Journal of Private Equity最新文献_第3页

Private Equity Trends to Look Out for in 2019 2019年值得关注的私募股权趋势

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.1.077

S. Raftopoulos, Jacob MacAdam

{"title":"Private Equity Trends to Look Out for in 2019","authors":"S. Raftopoulos, Jacob MacAdam","doi":"10.3905/jpe.2019.1.077","DOIUrl":"https://doi.org/10.3905/jpe.2019.1.077","url":null,"abstract":"Despite growing global geopolitical uncertainty, private equity continues to deliver strong returns aided in no small part by the prevailing climate of low interest rates. Asset prices have consistently risen as large pools of yield-hungry private equity-backed cash have sought out limited quality assets. The private equity model remains attractive to investors resulting in significant quantities of dry powder going into 2019. Increasing fund size facilitates ever larger M&A deals with private equity backing. With deals valued at over USD60 billion in the first half of 2018 alone and Cayman Islands companies being the target of 421 transactions, the Cayman Islands, by deal volume, ranks as the number one offshore jurisdiction for M&A transactions. The deal structure typically includes a statutory merger, a scheme of arrangement, and a tender offer. Ever-increasing interest in the sector by private equity is resulting in aggressive consolidation in the fiduciary space. For example, the disposal by TMF Group, a global provider of compliance and administration services, to CBC partners for total consideration of $1.75 billion and Apex Group Ltd. and Genstar Capital acquiring the Deutsche Bank Alternative Fund Services business. Fiduciary assets are attractive to private equity given the strong recurring cash flows derived from annuity-like revenues and the opportunity to apply rigorous management methods. These deals are almost exclusively cross-border often involving Cayman Islands structures highlighting the importance of careful structuring. TOPICS: Real assets/alternative investments/private equity, performance measurement, developed markets","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"25 - 29"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46359225","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}

引用次数: 0

Do Investor Origins Affect Private Equity Investment Syndicates? A Case from India 投资者出身会影响私募股权投资辛迪加吗?印度的一个案例

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.1.082

Josephine Gemson, M. Creighton, Sriram Radhakrishnan

{"title":"Do Investor Origins Affect Private Equity Investment Syndicates? A Case from India","authors":"Josephine Gemson, M. Creighton, Sriram Radhakrishnan","doi":"10.3905/jpe.2019.1.082","DOIUrl":"https://doi.org/10.3905/jpe.2019.1.082","url":null,"abstract":"The private equity industry has become a growing international phenomenon in recent years. As capital providers, PE firms are often seen to form collaborative relationships with one another during the investment process. These alliances can be pure syndicates—with similarly residing PE investors (domestic/foreign) or co-investments—when domestic and foreign PE investors jointly have stakes in the deal. In this study, the authors examine the composition of syndicates and their effect on investment patterns. They set their study in India, a country which is a rather late entrant into the PE market but has witnessed dramatic increases in PE investment in the last two decades. Using data from 1998 to 2014, pure syndicates are compared against those that have co-investment. The study also seeks to analyze if different syndicate types affect specific deal characteristics such as industry sector and investment size. Finally, the effects of investor origins and co-investment on investment size are explored. The results of the analysis indicate significant differences between industry sectors and deal characteristics, thus implying differing investor preferences. Regression analysis shows that co-investments were significantly associated with investment sizes. TOPICS: Private equity, performance measurement, emerging markets","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"43 - 55"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45164233","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}

引用次数: 1

Editor’s Letter 编辑的信

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.22.3.001

F. Mathis

引用次数: 0

For Whom the Bell (Curve) Tolls: A to F, Trade Your Grade Based on the Net Present Value of Friendships with Financial Incentives 钟声（曲线）为谁而鸣：从A到F，根据友谊的净现值和经济激励来交换你的分数

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.22.3.064

R. Kashyap

{"title":"For Whom the Bell (Curve) Tolls: A to F, Trade Your Grade Based on the Net Present Value of Friendships with Financial Incentives","authors":"R. Kashyap","doi":"10.3905/jpe.2019.22.3.064","DOIUrl":"https://doi.org/10.3905/jpe.2019.22.3.064","url":null,"abstract":"We discuss a possible solution to an unintended consequence of having grades, certificates, rankings, and other diversions in the act of transferring knowledge, zooming in specifically on the topic of grading on a curve. We conduct a thought experiment, taking a chapter (and some more?) from the financial markets (where we trade pollution, etc.), to create a marketplace, where we can trade our grade, in a structure similar to the interest rate swap. We connect this to broader problems that creep up when we attach ourselves to artificial labels. The policy and philosophical implications of our arguments suggest that all trophies we collect (including certificates, grades, medals, etc.) should be viewed as personal or private equity (borrowing another widely used term in finance) and that we should not use them to determine the outcomes in any selection criteria except those with a cutoff point—not for jobs, higher studies, or financial scholarships, other than for entertainment or spectator sports. We suggest alternate methods for grading and performance assessment and suggest the use of tests similar to the Turing test for intelligence for evaluation of teaching and learning. TOPICS: Performance measurement, private equity","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"64 - 81"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48437375","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}

引用次数: 6

Fund Fees and Expenses—A Tale of Four Surveys: Trends 2014–2018 基金费用和支出——四个调查的故事:2014-2018年的趋势

