The Journal of Private Equity最新文献

{"title":"Investing in Microfinance. Why and How ? The case of Tunisia","authors":"Eymen Errais","doi":"10.3905/JPE.V18I3.2958","DOIUrl":"https://doi.org/10.3905/JPE.V18I3.2958","url":null,"abstract":"After the Tunisian revolution people were hit by the bitter reality of the Tunisian miracle of Ben Ali's regime with an unemployment rate of 20 % and a poverty rate reaching the 25%. With no access to loans, low income people find themselves in a vicious circle of poverty that will lend them either to beg or criminality. Many of the poor people have a heavy life baggage and their personal life could have been ripped from the pages of Les Miserables . Such reality pushed the government toward draconian changes which lead to more liberalization of the microfinance sector to alleviate poverty and enhance social inclusion. Among the new allowed player is a private equity firm InvestCo. The decision has caught the industry by surprise as microfinance sector in Tunisia was always under the scope of nonprofit associations, and far from private equity firms reach. Hence the following inquiries : why a private equity firm would invest in this sector ? Why now ? Is the sector profitable ? Is it competitive ? What will be its strategy ? To answer these questions we followed the whole process that a private equity fund undertakes, i.e. studying the sector competitiveness, analyzing the investment opportunity and finally defining the strategy. We present in this business case the major steps of the approach.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121991310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"COD: Listed Private Equity Funds","authors":"Manu Sharma","doi":"10.3905/JPE.V17I4.2382","DOIUrl":"https://doi.org/10.3905/JPE.V17I4.2382","url":null,"abstract":"We studied the performance of thirteen Private equity firmslisted in US and having operations in North America with diversified investmentportfolio. The Sharpe and Treynor ratio results indicate that majority of thesePE firms beat the major US stock indices. Further using subset regression, wemade an effort to find out the best predictors for each of the PE firms. Thepredictor variables taken to establish the relationship include DJIA, NYSE,NASDAQ, SP 400, SP 500 and SP 600.  Thepredictive relationship with market variables could not be established for majorityof firms with seven out of the thirteen funds showing no significantrelationship with market variables and so this means that for these seven privateequity firms the performance of the market is irrelevant. The predictiverelationship could be established only for six out of the thirteen firms andfor three out of the six private equity firms the best predictor relationshipwas formed with single market variable and as the variables increased nosignificant relationship was formed.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121822725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE PRIVATE EQUITY SCENARIO IN LATIN AMERICA","authors":"G. Iturralde","doi":"10.3905/JPE.V17I3.2324","DOIUrl":"https://doi.org/10.3905/JPE.V17I3.2324","url":null,"abstract":"Private Equity Scenario is increasing its presence in Emerging Markets because developed countries have more barriers to entry as it is more crowded by funds looking for benefits. PE in Latin America has been difficult to predict because of the characteristics of the region. However, with the new economic outlook and the stability of the region over the last ten years, both politically and economically, countries have begun to show promising and sustainable growth, getting the attention of several VC and PE funds. In this new scenario opportunities to invest in high quality, private companies have increased, supported by socio economic trends that have allowed millions of people to become part of the middle class, with this activating the economy and the quality of the enterprises. This paper analyses the private equity outlook and opportunities across the principal countries in Latin America, focusing in the main causes that the author believes would be relevant for investors","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134518429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Investors Can Utilize Performance Track Record to Make Investment Decisions","authors":"Helen Kenyon","doi":"10.3905/jpe.v17i4.2503","DOIUrl":"https://doi.org/10.3905/jpe.v17i4.2503","url":null,"abstract":"We looked at the relationship between the performance of predecessor and successor funds (and therefore how far predecessor performance can be used to predict successor performance), and assessed whether fund performance at four or six years can be used to predict the eventual performance of a fund. What we found is that there is a significant correlation between the performance of predecessor and successor funds, and also that you can get a good indication of a fund’s eventual performance from its performance at four and six years. This shows that investors can get meaningful information from reviewing performance of the immediate predecessor to the fund they are considering, rather than only being able to review older funds that are closer to the end of their fund lives.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127452415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evolving BIS Usage in Asset-Intensive Industries: What to Look For As an Investor","authors":"P. Edwards, R. Costa","doi":"10.3905/JPE.V17I3.2155","DOIUrl":"https://doi.org/10.3905/JPE.V17I3.2155","url":null,"abstract":"Providers of Business Information Systems solutions to asset-intensive industries such as industrial/manufacturing, transportation/logistics, and energy have a lot of allure for private equity and other investors these days. Companies in these industries have been slow relative to many others in adopting BIS solutions, but they're racing to catch up as they've had to fight harder for every bit of incremental profit. Once buyers do pick solutions, however, they tend not to change out often. As attractive as this kind of rising demand and brand loyalty may sound from an investment perspective, the solutions these companies are buying have changed markedly over the past several years. It's important for investors to understand the shift in spending trends to determine whether a potential BIS investment is in the right place in an evolving market.