Building on the success of the author’s previous book
Beyond the J Curve:Managing a Portfolio of Venture
Capital and Private Equity Funds, this work covers new and
additional material and offers advanced guidance on the practical
questions faced by institutions when setting up and managing a
successful private equity investment programme. Written from the
practitioner’s viewpoint, the book offers private equity and
venture capital professionals an advanced guide that will make high
return targets more realistic and sustainable.
Factors that can sometimes cause institutions to shy away from
venture capital are the industry’s opaque track record,
unclear valuations and risks, perceived lack of transparency as
well as the significant entry barriers to overcome before tangible
results show. These issues are all addressed in details with
practical solutions to the problems. Among other topics J-Curve
Exposure includes discussions of:
* Experiences with the adoption of the International Private
Equity and Venture Capital Valuation Guidelines to address fair
value under IFRS.
* Approaches for splitting and prioritizing distributions from
private equity funds.
* Techniques for track record analysis and other tools to help
limited partners in their due diligence.
* Approaches to dealing with uncertainty, the relevance of real
options, and co-investments and side funds as advanced portfolio
management techniques.
* Questions related to limited partner decision making fallacies
and how to manage portfolios of VC funds.
* Securitization backed by portfolios of investments in private
equity funds.
Real life case studies illustrate the issues relevant for the
practitioner.
About the author
PIERRE-YVES MATHONET MSc Fin MSc Mngt, is heading the
venture capital unit within the risk management division of the
European Investment Fund. He is also a member of the private equity
subcommittee of the Chartered Alternative Investment Analyst®
Program.name=’OLE_LINK2’>Before that, he worked as an investment banker
in the technology groups of Donaldson, Lufkin & Jenrette, and
Credit Suisse First Boston, and previously for the audit and
consulting departments of Pricewaterhouse Coopers. He is a regular
speaker at major conferences, and initiated and chaired the
EVCA’s Private Equity Foundation Course for Limited Partners.
He has contributed articles to some leading alternative investments
and financial publications. Pierre-Yves holds a Master of Science
cum laude in Finance from London Business School and a Master of
Science magna cum laude in Management from Solvay Business School
in Brussels. He is also a Certified European Financial Analyst cum
laude.
Dr THOMAS MEYER heads up the risk management division of
the European Investment Fund. Over the last few years he has been
responsible for the creation of the European Investment
Fund’s risk management function. The focus of his work is the
development of valuation and risk management models and investment
strategies for venture capital fund-of-funds. Thomas studied
computer science at the Bundeswehr Universität in Munich
followed by doctoral studies at the University of Trier. He holds
an MBA from the London Business School and an MA in Japanese
Language and Society from the University of Sheffield. After 12
years in the German Air Force he worked for the German insurance
group Allianz AG in corporate finance and as the regional Chief
Financial Officer of Allianz Asia Pacific in Singapore. He was a
Visiting Research Fellow at Hitotsubashi University in Tokyo and is
a member of the private equity subcommittee of the Chartered
Alternative Investment Analyst® (CAIA) Program.
Together, as risk managers, the authors are responsible for one
of the largest European private equity portfolio’s with of
more than 250 funds and over EUR6 billion under management.
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