Claudia Zeisberger, Singapore, is one of the best networked figures in the private capital space, combining her academic expertise with over 35 years of experience in financial markets. As an advisor and angel investor, she partners with boards and leadership teams to drive growth and scale startups. A professor at INSEAD, a top-ranked business school with campuses in Singapore, France, the US and the UAE, she is a global citizen, an award-winning author and a trusted advisor to corporations, institutional investors and governments. In her role as a "Professional Devil's Advocate," she frequently provides independent perspectives on investment and risk-related decisions.Bowen White, Singapore, has spent his 20-year career in alternative investments, the last 6 years of which he led the quantitative and risk management function in Singapore at Partners Group—a global private markets investment manager. He has deep functional expertise in multi-asset class private market risk and portfolio management and contributed to top-down investment strategy while with the firm. Prior to Partners Group, Bowen served as the Center Director of INSEAD's PE Center and started his career in the New York hedge fund industry in trading and business development roles.Michael Prahl, Leipzig, Germany is Adjunct Professor of Entrepreneurship & Family Enterprise at INSEAD. An INSEAD alumnus, Michael served as the first Executive Director of the school's PE Center, with research interests in the areas of co-investment, family offices and market entry strategies and portfolio allocation for limited partners. Michael has been teaching the popular MBA Leveraged Buyout elective for over a decade and regularly participates as a lecturer in the Executive MBA program.

• List of Contributors viiForeword ixPreface to the Second Edition xiiiHow to Use the Second Edition of This Book xvSection I Private Equity Overview 1Chapter 1 Private Equity Essentials 5Chapter 2 Venture Capital 21Chapter 3 Growth Equity 39Chapter 4 Buyouts 51Chapter 5 Alternative Private Market Strategies 65Section II Doing Deals in PE 77Chapter 6 Deal Sourcing & Due Diligence 81Chapter 7 Target Valuation 95Chapter 8 Deal Pricing Dynamics 107Chapter 9 Deal Structuring 119Chapter 10 Transaction Documentation 131Section III Managing PE Investments 143Chapter 11 Corporate Governance 147Chapter 12 Securing Management Teams 159Chapter 13 Operational Value Creation 173Chapter 14 Responsible Investing & Sustainability 189Chapter 15 Exit 203Section IV Fund Management and the GP–LP Relationship 215Chapter 16 Fund Formation 219Chapter 17 Fundraising 233Chapter 18 LP Portfolio Management 245Chapter 19 Performance Measurement & Reporting 261Chapter 20 Winding Down a Fund 277Section V The Evolution of PE 285Chapter 21 LP Direct Investment 289Chapter 22 Listed Private Equity 299Chapter 23 Risk Management 311Chapter 24 Private Equity Secondaries 323Chapter 25 Private Debt 337Chapter 26 Long & Short: Evergreen Funds & Retail Investors 351Acknowledgments 363About the Authors 365Glossary 367Index 379

Claudia Zeisberger, Singapore, is one of the best networked figures in the private capital space, combining her academic expertise with over 35 years of experience in financial markets. As an advisor and angel investor, she partners with boards and leadership teams to drive growth and scale startups. A professor at INSEAD, a top-ranked business school with campuses in Singapore, France, the US and the UAE, she is a global citizen, an award-winning author and a trusted advisor to corporations, institutional investors and governments. In her role as a "Professional Devil's Advocate," she frequently provides independent perspectives on investment and risk-related decisions.Bowen White, Singapore, has spent his 20-year career in alternative investments, the last 6 years of which he led the quantitative and risk management function in Singapore at Partners Group—a global private markets investment manager. He has deep functional expertise in multi-asset class private market risk and portfolio management and contributed to top-down investment strategy while with the firm. Prior to Partners Group, Bowen served as the Center Director of INSEAD's PE Center and started his career in the New York hedge fund industry in trading and business development roles.Michael Prahl, Leipzig, Germany is Adjunct Professor of Entrepreneurship & Family Enterprise at INSEAD. An INSEAD alumnus, Michael served as the first Executive Director of the school's PE Center, with research interests in the areas of co-investment, family offices and market entry strategies and portfolio allocation for limited partners. Michael has been teaching the popular MBA Leveraged Buyout elective for over a decade and regularly participates as a lecturer in the Executive MBA program.

