Claudia Zeisberger
Mastering Private Equity
Mastering Private Equity
TRANSFORMATION VIA VENTURE CAPITAL, MINORITY INVESTMENTS & BUYOUTS
Claudia Zeisberger
Michael Prahl
Bowen White
This edition first published 2017
© 2017 Claudia Zeisberger, Michael Prahl and Bowen White
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Library of Congress Cataloging-in-Publication Data
Names: Zeisberger, Claudia, author. | Prahl, Michael, author. | White, Bowen, author.
Title: Mastering private equity: transformation via venture capital, minority investments
& buyouts / Claudia Zeisberger, Michael Prahl, Bowen White.
Description: Hoboken: Wiley, 2017. | Includes index. |
Identifiers: LCCN 2017013988 (print) | LCCN 2017014649 (ebook) | ISBN 9781119327943 (pdf) |
ISBN 9781119327981 (epub) | ISBN 9781119327974 (paperback) | ISBN 9781119327943 (ebk) |
ISBN 9781119327981 (ebk)
Subjects: LCSH: Private equity. | Venture capital. | Capital investments. |
Consolidation and merger of corporations. | BISAC: BUSINESS & ECONOMICS / Finance.
Classification: LCC HG4751 (ebook) | LCC HG4751 .Z42 2017 (print) | DDC
658.15/224 – dc23
LC record available at https://lccn.loc.gov/2017013988
ISBN 978-1-119-32797-4 (hardback) ISBN 978-1-119-32794-3 (epdf)
ISBN 978-1-119-32798-1 (epub)
Cover design: Wiley
Cover image: (c) jps/Shutterstock
LIST OF CONTRIBUTORS
Our distinguished Guest Authors made time to share their experiences and at times critical comments, thereby adding a practical perspective to our writing. We are grateful for their support and list them in order of appearance.
● A Look Back at the Last 45 Years
T. Bondurant French, Executive Chairman, Adams Street Partners (page 15)
● What Is a Venture Capitalist?
Brad Feld, Managing Director, Foundry Group (page 28)
● Creating Value Through Genuine Partnerships
J. Frank Brown, Managing Director and Chief Operating Officer, General Atlantic (page 35)
● A Differentiated Approach – Buying Right and Creating Value Early
Andrew Sillitoe, Co-CEO and a Partner in the Tech & Telco team, APAX Partners LLP (page 48)
● Distressed Investing: Why Europe is Different from the US
Karim Khairallah, Managing Director, European Principal Group, Oaktree Capital Management (UK) LLP (page 61)
● Hunting for Deals in Emerging Markets
Nicholas Bloy, Founding Partner, Navis Capital Partners (page 77)
● The Due Diligence “Conspiracy”
Richard Foyston, Founding Partner, Navis Capital Partners (page 81)
● Understanding Enterprise Value
Graham Oldroyd, Partner from 1990–2013, Bridgepoint Private Equity (page 92)
● Deal Pricing Dynamics Outside the Financial Model
Veronica Eng, Retired Founding Partner, Permira (page 101)
● The Art of Deal Structuring
Guy Hands, Chairman and Chief Investment Officer, Terra Firma (page 114)
● Deal Documentation – “Clean Exit” vs. Purchaser Protection
Heiner Braun, Partner, Freshfields Bruckhaus Deringer LLP (page 125)
● “Govern a family as you would cook a small fish – very gently”: About growth capital investments in family-owned SMEs in emerging markets
Idsert Boersma and Martin Steindl, FMO (page 143)
● What Makes a Great Private Equity CEO?
Tony DeNunzio CBE, Chairman of Pets at Home and formerly Chairman of Maxeda BV (page 156)
● More than Private Equity-Skilled Industrialists
William L. Cornog, Member and Head of KKR Capstone (page 164)
● Responsible Investing: In Growth Markets, It's Common Sense
Tom Speechley, Partner, The Abraaj Group (page 181)
● The Proof is in the Exit
Marco De Benedetti, Managing Director and Co-Head of European Buyouts, The Carlyle Group (page 193)
● Not on the Side
Andrew M. Ostrognai, Partner, Debevoise & Plimpton LLP (page 212)
● Raising a First-time Fund
Javad Movsoumov, Managing Director, Head of APAC Private Funds Group, UBS (page 220)
● Relative Value Approach to Enhance Portfolio Returns
Christoph Rubeli, Partner and Co-CEO,