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.1.081

Julia D. Corelli

{"title":"Fund Fees and Expenses—A Tale of Four Surveys: Trends 2014–2018","authors":"Julia D. Corelli","doi":"10.3905/jpe.2019.1.081","DOIUrl":"https://doi.org/10.3905/jpe.2019.1.081","url":null,"abstract":"In 2018, 2016 and 2014, Private Funds Management (PFM) published surveys sponsored by Pepper Hamilton LLP, PEF Services, and WithumSmith + Brown in which fund managers shared how they deal with fees and expenses. In addition, in 2015, Pepper Hamilton and MergerMarket partnered up to take a close look at the co-investment environment. These surveys offer unique insight into the granular approach that CFOs and CCOs must take to ensure the ordinary and extraordinary fees and expenses that occur in the life of a private equity fund are appropriately allocated to investors, co-investors, and/or managers. In fund design, ongoing investor relations and regulatory review and enforcement, the fees and expenses borne by investment funds and co-investment vehicles are receiving more intense focus each year. The Institutional Limited Partners Association (ILPA) has adopted a comprehensive reporting procedure for fees and expenses. Based on the PFM surveys and anecdotal information from audience polls at conferences, adoption of the ILPA form has been slow, but it is growing among middle market funds (sub-$1B) and has found a more favorable platform in larger funds. TOPICS: Private equity, performance measurement","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"10 - 17"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43641692","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}

引用次数: 0

Initial Coin Offering to Finance Venture Capital: A Behavioral Perspective 风险投资的首次代币发行行为研究

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.22.3.093

Jinghan Cai, Ahmed Gomaa

{"title":"Initial Coin Offering to Finance Venture Capital: A Behavioral Perspective","authors":"Jinghan Cai, Ahmed Gomaa","doi":"10.3905/jpe.2019.22.3.093","DOIUrl":"https://doi.org/10.3905/jpe.2019.22.3.093","url":null,"abstract":"An initial coin offering (ICO) is the procedure whereby ventures raise capital by selling tokens to investors. Compared with traditional financing methods, ICOs are new and less understood by both the industry and academia. For example, the literature is not clear about which factors determine the success rate or the amount raised in an ICO. Existing literature (Fisch 2019) shows that the signals of the private information of an ICO’s high quality determine the amount of funding in the ICO. This article is the first in the literature that provides evidence that investor sentiment and investor awareness are determinants of the amounts raised in an ICO. Moreover, it provides evidence confirming the signaling hypothesis. Specifically, ICOs with a pre-ICO and with a higher rating are more likely to raise more funds. This article is the only one in the literature that uses the entire market of 4,367 ICOs to confirm its findings. The results extend the understanding of the dynamics of an ICO to the behavioral field and enable investors and practitioners to understand the crucial determinants of both ICO success rates and the amounts raised. TOPICS: Real assets/alternative investments/private equity","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"101 - 93"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43748410","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}

引用次数: 8

Confidence among Silicon Valley Venture Capitalists Q3 2017–Q4 2018: Trends, Insights, and Tells 2017年第3季度至2018年第4季度硅谷风险投资家的信心：趋势、见解和告诉

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.1.080

M. Cannice

{"title":"Confidence among Silicon Valley Venture Capitalists Q3 2017–Q4 2018: Trends, Insights, and Tells","authors":"M. Cannice","doi":"10.3905/jpe.2019.1.080","DOIUrl":"https://doi.org/10.3905/jpe.2019.1.080","url":null,"abstract":"Our confidence in the future will help determine the future—for better or worse. VCs, financiers of innovation and new venture creation, have a longer-term time horizon than most other investment executives, so their confidence about the future will tend to have impacts on the economy that affect all of us. Silicon Valley VCs, who are making investment decisions in the global heart of innovation in particular have been shown to exert a strong influence on the evolution of business, so their outlook may be a significant factor in determining the future. To develop a quantitative index and qualitative commentary of trends and insights, Silicon Valley Venture Capitalist Confidence Index™ Research Reports have tracked VC confidence about the future entrepreneurial environment among about 30 VCs since Q1 2004. This article reviews Silicon Valley VC confidence over the six quarters from Q3 2017 to Q4 2018 in the context of concurrent economic indicators and finds that increasing VC sentiment tends to be based on improvements in exit opportunities and new technology disruptions that create new markets, while decreasing VC sentiment is linked to high valuations, rising costs of business, rising competition for talent, and uncertainty in the macro environment. VC confidence also appears to correspond to CEO confidence, perhaps due to the operational focus of VCs. Because VC confidence in the future entrepreneurial environment tends to impact their business decisions today (e.g., investments in new ventures), tracking VC confidence and the factors that drive it may provide unique and valuable insights to private and public market participants. TOPICS: Real assets/alternative investments/private equity","PeriodicalId":43579,"journal":{"name":"Journal of Private Equity","volume":"22 1","pages":"18 - 24"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42514311","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}

引用次数: 5

Long-Run Management of Private Equity Investment 私募股权投资的长期管理

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.1.083

Pengguo Wang, Steven J. Peterson

引用次数: 0

Profitability Analysis of Select Private Equity Funds in India 印度部分私募股权基金盈利能力分析

Journal of Private Equity Pub Date : 2019-05-31 DOI: 10.3905/jpe.2019.22.3.056

K. Zeeshan, S. Azhar, S. Sreenivasa Murthy

引用次数: 1

Is the Corporate Control Market Segmented? 公司控制市场是细分的吗?

Journal of Private Equity Pub Date : 2019-04-13 DOI: 10.3905/jpe.2019.1.078

Ding Du, Mason S. Gerety

引用次数: 0