• List of Contributors viiForeword ixPreface to the Second Edition xiiiHow to Use the Second Edition of This Book xvSection I Private Equity Overview 1Chapter 1 Private Equity Essentials 5Chapter 2 Venture Capital 21Chapter 3 Growth Equity 39Chapter 4 Buyouts 51Chapter 5 Alternative Private Market Strategies 65Section II Doing Deals in PE 77Chapter 6 Deal Sourcing & Due Diligence 81Chapter 7 Target Valuation 95Chapter 8 Deal Pricing Dynamics 107Chapter 9 Deal Structuring 119Chapter 10 Transaction Documentation 131Section III Managing PE Investments 143Chapter 11 Corporate Governance 147Chapter 12 Securing Management Teams 159Chapter 13 Operational Value Creation 173Chapter 14 Responsible Investing & Sustainability 189Chapter 15 Exit 203Section IV Fund Management and the GP–LP Relationship 215Chapter 16 Fund Formation 219Chapter 17 Fundraising 233Chapter 18 LP Portfolio Management 245Chapter 19 Performance Measurement & Reporting 261Chapter 20 Winding Down a Fund 277Section V The Evolution of PE 285Chapter 21 LP Direct Investment 289Chapter 22 Listed Private Equity 299Chapter 23 Risk Management 311Chapter 24 Private Equity Secondaries 323Chapter 25 Private Debt 337Chapter 26 Long & Short: Evergreen Funds & Retail Investors 351Acknowledgments 363About the Authors 365Glossary 367Index 379

Claudia Zeisberger, Singapore, is one of the best networked figures in the private capital space, combining her academic expertise with over 35 years of experience in financial markets. As an advisor and angel investor, she partners with boards and leadership teams to drive growth and scale startups. A professor at INSEAD, a top-ranked business school with campuses in Singapore, France, the US and the UAE, she is a global citizen, an award-winning author and a trusted advisor to corporations, institutional investors and governments. In her role as a "Professional Devil's Advocate," she frequently provides independent perspectives on investment and risk-related decisions.Bowen White, Singapore, has spent his 20-year career in alternative investments, the last 6 years of which he led the quantitative and risk management function in Singapore at Partners Group—a global private markets investment manager. He has deep functional expertise in multi-asset class private market risk and portfolio management and contributed to top-down investment strategy while with the firm. Prior to Partners Group, Bowen served as the Center Director of INSEAD's PE Center and started his career in the New York hedge fund industry in trading and business development roles.Michael Prahl, Leipzig, Germany is Adjunct Professor of Entrepreneurship & Family Enterprise at INSEAD. An INSEAD alumnus, Michael served as the first Executive Director of the school's PE Center, with research interests in the areas of co-investment, family offices and market entry strategies and portfolio allocation for limited partners. Michael has been teaching the popular MBA Leveraged Buyout elective for over a decade and regularly participates as a lecturer in the Executive MBA program.

• List of Contributors viiForeword ixPreface to the Second Edition xiiiHow to Use the Second Edition of This Book xvSection I Private Equity Overview 1Chapter 1 Private Equity Essentials 5Chapter 2 Venture Capital 21Chapter 3 Growth Equity 39Chapter 4 Buyouts 51Chapter 5 Alternative Private Market Strategies 65Section II Doing Deals in PE 77Chapter 6 Deal Sourcing & Due Diligence 81Chapter 7 Target Valuation 95Chapter 8 Deal Pricing Dynamics 107Chapter 9 Deal Structuring 119Chapter 10 Transaction Documentation 131Section III Managing PE Investments 143Chapter 11 Corporate Governance 147Chapter 12 Securing Management Teams 159Chapter 13 Operational Value Creation 173Chapter 14 Responsible Investing & Sustainability 189Chapter 15 Exit 203Section IV Fund Management and the GP–LP Relationship 215Chapter 16 Fund Formation 219Chapter 17 Fundraising 233Chapter 18 LP Portfolio Management 245Chapter 19 Performance Measurement & Reporting 261Chapter 20 Winding Down a Fund 277Section V The Evolution of PE 285Chapter 21 LP Direct Investment 289Chapter 22 Listed Private Equity 299Chapter 23 Risk Management 311Chapter 24 Private Equity Secondaries 323Chapter 25 Private Debt 337Chapter 26 Long & Short: Evergreen Funds & Retail Investors 351Acknowledgments 363About the Authors 365Glossary 367Index 379