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Description of Adding Value in Private Equity |
Investors are looking further a field to locate suitable private equity investments, and adding value is critical to a successful investment. Eric Cruikshank's book provides a definitive guide to adding value in private equity.
Adding Value in Private Equity will show you:
- the different stages of private equity funding, including for VC/start-ups, expansion capital, acquisition and buyouts, the uses of mezzanine financing and distressed equity.
- how to determine value in private equity. For newcomers and seasoned hands alike, there is an extensive discussion of the different valuation models and their application and limitations in private equity valuation.
- the effects of globalisation on private equity values. Find out how to develop a sound strategy to maximise the opportunities afforded by the global economy through investing in emerging market private equity, and through sourcing suppliers and partners in efficient supply chain management, how to add value to your PE investment.
- How to ensure value addition prior in the pre-investment stage: practical steps for screening, due diligence, the timing of and phasing the investment, including the differences encountered by emerging market PE investors.
- Deal structuring, not only to preserve value, but to redistribute value if things do not turn out as planned. Valuation, and "thinking the unthinkable" in terms of events and actions that would bring about risks and uncertainties that need to be addressed in the context of deal structuring.
- Post-investment adding value through innovations and organisational and financial restructurings.
- Corporate governance of private equity firms, including case studies illustrating the obstacles in the governance of emerging market investments.
- Adding value in the exit strategy: what are the exit options, including IPO and liquidation, to each of the participants in the investment and how to find accommodation between the financial and non-financial drivers of the owner, the manager and other PE investors. Describes the often-neglected aspects of recovery and closure from the perspectives of reputational risk and legal liability. Exiting from emerging market PE investments. Legal and regulatory issues in divestment.
- Tools such as scenario writing, contextual mapping, real options and Monte Carlo Simulation to understand the range of values that the enterprise and equity can assume, which will help guide the PE investor in weighing prospective trade-offs when assigning priorities to value adding activities.
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Contents of Adding Value in Private Equity |
Table of Contents
Foreword
Preface
Acknowledgements
Author biographies
Introduction
Purpose of the book
The nature of value in private equity
Scope of the book
Structure of the book
Key themes
Part I The nature of private equity
1 The stages and types of private equity financing
Stages of financing in private equity
The special case of start-up risk
Types of private equity
2 Organisational forms
Introduction
Hedge funds
Business development companies
Market organisation and models
Private equity and hedge fund convergence
Part II Value and valuation in private equity
3 Necessary adjustments to the market-based theory of finance
Shortening horizons
Expected value framework
4 The concept of value
Classifying types of value
Premises of value
Measuring additional value
Value 'worlds'
Increasing a company's value
New value paradigms
5 Valuation models: The general tools
Introduction
Intrinsic value
Extrinsic value (using relatives)
Acquisition value
Contingent value and the value of flexibility
Contingencies and real options
Decision/event trees
Conclusion
6 Valuation in private equity and special situations
Private equity
Emerging markets
Banks and financial institutions
Technology/new economy sectors
Part III Globalisation and value addition in a strategic context
7 Globalisation, strategy and management
The need to think globally
Strategy formulation and review in a global context
Strategy execution
Logistics and supply chain management
Part IV Pre-investment value addition: Managing risk and uncertainty
8 Goals, screening, due diligence, timing and phasing
Goals
Screening
Due diligence
Managing risk by timing investment
Managing risk by controlling disbursement (phasing)
9 Deal structuring
Introduction
Elements of a deal
Structuring a new venture
Structuring a leveraged buyout
Conclusion
Part V Post-investment value addition
10 Portfolio supervision
Monitoring for opportunities and threats
Functional areas for value addition
Operational risk management
Recommended private equity portfolio practices
11 Corporate governance
Privately held versus publicly held companies
The changing business environment
Corporate governance and control
Duties and responsibilities of board directors
Rendering advice
Board committees
Caveats
12 The exit
Introduction
Going public
Selling (transferring ownership) to family members
Selling to employees
Selling the company to another company
Finding a new investor
Liquidation
Implementing exit strategies
Part VI A value-addition framework
13 An expected value framework
Introduction
Scenario writing
Contextual mapping
Monte Carlo simulation
Rate of return rankings and decision rules
Conclusion
Bibliography
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About Erik Cruikshank |
Eric D. Cruikshank is an economist and finance specialist with 35 years of professional experience in more than 40 countries. He is currently the chief executive officer of EDC Merchant Banking Advisors, a position he has held since retiring from the World Bank Group in 2005.
At the International Finance Corporation (IFC) he was most recently Chief, Special Operations in which capacity he spearheaded a highly successful and profitable program of �managed exits� from a large number of IFC�s older private equity investments. Prior to that, other positions he held in IFC, involving inter alia various aspects of private equity investing, were regional manager, manager of portfolio operations and credit review, and principal investment officer. He also served as IFC�s nominee on several company boards.
Before joining IFC, he served as a World Bank loan officer, senior economist and deputy resident representative. He was a Canadian International Development Agency (CIDA) advisor in several countries and an executive project director for an energy and water resource team in Nepal. During the earlier part of his career Mr. Cruikshank was a senior consultant in a global managing consulting firm for four years, a senior securities analyst at a stockbrokerage firm and member of a CIDA-sponsored advisory team helping the government of Kenya write its fourth five-year economic plan.
Mr Cruikshank holds a BA in economics from Mount Allison University and an MBA and MA in Economics from York University.
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