Mastering Private Equity

Claudia Zeisberger is an INSEAD Senior Affiliate Professor of Decision Sciences and Entrepreneurship and Family Enterprise. She is concurrently the Academic Director of INSEAD's Global Private Equity Initiative (GPEI), one of INSEAD's centers of excellence, which she founded in 2008 to focus the school's capabilities & achievements in Private Equity, increase its visibility and cater to specific industry needs in research and education. At INSEAD, she teaches in the MBA and EMBA programmes as well as in multiple Executive Education courses both in Singapore & in Fontainebleau.Michael Prahl is Adjunct Professor for Entrepreneurship & Family Enterprise at INSEAD, he is also Executive Director GPEI, oversees all research of the initiative and was instrumental in creating all its recent publications, its database project and outreach activities. His specific research interests are in the areas of risk and return in emerging markets, operational value creation and market entry strategies & portfolio allocation for limited partners.Bowen White is a Research Associate at GPEI. Bowen's research interests include private equity in emerging markets, the institutionalization of SE Asian financial markets, and project finance. Prior to moving to Singapore in 2009, Bowen spent five years in the New York hedge fund industry in trading and business development roles.

• List of Contributors viiForeword by Henry R. Kravis, Co-Chairman and Co-CEO of KKR ixPreface xiiiHow to Use This Book xviiSection I Private Equity Overview 1Chapter 1 Private Equity Essentials 5Chapter 2 Venture Capital 19Chapter 3 Growth Equity 33Chapter 4 Buyouts 43Chapter 5 Alternative Strategies 57Section II Doing Deals in PE 69Chapter 6 Deal Sourcing & Due Diligence 73Chapter 7 Target Valuation 87Chapter 8 Deal Pricing Dynamics 97Chapter 9 Deal Structuring 109Chapter 10 Transaction Documentation 121Section III Managing PE Investments 133Chapter 11 Corporate Governance 137Chapter 12 Securing Management Teams 149Chapter 13 Operational Value Creation 161Chapter 14 Responsible Investment 173Chapter 15 Exit 185Section IV Fund Management and the GP–LP Relationship 197Chapter 16 Fund Formation 201Chapter 17 Fundraising 215Chapter 18 LP Portfolio Management 227Chapter 19 Performance Reporting 241Chapter 20 Winding Down a Fund 253Section V The Evolution of PE 263Chapter 21 LP Direct Investment 267Chapter 22 Listed Private Equity 279Chapter 23 Risk Management 289Chapter 24 Private Equity Secondaries 301Chapter 25 Evolution of Private Equity 313Acknowledgments 325About the Authors 327Glossary 329Index 341