investment banking, consulting, and private equity business with a prior academic background in corporate finance and accounting.
37. Private Equity Fund Investments | By Cyril Demaria
This book presents new, advanced, evidence-based guidance on investing in private equity funds: first by assessing the investor’s environment and motivations, then by looking into the risks, returns, and overall performance of funds, and finally, by offering practical solutions to the illiquidity conundrum.
38. Tactical Portfolios | By Bailey McCann
Take advantage of inefficiencies in the market by investing in alternative assets. Hedge fund and private equity investment diversifies your portfolio and helps shield you from market volatility, allowing your more passive assets to work the long game. In Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives, author Bailey McCann guides you through the principles of hedge fund investment and the associated philosophies of risk management strategies. McCann’s background in reporting and analyzing government policy and regulatory issues positions her as a valuable source of strategic investment advice. As Senior Editor of Opalesque’s Alternative Market Briefing, her take on the market is read by every one of the top 100 hedge fund managers on a daily basis. In Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives, McCann goes in-depth on important topics.
- Strategies for equities managed futures and fixed income
- What to expect and common misconceptions
- Investment mechanics of specific strategies
- Valuation, red flags, and regulatory changes
If your passive approach has failed to produce the desired results, the liquid alternative investment may be the answer. While long/short will always be around, external forces can change their impact on your portfolio and it may be time to expand your investment arsenal. Tactical Portfolios: Strategies and Tactics for Investing in Hedge Funds and Liquid Alternatives will help you get the most out of any market.
39. Active Private Equity Real Estate Strategy | By David J. Lynn
Proven private equity real estate investing strategies
The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limit, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities.
Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners’ Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two.
- Includes a simulation of the economy in recession and the expected effects on the commercial real estate industry
- Offers examples of portfolio analysis and recommendations using ING Clarion’s forecasts and Modern Portfolio Theory
- Focuses on multifamily, hotel, land, and industrial investments
- Demonstrates the use of the various tools available to the private equity real estate investor
Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.
40. Active Private Equity Real Estate Strategy | By David J. Lynn
Equity Crowdfunding for Investors is a comprehensive, objective, and authoritative guide to the social and financial rewards of crowdfunding. Before now, angel investing – and the spectacular returns possible in this asset class – has been off-limits to all but the wealthiest Americans. Now equity crowdfunding portals allow the general public to buy shares in startups and fast-growing private companies for the first time in generations. This book provides the guidance individuals need to invest wisely, tempering the excitement of leading-edge technology, innovative business models, and exciting new brands with thorough, practical know-how – including investor limits and requirements, portfolio strategy, deal terms, and much more. Readers will learn the pros and cons of investing in equity crowdfunding so they can make an informed investment decision, as well as best practices for finding, researching, evaluating, and buying into potentially profitable startups. Digital components include tables, graphs, comparison charts, screen captures, checklists, and other tools that further enable readers to make suitable investment choices.
Equity crowdfunding is a new, exciting, and evolving way for growing businesses to raise capital and for average investors to buy equity in those businesses. It has been hailed as a “game-changer” in the private capital markets, particularly the angel investment asset class, which includes angel investing. This book shows readers how to take full advantage of this new avenue of investment, without being taken advantage of themselves.
- Make smarter investment decisions
- Avoid being ripped off
- Find the best information available
- Understand the SEC rules and limits
Equity crowdfunding can produce huge returns. It also comes with huge risks. Some companies will succeed, but many will fail. Everyday investors can mitigate some risk and increase their chance of profit with the fundamental insight provided in Equity Crowdfunding for Investors.
41. Raising Private Capital | By Matt Faircloth
Raise more money (other people’s money!) for your next real estate deal with the practical tips and techniques in this book.
Are you ready to help other investors build their wealth while you build your real estate empire? The roadmap outlined in this book helps investors looking to inject more private capital into their business―the most effective strategy for growth! Author and real estate investor Matt Faircloth explains how to develop long-term wealth, as learned from his own valuable lessons and experiences in real estate. Get the truth behind the wins and losses from someone who has experienced it all.
Whether you’re a new or seasoned real estate investor, you’ll discover new ideas and fresh motivation while learning a detailed strategy to acquire, secure, and protect private money in your first―or next―real estate deal.
Inside, you’ll discover:
- Private money partners in places you didn’t know existed
- The prerequisites needed to start raising money
- How to structure debt and equity deals and when to use each strategy
- The best way to provide win-win deals to all money partners
- How to protect all parties involved in a private money transaction
- Proper private equity exit strategies
- And so much more!
Quotes from Raising Private Capital;
“To live a bigger life, you need to learn how to be a bigger human being.”
“taking personal responsibility for all my circumstances is not always easy but absolutely necessary.”
Final Thoughts on the Best Books on Private Equity
The term private equity is at the heart of many business owners and public company CEOs. Investors constantly seek out private equity to help with their business endeavors. The private equity empire compiles many institutional investors such as accredited investors, private equity firms, and pension funds. The list of the best books on private equity will help you gain a solid understanding of the private equity industry and it can help you.
Do you see a book that you think should be on the list? Let us know your feedback here.
James is the editor-in-chief at biggerinvesting.com. James is a workaholic and an entrepreneur who has been in the tech industry for over ten years. He has worked with Microsoft, owns multiple websites, and now owns a mattress shop. Furthermore, when he has time left over, he will be in his woodworking shop building furniture as a side hustle. James has a B.S. in Business Management Information Systems and a Master’s in Business Administration from Liberty University. He is currently pursuing a Master’s in Executive Leadership, and once he completes that, he will pursue his Ph.D. in Business Administration – Entrepreneurship. James also seeks investment opportunities, putting his money to work instead of himself.