风险资本与私人股权投资基金的组合管理J-Curve Exposure

2007-12  

Mathonet, Pierre-yves/ Meyer, Thomas  

449  

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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.

List of Boxes Foreword Acknowledgments Abbreviations Disclaimer PART I PRIVATE EQUITY LANDSCAPE 　1 Introduction 　2 Institutional Investing in Private Equity 　3 Private Equity Environment 　4 Risk Management Lessons from a Listed Private Equity Fund-of-Funds 　Appendix 4A Adjusted current ratio methodology PART II THE ECONOMICS OF PRIVATE EQUITY FUNDS 　5 Venture Capital Fund Fair Value 　6 Model-Based Approach to VC Fund Valuation 　7 Private Equity Fund Valuation Approaches 　8 Distribution Waterfall 　9 Break-even Analysis 　10 Track Record Analysis 　Appendix 10A Performance spread between best and worst manager PART III MANAGING UNDER UNCERTAINTY 　11 Grading and Fitness Landscapes 　12 Private Equity Funds and Real Options 　13 Co-investing 　14 Side Funds 　15 Limited Partner Decision-Making Fallacies PART IV MANAGING PORTFOLIOS OF PRIVATE EQUITY FUNDS 　16 Portfolio Construction Principles 　17 Portfolio Construction Rules of Thumb 　18 Guidelines, Monitoring and Corrective Actions 　19 Securitization 20 J Curve Exposure References Index

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