Introduction to Private Equity: Venture, Growth, LBO and Turn–Around Capital (The Wiley Finance Series) - Hardcover

Über die Autorin bzw. den Autor

Cyril Demaria specializes in private equity and combines practical and entrepreneurial experience, academic knowledge and lecturing experience. Prior to founding and managing Pilot Fish, a series of private equity funds, he was Chief Investment Officer of Tiare Investment Management AG (Zurich). He previously created a multi-strategy fund of funds focused on environment (Pionat Viable Investments). Prior to that, he was an Investment Associate in a Swiss private equity fund of funds; a Portfolio Manager responsible for private equity funds investments for a French insurance group; and Head of Corporate Development of a French IT firm in charge of acquisitions and financing. He started his career in an American hybrid venture capital and fund of funds firm. A French citizen, Cyril holds a BA in Political Sciences from the Institut d'Etudes Politiques (Lyon), a Master in Geopolitics applied to Money and Finance (Paris); a Master in European Business Law (Paris) and is a graduate from HEC (Paris, specialized in Entrepreneurship). He is a doctoral candidate at University Sankt-Gallen and an Associate Professor at EDHEC (Nice, Lille, London), ESCP-Europe (London), ESCE (Paris), EADA (Barcelona), Fipecafi (Sao Paulo), USP (Sao Paulo) and IFP Business School (Paris). He lectures on "Private Equity", "LBO", "Money and Finance", and "International Finance". He notably holds executive training sessions at the Association Francaise des Investisseurs en Capital (Paris), and the Societe Francaise des Analystes Financiers (Paris). Cyril collaborates regularly as an expert with the SECA, AFIC and EVCA.

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This second edition of Introduction to Private Equity is more than an update, it reflects the dramatic changes which have affected an industry which is evolving rapidly, internationalizing and maturing fast. What is recognized as a critical yet grounded guide to the private equity industry blends academic rigour with practical experience. It provides a clear, synthetic and critical perspective of the industry from a professional who has worked at many levels within the industry; including insurance, funds of funds, funds and portfolio companies.

The book approaches the private equity sector top-down, to provide a sense of its evolution and how the current situation has been built. It then details the interrelations between investors, funds, fund managers and entrepreneurs. At this point, the perspective shifts to bottom-up, how a private business is valued, how transactions are processed and the due diligence issues to consider before moving ahead.

Introduction to Private Equity, Second Edition covers the private equity industry as a whole, putting its recent developments (such as secondary markets, crowdfunding, venture capital in emerging markets) into perspective. The book covers its organization, governance and function, then details the various segments within the industry, including Leveraged Buy-Outs, Venture Capital, Mezzanine Financing, Growth Capital, Distressed Debt, Turn-Around Capital, Funds of Funds and beyond. Finally, it offers a framework to anticipate and understand its future developments.

This book provides a balanced perspective on the corporate governance challenges affecting the industry and draws perspectives on the evolution of the sector, following a major crisis.

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"When the first edition came out in 2007, the landscape for private equity was about to be redrawn. The second edition comes in most handy to provide the post-crisis perspective on the new private equity scene. As would be expected, the industry is finding original ways to reinvent itself in a deleveraging world. It is maturing, developing new forms to ensure its sustainability. Let there be no doubt it is an industry that is here to stay!"
Dr Benoit Leleux, Stephan Schmidheiny Professor of Entrepreneurship & Finance, IMD, Switzerland

The author provides a thoroughly researched introduction to the different aspects and key dimensions of the private equity industry. The historical perspective adds a refreshing element of life in the matter. The volume keeps abreast of recent developments and offers a realistic assessment of the current trends affecting the industry. It should find its place on the bookshelf of practitioners and academics as a valuable reference work.
Cédric Spahr, Senior Market Advisor, Grimaldi & Partners

"Private equity is an important investment category for long-term investors. As such, all efforts to clarify the concepts, techniques and issues associated with these investments should be saluted. Cyril Demaria's publication is particularly welcome from that point of view. The quality of the thinking and the clarity of expression make it a work of reference on the subject."
Professor Noël Amenc, Director, EDHEC-Risk Institute

An Introduction to Private Equity provides a holistic view of the private equity industry and is a good starting point for everyone interested in it. The author brings his academic and professional experience to bear. I can highly recommend it.
Bernhard Engelien, Managing Director, Cogent Partners

"As an investor and practitioner of the private equity asset class the first thing one realizes is that this book is clearly written by a practitioner who knows the industry inside-out. It is well structured and addresses a number of misconceptions afflicting the private equity industry. It offers very valuable insights to both novices and intermediate-level industry participants. One of the best books I have read on the subject."
Markus Benzler, Executive Director, UBS Global Asset Management

Once a niche strategy, private equity has claimed its position in institutional investors' portfolios. The author has mastered the difficult task of writing both a comprehensive and topical book on the subject. Despite the broad wealth of information, the author manages to present the content in an entertaining manner, which makes the book a pleasant read as well. The book will prove an invaluable source of knowledge for laypersons, and provide experienced practitioners with new insights.
Marina Stoop, Alternative Investments Research, CREDIT SUISSE AG