Private equity is more economically significant than ever, as
institutions hunt for high returns in a risky world. Private Equity
4.0 examines the role, workings and contribution of this important
industry in a straightforward yet revealing manner. Dr. Josh Lerner
Jacob H. Schiff Professor of Investment Banking Chair,
Entrepreneurial Management Unit Harvard Business School A
multi-perspective look at private equity's inner workings Private
Equity 4.0 provides an insider perspective on the private equity
industry, and analyzes the fundamental evolution of the private
equity asset class over the past 30 years, from alternative to
mainstream. The book provides insightful interviews of key industry
figures, and case studies of some of the success stories in the
industry. It also answers key questions related to strategy, fund
manager selection, incentive mechanisms, performance comparison,
red flags in prospectuses, and more. Private Equity 4.0 offers
guidance for the many stakeholders that could benefit from a more
complete understanding of this special area of finance. *
Understand the industry's dominant business models * Discover how
value is created and performance measured * Perform a deep dive
into the ecosystem of professionals that make the industry hum,
including the different incentive systems that support the
industry's players * Elaborate a clear set of guidelines to invest
in the industry and deliver better performance Written by a team of
authors that combine academic and industry expertise to produce a
well-rounded perspective, this book details the inner workings of
private equity and gives readers the background they need to feel
confident about committing to this asset class. Coverage includes a
historical perspective on the business models of the three major
waves of private equity leading to today's 4.0 model, a detailed
analysis of the industry today, as well as reflections on the
future of private equity and prospective futures. It also provides
readers with the analytical and financial tools to analyze a fund's
performance, with clear explanations of the mechanisms,
organizations, and individuals that make the system work. The
authors demystify private equity by providing a balanced, but
critical, review of its contributions and shortcomings and moving
beyond the simplistic journalistic descriptions. Its ecosystem is
complex and not recognizing that complexity leads to inappropriate
judgments. Because of its assumed opacity and some historical
deviant (and generally transient) practices, it has often been
accused of evil intents, making it an ideal scapegoat in times of
economic crisis, prodding leading politicians and regulators to
intervene and demand changes in practices. Unfortunately, such
actors were often responding to public calls for action rather than
a thorough understanding of the factors at play in this complex
interdependent system, doing often more harm than good in the
process and depriving economies of one of their most dynamic and
creative forces. Self-regulation has clearly shown its limits, but
righteous political interventions even more so. Private equity
investment can be a valuable addition to many portfolios, but
investors need a clear understanding of the forces at work before
committing to this asset class. With detailed explanations and
expert insights, Private Equity 4.0 is a comprehensive guide to the
industry ways and means that enables the reader to capture its
richness and sustainability.
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