Private Equity and Venture Capital in Europe
Markets, Techniques, and Deals
- 3rd Edition - March 28, 2021
- Imprint: Academic Press
- Authors: Stefano Caselli, Giulia Negri
- Language: English
- Paperback ISBN:9 7 8 - 0 - 3 2 3 - 8 5 4 0 1 - 6
- eBook ISBN:9 7 8 - 0 - 3 2 3 - 8 5 8 1 2 - 0
Private Equity and Venture Capital in Europe: Markets, Techniques, and Deals, Third Edition introduces private equity, investments and venture capital markets while also presentin… Read more
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Request a sales quotePrivate Equity and Venture Capital in Europe: Markets, Techniques, and Deals, Third Edition introduces private equity, investments and venture capital markets while also presenting new information surrounding the core of private equity, including secondary markets, private debt, PPP within private equity, crowdfunding, venture philanthropy, impact investing, and more. Every chapter has been updated with new data, cases, examples, sections and chapters that illuminate elements unique to the European model. With the help of new pedagogical materials, this updated edition provides marketable insights about valuation and deal-making not available elsewhere.
As the private equity world continues to undergo many challenges and opportunities, this book presents both fundamentals and advanced topics that will help readers stay informed on market evolution.
- Provides a unique focus on Europe for equity investors and long-term investments
- Contains theoretical knowledge put into practice using with real-world cases and the language and the methodologies of practitioners
- Presents structured topics that help readers understand increasing levels of difficulty
- Includes learning tools such as mini-cases, call-outs and boxes that recall previously presented definitions throughout chapters
graduate students and advanced upper-division undergraduates professionals working in venture capital, financial markets and financial institutions
- Cover image
- Title page
- Table of Contents
- Copyright
- Preface
- Acknowledgments
- Introduction
- Part 1: Private equity business: General framework and theories
- Introduction
- Abstract
- 1: The fundamentals of private equity and venture capital
- Abstract
- 1.1: Introduction
- 1.2: Definition of private equity and venture capital
- 1.3: The map of equity investment: An entrepreneur's perspective
- 1.4: The map of equity investment: An investor's perspective
- 2: Mechanics of private equity and recent trends
- Abstract
- 2.1: Introduction
- 2.2: The relation between fund, firm, and investors
- 2.3: Recent data
- 3: Theoretical foundation of private equity and venture capital
- Abstract
- 3.1: Introduction
- 3.2: Theories about corporation financing
- 4: Clusters of investment within private equity
- Abstract
- 4.1: Introduction
- 4.2: Preliminary focus on the different clusters of investment
- 4.3: The main issues of investment clusters
- 4.4: Private equity deals
- Part 2: Private equity investment clusters
- Introduction
- Abstract
- 5: Investing in the early stages of a company: Venture capital
- Abstract
- 5.1: Introduction
- 5.2: General overview of early stage financing
- 5.3: Operation phases during early stage financing
- 5.4: Structure of venture capitalists in early stage financing
- 5.5: Selection of the target company
- 5.6: Supporting innovation development
- 5.7: Private investor motivation and criteria
- 6: The venture capital industry
- Abstract
- 6.1: Introduction
- 6.2: The startup cycle
- 6.3: The startup business innovation matrix
- 6.4: Venture capital business evolution
- 7: Investments in mature companies: Expansion financing
- Abstract
- 7.1: General overview of financing growth
- 7.2: Expansion financing
- 7.3: The cluster of expansion growth deals
- 7.4: Characteristics of growth
- 7.5: Internal growth
- 7.6: External growth
- 7.7: Advantages for venture-backed companies
- 7.8: Disadvantages for venture-backed companies
- 7.9: European trends
- 8: Investments in mature companies: Replacement financing
- Abstract
- 8.1: Introduction
- 8.2: Replacement financing
- 8.3: Private investment in public equity deals
- 8.4: Public to private deals
- 8.5: Corporate governance deals/turnaround deals
- 8.6: Buyout and leveraged-buyouts
- 8.7: Final remarks on replacement financing
- 9: Investing in mature companies: Vulture financing
- Abstract
- 9.1: Introduction
- 9.2: General overview of vulture financing
- 9.3: Characteristics of restructuring financing
- 9.4: Characteristics of distressed financing
- Part 3: Legal and fiscal framework in the private equity business around the world
- Introduction
- Abstract
- 10: Legal framework in Europe for equity investors
- Abstract
- 10.1: Introduction
- 10.2: Different financial institutions that invest in equity: An introduction to the EU system
- 10.3: Banks and investment firms: Common rules and differences in the EU
- 10.4: Closed-end funds
- 10.5: Reasons for choosing a closed-end fund rather than banks or investment firms
- 10.6: Corporate venture capital
- 10.7: Private equity in Europe
- 11: The private equity legal framework in the United States
- Abstract
- 11.1: Introduction to the US market
- 11.2: Why the United States and the United Kingdom differ from the EU: The common law versus civil law system and the impact of supervision and regulation
- 11.3: Rules for US equity investors
- 11.4: The venture capital activity in the United States
- 12: The legal framework in the UK
- Abstract
- 12.1: Introduction
- 12.2: Rules for UK equity investors