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115266149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A comprehensive study on private equity and its investment practices","authors":"Rajibul Hasan","doi":"10.3905/JPE.V18I1.2648","DOIUrl":"https://doi.org/10.3905/JPE.V18I1.2648","url":null,"abstract":"IntroductionPrivate Equity (PE) is a well-known asset class in the finance and investment banking industry. The common feature of private equity securities is the illiquidity of these investments, in fact, the private equity securities is completely opposite of public securities in terms of liquidity. When an investor buys stock of Microsoft and becomes dissatisfied with the company’s performance, he can simply sell the stock and cash out his invested capital at any point of time. However, this is not the true for the private equity investors; they invest in a company with a mission to fix all the issues, manage the situation and create substantial value in investment rather than sell the securities.“Private Equity” has been defined and explained by numerous researchers, professors and investment professional; based on Investopedia—“Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet”. N. Bulent Gulekin, Wharton Professor of Finance defines private equity—“Private equity is an investment vehicle investing anywhere from early-stage to late-stage companies, with the hope that they can run these companies better. In the case of venture funds, they create wealth by investigation in just ideas”. The common investment strategies of private equity are venture capital, growth equity (capital), leverage buyout (LBO), distressed investments and mezzanine capital. One of the common confusing things about the private equity is terminology, especially with the difference between venture capital and private equity. In Europe, the term venture capital is frequently used to refer to the spectrum of private equity investments, from seed investments to the largest leverage buyouts. In the United States, the term private equity is refer to not all VC, Growth Capital, distressed capital, mezzanine fund but also to LBO , or else to all such investment except the seed venture investing. Some people also refer private equity is the transactions that are somewhere between venture capital and buyouts, such as growth equity and mezzanine funds (Josh Lerner, 2012). In this paper, we will consider all the privately funded investment and transactions under broad category of Private Equity (PE).Although, all the above mentioned funds fall under private equity, their name represents their investment and transactions strategies. For example, venture capital funds do the investment in early stage companies whereas growth capital invests in the companies who are in the growth stages. Leverage Buyout (LBOs) funds generally investments in the mature and established company with th","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129747781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mergers and acquisitions and failed integrations…a seed bed for turnaround work: a corporate executive’s prescription for avoiding pitfalls in corporate M&A strategy","authors":"H. Gray","doi":"10.3905/JPE.V18I3.2924","DOIUrl":"https://doi.org/10.3905/JPE.V18I3.2924","url":null,"abstract":"The process of developing strategy must account for critical resource constraints—capital, talent and time; at the same time, implementing strategy must take into consideration execution leadership, communication skills and slippage.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"129 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128684334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A study of Pre and Post Private Equity backed companies in Banking and Financial Services Sector in India: A Logistic Panel data analysis","authors":"Kunjana Malik","doi":"10.3905/jpe.v18i3.2951","DOIUrl":"https://doi.org/10.3905/jpe.v18i3.2951","url":null,"abstract":"Private Equity investment was at its boom when financial crisis crowded the Indian stock market.It was the time when the companies preferred the Private Equity route instead of public market.The paper focuses on the performance of one of the top sectors Of Private Equity investment in India:Banking and financial services sector. The data has been collected for listed companies in BFSI sector from Venture Intelligence.Logistic Regression has been used to determine the effect Of Private equity investment in the listed companies.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116879992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Layoffs and Private Equity","authors":"Richard F. America","doi":"10.3905/jpe.v16i3.829","DOIUrl":"https://doi.org/10.3905/jpe.v16i3.829","url":null,"abstract":"Private equity firms are sometimes obliged to trim payrolls. When they do, there are ways to turn these events into positive local economic development opportunities. Entrepreneurs can be discovered and nurtured to create new businesses. Win win for communities and investors.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"66 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128022194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Private Equity Performance Attribution","authors":"Adrian Ng","doi":"10.3905/jpe.v19i1.1193","DOIUrl":"https://doi.org/10.3905/jpe.v19i1.1193","url":null,"abstract":"Performance attribution is an important aspect that completes the feedback loop in the investment process but is rarely utilized in the private equity industry.  In this paper, the author provides a framework and inputs for performance attribution in private equity portfolios.  By employing this flexible framework, all types of private equity investors can evaluate why their performance was different from that of the benchmark and fine tune their investment decision process to improve future results.","PeriodicalId":342515,"journal":{"name":"The Journal of Private Equity","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121729039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}