The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals. This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj Adams Street Partners Apax Partners Baring PE Asia Bridgepoint The Carlyle Group Coller Capital Debevoise & Plimpton LLP FMO Foundry Group Freshfields Bruckhaus Deringer General Atlantic ILPA Intermediate Capital Group KKR Capstone LPEQ Maxeda Navis Capital Northleaf Capital Oaktree Capital Partners Group Permira Terra Firma

The definitive guide to private equity for investors and finance professionalsMastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions.With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals.This book combines insights from leading academics and practitioners and was carefully structured to offer:* A clear and concise reference for the industry expert* A step-by-step guide for students and casual observers of the industry* A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging MarketsFeatures guest comments by senior PE professionals from the firms listed below:* Abraaj * Adams Street Partners * Apax Partners * Baring PE Asia * Bridgepoint * The Carlyle Group * Coller Capital * Debevoise & Plimpton LLP * FMO * Foundry Group * Freshfields Bruckhaus Deringer * General Atlantic * ILPA * Intermediate Capital Group * KKR Capstone * LPEQ * Maxeda * Navis Capital * Northleaf Capital * Oaktree Capital * Partners Group * Permira * Terra Firma

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