- 12.3: Clauses signed in an limited partnership agreement
- 13: The remuneration system
- Abstract
- 13.1: Introduction
- 13.2: The relationship between closed-end funds and AMCs
- 13.3: The remuneration mechanisms of the private equity industry
- 13.4: Case study 1: Remuneration in a closed-end fund
- 13.5: Case study 2: Metrics to assess the performance of an ongoing fund
- 13.6: Private equity funds performance
- 14: Taxation framework for private equity and fiscal impact for equity investors
- Abstract
- 14.1: Introduction
- 14.2: Fundamental role of taxation in private equity and venture capital
- 14.3: Taxation and equity investors: Lessons from theory and relevant models
- 14.4: Taxation players: Investment vehicles, investors, companies demanding capital
- 14.5: Taxation features in Europe: A comparative analysis
- Appendix: Overview of selected European countries
- Part 4: Managing a private equity investment
- Introduction
- Abstract
- 15: The managerial process
- Abstract
- 15.1: Introduction
- 15.2: The need of a structured managerial process for the private equity business
- 15.3: Equity investment as a process: Organization and management
- 15.4: The four phases of the managerial process
- 15.5: The relevance of expertise and skills within the process
- 16: Fundraising
- Abstract
- 16.1: Introduction
- 16.2: The fundraising steps
- 16.3: The calling plan
- 16.4: Types of investment
- 17: Investing
- Abstract
- 17.1: Introduction
- 17.2: Decision-making
- 17.3: Deal-making
- 17.4: Problems and critical areas of venture capital operations
- 17.5: The role of managerial resources in venture capital
- 17.6: Possible unsuccessful financial participation
- 17.7: Involvement of the private equity in the board of directors
- 18: Managing and monitoring
- Abstract
- 18.1: Introduction
- 18.2: Why is there a need for a managing and monitoring phase?
- 18.3: Performance determination
- 18.4: Strategy to generate value
- 18.5: The managing and monitoring phase
- 19: Exiting
- Abstract
- 19.1: Introduction
- 19.2: The exit vademecum
- 19.3: Exit alternatives
- 19.4: The listing of private equity companies
- 19.5: Trend of private equity exits
- 19.6: “Voices from the practice”: W. Dexter Paine, III—Paine Schwartz Partners
- 20: Listing a private company
- Abstract
- 20.1: General overview of an IPO
- 20.2: IPO recent trends
- 20.3: Characteristics of a company going public
- 20.4: Advantages of an IPO for the company
- 20.5: Advantages of an IPO for shareholders
- 20.6: Advantages of an IPO for management
- 20.7: Disadvantages of an IPO
- 20.8: The IPO process
- 20.9: An alternative to the IPO: The direct listing process
- Useful links
- Part 5: Company valuation, new solutions, and industry trends
- Introduction
- Abstract
- 21: Fundamentals of company valuation in private equity and venture capital
- Abstract
- 21.1: Company valuation
- 21.2: Five phases of company valuation
- 22: Techniques of equity value definition in private equity and venture capital
- Abstract
- 22.1: Enterprise value analysis
- 22.2: Choosing a valuation method
- 22.3: Basic concepts of company valuation
- 22.4: The fundamental of comparables
- 22.5: Discounted cash flow approach
- 22.6: Private equity method
- 22.7: Venture capital method
- 22.8: Antidilution strategies
- Appendix A—Company valuation: Financing through private equity
- 23: The private equity industry evolution
- Abstract
- 23.1: Introduction
- 23.2: Incubators, accelerators, and crowdfunding
- 23.3: Search funds
- 23.4: Club deals and family offices
- 23.5: “Voices from the practice”: Fabio Lorenzo Sattin—Private Equity Partners Spa
- 23.6: Special purpose acquisition company
- 23.7: Secondary market
- 23.8: Private debt
- 23.9: ESG investments
- 23.10: “Voices from the practice”: Nino Tronchetti Provera, Ambienta SGR
- 23.11: Impact investing
- 24: Strategies, business models, and perspectives of private equity and venture capital
- Abstract
- 24.1: General overview: The end of an era?
- 24.2: Strategies and business models of private equity firms
- 24.3: Managing the value chain of private equity firms
- Glossary
- Index
- Edition: 3
- Published: March 28, 2021
- Imprint: Academic Press
- No. of pages: 450
- Language: English
- Paperback ISBN: 9780323854016
- eBook ISBN: 9780323858120
SC
Stefano Caselli
Stefano Caselli is Vice-Rector for International Affairs at Bocconi University where he is a Full Professor of Banking and Finance and Chair in Long-Term Investment and Absolute Return. He is the Chair for the EMEA Region of Partnership in International Management, Executive Secretary of the External Advisory Board of the School of Transnational Governance at EUI and conducts numerous research and consulting projects with the most important financial institutions at European level and corporations for valuation and corporate governance issues.
Affiliations and expertise
Professor of Banking and Finance and Chair in Long-Term Investment and Absolute Return, Vice-Rector for International Affairs, Bocconi University, ItalyGN
Giulia Negri
Giulia Negri is Fellow of Corporate Finance at Bocconi School of Management. She teaches Executive level and Executive MBA-level courses and served as a financial consultant for small and medium-sized enterprise companies. She is Associate Professor of Finance at Luxembourg School of Business.
Affiliations and expertise
Fellow of Corporate Finance, Bocconi School of Management, Italy; Associate Professor of Finance, Luxembourg School of Business, Luxembourg.Read Private Equity and Venture Capital in Europe on ScienceDirect