Private Equity Exits: Divestment Process Management for by Stefan Povaly

By Stefan Povaly

This publication bargains a entire research of non-public fairness divestment processes--so-called exits--for ecu buyouts. analyzing the potency of departures, it bargains techniques and directions for an built-in and exit-oriented inner most fairness portfolio administration. additionally, the ebook offers an in depth review of go out determination drivers. Its findings will give a contribution to a clearer figuring out and higher predictability of go out habit.

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Extra info for Private Equity Exits: Divestment Process Management for Leveraged Buyouts

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Agents facilitate the search by private companies for equity capital and the search by limited partnerships for institutional investors. Furthermore, they can advise on the structure, timing, and pricing of private equity issues and assist in negotiations. Advisers support the evaluation by institutional investors of limited partnerships in which to invest; they appear to be especially helpful for financial institutions that are unfamiliar with the workings of the private equity market (FENN et al.

29) in their funds, they require minimum investment amounts in excess of several millions of dollars, which discourages direct commitments from private investors. Due to their growing importance in the private equity market, a critical discussion of a convergence of hedge funds and private equity activity suggested in recent literature is provided after a brief note on key trends changing the private equity market environment. These changes in the private equity industry have enabled and triggered the growing interrelations between hedge funds and private equity (ANSON 2004).

Venture capital financing steps. Source: PRATT (1981, p. 12). Later-stage venture partnerships Access to bank loans For more mature, larger firms, access to private placement market Very limited access Later-stage venture ‘Turnaround’ partnerships partnerships Non-venture partnerships To effect a turnaround Non-venture partnerships To ensure confidentiality To issue a small offering For convenience Because industry is temporarily out of favor with public equity markets Depend on reasons for seeking private equity Any size Other public firms Generally, access Generally, access to all to all public and public and private private markets markets LBO and mezzanine debt partnerships Exhibit 11.

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